TransferWise is a platform focused on making global transfers between banks, cheaper than a regular local bank to send money overseas. There are 22 currencies available to send and receive, although you can send money in 27 more foreign currencies.

In addition to their international money transfer service, once you sign up, you will be able to use a TransferWise Borderless account card, which allows you to accept money in Pounds Sterling, Euros, US Dollars and Australian Dollars and store up to 40 currencies, much like having a local bank account.

TransferWise is extremely transparent, avoids hidden fees associated with other competitors, and has a clear understanding of what you are paying for, which means you can easily see what transaction fees will apply to wire transfers. The problem is that different amounts, certain foreign currencies and banks of different countries can in some cases increase the cost of transfers.

Each transaction is charged a commission based on three things: the amount you send, the way you pay for the transaction, and the average market exchange rate.