TRANSFERWISE

-- LAST UPDATE IN NOVEMER 2016 --

 FYI, transferwise link has this redirection: (http://transferwise.7eer.net/c/345364/208336/3511) it s my "TW partner code", I don't get much from that anyways if u open an account from that at least i can keep this website open without other advert banners. cheers.

IMPORTANT note (nov-2016): lately CURRENCYFAIR is becoming cheaper than TRANSFERWISE in some currency exchange, unfortunately their support(Mon-Fri) is not as good as TW and their website has little problems (eg. I was stuck filling details of my NZ bank account and I had to send them an email to fix the problem). Check both CF and TW website and see which one is the cheaper for your transfer. You can find more info on my website page Overseas Transfers.

TRANSFERWISE 
Sending, transfer money to or from overseas in a different currency (Ex: NZD <--> GBP, EURO <--> AUD , EUR <--> GBP , EUR <--> USD, etc... and so on..) safe and always with the mid market rate. How does transferwise work? Look at the imagine below(a) to understand this peer to peer method.
I live in NZ and I give you an example to transfer money with Transferwise from NZD <--> EUR. With transferwise your money will never leave the New Zealand zone(country), your transaction will be matched and exchanged with other people funds who are transferring money from the opposite direction(exemple someone who is transferring EUR to NZD). All the info about New Zealand transfers can be found here, and here for other currencies. 


(a).

 

 

 

 

 

 

 

 

 

Is it safe and trustful? Indeed i came myself across this question.
I tested it and did a first transfer of 1000€ from my INGdirect italian bank account to my NZ(New Zealand) Westpac bank account. Following the article, You'll find all the pics step by step about my experience, I saved almost 100€(1000€ transferred). I'm Italian,fees are exaggerate i know....but they are correct. 
Well, what commissions are we exposed in a bank to bank overseas transfer?
This is my experience during bank to bank transfer of 1000€, my bank accounts are/were these: INGDIRECT Italy, WESTPAC Australia, TSB UK, WESTPAC NewZealand.
- EUR --> AUD: 40€ commis fee(output), + 20$ commis fee(input), +6% exchange rate. TOT 110€ (about)
- EUR--> GBP(UK): 0€ commis fee(output), 0$ commis fee(input), +6% exchange rate. TOT 60€ (about)
- EUR--> NZD: 40€ commis fee(output), + 10$ commis fee(input), +6% exchange rate. TOT 100€ (about)
With  Transferwise , the commission fee is just one: 0,7% of the amount transferred: TOT 7€

Not convinced yet?
Check the images below(italian version but understandable), the exchange rate differences among  TW, moneygram, western union, the real exchange rate is by XE.com

You get the differences.
To compare TW and Paypal this is a nice website to visit http://internationalmoneytransfers.org/transferwise-vs-paypal/ .

My experience with TW
This is my 1000€ transfer from Italy to my bank account in NZ(NZD) made on the 21st Nov 2014, money were transferred in 4days(nowadays they transfer in 1-3 days). Total cost: 5€.
- since Sep 2015 website graphic/theme has changed but all other features are the same

1. Enter to the TransferWise website  and open an account.
TWITA1
2. decide currency and amount
TWITA2
3. insert name and details, they will probably ask you a passport or ID copy and proof of address
TWITA3
4. who is the recipient(yourself or anybody) * if you don't know the recipient details, tick the option SEND MONEY via EMAIL, you insert the email and the recipient will do it for you.
TWITA4
5.
 - bank transfer takes 1-3 working days;    
 - credit card takes 1 day and they charge an extra fee (about 3€) ( go to appendix 11)
TWITA5
6. Now, make your transfer to transferwise bank account. Eg: their European bank account is in Estonia, check their BIC/SWIFT here.
TWITA6
7. Done your transfer? ALL DONE THEN! they will send you an email as soon as they will get your money in their bank account (appendix 8a-8b) and again when the recipient will get the money in his account.(appendix 9)
TWITAEND
8.a  this is the email i received  8.b my TW account page updated
TWITARE
8.b What is the little chart with all the percentages u find on your account page: I'm going to explain.
During the transfer in Euro on Friday 21-NOV, the mid exchange rate was EUR/NZD  1/1.586. 
Below is written that I will receive (estimated) 1574NZD instead of 1586NZD; why? because during these days, the currency EURO lost a bit of its "power" and the mid exchange rate is a bit lower, cause and effect I will probably get a bit less money.
BE CLEAR this isn't transferwise fault, it is just unluck. If the Euro grows I could get more money instead!
You can use the table/list in the case you dont want to receive less than a certain amount in case EURO gets weaker and weaker. My setting is the automatic 2,2% and it will drop no more than 1547NZ$(very unlikely, as  a metter of fact I got at the end 1580NZ$). It's advisable better not to move the percentage to 0%, if the Euro decreases too much, your money will not be transferred until the Euro goes back to the first value, could cause long delays. Further information just contact me.. or check the website lin k.
TWPERCITA
9. confirmation EMAIL
TWPAYEMAILITA
9.b In your account you see the payment done and the total amount received 1580NZD (very close to the estimation of 4days before) and they remind you how much you saved making the transfer with them. In my case 63$; but I saved much more because in Italy the commissions are really high, I havent paid the "output" commission of 40€, the 10$ commission "input" (Westpac NZ) and the 50-60€ exchange rate! As I was writing when I started this article, this transfer without transferwise cost me at least 100€, with transferwise just 5€..
TWPAYITA 10. My datas about my transfer sent in date (21-NOV) INGDIRECT 1000€ and money received (26-NOV) in my Westpac account NZ(4 working days) 1580NZD.
ingita

11. I've also done a transfer by credit card. For credit card transfers there are usually additional commissions, check the currency link to be sure how much it is. Here below the screen with the transaction in just a labour day.
Attention, what about if I withdraw money in NZ with my Italian Creadit Card? Looks the same but it is NOT, because the NZ bank has got their BUY and SELL value exchanges and I could have lost around 6% of the withdrawed amount.
twcardita5twcardita7twcarditaend

12. ALL DONE! If You create an account through my TRANSFERWISE link, you give me the possibility to get 10£ from TW because i joined their affiliate program. 
Last note, Not all the currencies are yet peer to peer, in case you can't find the currency you want, check Here you can find all the information about currencies or try to check another P2P company.
FEB-2016
You can now send money from NZ!
For customers resident in New Zealand and sending NZ dollars to TransferWise, they require a certified copy of a passport or national ID card to verify their profile. Go to Document certification NZ for further info.

Enjoy your transfer

Have a good one!
by Berta (NOV-2014)

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contacts: teoberta@gmail.com or Matteo Berta Journey on FB

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