Review: Sending money with TransferWise
TransferWise offers a low-cost way to send money overseas with an easy verification process.
Min. Transfer Amount
Max. Transfer Amount
1 - 2 days
|Product Name||TransferWise International Money Transfers|
|Min. Transfer Amount||CAD 1|
|Max. Transfer Amount||CAD 1,500,000|
|Transfer Options||One off payments|
Minimum transfer time
|1 - 2 days|
|Customer Service||Phone, Email|
|Available Currencies||AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW|
|Online Transfer Fee||0.45%|
|Exchange Rate Updates||Real time|
- No minimum transfer amount
- No hidden commissions or unexpected fees
- Uses the mid-market exchange rate to give you the best possible deal
- Not all currencies supported
Zak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
TransferWise, unlike a lot of its competitors, makes it crystal clear how much you are paying in fees before you transfer. Money transfer companies can often try to hide fees and exchange rate markups from the user, making TransferWise a breath of fresh air. TransferWise offers accounts for both standard users sending to other individuals as well as business accounts with extra features like Xero integration.
When it comes to online transfers, I would be surprised to see big names like MoneyGram and Western Union offering better rates, but keep in mind that other online-specific companies may offer better deals than TransferWise. If you find yourself traveling overseas frequently or receiving payment in foreign currencies, be sure to look into the TransferWise Borderless account to see if it fits your needs.
What's in this review?
- Why should I consider TransferWise?
- What to be aware of
- TransferWise's fees and exchange rates
- How long does a TransferWise money transfer take?
- What currencies can I send with TransferWise?
- Is TransferWise safe to use?
- How can I pay for my TransferWise transfer?
- How do I send money through TransferWise?
- How do I reach TransferWise's customer service?
- Does TransferWise have a mobile app?
- Compare TransferWise to other transfer services
- Bottom line
- Frequently asked questions
Why should I consider TransferWise?
- Easy to use. We were able to sign up for an account and initiate a transfer through the website in less than three minutes.
- Affordability. When compared to a bank, TransferWise’s fees and exchange rates will almost always be better.
- Access to the mid-market rate. TransferWise offers the mid-market rate on all transfers sent through its network. All you have to think about are fees when comparing transfers.
- High daily sending limits. A cap of $1,500,000 per transfer is in place, but some sending methods and locations may lower that limit.
- Multiple payment options. Pay by direct debit, online bill payment, debit card, credit card or wire transfers. When using the TransferWise mobile app, you can also pay with Google Pay and Apple Pay.
What to be aware of
- Bank account transfers only. Funds must be sent to the recipient’s bank account; there is no option for cash pickup, cheques or bank drafts.
- Two-step process. You’ll first send the money to TransferWise, and then TransferWise will deposit the money into your recipient’s bank account. This extra step can sometimes add time to your transfer.
- Requires a Social Security number. You’ll have to provide your SIN and possibly other identification before sending your first transfer through TransferWise.
- Fees. Because TransferWise offers the mid-market rate, it relies on fees to make a profit.
- Payment restrictions. You can’t send CAD by direct debit from business accounts, nor can you send CAD by international SWIFT payments.
TransferWise’s fees and exchange rates
As long as you are sending Canadian dollars, TransferWise’s fees are the same no matter what country you are sending to from Canada. Fees are made up of a small fixed amount determined by the receiving currency and a fixed percentage determined by your payment method. The amount you’ll pay can be broken down as follows:
- Amount. The more money you send, the higher your fees will be. This is because the fees are based in part on a preset percentage. Each currency uses its own percentage.
- Payment method. You can pay by bank wire transfer, direct debit, debit card, credit card or online bill payment — each uses its own fee based on the amount you are sending, but the percentage will typically be the same no matter how much you send.
- Location. Transfers sent from different places in Canada should all use the same fee table, but those may change if you are traveling abroad and sending money from other countries.
|Payment fee||TransferWise fee||Total fees|
|Online bill payment||$9.29||$2.61||$11.90|
TransferWise exchange rates explained
TransferWise uses the mid-market rate for transfers and also allows you to lock in a rate for a day or more to complete your transfer. When we checked TransferWise’s rates against the mid-market rate on Google and XE, they were similar. TransferWise’s rates update multiple times a day.
Calculate your transfer with TransferWise
Choose your currency and desired transfer amount. Exchange rates change frequently, so visit TransferWise’s site to get a final quote.
How long does a TransferWise money transfer take?
TransferWise transfer speeds are dependent on how much you are willing to pay in fees and when you send your transfer.
- Fastest option — instant
When using a credit or debit card, you’ll pay more in fees, but your money can arrive instantly in your recipient’s bank account. Your credit card might charge you an additional cash advance fee, further increasing the cost of your total transfer.
- Cheapest option — up to four business days
Making a wire payment through your bank account to pay for your transfer is typically the cheapest way to send money through TransferWise, but it’s almost always the slowest. It typically takes two days for TransferWise to receive your money and an additional two days to transfer the funds to your recipient’s bank account.
What currencies can I send with TransferWise?
TransferWise offers money transfers to over 50 different currencies from all over Canada. You can check out the full list of the currencies above, but the following are some of the more popular ones:
- CNY Chinese yuan
- EUR Euro
- GBP British pound
- INR Indian rupee
- MXN Mexican peso
- LKR Sri Lankan rupee
- PHP Philippine peso
- VND Vietnamese dong
Case study: Katia's experience
I began using TransferWise when I moved to the US from Australia a few years ago. I tested a few money transfer services and TransferWise was — and still is — my favorite for a couple of reasons:
- It’s transparent. As soon as you enter the amount of money you want to send, you’ll see the real, mid-market exchange rate as well as TransferWise’s fees. The rate changes so much that if I get distracted and come back to the site a few minutes later, it may have already changed. That’s how I know it’s current.
- The fee is small. Especially compared to the traditional banks — as someone who regularly transfers money between two continents, I appreciate this. The funds usually appear in my account in 24 hours, but it can take longer if I hit send just before the weekend.
Is TransferWise safe to use?
TransferWise was founded in 2010 and serves millions of customers a year. TransferWise is fully registered and accredited by many global agencies, using the following global standards to protect your money:
- Follows strict rules set by regulatory agencies. In every country where TransferWise operates, it is registered with the appropriate regulatory agencies when necessary.
- Bank-level data security. Encryption and data storage at TransferWise are handled in the same way as your bank.
- Two-factor authentication. Protect your account with 2FA, with optional biometric locks on the TransferWise mobile app.
- In-house 24/7 digital security team. A security team works around the clock to monitor transactions for suspicious activity and accounts for fraudulent logins.
What TransferWise’s reviews say
Reviews accurate as of July 22, 2020.
|Trustpilot||4.7 out of 5 — based on 93,475 customer reviews|
|CompareRemit||3 out of 5 — based on 475 customer reviews|
|Monito||8.8 out of 10 — based on staff reviews|
|NerdWallet||4.5 out of 5 — based on staff reviews|
TransferWise’s reviews are moderately positive overall, with 86% of reviews on Trustpilot ranking it as Excellent, which is better than many competing money transfer companies. Overall, TransferWise’s clear fee structure and transparent rates make it easy to trust, but that doesn’t mean it is perfect. Customers often complain about slow customer service and turnaround times as well as the fact that missing a dash in your transfer account number can heavily delay your transfer.
How can I pay for my TransferWise transfer?
Canadian customers can pay using the following methods:
- Debit or credit card. These payments are processed immediately.
- Bank wire transfer. Allow up to one working day for your transfer to reach TransferWise. Beware of extra fees charged by your bank.
- Online bill payment. Not all banks and credit unions in Canada support TransferWise as a bill payee, but so far you can send through BMO, the National Bank of Canada, Tangerine, EQ Bank, Manulife Bank of Canada and members of Central 1 Credit Unions, among other financial institution.
- Direct debit. This method is less expensive but can take 4-6 business days for funds to leave your bank account and reach TransferWise.
The funds are deposited directly into your recipient’s bank account once TransferWise receives your payment. TransferWise allows you to make secure one-off transfers to a range of destinations around the globe. However, there currently is no option to set up recurring transfers.
How do I send money through TransferWise?
Follow these six steps to have money sent in as little as a few minutes:
- Register. Create your free account online or through the mobile app.
- Enter your sending amount. Look at the fees and delivery time.
- Add recipient’s bank account information. Make sure to include the account number and transit or routing number.
- Verify your identity. Have your passport or valid driver’s license ready.
- Pay. Enter your bank account, debit, credit card or digital wallet details to pay.
- Track your transfer. Check the status online or in the mobile app.
How do I reach TransferWise’s customer service?
TransferWise offers support in two ways:
To contact TransferWise by email, visit the Contact Us page and enter your email address, select the topic of the question and provide as much detail as possible about your problem.
TransferWise provides phone support in 14 regions, including Canada. Both standard users and TransferWise Business users can contact support during business hours.
- Standard users call +1 888 445 2780
- Business users call +1 888 403 2696
Does TransferWise have a mobile app?
TransferWise has a mobile app on both the Google Play and Apple App stores. The app makes it possible to do the following:
- Quickly repeat a transfer. See a complete list of past money transfers and send to past recipients in a few taps.
- Log in with biometrics. On phones that support face scanning and thumbprint reading, use these features to lock your TransferWise account.
- Get rate updates. Waiting for the perfect exchange rate? Set up rate tracking to get updates when the price is in your favor.
- Increase your payment methods. Pay for your TransferWise transfer with Apple Pay and Google Pay while using the mobile app.
|Ratings accurate as of July 22, 2020|
|Google Play Store||4.3 out of 5 — based on 84,693 customer ratings|
|Apple App Store||4.7 out of 5 — based on 19,778 customer ratings|
Compare TransferWise to other transfer services
TransferWise is a straightforward company that presents fees and exchange rates alongside your transfer. Given that you can lock-in your transfer rate for many hours after first seeing it, it’s worth checking TransferWise’s prices first before exploring the competition. If you are ready to make your transfer with TransferWise now, head on over to get started by creating your free account.