{"id":2292,"date":"2020-11-28T13:58:20","date_gmt":"2020-11-28T13:58:20","guid":{"rendered":"http:\/\/yurtdisindayiz.com\/?p=2292"},"modified":"2022-04-12T07:10:50","modified_gmt":"2022-04-12T07:10:50","slug":"transferwise-review-is-transferwise-trustable","status":"publish","type":"post","link":"https:\/\/yurtdisindayiz.com\/en\/transferwise-review-is-transferwise-trustable\/","title":{"rendered":"Transferwise Review: Is Transferwise Trustable?"},"content":{"rendered":"\n

With the increasing development in technology in the globalizing world, economic relations with companies or individuals from different countries allow development and maintenance easier. These transactions, such as sending and receiving money, lead us to the most profitable choices.<\/strong><\/p>\n\n\n\n

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The article is written by a Turkish expat who lives in Germany. It originally published in Turkish version of Yurtdisindayiz website. Transferwise review is dependent on personal experience with Transferwise for sending money to Turkey.<\/em><\/p>\n\n\n\n

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In this article, we are trying to answer the question of what is Transferwise and trying to help people who want to make money transfer with lower commissions.\u00a0<\/p>\n\n\n\n

What is Transferwise? What is the purpose, and how does it work? We’ll talk about briefly.<\/p>\n\n\n\n

Who is Transferwise’s Owner? Founding Story<\/strong><\/h2>\n\n\n\n

Transferwise is a company with 6 million users worldwide as of 2020, was founded in 2011 by two Estonians, Kristo K\u00e4\u00e4rmann and Taavet Hinrikus, who live in London and want to find a solution to the cuts made by banks when sending money to their country. <\/p>\n\n\n\n

Taavet Hinrikus, who worked as Skype’s strategy manager until 2008, complained that he lost who served as Skype’s strategy manager until 2008. <\/p>\n\n\n\n

He complained that he lost %5 of that money when he was sending money to Estonia. Likewise, Kristo K\u00e4\u00e4rmann wasn’t satisfied that there were cuts in the money he sent to Estonia for mortgages. To find a solution to this situation, they developed a system that eliminates borders.<\/p>\n\n\n\n

The answer to the question of what is Transferwise and how does it work is very simple: people who want to transfer money where they are located to reduce the commission by ensuring the money doesn’t leave the country where it’s located. <\/p>\n\n\n\n

In 2020 Transferwise has 13 offices worldwide, and more than 6 million members are using Transferwise. The amount of money send each month is 5 billion \u20ac. The amount of saving in these international money shipments is \u20ac1.5 billion!<\/p>\n\n\n\n

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TRY TRANSFERWISE<\/a><\/div>\n<\/div>\n\n\n\n

So when you use Transferwise to transfer money to Germany, you don’t actually send money to Germany. You are using the money of someone who wants to send money from Germany to Turkey<\/a>.<\/p>\n\n\n\n

In normal conditions, when you transfer international money through banks, the receiving bank, the sending bank, the intermediary bank in the form of three institutions that want to make a profit comes into play; Transferwise has wholly eliminated these agents. <\/p>\n\n\n\n

In fact, the process of sending money abroad, which seems to be international, occurs like a local money transfer in two different countries.\u00a0<\/p>\n\n\n\n

Let’s give an example through names to embody the working logic:<\/p>\n\n\n\n

Hans, who is working in Germany, wants to send 1000\u20ac to his business partner Yusuf in Turkey. Faruk, who lives in Turkey, wants to send 1000\u20ac to his daughter Rana who studies in Germany. <\/p>\n\n\n\n

When they transfer this with Transferwise, the 1000\u20ac Hans sent to the system are transferred to Rana’s account, and the 1000\u20ac in Faruk’s system are transferred to Yusuf’s account. Although it’s not something that has changed for you, you get rid of banks’ high commission fees because this is the logic of the transaction in the background.<\/p>\n\n\n\n

\"transferwise-safety-security\"<\/figure>\n\n\n\n

Because the money stays in the same country, the transfer is eight times cheaper than the bank, and both sides easily handle money transfer.<\/p>\n\n\n\n

Learning how the system works can bring the question of whether Transferwise is safe. But there is nothing to wonder about; Transferwise, which is %100 legal. It has international certificates such as FCA (financial executive board) is no different from any bank when it comes to safety. If we look at the event from the perspective of Turkey:<\/p>\n\n\n\n

With the decision of BRSA banking regulation and Supervision Agency(BRSA) by United payment services and electronic money and payment services by Electronic Money Inc, a provider authorized as ”financial service provide”.<\/p>\n\n\n\n

The video that answers the question of what is Transferwise. The video is prepared by themselves so we can’t see as a Transferwise review.<\/p>\n\n\n\n

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