TransferWise continues to maintain their reputation as a flexible, cost-effective option for online money transfers. They are committed to consistently providing consumers with efficient solutions to their everyday banking needs. They promise to be convenient, affordable, and fast. Transactions made with TransferWise should pass three tests: pay-in, currency conversion, and pay-out. This time, we will focus on the first step. How long does TransferWise take to send money? Let’s take a look at a few options and their speed.
Faster Payment Options
One option introduced by TransferWise to speed up transaction times was the offer to process deposits and transfers using debit and credit cards. These payments are processed instantly with very few drawbacks. Here’s a breakdown of the cons:
- There is a limit to the amount of funds that can be transferred or deposited on a daily basis using your debit card. Weekly limits are also imposed when transfers or deposits are made with your credit card. These limits vary based on currency. If your transaction is in USD, for instance, your daily limit on your debit card is $2,000.00 while your credit card will have a weekly limit of $8,000.00.
- There are fees attached to making payments via debit cards as well as credit cards. If your transaction is in USD, a fee of 0.75% is incurred for payments made via debit card with a 3.4% fee is attached to payments made via credit card. These fees will vary depending on currency.
A second option is now available for loyal customers. TransferWise allows them to resolve bank deposits instantly at no additional cost. By utilizing their Faster Payments System, you can instantly send money all over the world with a speed unheard of before. There are some limitations to this system, however.
The Faster Payments System allows financial institutions to send and receive money within minutes. This eliminates the hours of wait time that exists with electronic systems such as CHAPS and SWIFT. It also outperforms the BACS system which can take up to 3 days to resolve. With the Faster Payments System, TransferWise customers can make free, instant deposits or transfers at any time. The system operates 24 hours a day, everyday, including weekends and holidays.
Most banks based in the United Kingdom support these faster payments. Those not directly registered can access the service via a sponsor. Each bank has their own unique limit imposed for these types of transactions. Limits vary based on account type as well as the transaction method. A comprehensive list of institutions and their documented limits can be found here.
We live in a fast-paced world and it has become increasingly vital to have systems in place that keep up with our hectic lifestyle. Faster Payments is yet another way that TransferWise continues to meet the ever-changing needs and growing demands of their valued customers. While 24 hours for a transfer is pretty fast, some days it’s just 24 hours too slow. So when you need a lightning-fast transfer without all of the fees that usually come with instant gratification, turn to TransferWise’s new Faster Payments System. It’s effective, safe, quick, and cheap. You’ll get you money where it needs to go faster than you ever thought possible.