Transferwise to send international payments
Thanks for Margarita Soto for obtaining this new benefit for Umbrex members:
I’ve found Transferwise to be the best way to send or receive funds when a currency exchange is involved.
If I receive an international wire transfer via my bank, they charge a hefty fee – not as an explicit line item, but built into an unfavorable exchange rate.
If I receive the same payment via Transferwise, however, I end up with ~2% more funds received.
And when I’m sending funds when a currency exchange is involved, the recipient will get ~2% more if I use Transferwise than if I use my bank.
Also, Transferwise allows you to create accounts in different currencies – so if a client is paying me in GBP or euros or CHF, I can hold onto the funds in that currency, and use it to pay a subcontractor in that currency in the future, without having to convert to and from USD. I discuss Transferwise in more detail in Episode 247 of Unleashed.