With the holidays fast upon us and many people travelling abroad or looking to send money to loved ones abroad, there is no better time to utilise a free international money transfer with TransferWise.
Using TransferWise you can transfer money between international accounts in a 6 simple steps. Transferring money can be daunting, let this guide help you do this. This post is specifically geared towards transferring money into a Canadian bank account but the same principles apply to transferring between different countries.
The links in this post for TransferWise are an affiliate link.
What does this mean for you?
Clicking on the links in here will not affect the functionality of the TransferWise website but it will save you a transfer fee for up to £500.
What does it mean for me?
By clicking on the TransferWise link in this post it means that TransferWise will receive notification that I am the customer of theirs responsible for directing you to their website. Every 3 people who click on any of the links in here and successfully sign up to TransferWise and transfer money will earn me a commission for providing them with another customer. It does not affect the rate you will receive and it will save you a transfer fee.
A step-by-step guide to transferring money with TransferWise
Once you have signed up to a TransferWise account you will need to follow the following steps to successfully make a transfer:
Step 1: Decide how much you want to transfer and in what currency
This is pretty self-explanatory and requires using the drop-down menus. When your currencies have been selected TransferWise will tell you the rate you will receive as shown below (this is a dummy transfer I did for demonstration purposes, rates subject to change):
Insert your personal details in the relevant boxes including your address.
Step 3: Recipients Details
This step can be a little confusing as you need to think of yourself as a 3rd part if you are transferring money from one of your accounts to another. Filling out the recipient details is pretty easy just make sure to click the relevant button as to whether you know their bank details or not.
Assuming you are sending money to your Canadian account from your international account you will need to fill out the following form (note: this form appears when you click the green button shown in the image above):
This is where most people get confused especially if their international account is different to Canada’s.
What is the institution number and where to find it?
The institution number is a 3-digit number unique to the bank you have registered with, for example TD Bank, RBC, Scotiabank etc. If you do not have this information to hand or have lost it no worries you can find it here.
What is the transit number and where to find it?
The transit number is a 5-digit number made up of the branch 4-digits and a digit indicating the branch location. You will need to know the specific location of the branch you registered with and you can easily do a Google search to find the number. Other options are to look at your cheque book or account registration details.
What is the account number and where to find it?
The account number is your unique bank account number. You will find this on your cheque book, bank account registration documents or on your online banking. If you have lost it you will need to contact your bank directly. Account numbers can be up to 12-digits long.
Step 4: Review Details of your Transfer
With this step it is important to check all the transfer details are correct, take your time to do this.
Step 5: How would you like to pay?
This step is pretty self explanatory, you need to decide whether to pay by bank transfer or by card. Click your preferred choice and fill out details as requested.
Step 6: Confirm payment
The final step of your transfer is to confirm the payment. Again, make sure to check this accurately.
What happens next?
After filling out and confirming your transfer you (or your recipient) will receive an email to say a transfer is waiting for you (or them). Click on the email to enter into the account and confirm the transfer, if you or the recipient do not do this the transfer will not go ahead.
Transferring finance between your accounts may seem daunting but hopefully this TransferWise step-by-step guide will help you. Please note there are other providers out there who can do the same service, I just chose to write about TransferWise as I have personal experience of using them, which was positive. TransferWise terms and conditions, and requirements are subject to change. All information is accurate at time of writing.
Please feel free to share this how to guide and leave any comment below.