Wise vs. Tremendous

For a small business looking to expand internationally, transferwise offers lower admin fee and no hidden fee which is very important. It also remove the hassle and headache of setting up accounts with the local banks. Other than the low fees, the best part is we can use transferwise safely with a peace of mind as it is being regulated by the MAS. Lastly, any small business can set up their transferwise account within minutes which is very convenient

Incentivized

Tremendous is well suited for businesses giving gift cards to employees as a reward or to research participants as thanks/compensation for their time. It's not like a cash sharing software between friends. It is also best for relatively small amounts of money because the sender runs the risk of sending the reward to the wrong email

Incentivized

• Quick - because funds are transferred domestically, even when going international, you don't have to wait long.
• Easy - the printout of what information I needed to give the sending bank was complete and easy to understand.
• Affordable - the fees on both ends were minimal.

Incentivized

• Email and landing page templates easy to create
• Wide variety of gift card options
• Easy to upload recipient lists and distribute
• No fee for most gift card options

Incentivized

• For large money transfers, the tax is a bit expensive so it would be nice if that was adjusted or if there was some economy of scale.
• Ability to schedule recurring transfers could be useful.
• Be able to transfer money by using a mobile phone number, like with Mobile Pay or Bizum, when the sender and receiver of the money are in different countries.

Incentivized

• We do not have insight into whether a customer has redeemed a reward or not
• Unredeemed rewards kind of go into a void, we cannot get funds back for unclaimed rewards

Incentivized

They have a lot of rules around spending. You cannot use the card for funds that are greater than the amount you want to spend and do a split payment transaction. This makes it virtually impossible to use all of the funds on the card

We haven't really had to engage with TransferWise support. The platform is simple and easy to use.

Incentivized

We considered PayPal payment, ACH bank transfer, and simply mailing a check. TransferWise's fees were much lower than PayPal and our bank. Postage might have been less than TransferWise's fee, but payment could have taken more than a week rather than hours (or days in the case of a new payee).

Incentivized

Tremendous allowed us for more customization to the email and landing page, Rybbon had their own branding on the email and page which was something we did not want. One of the main selling points for us with Tremendous was the ability to use our own firm's email domain. This allowed us to send an email coming from our firm, so our clients and prospects recognized the domain.

Incentivized

• We can save around 5% on our transfer fees
• The online account management is easier than going into banks personally
• There's no negative impact...

• The fact that it's free to use means Tremendous has had a very positive ROI on our research operations. We've gained much and lost nothing.

Incentivized