Transferwise Review - Transfer Currency Exchange Payments Online
TransferWise review on how they transfer currency exchange online, which is a step forward in providing a simple to use payment platform in an otherwise complicated banking financial system. When you transfer money internationally, most high street banks or currency brokers can often hide the real cost so you end up paying more in fees than you thought you were going to.
TransferWise currency exchange services offer one of the cheapest and fairest ways of transferring money internationally. Using peer-to-peer technology and a clear line of charges with no fees hidden so sending your money abroad can be up to ten times cheaper compared to using your bank. At TransferWise money transfer, services. I have been informed that they are completely transparent about the total charges and make all fees as low as possible.
We’re making sure that it’s our customers that benefit and not the banking system.
How TransferWise Ltd started
TransferWise foreign exchange services started when our founders, Taavet and Kristo to offer a fair way to exchange money using the mid-market rate and without the mark-up rate and fees charged by the bank. Their goal was to save thousands of pounds for any consumer using their services and it has.
Is TransferWise company regulated?
Yes, TransferWise money transfer company is fully authorized by the UK’s Financial Conduct Authority. TransferWise being registered with FCA in basic terminology it means that the business has to adhere to the same rules as any high street bank or commercial bank business is subject to rules similar to those that apply to commercial banks. The registered FCA number is 571669.
What does TransferWise FCA regulation actually mean?
Transferwise foreign exchange services abide and work code of the FCA authorisation which means they have to keep customers’ funds and their own money in segregated accounts. Transferwise currency exchange services have to demonstrate that they are financially healthy at all times and operate in a number of countries outside the EEA.
TransferWise foreign exchange services operate and comply with local regulations and controls around money-laundering and ‘know your customer’ procedures. TransferWise foreign exchange services KYC is in place falls in line with the European Economic Area (EEA). TransferWise foreign exchange services verify each passport owner.
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