Review: TransferWise for Business – February 2020

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

  • Good for both small and large businesses that operate overseas, and there is no margin hidden in the exchange rate.
  • Not so great if you need to transfer to less-popular currencies.

CAD 1

Min. Transfer Amount

CAD 1,500,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameTransferWise Business 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, BWP, CAD, CHF, CLP, CNY, 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 Fee0.45%
Exchange Rate UpdatesReal time

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 1 - 2 days CAD 18.00 0.756 USD
1,499
Use TransferWise to send and receive money with the real exchange rate and help globalise your business. Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 1 - 2 days CAD 0.00 0.752 USD
7,523
XE Money Transfer can help your business unlock international transfers. Forward contract and limit order options available. Go to site Show details
CAD 7,000 1 day CAD 0.00 0.747 USD
7,470
Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000. Go to site Show details
CAD 0 3 - 5 days CAD 30.00 0.73 USD
7,282
Get help sending business payments 24/7 to over 130 currencies with Western Union. Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Frequently asked questions

Watch: Our review of TransferWise’s debit card

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