Transferwise is a peer to peer money transfer platform that provides members the ability to transfer money locally or internationally.
If you want to transfer your AUD to the US, TransferWise locates other members who are looking to transfer USD to AUD and match you up. TransferWise use the real exchange rate, commonly known as the mid-market rate at the time of your transfer, which means the funds are kept local, so you avoid paying international bank fees.
TransferWise is somewhat different to other international money transfer businesses. The main purpose is to provide their members with a platform to send money overseas at the lowest rate possible. They use what’s known as the interbank rate, which is essentially the midpoint (buy and sell rate) within the global currency markets. You are then charged a small fee.
It’s purely an online service, that accepts payments via bank transfer, POLi and Apple Pay via the app. You cannot send out cash or cheques and your identity must be verified prior to exchanging with TransferWise. You will need to make sure your account details in your profile match your bank account and ID documents upon request during the registration process.
Once registered, specify how much and the destination of the payment. You’ll then need to upload your money to TransferWise via debit card or EFT. Your funds are then converted at the mid-market rate and you are matched with another member sending funds to your location. Once your funds are sent, you’ll receive a notification delivery.