TransferWise - a secure, fast, and efficient way to make overseas payments

by Reiss Gunson on Monday, 19 March 2018 10:28

All the goods on this website are priced in GBP (Great British Pounds), if for no other reason than we are an English registered company, the machines are made in England, and therefore our costs are also in GBP

However our customer base is very geographically diverse so we also offer the option for you to change the displayed currency on our website to another currency that is more meaningful to you

We also allow you to purchase the goods in these alternative currencies and these prices update fairly regualrly when the european currency markets are open

However, ultimately we still need to convert these various currencies in our various Paypal currency accounts into GBP and at this point it costs us to translated the funds into GBP

Accordingly there is a 3% premium on the non GBP prices on our website to cover this translation cost, and the FX risk itself which we would rather avoid

You can avoid this 3% premium by paying us using TransferWise, a genius of an idea that was only brought to our attention when a guy in Germany decided to pay us using TransferWise

The genius of TransferWise is the funds do not actually cross borders - TransferWise are simply booking internal accounting journal entries, recording a debit in their (for example) USD account that you direct your funds to in the USA as a normal domestic payment, and a corresponding credit in their GBP bank account in England that they pay out funds from to our GBP account in England

It takes about 4 days for them to approve your account, but once approved it is a super fast and efficient method of making foreign exchange payments that you then have for all your future foreign currency payments

There's nothing in it for us, we're just spreading the word as we're tired of the steep FX charges from traditional banks and also they are extremely slow, the funds taking several days to arrive

TransferWise: a path to a less expensive LONDINIUM

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