TransferWise International Money Transfers

Information verified correct on April 30th, 2017

Transferwise international money transfers

Transfer money overseas and save up to 90% on the fees you would be charged by your bank.

Note: Transferwise can only send JPY and ZAR via SWIFT – customers are encouraged to contact Transferwise Customer Support so that it is enabled for them.

You’ll also enjoy other benefits:

  • Minimal fees
  • Quick and easy
  • More than £1 billion moved

How much does it cost to transfer money?

For example, if you’re transferring less than £200 from GBP to EUR, you’ll pay a £1 fee. Transfer more than that and you’ll be charged 0.5% of the transfer amount.As well as using the mid-market exchange rate, Transferwise does not slug customers with any hidden commissions or unexpected fees. There is a service fee on all transfers but this is shown upfront. You’ll be charged a nominal flat fee when transferring smaller amounts, but if your transfer exceeds a certain threshold you’ll be charged a fee of 0.5% of the transfer amount.

Transferwise foreign exchange rates

Transferwise uses the mid-market exchange rate when transferring money between countries. Also known as the interbank rate or spot rate, the mid-market rate is the mid-point between the buy and sell rates on global currency markets. This is the rate you’ll find if you do a Google search for exchange rates, not the rate that your bank will offer you when you transfer money.

Transferwise offers a best rate guarantee to all customers and promises to match any rate you find elsewhere. Transfers are conducted via a peer-to-peer system and while customers are never locked in to a particular exchange rate, they can set a rate limit.

The below rates are correct up to 21 Oct 2015. 

AUDEURGBPINRUSDAEDBGNBRLCAD
To0.5440.434.2730.6181.5700.9721.8490.802

Minimum transfer amount and available countries

The minimum amount you can transfer is 1 of the currency you’re sending from. For example, £1, $1 or €1.

The registration and transfer process

The transfer process with Transferwise is simple to manage. All you have to do is enter the amount you want to send, a destination and whether you want a debit card or bank transfer. Then you can fill in your details and upload your money. You can also send money to an email address.

Once that’s done, Transferwise converts the funds to your currency of choice using the mid-market exchange rate. The money is then paid to the recipient in your nominated currency, with the whole process taking one to four working days.

Why choose Transferwise?

Transferwise offers a cheap and affordable way to send money overseas. Instead of struggling with the high fees charged by banks, some of which amount to a massive 5% of the funds you are transferring, Transferwise offers either a nominal flat fee or a 0.5% fee. The structure of any charges is fully explained upfront so there are no unwelcome surprises.

Using the mid-market exchange rate enables Transferwise to offer great rates to its customers. It’s quick and easy to transfer money, and the whole process is designed to be as user-friendly as possible.

What are the pros and cons of an international money transfer with Transferwise?

The pros

  • Minimal fees. You’ll be charged either a nominal flat fee or of your transfer amount. All fees are explained upfront so you know exactly how much your transfer will cost.
  • Exchange rate. Transferwise uses the mid-market exchange rate to give customers the best possible deal.
  • Simple. Transferring money overseas with Transferwise is quick and easy.

The cons

  • Not all currencies supported. As Transferwise is still a reasonably new company, a number of currencies around the world are not yet supported.

Frequently asked questions

Also known as the spot rate or the interbank rate, this is the mid-point between the buy and sell rates on global currency markets.

This depends on the amount you send. Below a certain threshold, you’ll have to pay a small fee, such as a €1 fee if you send less than €200. Above that threshold, a fee of 0.5% of the amount you are transferring will apply.

Your money should arrive to your nominated recipient within one to four business days.


A bit about the history of Transferwise

In 2011, Taavet Hinrikus and Kristo Käärmann were two Estonian expats living in London. Though he lived in London, Taavet was getting paid in Euros for work he’d done in Estonia. Meanwhile, Kristo lived in London but had a mortgage in Euros back in Estonia. Frustrated by hidden bank fees and fluctuating global currencies, the two friends devised a scheme to transfer funds overseas without losing any of their money. From these humble beginnings, Transferwise was created.

Rates last updated April 30th, 2017

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Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TransferWise International Money Transfers
Make online transfers with transparent ... Make online transfers with transparent exchange rates, low fees and low minimum amounts.
AUD 1 1 day
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26 Responses to TransferWise International Money Transfers

  1. Default Gravatar
    Tony | June 17, 2016

    My friend in Shanghai wants to send AUD $60 ( RMB 292 ) to me here in Queensland, how much will it cost her in a fee.

    • Staff
      Clarizza | June 27, 2016

      Hi Tony,

      Thanks for your question.

      Unfortunately, RMB is not yet listed or available to transfer with TransferWise. However, they are expanding the currencies available to transfer. You can find out more direct on their site.

      You might also find our international money transfers page useful – here, you can compare services or use the form at the bottom of this page to speak to an expert.

      Hope this helps.

      Clarizza

  2. Default Gravatar
    Wan | May 14, 2016

    does the recipient pay any fees to receive money I’ve transferred?

    • Staff
      Shirley | May 16, 2016

      Hi Wan,

      Thanks for your question.

      This will depend on the bank account your recipient has and whether they work with any intermediary banks. Please ask your recipient to check with his or her bank directly.

  3. Default Gravatar
    Can | March 29, 2016

    How much the going to charge mi for 500 aud to sender to chile

    • Staff
      Shirley | March 29, 2016

      Hi there,

      Thanks for your question.

      Unfortunately in this current point in time, transfers to the Chilean Peso aren’t supported by Transferwise.

  4. Default Gravatar
    Joe | February 14, 2016

    I have a trading account in the USA, I want to return money back to Australia. My Credit Union does not have a swift account, can you recommend how to complete this transaction ie do I need to open a Bank Account in Australia that has a swift account?

    Thanks

    • Staff
      Shirley | February 15, 2016

      Hi Joe,

      Thanks for your question.

      I can confirm My Credit Union doesn’t have a SWIFT number and can’t receive international money transfers. You may want to consider opening a fee-free bank account to receive the funds, and do an electronic transfer to your My Credit Union account.

      Hope this helps.

  5. Default Gravatar
    viresh | January 5, 2016

    is it possible by transfer wise that i send money from India to Myanmar

    • Staff
      Shirley | January 5, 2016

      Hi Viresh,

      Thanks for your question.

      Unfortunately it’s not possible to send money from India to Myanmar via Transferwise. You may want to consider alternatives such as HSBC, MoneyGram, Western Union or Xoom.

      Cheers,
      Shirley

  6. Default Gravatar
    tarapal | December 23, 2015

    Hi there, does Transferwise have a travel card that can be uploaded for overseas travel ?

    • Staff
      Shirley | December 24, 2015

      Hi Tarapal,

      Thanks for your question.

      Unfortunately Transferwise doesn’t provide a travel card. Alternatively you can compare your options on this page.

      Cheers,
      Shirley

  7. Default Gravatar
    tass | December 2, 2015

    I live in australia but have an bank account in the u.k. with pound sterling. How do i transfer money from my uk account to my australian account so that i receive money in australian dollars

    • Staff
      Shirley | December 2, 2015

      Hi Tass,

      Thanks for your question.

      You can use an international money transfer service, such as Transferwise, to do this. Once you’ve set up an account with Transferwise you can enter the details of the recipient account to complete the transfer.

      Cheers,
      Shirley

  8. Default Gravatar
    Zarko | November 29, 2015

    Can I send Euros from Australia to Serbia

    • Staff
      Shirley | December 1, 2015

      Hi Zarko,

      Thanks for your question.

      Unfortunately this is not possible with Transferwise. You may want to choose a country close to its proximity on our A – Z page for more options.

      Cheers,
      Shirley

  9. Default Gravatar
    Dave | November 16, 2015

    How does the recipient collect money at the other end? And if it is via a bank account do you know the various swift codes or international bank codes of banks in Mexico?

    • Staff
      Belinda | November 17, 2015

      Hi Dave,

      Thanks for your enquiry.

      If you’re sending funds from Australia to Mexico, Transferwise accepts bank transfers and credit cards for up to 3500 AUD.

      If completing a bank transfer, Transferwise will require the recipient’s bank account details, including the 18-digit CLABE account number as well as the recipient’s address.

      Thanks,
      Belinda

  10. Default Gravatar
    Robyn | November 9, 2015

    Dumb question, I dare say, but what do you use to upload money? Credit card? PayPal? Also, I am hoping to transfer from Australia. Do you have any restrictions from Australia sites?

    • Staff
      Belinda | November 12, 2015

      Hi Robyn,

      Thanks for your enquiry.

      If you’re thinking of completing an international money transfer with TransferWise, the payment options will depend on the transfer type and the currency.

      For instance, TransferWise can only send JPY and CAD via SWIFT.

      However, for most currencies TransferWise offers a bank transfer or debit card payment option. You can visit the TransferWise for more details about a specific transaction.

      The maximum transfer amount you can send from Australia is $AUD18,000,000, but generally there are no other restrictions.

      Thanks,
      Belinda

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