Technical support not available in some countriesīest TransferWise benefits for expats in Portugalīorderless account holders have instant access to balances, transfers, and payments at their fingertips.No interest: You cannot earn interest on the money in your Borderless account.
Deposit limits: Per transaction and per day, you’re limited to $250,000.After that, TransferWise charges an ATM fee of 2 percent. Monthly cash withdrawal limit: While you’re traveling abroad, your withdrawal limit of fee-free cash is set at $250, €200, or £200 per month.Transfer limits: If you’re transferring another currency into the US there is a limit of $1 million per transfer.User-friendly platform for mobile and desktop.Widely accepted: Transferwise offers a multi-currency debit card that allows you to make payments and withdrawals anywhere in the world that accepts MasterCard.This means no surprises midway through a transaction. And when you set up a transfer, the rate is locked in (for what’s typically enough time to make the transfer). Beneficial exchange rates: You get real-time exchange rate data from Transferwise whenever you transfer funds.Low or no ATM fees: While you’re traveling abroad, you can withdraw cash with no fee from Transferwise up to $250, €200, or £200 per month.This means you avoid the exchange rate markups attached to traditional international transfers. For example, 0.35% + £0.80 when sending from GBP to EUR.
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Competitive transfer fees and clear pricing: Transferwise charge a percentage of the amount transferred plus a fixed fee.Quick transfers: Transfers take a maximum of two days (depending on where you’re sending money).Features of the TransferWise Borderless account The advantages of using TransferWise Ideally, if you travel frequently or have an international network of acquaintances, then you have a lot to gain from TransferWise’s services.Ĭertainly if you’re an expat from the US or the UK living in Portugal, you’ll save time and money by managing your money transfers through TransferWise. For most currencies, TransferWise also guarantees the exchange rate, so recipients knows exactly how much they’ll receive. This means each client sending money knows exactly how much they’ll pay in fees every time they make a transfer. The process occurs almost instantaneously and the margin is always fixed. In a nutshell, TransferWise matches users directly and takes a fraction of the commission that traditional financial intermediaries take.įor example: One client is transferring euros for pounds and another is buying pounds for their euros. This is because traditional currency transfers have a middleman, a broker, who takes a commission on bought and sold currency rates.
In some ways, these modern homebanking methods are leading a democratization in personal finance. Check out N26 or Revolut for other digital-only banking solutions, or read our comparisons and recommendations of mobile banks here. Mobile banking and money transfer has never been easier than it is today. Started in 2011 in London by two savvy Estonians, TransferWise now facilitates more than 750 currency routes worldwide. TransferWise was one of the first in the wave of cloud-based financing companies we’ve seen popping up in the last decade. TransferWise can be a useful tool for making money transfers abroad easy and cheap. So we’re here to answer the big question: Is TransferWise the right option for your mobile banking needs?Īs expats, we often have bank accounts based in other countries - or at least friends, family, or jobs there, which means at times we need mobile banking that can move money internationally.
The best way to do that, however, is one of the most common questions among people moving to Portugal. Moving to a new country means moving your money as well. You may or may not know about TransferWise - but as an expat in Portugal, you should.
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