Excellent for small sums, a trickier process for large sums
TransferWise gives an instant currency conversion rate, and works by a transfer of the sum required from the sender's credit / debit card or Paypal, to Tranferwise's Barclays a/c. This is then passed on to the recipient's foreign bank a/c. For small sums, this is a relatively quick and painless process, requiring the recipient's name and their IBAN a/c No.. For larger sums, by the time one has scanned and submitted copies of passport or driving licence for the necessary anti money laundering checks, currency rates can change between starting the transfer and completion. The process might be quicker if the necessary documentation has been previously submitted. However it is certainly cheaper the normal international bank transfers.
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