Transferwise, or now known as Wise (as of March 2021), is an international money transfer service provider. Transferwise knows no borders as its motto is to provide borderless money transferring services to its users.
Plus, the platform is a multi-currency checking account, making it easier for you to bank and/or wire transfer different currencies. Since you have heard about cryptocurrencies and are interested in buying Bitcoin, Transferwise enables you to purchase them.
Make it easier for yourself to buy Bitcoin with Transferwise by limiting the transaction to only a few steps. With Bitcoin’s ever-rising popularity, many international payment service providers make it their job to provide the users with new and reliable solutions to buy Bitcoins.
And, Transferwise is one of those solutions. Whether you want to buy Bitcoins from P2P exchanges or brokerage platforms, Transferwise has made it a lot easier to secure your Bitcoin purchasing.
Is Transferwise Legitimate?
With a Credibility and Security Score of 9.4/10, Transferwise is a large and highly-trusted international money transfer company that follows the strict rules and regulations of every country where it provides its services.
The company checks and verifies its users to protect itself and the users from fraud, scams, or money laundering activities. You can use Transferwise MasterCard debit card or sign up for their borderless account to create a virtual bank account in different countries, send and receive payments in 40 currencies at once.
Their feature of the best exchange rate, even better than the bank exchange rates, provides the users with highly competitive rates. Plus, Transferwise offers transparent services by telling you the fees they’d charge (which is very less) before making the transfer.
How to Buy Bitcoin with Transferwise?
To get started, you would need to follow these steps:
1. Open an Account with Transferwise
If you already have a Transferwise account, just log-in with it and skip this step.
If you don’t have a Transferwise account, sign up with them by providing your email address. You can use your Facebook or Gmail account to sign up as well. Transferwise will ask for your necessary credentials to verify you as an authentic user.
2. Choose a Bitcoin Platform
Either you go for a P2P platform to buy Bitcoin with Transferwise from traders who set up their desired rates of Bitcoins and money transfer options, or you could opt for other exchange options.
Whichever platform you choose, make sure it supports Transferwise as the payment option. Usually, P2P platforms are more flexible with multiple payment options.
3. Type the Amount of Bitcoin to Buy
Type in the amount of Bitcoin you want to buy, and the platform will show a list of sellers in the desired currency you would choose.
4. Select a Bitcoin Dealer
To buy Bitcoin with Transferwise, your chosen platform will display a list of Bitcoin sellers. Select the one that you find is the best fit and click on their trading advertisement. Read the terms and conditions mentioned by the seller.
Determine if the seller still fits your criteria. The sellers usually mention the payment options in their advertisements. So, finding a seller who accepts Transferwise wouldn’t be a hassle.
5. Ask for the Dealer’s IBAN
If the seller accepts the Transferwise method, they will provide you with their IBAN to transfer the amount to their bank account.
6. Go to Transferwise Website or Application
Come back to your Transferwise account and set your transfer. Enter the amount you have to send to the seller and the destination where it will be received. This is the step where you will see the best exchange rates provided to you.
7. Send the Amount
Enter your beneficiary’s details (the seller), including their name, address, bank account details, how they want to pick their money, and other information. Then you will choose how you want to fund your transaction (credit, debit card, or bank transfer).
Within a few clicks, Transferwise will send your amount to the seller.
8. Receive Your Bitcoin
As soon as the transaction is successful and the seller receives their payment, the online platform will release the bitcoins to your e-wallet.
Transferwise is secure and reliable for your bitcoin ventures. To buy Bitcoin with Transferwise requires only a few secure and quick steps.