Have you chosen an FX provider?
To assist with the currency conversion and money transfer process, we have a preferred provider who helps our customers with their overseas money transfers. We recommend setting up a free multi currency account with Wise.
With this account you get access to an e-wallet to:
- Send money fast in over 40 currencies without hidden fees or exchange rate markups.
- Access to local bank account details in 9 currencies, including USD, EUR,AUD, CAD and GBP and receive payments in your account.
- Earn interest in EUR, GBP and USD – this is subject to your country of residency. If you’re a US citizen you cannot use this feature.
- Order a debit card to spend abroad with low fees to travel abroad at low costs. Subject to country of residency.
Sign up here:
If you don’t have an account, you can sign up online for free https://wi.se/mallorca-yachts-property and you will get a free transfer up to 1,000 GBP (or equivalent in another currency)
If you require further assistance let us know and we can put you in touch with a currency specialist at Wise.
Please be aware that the Wise Account features are subject to the country of residency and some of these might not be available in your country. We suggest checking in the link we shared above.
Do you know how much it costs to send money abroad?
Wise offers highly competitive rates on currency transfers. It’s around 3% to 4% cheaper than traditional banks. When sending around 400,000 GBP you can save up to 20,000 GBP vs other providers.
Their transfers are fast. Depending on the amount sent your money can arrive instantly or take up to 3 days.
Do you want to have a look at how much it will cost you? You can click on this link https://wi.se/mallorca-yachts-property to explore more.
How much are Wise fees?
Wise uses the live mid-market exchange rate and charges a small upfront fee that starts at 0.33%. These fees are made clear in the app when setting up a transfer.
If you send +20,000 GBP (or equivalent in another currency) in the same calendar month an automatic fee discount is applied. The discounts go from 0.1% to 0.17%.
They also have a team of specialists that can give you more information. The service is completely free and with no commitment to sign up to Wise.
Who is Wise? Are they a bank or FX broker?
Wise is a convenient digital option to send and receive e-money across the globe, including easy online transfers via the handy Wise app.
Wise is not a bank account, it’s an E-Money Service. However, with the Wise Account you’ll get some features which are similar to those available from bank accounts, such as the option to hold a balance, send and receive payments, and spend with a linked card.
This means you can use Wise for many day to day financial transactions and even as a primary account depending on your needs.
E-money transfers follow regimented security standards to protect you from issues such as fraud or identity theft.
Is Wise safe?
Wise is authorised and regulated to hold money and, as part of keeping it safe. They follow strict rules set out by the regulators in the countries they operate, such as the FCA in the UK.
They need to take steps to protect funds, known as Safeguarding, in accordance with regulatory requirements. In regions where safeguarding applies, this may involve holding your money in cash, secure liquid assets, or insured by a comparable guarantee, depending on local requirements.