What is TransferWise and how does it work?
TransferWise is a money transfer platform that allows you to send, receive and spend money internationally. TransferWise enables you to send money abroad, get paid in other currencies and then spend abroad using no debit or credit card.
Exchanging your currency online can end up costing you an unreasonable amount. However, TransferWise use real interbank rates and are more reliable that most Highstreet Banks. TransferWise do not add additional charges and hidden fees.
With TransferWise, you can hold more than 50 currencies at any one time and convert between them in seconds. This allows people to send local money direct to accounts that you create.
The Idea of TransferWise came about when the founders discovered they faced the same problems when converting their currencies and sending money abroad; the problem being that it was very expensive to carry out these tasks.
The customer figures stand today at 8 million, with those customers moving on average $4 Billion every month.
What fees you pay on TransferWise will vary depending on how much money you are sending and the currency you are converting from/converting to. TransferWise pride themselves on being transparent with their fees so you know exactly what you’re paying before you’ve made the transaction; using their fee calculator.
Transactions can be made via Bank card, whether that be credit or debit or Bank transfer. You are also able to track your transfer in your account with TransferWise notifying your recipient that the money is on its way.
When making a transfer, TransferWise will take money from your account. If you do not have sufficient funds of the right currency within your account, TransferWise will automatically convert the balance with the lowest fee.
TransferWise can be accessed via the web or the app. By using the application, you are able to add an extra level of security; using Face ID.
TransferWise and Xero
You are now able to pay with TransferWise on your Xero account. Xero and TransferWise have made it easy for you to enhance your accounts payable process. By linking your TransferWise account to Xero you will not only save time, but alleviate yourself from the added stress and worry of hidden fees and additional charges.
When using TransferWise with Xero you can manage your accounts payable process efficiently, fast and securely. To link your accounts, simply login to your Xero account, go to Business; and then Bills to Pay.
“Pay with TransferWise is a bill payment feature that lets you pay your suppliers through Xero using your preferred bank account.
Save time by paying multiple bills in one transaction, rather than individually.
A seamless, more efficient accounts payable process that means less time on business admin and more time on your business.”
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What are the benefits of using TransferWise with Xero?
There are many benefits of using TransferWise with your Xero account. It’s fast, efficient and simple to use. Anything with these three qualities’ will always have a positive effect on your business or your finances. Here are some of the many benefits that will come if you use Pay with TransferWise on Xero.
- Quick and easy processing – Fast and simple ways to pay suppliers and the ability to make UK bill payments in a regulated fashion.
- Pay bills with just a few clicks – Pay and reconcile multiple bills from any UK bank in just a few steps.
- Better visibility – There is always transparency of payment with Xero and TransferWise. You can be rest assured that your suppliers will be paid on time. A remittance will be sent after you make a transfer to notify the recipient that payment is on its way.
- Always accurate – Potential errors will be alerted to you before a bill payment is processed. This reduces the risk of failed payments.
- Easy reconciliation – You will be able to reconcile payments with just one click though a single statement line in Xero, regardless of how many bills you pay.
Check out Xero’s blog on how to manage your bill payments using Transferwise. This blog also features members of our own team talking about how Transferwise has helped us and our clients.
If you have any questions on the above then please contact us on the details below
(E) firstname.lastname@example.org or (T) 01908 219100 (W) advaloremgroup.uk