How To Send Money To Someone From Credit Card

Transferwise

If you're someone who often finds themselves waking up in one country and going to sleep in another, managing money across borders can be difficult. Repeatedly exchanging cash into a foreign currency can cost a lot in fees. TransferWise, a company focusing on "borderless banking," makes managing money in multiple currencies a breeze. It's also possible to do regular money transfers through the platform without setting up its borderless bank account. (Disclaimer: The author of this post has a TransferWise borderless bank account.)

How it works: Setting up a borderless bank account with TransferWise is free and only requires an initial $25 deposit. Each section of the bank account can be designated for a certain currency; for example, if you add a euro balance, the bank account comes with a SWIFT number, just like it would in Europe; if you add a GBP balance, that balance will have a sort code. The bank account can hold and manage more than 40 currencies.

The debit card tied to your TransferWise account is a MasterCard and funds can be added a variety of ways. The account has the ability to convert currencies across balances (for a small fee), and withdrawing cash from a foreign ATM is about a sixth of the cost incurred with other debit cards, according to the company.

Payment options: Direct debit, wire transfer, debit card, credit card, Apple Pay. Fees for payment options depend upon currency being paid or converted to.

Fees: $0 monthly account fee, converting currencies using your card is subject to a 0.45% to 3% fee; ATM withdrawals of up to $250 per 30 days are free, anything over that is subject to a 2% fee.

Time to receive funds: The time it takes to receive funds on the MasterCard depends on how they're added; some are available within seconds.

Transaction limits: There are no limits of how much you can receive and keep in all currencies other than USD. There is a $250,000 limit per transaction a day, and a $1,000,000 limit per year.

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Monthly fees

Payment options

Direct debit, wire transfer, debit card, credit card & Apple Pay

Convert and hold

Monthly fees

Payment options

Direct debit, wire transfer, debit card, credit card & Apple Pay