TransferWise fees are lower

International transfers in foreign currencies are cheaper with TransferWise. They do not charge increases on the exchange rates, because the company uses its own accounts in the recipient’s country. How?

TransferWise does not literally transfer money from one country to another – instead, they transfer the requested amount from TransferWise’s own account in the recipient’s country to your recipient. This way, the surcharges that normally apply to cross-country transfers do not apply to TransferWise, allowing them to only charge a small fee from users. This fee is noticeably lower than both bank fees and PayPal rates.

You can not send dollars to Romania so you would have to set up Raul's RON account in Romania (Raul has that info) as the recipient to receive RONs. Raul stated to me that the exchange rate on $250 we sent him was very good and the fee was only $3.81. I think TransferWise will get the Romania mission work more "bang for the buck" but it is more laborious to set up but once set up it is very easy but perhaps not as quick as the PayPal button. With TransferWise you can link it straight to your church bank account which is what we did.

Also with TransferWise you can set up your church as a non-profit organization but you will need to supply them with your EIN number and also a goverment document proving your orginazation is who you say it is. We sent them a PDF copy of our articles of incorporation and that was enough.

In addition Grace Bible Baptist Church was asked these additional things via email:

• Short description explaining how your organisation will use TransferWise — who will be your recipients or who will send you money, and what will be the reason for payments?

• What are the estimated amounts you are looking to send or receive on behalf of the organisation, and what will be the main currency routes?

• Full name, date of birth and country of residence for all members who control the organisation (board members, directors, trustees etc)

• Please give us a list of countries where your organisation operates.

Grace Bible Baptist Church's answers to these questions are as follows and to which TransferWise was satisfied:

To Transfer support of Missionary Work and Printing Ministry being done in Romania by the Sovereign Grace Assembly in Bocsa Romania.

Our support to them will be approximately $250 US per month.

Our Organization members (Deacons) who have control over Capital One Bank account for Grace Bible Baptist Church: Ronald Keith Laurence DOB: mm/dd/year Residence: USA Lucien J. LeSage DOB: mm/dd/year Residence: USA

The receiving party who is the pastor of the church in Romania is following: Raul Iosif Enyedi DOB: mm/dd/year Country of Residence is ROMANIA

Grace Bible Baptist Church does not operate in any country. We did have a missionary in Romania that established the work there and eventually the organization of a church there by the name of Sovereign Grace Baptist Assembly, Bocsa Romania.