Review: TransferWise for Business – September 2019

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A low-fee alternative to the banks for your business’s next money transfer.

Quick verdict

Good for
  • Competitive exchange rates
  • Transparent fees
  • Helpful features like Xero integration
  • Both small and large businesses
Not so great for
  • Transferring to less-popular currencies

CAD 1

Min. Transfer Amount

CAD 1,500,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameTransferWise International Money Transfers
Min. Transfer AmountCAD 1
Max. Transfer AmountCAD 1,500,000
Transfer MethodsOnline
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Email
Available CurrenciesAED, ARS, AUD, BDT, BGN, BRL, CAD, CHF, CLP, CNY, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PAB, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, UAH, UGX, USD, VND, ZAR
Online Transfer Fee0.45%
Exchange Rate UpdatesReal time

Pros

  • No minimum transfer amount
  • No hidden commissions or unexpected fees
  • Uses the mid-market exchange rate to give you the best possible deal

Cons

  • Not all currencies supported

How much will my business pay to send money with TransferWise?

TransferWise’s fees vary depending on the currency, but generally sit at about 0.4% of your transfer amount. There’s also an extra fixed fee of a few dollars. The fees for business customers are the same as for individual customers and there are no additional account fees on top of this.

You can use the calculator below to see how much sending money with TransferWise might cost you.

Rates last updated September 18th, 2019
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TransferWise International Money Transfers
CAD 1
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

TransferWise’s exchange rates

TransferWise uses the mid-market rate, meaning you’ll get the same exchange rate you see on Google or XE with no added margin. This is rare to find among money transfer services, with most banks and specialist companies adding a margin on top of the mid-market rate as a kind of hidden fee.

Available currencies

TransferWise offers more than 20 currencies, so your business will be able to make transfers to each of these from Canada. You can see a full list above, but some of the more popular currencies include:

  • BDT Bangladeshi taka
  • CNY Chinese yuan
  • EUR Euro
  • GBP British pound
  • HKD Hong Kong dollar
  • INR Indian rupee
  • PHP Philippine peso
  • USD United States dollar

Key features

To make it easier for businesses to send and receive money, TransferWise has built in several helpful features to its business product:

  • Xero integration. All your transactions can be automatically imported into Xero, making it easier to keep track of your payments.
  • Open API. With an open API, you can automate your payments and connect it to your business tools.
  • Batch payments. You’re able to make up to 1,000 payments in one go by uploading a single payroll file.
  • Local bank details. You’ll get bank account details in Europe, the USA, Australia, New Zealand and the UK. This means you can pay and receive money in these countries with no extra fees, like a normal domestic transfer. Keep in mind that if you want to transfer money out of these currencies, you’ll be paying TransferWise’s normal currency transfer fee.

Read more about TransferWise for personal use in our review

How do I make a business transfer with TransferWise?

To conduct your international business through TransferWise, you’ll first need to:

  1. Register your business. Provide your business name and address, your registration number and your role in the company. TransferWise will verify your details before activating your account.
  2. Add your currencies and countries of interest. TransferWise provides you with a routing and account number for each country you conduct business in.
  3. Send or receive payments. Use your unique bank account details in place of your usual account to centralize payments to and from customers, clients, suppliers and more. You pay only when you convert this money to your native account or currency.

What do I need to make a business payment with TransferWise?

You’ll first need to have a personal account with TransferWise – you can find more details about setting up this account in our review. The email address you use for this personal account needs to be the same as the one used for the business profile.

While the exact details depends on what kind of business you own, you’ll generally need:

  • Proof of ID
  • Proof of business address
  • Business Registration Number
  • Details of what your business does

In a nutshell

Pros
  • Uses the mid-market rate. No margin is added to the exchange rate.
  • Bank details for certain countries. You’re able to send and receive money like a local.
  • Transparent fees. TransferWise is very up-front with what fees you’ll be charged for each kind of transfer, so you won’t be taken by surprise.
  • Integration with a leading online accounting software. This makes the tracking of your payments seamless.
Cons
  • Limited number of currencies. While TransferWise has some of the more popular currencies like CNY and INR, other business transfer companies like PayPal have a wider range.
  • Bank account transfers only. You can transfer to bank accounts only, so make sure your recipient has one.

How does TransferWise compare to other business transfer specialists?

See how TransferWise compares to other companies below. You can use the calculator to get a better idea of what your transfer could look like.

Rates last updated September 18th, 2019
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
WorldRemit International Money Transfers
CAD 0
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
TransferWise International Money Transfers
CAD 1
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
Exclusive: OFX (Ozforex) International Money Transfers
USD 150
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
XE International Money Transfers
CAD 0
1 day
Online, Phone, Bank Account to Bank Account
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
CurrencyFair International Money Transfers
CAD 5
1 - 2 days
Online
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
TorFX International Money Transfers
AUD 2,000
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

Send money overseas in 45 currencies.
Venstar Exchange International Money Transfers
CAD 7,000
1 day
Phone, Bank Account to Bank Account
Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000.
CurrencyTransfer International Money Transfers
GBP 5,000
1 - 2 days
Online, Phone, Bank Account to Bank Account, International Money Order
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

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