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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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MISSING PEOPLE

Why is this Italian football club posting missing people pics?

On the left, the smile of a footballer, happy to join his new club. On the right, another smile, but one which hides a dramatic story. AS Roma are using transfers to highlight the plight of missing children.

Why is this Italian football club posting missing people pics?
When the AS Roma signed Pau Lopez, it put out a search for a missing 15-year-old. Photo: AS Roma/Twitter
Roma is one of the two major clubs from the Italian capital along with eternal rivals Lazio and on Sunday both will go head-to-head in a fiery derby clash at the Stadio Olimpico.
   
On social media, clubs compete for originality when it comes to announcing new signings, and in recent years Roma have built a solid reputation for their quirky humour and style.
   
But in 2019, the three-time Italian champions decided to take another approach to announcing new signings, using the club's extensive digital media following for social good.
   
New recruits are now presented alongside the face of a missing child, with information, a phone number and a video clip.
   
The project is run with 13 associations and since June 30 and the signing of Italian defender Leonardo Spinazzola, six children featured have been found, in Great Britain, Belgium and Kenya.
   
“I don't think any of us expected a child we'd featured in a video to return home safely, obviously we prayed it would happen but we didn't expect it,” Paul Rogers, AS Roma's Chief Strategy Officer told AFP.
 
“When I got the first call from the charity Missing People to say a teenage girl from London who had featured in the Mert Cetin video six days earlier had been found safe, it was one of the best days I have ever had at work. I was so excited to tell everyone. It was just brilliant.”
 
In Septemer, the club announced that the 13-year-old Kenyan boy featured alongside the transfer of Chris Smalling had also been found. 
 
   
In total, Roma broadcast 72 videos last summer, presenting 109 missing children from 13 different countries.
   
It was truly global with the focus on the United States, South America, Europe and Africa. These videos were viewed 11 million times, the club said.
   
At the launch of the initiative, Jo Youle, CEO of the British association Missing People, stressed how precious the power of Roma on social media could be.
   
“AS Roma is giving us a fantastic opportunity to reach a wide audience by sharing appeals for missing children and young people with their millions of fans,” she said. “Raising awareness among as many people as possible is crucial.”
 
'Painful context'
 
The concept was inspired by American rock band Soul Asylum's 1993 video 'Runaway Train' which featured missing children, 21 of whom were later found.
   
“Obviously, there was no public internet and no social media back then, so the band used MTV, which I guess was the best way to reach young people across America and the world at the time,” explained Rogers.
   
“With Roma, we thought we could try and do something similar but updated for the social media generation.”
   
The fact that footballers, who have millions of followers on Twitter and Instagram, are associated with the campaign means that it reaches an even bigger audience.
   
“I have spoken with some players like Chris Smalling, whose video announcement featured a teenager who later returned home safely, and I can say that they were beyond proud,” said Rogers.
   
The initiative was to continue during the January transfer window which closes next Friday, but Roma have not yet recruited a new player.
   
And the recent announcement of the death of a young American who had been due to appear in the next video was a stark reminder of the painful context.
   
“The NCMEC (National Centre for Missing and Exploited Children) told us that many brands are scared off by this subject but that only made us more determined to do what we could to help them,” continued Rogers.
   
The Roman club are now trying to convince other big names in European football to join them for a joint initiative on May 25, International Missing Children's Day.
   
“With the help of clubs like Real Madrid, Chelsea, Borussia Dortmund and Marseille, we can help reunite some families,” added Rogers.
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