One of the most useful ways in which TransferWise can be used is buying Bitcoins if you are in the UK.
Read more about Bitcoins here: http://en.wikipedia.org/wiki/Bitcoin
The reduced transaction costs involved in transferring money from your account in GBP (£) translates to much greater savings when purchasing or trading Bitcoins.
------------------------------------------------------------------------------------------------
How to
(1) Firstly, sign up for an account on Bitstamp
(2) Bitstamp is located in Slovenia, so to transfer money to an EU bank account, we would require TransferWise, as a proxy between your UK bank account and the Bitstamp account
(3) After creating an account on both sites, make a deposit request on Bitstamp and fill in the necessary details. After which, you are given the receiver's bank information and transaction reference
(4) Returning to TransferWise, make a payment request (GBP to EUR) in the same amount that you have decided to deposit on Bitstamp, and key in the relevant information
(5) Remember to fill in the transaction reference that you were given so that your money will be deposited accurately!
(6) After this, make a transfer to TransferWise's UK bank account or pay by debit card
(7) When the money is received (after a short period), Bitstamp will convert your EUR into USD, taking a small fee of 0.5%, which you can use to buy Bitcoins.
------------------------------------------------------------------------------------------------
One key point to note: the process of transferring money from your bank account to the Bitstamp bank account requires days, during which the value of a Bitcoin might change due to its high volatility. Make sure you understand the risks involved before committing to this method. Don't be greedy!
