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Wirex News

Liberate your money: free, fast international transfers with Wirex

Apr 24, 2018, 12:56:21 PM Published By Wirex Team
International money transfers are an essential part of the lives of millions of people worldwide. Exchange students. Expats. Migrant workers. Digital nomads. Gap year travelers. Freelancers with international clients. Frequent fliers. The list is endless. Chances are high youve sent money abroad at some point or received an international transfer. Whats certain is that you were hit over the head with enormous bank fees. Even if you tried to calculate how much you would be paying upfront, bank fees are often confusing and misleading. Most people who make an international transfer via their bank have no idea what it will cost. Even if you think you know, banks love to add on hidden fees and inflated conversion rates. By the time you find out exactly what an international transfer cost, its too late. Youve been completely ripped off. Many banks will charge as much as 50 to send money abroad and they may charge the recipient as much as 20 to receive it. If theres a currency conversion involved, you may also need to pay a fee as high as 5%. So, if you send 2000 abroad, the recipient could get as little as 1830. Maybe youve just accepted eye-watering international transfer fees as a part of life. Its not ideal, nor is it exactly fair - but until recently, there was no alternative. If youre working internationally or supporting loved ones around the world, its time to stop letting your bank line their pockets with your hard-earned money.

Crypto transfers between Wirex accounts are always free, no matter where you are in the world

And even if the recipient doesnt have a Wirex account, youll still be paying a lot less than you would for a bank transfer or traditional money transfer service. Plus, all our fees are completely transparent - because thats what Bitcoin is all about. Youll know youre paying before you pay it. No need to worry about unexpected charges. Even better, your money gets there almost instantly without the usual lengthy wait. Banks sometimes make you wait weeks for a transfer to process. This is a real problem if its an emergency situation. This works anywhere in the world, which cant be said for all transfer services.

Getting started with fast, free international crypto transfers couldnt be simpler

Signing up for a Wirex account takes minutes and you just need to provide your basic details - email, name, and date of birth. Youll immediately get a free virtual payment card and secure Bitcoin wallet. Once youre ready to get started, just upload proof of address and identity to verify your account. Then, load up your wallet via bank transfer, PayPal, Bitcoin or altcoins (such as Ethereum and Litecoin) and start making free international crypto transfers. All you need is the recipients email address. You dont need to provide heaps of personal information or fill out forms. If youre wondering how this is possible, its because transfers are made off-chain. A regular, on-chain bitcoin transaction is verified by the blockchain. An off-chain transaction uses a different verification method. This is much faster and doesnt involve the usual miner fees. It also has the added advantage of making your crypto transactions more private. All on-chain transactions are recorded on the public blockchain. Off-chain transactions arent recorded publicly, so its much easier to maintain your privacy. Wirex integrates with the Lightning Network, an exciting protocol upgrade that solves the problem of Bitcoins limited transaction speeds. The Lightning Network opens up a payment channel with whoever youre sending money to. When you make a crypto transfer, the funds go through the payment channel and arent recorded on the blockchain. Its secure and its much faster and cheaper. Thats not all. Wirex also supports Segwit (Segregated Witness) an upgrade to the Bitcoin network which decreases the size of transactions. This also means quicker transactions at a lower cost. If youre ready to say goodbye to inflated fees and lengthy wait times and say hello to fast, free international crypto transfers, sign up for Wirex today.  
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