What is Transferwise?
Transferwise is a company that makes it possible to bank online “without borders”. This means that money to and from abroad is a lot easier because you can deposit money to different foreign account numbers.
Why is Transferwise free?
Opening an online account with transferwise is free, and requesting the associated payment card is completely free of charge. There are options to open a paid account where your purchases are insured but this is not mandatory.
Other advantages of Transferwise
- Payment account and debit card can be requested free of charge.
- Transferring money abroad is a lot cheaper than usual.
- Account is easy to open online.
Disadvantages of Transferwise
- Transferwise is not widely accepted as a method of payment.
- Customer service is complete in English.
- Direct debit is not (yet) possible, this means that fixed costs such as a telephone subscription or insurance cannot be taken out with Transferwise.