- Author: Štěpán Pernica
How to save your money on international payment
I recently tried TransferWise service, which is used to transfer money abroad and boasting among other investor Richard Branson.
Let's say I want to send 500 EUR a bank account in Czech crowns to an account abroad. At current exchange rate of around 27 CZK / EUR send about 13 500 CZK.
When standard transfer SEPA payments would leave the bank on charges of 300 CZK.
While TransferWise a service takes about 100 CZK.
How it works
- on TransferWise you choose how and where to send your account + your account
- calculate the amount you have to send (slightly higher due to currency conversion)
- money arrived on TransferWise, converted to EUR currency
- the rest of the money you send will be transferred back to your account
The only disadvantage of this system to see that the remittance for 1 to 2 days longer.