Elias Pelcastre

My experience using TransferWise to transfer money

Now that I’m back in the UK, I have been looking for a cheap way to send money to Mexico. I still have Spotify and Netflix from my home country, and those bills don’t pay themselves.

I opened an account with HSBC the minute I arrived in England. The bank offers uncapped transfers for 4 GBP, which I tried once, but the money never got to the recipient’s account, and just ended up being back in my debit card.

Before I left Mexico, I had some money in my Banamex account for a few months of streaming. And in March that ran out. I already knew of TransferWise but was afraid to use it; nevertheless, I decided to give it a chance. And boy was I glad I did.

My 37 GBP turned into 913.31 MXN, at an exchange rate of 25.43 MXN for 1 GBP, which I thought was really good. (XE rates are at 25.54 at the moment of writing).

TransferWise charged a fee of 1.09 GBP and the whole process was pretty seamless. First, I downloaded the free app on my iPad (it is available on iPhone and Android), entered the recipient’s name and the CLABE of the account.

Then, I sent the 37 GBP to TransferWise using my HSBC mobile banking app. (TransferWise gives you the details you have to enter: the reference, sort code and account number to make the transfer).

TransferWise then takes care of the rest, while letting you know how the transfer is going, thanks to app notifications. My 37 GBP took two working days to be in my Mexican account.

The handling of the transfer was swift, transparent and cheap. I will definitely use TranswerWise again to send money to Mexico.

As a reminder, this article is not sponsored by TransferWise. I just wanted to share my experience with anyone who is looking for an easy and uncostly way. Thanks for reading!