Save money with the mid-market rate and a transparent fee structure.
Quick verdict
Good for
Fair exchange rates
Transparent fees
Low minimum transfer amount
Fast registration and verification
Easy to use
Not so great for
Large transfers
If the receiver is unbanked
Paying by cash
Must read: Temporary sending limit to Mexico
As of 20 Jan 2021, a temporary limit of US$980 (or the same amount in Mexican pesos) has been placed on transfers to Mexico by TransferWise. We’ll update this information once the limit has been lifted.
TransferWise is one of the few services that offers its customers the mid-market rate. This is the rate you can see on Google or Reuters and it’s what your money’s actually worth on the global market, compared to another currency.
While you might see that the quoted exchange rate from other money transfer services is different to the mid-market rate, this won’t happen with TransferWise. Other services make their money from this margin added on to the exchange rate, but TransferWise only charges a fee.
TransferWise’s fee is usually a combination of a percentage and a fixed flat-fee of a few euros. You can see what your transfer would look like with TransferWise by using the calculator below, which offers real-time exchange rates and fees.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
TransferWise offers money transfers to over 45 different currencies. Some of the more popular ones include:
CNY Chinese yuan
EUR Euro
GBP British pound
INR Indian rupee
LKR Sri Lankan rupee
PHP Philippine peso
USD US dollar
VND Vietnamese dong
What types of transfers can you make with TransferWise?
With TransferWise, you’ll only be able to make transfers to a bank account, so you can’t send to a cash pick-up location or mobile wallet just yet.
TransferWise also doesn’t offer some of the forex products its competitors do, like forwards contracts and limit orders, but there is a service specifically for business.
If you’re sending money to China, you’re now able to pay directly to your recipient’s AliPay ID. This means the money will appear instantly in their linked bank account.
Which payment methods does TransferWise accept?
You can pay for your transfer a few ways, including:
Bank transfer
Debit card
Credit card
Apple or Android Pay
Keep in mind that a bank transfer will usually cost you the least. Paying by credit card ends up adding a percentage fee on top.
How long does a transfer with TransferWise take?
Transfer time depends on what currency you’re sending and to which country.
As a general rule, it’ll be anywhere between one and two business days. But if you’re sending to the UK, for example, your money could arrive in minutes.
Transfers typically take
1 - 2 days
Is TransferWise safe to use?
Security and regulation: Government-regulated, two-factor authentication (2FA)
Established: 2011
Number of customers: Over 4 million*.
Reviews: TrustPilot gives TransferWise a score of 9.2 out of 10, based on over 59,500 reviews*
Investors Virgin Group, JP Morgan, LHV Ventures, NatWest Bank
According to TransferWise and Trustpilot on 26 February 2019.
TransferWise uses 2FA, meaning that when you log in, you’ll need to go through two levels of verification to access your account. This gives you extra protection for your account. Since TransferWise is government-regulated, it keeps its clients’ money separate from its own funds. This means if TransferWise runs into financial hardship, your money will be safe.
Country
Regulated by
Australia
Australian Securities and Investments Commission (ASIC)
United Kingdom
Financial Conduct Authority (FCA)
Canada
Financial Transactions Reports Analysis Centre of Canada (FINTRAC)
United States
Financial Crimes Enforcement Network (FinCEN) Regulatory authorities vary by state
Hong Kong
Hong Kong Customs and Excise Department
Singapore
The Monetary Authority of Singapore (MAS)
How to register an account and send your first transfer
You’ll have the option to sign up in top right-hand corner.
Choose whether you’re planning to use this for a business or by yourself, then add in an email and password. You’ll get an email after this asking you to verify your email address.
You’ll be shown the guaranteed exchange rate, fees and an estimation on how long your transfer will take to arrive.
You’ll need to fill in your full name, date of birth, phone number and address.
You have the option of adding their bank details later if you don’t have them on you. If you’re sending to yourself, you don’t have to add your address in again.
You can upload either your passport, driver’s licence or national ID card.
First, choose which way you’d like to pay for your transfer. Keep in mind that different payment methods come with different prices. You’ll be given an estimated time of arrival for each type of transfer, as well.
If you’re paying with bank transfer, you’ll be given TransferWise’s bank details to make a transfer to. Once this is confirmed, your transfer will go through.
What is TransferWise?
TransferWise was founded in 2011 when two friends, Taavet Hinrikus and Kristo Käärmann, devised a way to transfer funds overseas without losing any of their money. TransferWise now has 11 offices, including the headquarters in London and other offices in New York, Sydney and Singapore.
In a nutshell
Pros
Offers the mid-market rate. This is the fairest exchange rate you’ll be able to find.
Transparent fee structure. You can find out exactly what fees you’ll be paying without having to sign up for an account.
Fast registration. The verification process is incredibly quick, so you can sign up and make your first transfer within 10 minutes.
Very low minimum transfer limit.The smallest amount you can send is €1, making it super accessible.
Cons
Fees can add up. Since most of the fees come from a percentage of the transaction, you’ll find they may add up if you’re sending a lot of money. Compare your other options for large transfers.
Receiver has to have a bank account. You won’t be able to send to a cash pick-up location or mobile wallet.
How does TransferWise compare to other services?
Frequently asked questions
TransferWise offers a multi-currency account where you can hold over 25 currencies. You’ll also get local bank account details for if you want to send or receive money in EUR, AUD, USD and GBP.
Yes, it does. It allows you to make transfers as well as track them and works on both Apple and Android phones.
Yes, TransferWise does have a debit card and it is available across Europe including in Germany.
TransferWise has a searchable help centre but if you need to speak to someone directly, you can live-chat, send an email or call them on their German phone number.
Rosie is a writer at Finder, specializing in international money transfers. She's constantly planning her next trip overseas and is on a mission to make personal finance easier to understand.
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