With its massive demand at the individual levels, transferwise has become competitive with its extended market in business. Firstly, it has proven to be a great platform to support and manage small businesses. Secondly, it’s smart and easy formula has helped contractors and suppliers worldwide to manage payments and currencies in up to twenty-eight currencies. Moreover, money transfer can be made in up to fifty currencies.
The new and enhanced transferwise features for businesses
With its launch in 2016, the team of transferwise made so much improvement and evolved as one of the best platforms in terms of money transfer for businesses. They introduced multiple tremendous features for their global business community. The aim is to support and flourish businesses even across borders.
Account syncing with Xero
Xero, one of the most loved applications for managing accounts and finances, has become the partner of transferwise. The user of transferwise can sync and manage their accounts and finances activity with Xero without any difficulty.
Automation of finances with open API
The open API service of transferwise for businesses will help you automate your finances, connect with multiple business tools, and create various advanced ways to manage your finances. Whether you are a small business enterprise or a well-managed e-commerce company, the transferwise gives you access to the tools to build what you desire.
Get your business MasterCard free
Tranferwise provides you with a business MasterCard facility. The feature will help you make subscriptions, make payments, and spend money globally with a range of currencies, allowing regular exchange rates.
Save money with transferwise
Transferwise helps you save money by not charging any hidden and extra charges for your business transfers like PayPal and traditional banks. Therefore, receiving or sending money through transferwise enables you to pay a small amount or even less depending on the currency and type of payment. Also, considering all the factors, it will charge less than two percent for your transfer.
Make batch payments better
Transferwise has improved its batch payment feature by upgrading its level. They have added on-screen errors, the reviewability of the transfers, and template instructions. Businesses all over the world have made millions of transfers by using the batch payment tool. It is making your life simple, secure, and smart.
Business mobile app
Transferwise clean and clear design app attracts users to its platform. It helps its customers to review their transfers with just a click. Provide time to time notification for the activities occurring. The simple and easy formula has led the users to use it worldwide.
Benefits of using transferwise for businesses
The use of transferwise for business money transfers gives you multiple benefits:
- Mid-market exchange rate
- No extra or hidden charges
- Acts as a local type bank account
- Helps you save money
Limitations in using transferwise for businesses
Although it’s a great platform to use for business money transfers, it has certain limitations:
Currencies and countries limitation
Check on the list of countries and types of currencies, transferwise allows transfers, as the list is limited.
No free external payments
Moving back money to your currency will charge you a small amount.
Only transfers to bank accounts
Through transferwise, you can only send money to bank accounts.
Conclusion
Transferwise is a fantastic platform to transfer money internationally. The money is safe and secure, and transfer is light on the pocket. Hence, the transparency of the platform has made it’s worth worldwide. Although it is primarily used for the US, UK, Singaporean, and Australian customers, it is expanding its market far beyond to be in everybody’s reach.
