- Always transfer USD to EUR, so we get the market exchange rate of TransferWise, which is REAL time and ALWAYS the best.
- If you transfer USD to USD, then the receiving bank will use their own exchange rate. In most cases, it is way below market. In addition, if the receiving bank receives the funds in foreign currency, they usually charge additional 0.1% conversion rate. By using TransferWise, GAIN will be in both exchange rate + avoiding the conversion rate of the recipient’s bank.
- To make it better, you can schedule transfer, DO NOT CONFIRM, and from that point, you will have about 36 hours (it changes based on currency/country) to CONFIRM the transfer. In case, the foreign exchange rate gets better, you can cancel that pending transfer, and create new one. The new one will have better rate. You can check real time TransferWise exchange rate here >>
- To save on ACH fee, we can set some of the revenue to go directly in the company’s TransferWise account. It is treated as regular account, and has amazing Quickbooks app connection. The Quickbooks app is FREE and provided directly by TransferWise, so there will be less issues (if provided by 3rd party Intuit Quickbooks app developer)
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TransferWise connects great with Quickbooks in case you need to manage multiple bank accounts. For example, if you have USD and EURO balances in Quickbooks and want to sync with QB. Go to Quickbooks >> Banking >> Link Account >> Search for Transfewise. Add 1 by 1 for both USD and EURO accounts. It is much easier and better the PayPal Quickbooks integration for example.