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6 reasons expats use TransferWise to send money

There are a lot of money transfer services out there. How do you know which is the best one for your international transfers?

6 reasons expats use TransferWise to send money
Photo: Pixabay

There are probably dozens of services available for transfering money overseas. Expats sometimes learn the hard way that they're not created equal. Big banks may take a chunk out the sum while delaying the payment, and other services may have hidden fees or unexpected transfer exchange rates.

Of course everyone has their personal preferences, but here are just a few reasons why so many expats are choosing TransferWise for sending money abroad or back home.

1. It's safe

TransferWise is no newbie to the money transfer game. It was launched in 2011 and has earned a devoted following since then.

But more importantly, TransferWise is regulated by the Financial Conduct Authority – meaning it verifies its users and protects you against fraud and money laundering. It has the security of a big bank – but without being a big bank.

2. It's fast

These days it takes seconds to call someone on another continent, and hours to fly there – why should it take days to transfer funds?

When sending money abroad with a bank, for instance, transfers frequently take multiple business days – not to mention there might be weekends in the way.

Using TransferWise, the majority of transfers go through the very same day. So you can get on with your life.

3. It's cheap

This one's a biggie. Don't you hate sending money to friends or family – or perhaps receiving a payment from abroad – and seeing a big chunk of it vanish?

Most banks charge fees for sending money abroad – and many banks and other services may have extra fees hidden in the exchange rate.

TransferWise doesn't do that. With flat, transparent fees, you'll always know exactly what's happening to your money. When transfering euros to pounds, for instance, up to transfers of €400 you'll be charged just €2. In larger transactions the fee is just 0.5 percent of the total amount.

4. It suits all types of users

Whether you want to send money to a friend, you made a purchase, you need to get paid, or you have a small business working with international transactions, TransferWise can help.

The fees don't change, no matter what type of user you are or how rarely or frequently you use the service. Plus, you will always receive an email receipt of the transaction so you have the financial records you need.

5. It supports some 300 currency routes

Euro. Pounds. Dollars. Francs, kronor, zloty, lev, rupees and ringgits. TransferWise has routes for all of them. In fact, TransferWise has more than 300 currency routes and ways to send and receive money. Check the full list of options here.

6. It's peer-to-peer

And how is all this possible, you may wonder? It's because TransferWise isn't a big bank or financial institution.

It's essentially a network of people like you. One expat might want their dollars convered to euro while another wants their euro converted to dollar. TransferWise matches the two – so the funds don't ever actually cross borders. And that saves you money.

This article was produced by The Local and sponsored by TransferWise.

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OIL

Norway’s wealth fund gains 38 billion euros in first quarter

Norway's sovereign wealth fund, the world's largest, gained some 38 billion euros (380 billion kroner) in the first quarter, boosted by stock market investments, it said Wednesday.

Norway's wealth fund gains 38 billion euros in first quarter
Norway's wealth fund, which has been built up since the 1990s from the state's oil revenues.Photo by Jan-Rune Smenes Reite from Pexels

The massive fund, which has been built up since the 1990s from the state’s oil revenues, was worth a total of 11 trillion Norwegian kroner (1.1 trillion euros) at the end of March.

In the first quarter, it posted a four percent return, driven by its equity investments, which account for 73.1 percent of its portfolio and rose by 6.6 percent.

“The rise of the equity market was to a great extent driven by the finance and energy sector,” Trond Grande, the fund’s second in command, said in a statement.

The fund also made gains on its real estate investments, which account for 2.5 percent of its assets and were up 1.4 percent, while its fixed-income investments (nearly a quarter of the portfolio) suffered a 3.2 percent loss.

At the same time, the government dipped into its piggy bank to the tune of 83 billion kroner to balance its budget.

Recently the fund made its first direct investment in renewable energy infrastructure.

READ MORE: Norway wealth fund buys first renewable energy stake 

It announced it was purchasing a 50 percent stake in the world’s second-largest offshore wind farm, the Borssele 1 & 2 wind farms located off the coast of the Netherlands in the North Sea.

The 50 percent stake is being acquired from Danish firm Orsted, which will continue to own the remaining 50 percent of the project.

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