There’s a new and cheap way of sending money abroad – by a service called TransferWise. Created by the people who gave the world Skype, and backed by Richard Branson of Virgin fame, TransferWise also won numerous awards in the business startup scene.
The best part of sending money through TransferWise is that neither the sender nor the recipient loses anything on exchange rates: essentially they are using mid-market exchange rates. Also, their fees are minimal: only 0.5%.
The only catch is that transfers work only when a currency exchange is involved. Since our bank account in Croatia is denominated in EUR, this solution does not work from any EUR-based bank account. The good thing is the method works for a large variety of other currencies: BGN, CHF, CZK, DKK, GBP, GEL, HUF, NOK, PLN, RON, SEK, TRY, USD.
To be honest, I haven’t tested the process, but given all the 5 star ratings, there shouldn’t be any problem. Anyway, let’s see how the process works.
1. First open the Registration page. You will notice that all amounts are lower than originally announced. In fact, all prices are now reduced by 2.5% during the early bird period. Select the items you wish to purchase. After pressing Continue you will be redirected to a “Wire transer” page. Soon you will receive an automated email with the total EUR amount and its HRK equivalent.
If your account is denominated in any of currencies listed above, you can use TransferWise. In all other cases please use a regular bank transfer. This automated email also includes the correct bank account details that you will also need for TransferWise.
2. Open TransferWise and press Get Started.
First you will need to state the amount you would like to send. Please enter the amount you received in the email into the lower Receive field, and check “The recipient needs a specific amount of EUR“. The amount you will send in your currency will be automatically calculated.
3. In the following step you will need to enter your own details. Please note if you pay from a business account, you will need to add additional details such as your VAT number.
4. Then you will need to provide the recipient’s details. Make sure you type ‘BB Mezzofanti Bt’ as the recipient’s name.
Please select “Send money to a bank account“.
Next you will need to provide the recipient’s bank account (IBAN format) and the bank’s SWIFT/BIC code. You can find these in the automated email, or can copy these details from here. In the last field please enter BP15 plus your name. No diacritical marks are allowed.
5. In the following step you will need to provide your bank account details. Hover over the question mark to see an explanation.
6. In the last few steps you can confirm the accuracy of all information provided, then you can upload money from your account. Please send us a screenshot when you’re done with the payment. (email@example.com)
7. Now you can complete your registration. Please follow the link in the automated email. You will be able to provide your invoicing details, upload your attendee profile, etc. (For best results, please use a square photo of at least 300 x 300 pixels, but of a maximum size of 1 MB.)
Once you submit this second form, you’ll receive another automated email with a link to your invoice.
That’s it – the whole process should take less than 15 minutes, with the added benefit of saving big time on transfer costs.