Best ways to send money

Wise (formerly TransferWise)

If you often find yourself waking up in one country and going to bed in another, managing money across borders can be difficult. Exchanging cash for foreign currency repeatedly can be costly in fees.

Wise, a company that focuses on “banking without borders”, makes it easy to manage money in multiple currencies. It is also possible to make regular money transfers via the platform without opening your borderless bank account. (Disclaimer: The author of this article had a TransferWise borderless bank account.)

How it works: Creating a borderless bank account with Wise is free, and each section of the bank account can be designated for a certain currency. For example, if you add a balance in euros, the bank account comes with a SWIFT number, as it would in Europe; if you add a balance in GBP, this balance will have a sort code. The bank account can contain and manage more than 50 currencies.

The debit card linked to your Wise account is a Mastercard and funds can be added in a number of ways. The account has the ability to convert currencies between balances (for a small fee), and withdrawing cash from a foreign ATM is about one-sixth the cost with other debit cards, depending on the company.

Payment options: Direct debit, bank transfer, debit card, credit card, Apple Pay. Fees for payment options depend on the currency paid or converted.

Costs: $0 monthly account fee; currency conversion using your card is subject to a fee of at least 0.41%; ATM withdrawals up to $100 per month are free, while anything over that is subject to a 2% fee.

The rapidity: The time it takes to receive funds on the debit card depends on how they are added – some are available in seconds.

Transaction limits: There is no limit on the amount you can receive and hold in any currency other than USD. There is a limit of $250,000 per transaction per day and a limit of $1 million per year.

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