Review: TransferWise money transfers – August 2020
Save money with the mid-market rate and a transparent fee structure.
- Good for transparent fees and no margin on the exchange rate.
- Not so great if you need to transfer to less-popular currencies.
Min. Transfer Amount
Max. Transfer Amount
1 - 2 days
|Product Name||TransferWise International Money Transfers|
|Min. Transfer Amount||USD 10|
|Max. Transfer Amount||USD 1,200,000|
|Transfer Methods||Online, Bank Account to Bank Account|
|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||0.7%|
|Exchange Rate Updates||Real time|
TransferWise exchange rates and fees
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 dollars. You can see what your transfer would look like with TransferWise by using the calculator below, which offers real-time exchange rates and fees.
TransferWise offers money transfers to over 45 different currencies. You can check out the full list of the currencies above, but 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.
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 should arrive in minutes.
On the other hand, sending to USD will take around two business days.
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 55,000 reviews*
- Investors Virgin Group, JP Morgan, LHV Ventures, NatWest Bank
According to TransferWise and Trustpilot on 16 January 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.
How to register an account and send your first transfer
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
- 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.
- 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.