I'm still very excited and excited about what I learned at the Affiliate World Conference in Bangkok. One thing came to my notice when this partner paid for his drinks with a bright green card called TransferWise.
Transferwise has made it much easier for affiliate networks to pay and spend their international affiliates. The biggest problem with international transfers are fees or lost payments between Paypal and Payoneer.
Transferwise fixes this problem. I myself have Transfrewise, because I travel, the exchange, and the international fees I collect are quite expensive. So I sent all my payments to a virtual, limitless bank – that's essentially Transferwise.
TransferWise is an online service for cross-border money transfer in the simplest words.
What is Virtual Borderless Banking?
TransferWise acts as a virtual bank by providing you with an actual account and bank codes for a bank in a country where you also need a bank transfer. For example, when I work with a Ukrainian partner network, I have to get a transfer, and the transfer fees are quite high. Worst of all, there is also a minimum amount for the transfer.
Instead of paying the transfer fee, I can create a local virtual bank in Ukraine and get paid directly as if I had a bank in Ukraine. This avoids the fees and the minimum transfer amount.
As soon as I realize that I will not receive any payments from the Ukraine, I can simply deactivate the account and destroy my virtual account information. If I need a bank later in Ukraine, I can easily create a new virtual bank without borders with new useable bank details.
As a traveling partner, this helps a lot as TransferWise now provides a card that can be used as a regular MasterCard (although there are some country specific restrictions). It is currently available only for personal accounts with TransferWise, but it takes 30 seconds to easily switch from business to personal accounts.
How does TransferWise work?
I've seen many affiliates at Affiliate World who paid for this card, or I just glanced at their wallet when I opened it. You can not miss this card, it is light green!
How does this Borderless Bank benefit from affiliates?
Put simply, exchange rates and transfers are a pain. Managing the cost of the fees and the time of receipt is a nightmare.
TransferWise has all the major banks around the world. Instead of a partner network exchanging its $ 1,000 payout when sending it to you in Japan, TransferWise will add the $ 1,000 payout to its USD bank and pay you the equivalent amount of Japanese yen from its Japanese bank , This eliminates much of the transaction overhead and costly intermediaries that allow them to offer the partner a much better exchange rate.
TransferWise also has a completely transparent fee structure, unlike many other international money transfer methods. You know exactly how much you pay each time you make a TransferWise transfer. This is displayed before the transfer and is guaranteed for 24 hours.
TransferWise currently supports sending money to 60 countries. They cover over 1000 routes (country combinations) in 49 currencies and are one of the few companies offering the true mid price.
If you are an international partner or work with international partner networks, this is a great option for you, as you will get a virtual bank in the country of your choice. It avoids all fees, transfer delays / fees, Paypal and Payoneer problems that occur in between.
When I receive my payouts, they are initiated by the network almost the next day. Once it has been sent or released, I will receive it the next day and it can be used immediately. Even my Amazon FBA deposits are now being transferred to my TransferWise account.
Due to the exchange rate and hidden fees, withdrawing from partners abroad may be deceptive, but TransferWise wants to be very transparent, and even their support (in my experience within 24 hours) is very helpful in answering questions or problems.
There are no point or reward schemes like a real card, but the main purpose is to reduce the fees of international partner payouts. TransferWise provides you with a virtual bank account in the country of the affiliate network you work with, making it easy for you to receive affiliate payouts.
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