How to use TransferWise to send money to Sable
Why do we have this article?
Our customers love TransferWise, in fact more than 60% of our incoming foreign transfers go through this UK based fintech. No wonder, international transfers can be quite expensive and Transferwise provides a very popular workaround to the hassles of cross-border money flows.
Read on to find out more.
What is TransferWise?
TransferWise is an online money transfer service, which lets you transfer money up to 90% more cheaply than a bank. Founded in London in 2011 by Kristo Käärmann and Taavet Hinrikus, two Estonians who worked in the UK, they have exploded in popularity over the last few years. Their total valuation is around $3.5bn, and have 5 million customers who send $4bn every month.
How does TransferWise work?
The TransferWise system is beautifully simple. It bypasses pricey international payments entirely by using two local transfers instead of one international transaction.
If you want to convert your home currency to USD, you send the money to TransferWise’s account based in your country. The equivalent amount is then sent from TransferWise’s USD account to your Sable account .
This smart system means that the money never actually moves across borders, and the currency conversion is done using the real mid-market exchange rate. Doing things this way means that customers can avoid traditional banking fees altogether and they don’t lose money by transferring at an unfair rate.
How to fund your Sable account using TransferWise?
- Set up your Transferwise account. No need to remember a new account, you can register with your social accounts as well.
- On your account screen click “Send money”.
- Enter the amount of money you’d like to convert and send to the US. Make sure to select your home currency and USD.
- Choose between “Fast and easy transfer”, in which case you charge your debit/credit card to fund the transfer, or “Low cost transfer”, in which case you have to transfer the money from your bank account to TransferWise’s intermediary account.
- You’ll have to fill out the details of the recipient. Remember, your Sable account is the recipient, you can find the routing and account numbers is your Sable app.
- Confirm the type of transfer (whether it’s via your home debit/credit card or intermediary bank transfer) and you are good to go.
- This step only applies if you chose the bank transfer route. You will have to log in to your home bank account and transfer money to TransferWise’s intermediary account. Once that’s done, you can sit back, relax, and wait for your Sable account to be funded.
If you have any issues going through the above steps, do not hesitate to reach out to our support or email [email protected].