What is the TransferWise service and how does it work?

TransferWise (www.transferwise.com) is a company founded by the first Skype employee and assisted by Richard Branson,
A brief description of the steps of the workflow

which aims to make international translations much more equitable and cheaper. The principle that they manage to make their service so cheap is very easy. A consumer wishing to send funds transfers the amount to a TransferWise account in the same country and then TransferWise translates the corresponding amount from their account into the recipient country to the payee’s account. The system is the basis for free or very cheap local transfers where money never leaves the border and thus avoids expensive bank charges.

Each month, TransferWise makes over $ 1 billion of transactions, saving more than $ 1 million from standard bank charges to its users. In addition, TransferWise is extremely fair with the exchange rate of the user, taking the official exchange rates (“sell” and “buy”) the specified currency and taking the average value, etc. the midmarket rate that banks use to exchange money with each other.

    Transparent fee for translation – Right from the start, we know how much the translation will cost us.

    Comparison of price characteristics
    Fair exchange rate – We can easily compare with Xe.com, Google Currencies and Reuters.
    Exact amount to receive – Right from the start, we know how much the recipient will receive in your account.