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 you’ve sent money abroad at some point or received an international transfer. What’s 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, it’s too late. You’ve 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 there’s 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 you’ve just accepted eye-watering international transfer fees as a part of life. It’s not ideal, nor is it exactly fair – but until recently, there was no alternative.
If you’re working internationally or supporting loved ones around the world, it’s 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 doesn’t have a Wirex account, you’ll 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 that’s what Bitcoin is all about. You’ll know you’re 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 it’s an emergency situation. This works anywhere in the world, which can’t be said for all transfer services.
Getting started with fast, free international crypto transfers couldn’t 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. You’ll immediately get a free virtual payment card and secure Bitcoin wallet.
Once you’re 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 recipient’s email address. You don’t need to provide heaps of personal information or fill out forms.
If you’re wondering how this is possible, it’s 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 doesn’t 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 aren’t recorded publicly, so it’s much easier to maintain your privacy.
Wirex integrates with the Lightning Network, an exciting protocol upgrade that solves the problem of Bitcoin’s limited transaction speeds. The Lightning Network opens up a payment channel with whoever you’re sending money to. When you make a crypto transfer, the funds go through the payment channel and aren’t recorded on the blockchain. It’s secure and it’s much faster and cheaper.
That’s 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 you’re 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.