The Best Way to Transfer Money Internationally: Wise
Digital nomads are truly something else. They are not only working professionals, but they also frequently find themselves being their own travel agents, marketers, and accountants. The life of a digital nomad can feel all-consuming if you do not have the right tools.
As someone who is often traveling from country to country, they need to make sure that their paperwork and finances are in order. This is especially true when it comes to visa applications, as you are often required to show proof of a stable financial situation to get your visa accepted.
So, what is the best way to transfer money internationally and keep your expenses in order? In comes… 🥁 drumroll: Wise!
Wise, previously TransferWise, is a financial platform that takes away much of the stress of moving abroad. With this solution, you do not need to open up new bank accounts in every country you go to, to avoid huge transaction fees. Wise takes care of everything for you.
Transfering Money Internationally
Traditional banking is not the only way to go about transferring money anymore, and Wise is the perfect proof of that. It provides a low-cost method of sending money from the United States to more than 80 countries across the world. And the best part is, that the exchange rates are among the finest available.
How to fund your Wise account
Wise money transfers can be funded in a variety of ways, including with a bank account or a credit card, but receivers must have a bank account. It is the perfect tool for digital nomads who want to send money worldwide, at a reduced cost, and with a reliable web experience!
Who does not love some additional perks? We know we do!
Traditional method (of the past)
Opening up new bank accounts in foreign countries is grueling. You would need to show up at the bank in person, with all your documents handy. Often, it will even take weeks for the process to be finalized.
Online & modern
What we love about Wise, is that it is an online platform. That makes it great for digital nomads who are always on the move. After all, we tend to do everything online, so Wise makes for a great addition to our resource bank (pun intended).
Secure money transfers
Wise is also a secure platform, that takes only minutes to set up. All you need to do to get started is to create your account, verify your identity with a government-issued ID, and you are good to go!
Easy to fund & global support
To put money into your account, you can use your own bank account, Apple Pay, or a credit/debit card. Oh, and did we tell you that they have a global support team ready to help you if you need it? We really love global solutions for global citizens!
Things to keep in mind
International Money Transfer Time
Even with a solution like Wise, you are still dependent on traditional banks to transfer money into your account. These transfers can take up to a few days, depending on your bank, and the day of the week. This means that you should try to plan ahead so that you do not end up with any urgent transfers, that do not come through in time.
You should also try to get some basic knowledge about exchange rates. The price of one currency with respect to another is known as an exchange rate. If you wish to convert US dollars to euros, for example, you would look up how much one US dollar is worth in euros.
Most transfer providers will not provide you with the same conversion rate as a currency exchange platform like Bloomberg.com or Reuters.com, but a currency exchange platform might be a good place to start to see what the best rate is right now. Focus on the foreign currency amount when checking the exchange rate for an overseas transfer using services like Western Union. The higher it is, the more money you will end up sending. If you use this technique regularly, you could actually save a fair bit of money.
International Money Transfer Limits
Lastly, you should know that there are some transfer limits. These also depend on the country you are transferring to and from, so make sure you check that before making a payment. You can check the latest information on Wise’s website.
Now that you know how to transfer, and even receive, money all around the globe it’s up to you to earn it! For tips on how to earn money online as a digital nomad, check out our article that will help you get up to speed!