As a resident of the UK with American student loans, I have to transfer money back to the states every month to make my student loan payments. It is not a unique situation that I find myself in, I am one of thousands, if not millions. Although there are many of us in the same situation, it can be really difficult transfer a few hundred dollars home every month.
To avoid paying huge bank transfer fees, I had been transferring the money in pounds to one Paypal Account, then transferring that money to a second PayPal account -incurring a transfer fee along the way – and then transferring the money from my second Paypal account to my US bank account. Sound confusing? It is. And it can take a long time. It’s a frustrating monthly endeavour that I’ve had to go through every month until I recently discovered TransferWise.
TransferWise was brought about by the same people that saved my relationship through Skype – so really I owe them a lot. It allows you to transfer money internationally for really low fees. I first tried it out, skeptically, and not only was the money in my US bank account a full WEEK sooner than when I used Paypal – it cost half of what I had been paying in transfer fees. I was hooked.
Recently, when I transferred my September US student loan payment home, the money didn’t go through as I had forgotten to enter some information about my US bank. Fortunately, I have a good window between when I transfer the money through, and when I will need it to make my loan payments. Transferwise was immediately in touch and a normally 2-3 day transfer took a little over a week. It was a minor frustration, at worst. To apologize for the inconvenience, TransferWise has offered to waive my transfer fees FOR LIFE. So I never have to pay money to transfer money between the UK and the US ever again. That act of customer service has blown my mind. I mean, has anyone else ever tried to deal with Paypal’s customer service – it seems like they only hire Disney villains to blame you for ruining their day by having a problem – so this was completely unexpected.
I currently have 15 years left of student loan payments that I am hoping to have paid off in 3 years. This payments will incur hundreds of pounds in transfer fees that I will no longer have to pay.
I cannot recommend this service highly enough and if you, like me, find yourself having to transfer money between to countries for any reason – this is the way to go.