TransferWise: the cheapest way to receive money abroad

During our planning to do the exchange, one of the biggest concerns we have is regarding how to send or receive money abroad. It is normal for those who go to study to have the financial support of the family who stayed in Brazil. But how to do that? Just thinking about issues such as the dollar and IOF, for example, already beats a slight despair. Not to mention the very high fees charged by banks to withdraw money from ATMs abroad. During all the weeks leading up to my coming to Russia, I calculated among all the alternatives which one would be the best for me. Finally, my options were prepaid cards sold by branches and banks, Western Union and TransferWise.

What is the best option?

I can say today with total confidence that for those who will be away from Brazil for a long time, the best option is, without a doubt, TransferWise. In addition to being an alternative with a simple and practical application to use, it also has the lowest rates on the market. It also has the great advantage of allowing money to be sent using the real exchange rate on the day of the transaction. That is, without hidden charges and fees.

As a user of this platform since 2016, I can say that they have a very reliable and completely online system. It is possible to track all the money sent from Brazil to the destination country. In addition, shipments can be made through payment by bank slip or transfer to TransferWise’s own account. Today the platform operates in 45 currencies around the world, including the Euro, the Dollar, the Real and the Pound.

TransferWise: How does it work?

The first step is to register with TransferWise through the website or directly via the mobile application. In this registration the user must provide all the data of both who will send and who will receive the money. The recipient’s account must be opened in the destination country. After completing the registration, the user will receive a confirmation email.

After that it is already possible to start making transfers. And do you know how TransferWise can charge lower prices than banks to send money abroad? This is because this money never really leaves the country of origin. The amount that is deposited here goes to the company’s account in Brazil. And after the transaction is confirmed, the company’s account in the destination country ends the shipping process with the money already converted to the local currency. That way we only pay a fee. And this happens both through payment by boleto and by transfer. Money arrives in up to 5 business days.

How much?

The amount of this fee is 2.5% of the total amount in the case of transfers from Brazil to abroad. And for those who want to transfer money from abroad to Brazil the rate is 1.5%. In these two cases the IOF is already built in.

This is undoubtedly the simplest and safest way I’ve found to receive money since I arrived here in Russia and this has made my routine here much easier. But now it’s your turn to say: have you used this platform? If so, let us know in the comments how it was your experience.