As freelancers, it's our responsibility to make sure we get the money that we're owed. We have to chase down late-payment clients from time to time. Since we often operate on tight budgets, we might even have to chase down our bank to get unseen transfer fees or unfair bank commissions returned to us. That's exactly why I worked with my team of freelancers to write this handy-dandy TransferWise review – so we could stop chasing our money and get paid already!
What exactly is TransferWise? Aside from being one of the best tools for freelancers in 2019, it's an online service to accept and send payments across the globe in different currencies. It's not a "bank," per-say, but more of a money transferring service. However, it's just semantics and in my TransferWise review, you'll see why it's the best 'bank' for freelancers, official or not.
TransferWise for Freelancers
What is it exactly that makes TransferWise so great for freelancers and digital nomads? The bottom line is this: TransferWise enables freelancers to send, receive, and spend money in more than 40 currencies.
Any digital nomad or expat will quickly see the advantages in this TransferWise review. TransferWise makes international invoices totally uncomplicated by providing you with bank details in up to 70 countries. On top of that, their service fees are totally honest. There's no cost to sign up, no monthly costs, and no cost to receive up to $2,000.
TransferWise even uses the actual market conversion rate, which I have never seen any other currency converting service do. The only fee that TransferWise does charge is a small sending fee. It pops up transparently whenever you are checking the TransferWise price for sending money, adding money, or changing between currencies on your TransferWise Borderless account.
When it comes to exchanging your money between currencies, no service is easier or fairer than TransferWise. Once you sign up for a TransferWise Borderless account, you choose countries you'd like your account to be active in and they give you corresponding bank details. You can receive money in one currency then exchange it to another on your account with just one click.
There is one less-than-perfect aspect of TransferWise; most freelancers use TransferWise just to receive money in different currencies then send it off to their main bank account to spend it. It's kind of hard to spend your hard-earned money by using bank transfers all the time! That's where TransferWise's newest feature comes in handy…
…the TransferWise Mastercard! This new feature is currently only available in the UK and EEA, but it's coming to the U.S. in 2019. Their new partnership with Mastercard helps busy freelancers skip the extra transfer and keep their money in one place. The card works around the globe automatically, meaning you won't have to deal with a frozen account while traveling. There are no transactions fees and only minimal conversion fees, but you'll only incur the conversion fees if you're paying in a currency that isn't on your TransferWise Borderless account.
Keeping more of your money and keeping it all in one place is ideal for freelancers. TransferWise makes it easier to get paid, spend our money, and do our bookkeeping. It's a new way of banking and honestly, I'm never going back!
TransferWise Review: The FTN Freelancers
We asked the freelance team at FTN what their favorite things about this tool were for our TransferWise Review. Here's what they said:
"The money arrives to my bank account directly, without going somewhere else to be converted. The money arrives fast with no hassle." – Ahmed, Freelance Web Dev
"I'm keeping so much more of my earnings now that I'm not paying huge bank fees and commissions. Honestly, I'm keeping at least $50 more per transfer!" – Tessa, Freelance Content Writer
I’m from Bulgaria and if it wasn't for TransferWise, I would be paying enormous taxes and fees on my income as a freelancer! It’s my best financial buddy that always has the right rate (and the right currency)." – Meggie, PR & Content Marketer
In 2019, it really seems like TransferWise is the bank to beat for freelancers. Comment below and share your favorite features of the service.