Showing posts with label currency exchange. Show all posts
Showing posts with label currency exchange. Show all posts

Monday, October 12, 2015

Using TransferWise to save your business money

TransferWise is the cheapest, and probably fastest, way to send money abroad. But did you know you can use it for your business as well? Before you get started, you will need the following documents:
  • A clear scan or photograph of your passport photo page, driver's license or a national identity card.
  • A copy of a utility bill or a bank statement issued within the last 3 months. It should match the personal address entered on TransferWise
  • A copy of the business’s certificate of incorporation (or any other valid business registration document).
Once you have those ready, just follow these steps to get started:

1. Sign up at TransferWise.com


2. Click the close button in the top right corner to exit the transfer screen

3. Click the figure left of the "send money" button and hit "settings".


4. Fill in your personal details and click save

5. Go to the settings page again and click "business" to fill in your business details

6. Follow the link in the orange box to verify yourself and your business





How expensive is it to buy currency at Tallinn's airport?


I was travelling back to London after a visit to our Tallinn office last Friday, and decided to take a snapshot of the currency exchange board at the airport. I always knew I was getting a bad deal at the airport currency exchange counter, but how bad is the exchange rate exactly? 



Buying currency at an airport is probably the most expensive way to get your travel money. I compared the rate at the airport to what I would get from TransferWise. The difference is quite shocking.

Airport rate: 0.55 EUR/GBP
Airport fee: 0%
500 EUR * 0.55 EUR/GBP = 275 GBP

TransferWise rate: 0.74 EUR/GBP
TransferWise fee: 0.5%
500 EUR (100% - 0.5%) * 0.74 EUR/GBP= 368.15 GBP

Difference: 93 GBP.

The cost of changing money at the airport instead of using TransferWise is 93 GBP. That means you get 25% more if you're using TransferWise.

Been at an airport recently? Send me your snapshot of the exchange rate screen to erik.johansson [a] shs.fi.
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