TransferWise peer-to-peer money transfers

Save time and money when you send a secure international money transfer with TransferWise.

TransferWise provides an easy and convenient money transfer service to send money around the world. The company takes pride in offering a service with no hidden fees and transparent operations. It uses mid-market exchange rates from one country to another, instead of adding a markup, and it has thousands of five-star reviews on Trustpilot. Transfers from US dollars are typically completed in a day.TransferWise was founded in 2011 by the same company that created Skype. It uses peer-to-peer technology (also called marketplace lending) to match customers sending money with customers in other countries receiving money. For instance, if you need to transfer euros to US dollars, it will match you with another customer who is transferring US dollars to euros. This results in lower fees for both parties. TransferWise is expanding its operations around the world and has received investments from Richard Branson and PayPal Founder Peter Thiel.
Transferwise International Money Transfers

TransferWise International Money Transfers

When you need to send money overseas, you can benefit from competitive exchange rates and low transfer fees when you send funds globally with TransferWise.

  • Send money with the real exchange rate
  • Next day delivery
  • 5 star rating on Trustpilot
  • Trusted all over the world
  • TransferWise only charges a fair service fee and uses the real mid-market rate for conversion

    TransferWise exchange rates

    When sending money overseas, TransferWise transfers money using the mid-market exchange rate. This rate is more competitive because it’s the price at which banks around the world purchase currency from one another. When transferring funds, TransferWise allows you to set a rate limit — unless you’re transferring US dollars. In that case, your rate is locked in for 24 hours at the mid-market rate. It is often up to eight times cheaper to use this service over similar providers.

    Pro Tip

    The mid-market rate is what your money’s worth compared to another currency. For example, the mid-market rate for dollars to euros could be 1 USD = 0.95 EUR.

    Charging above the mid-market rate means a company will convert your money for less than it’s really worth — reducing the exchange rate to 1 USD = 0.90 EUR, for example.

    OFX vs. TransferWise money transfers

    The cost of transferring funds with TransferWise

    If you’re sending US dollars overseas, fees will fluctuate depending on the amount you’re sending and the destination you’re sending it to. Transfer fees for the more common currencies (EUR, GBP, CHF, NZD, CZK) are:

    • $3 fee for transfers up to $300.
    • 1% of the amount sent for transfers up to $5,000.
    • 0.7% on any amount over the initial $5,000.

    Additional fees may apply depending on the amount and currency type. For instance, if you’re transferring $5,000 to Indian rupees, there’s an additional 1.5% charge. But TransferWise’s fees are transparent, so you won’t incur hidden or undisclosed charges. If transferring funds to countries like Japan, where SWIFT is used, that fee is also included in the cost.

    How does TransferWise keep my money safe?

    TransferWise is an internationally regulated and recognized peer-to-peer service. It protects the privacy and integrity of your personal and financial data through solid verification processes for the people and banks it does business with.

    Learn more about TransferWise and safety.

    How are peer-to-peer money transfers different from other services?

    Peer to peer (P2P) allows people to effectively trade currencies with one another, leading to better exchange rates and lower fees when you need to send money overseas. P2P has become popular because of its lower transfer fees and better exchange rates. With the need to transfer funds globally growing each year, TransferWise has garnered an impressive reputation worldwide.

    How to set up a peer-to-peer transfer using TransferWise

    Begin by visiting TransferWise’s website and selecting the currencies you are exchanging. Then type in the amount you wish to send. Review your amounts and fees upfront, then click “Get Started.” You will be prompted to sign in to your account using a password, Google+ or Facebook. If you do not have an account, it’s easy to set one up. The website includes a number of helpful videos that show users exactly how to accomplish each task.

    Next, you’ll be taken to a transfer creation page, where you fill in the amounts and choose your currencies. Once this information is complete, you will see full fees charged for the transfer. These fees are locked in for 24 hours. You can also view the exact amount the recipient will receive. Click “Continue” to fill in your name and address or company information (you’ll do this only the first time you use the service).

    You will then choose who you are sending money to: yourself, someone else or a business or charity. Once you complete this information, confirm your transfer. Next, you will pay for the transaction by entering your banking, credit or debit card info. At the end of this process, click “I’ve sent the money to TransferWise.” You will be directed to a “waiting” page, where the progress of your transaction is shown in real-time.

    Transfer amounts and available countries

    TransferWise lets you send amounts as low as $1, and you can send and receive :

    • US dollars
    • Euros
    • Australian dollars
    • Pounds sterling
    • Canadian dollars
    • Polish zlotys
    • Swiss francs
    • Swedish krona
    • Danish krone
    • Norwegian krone
    • Hungarian forint
    • Bulgarian lev
    • Romanian leu
    • Czech koruna
    • Georgian lari

    You can transfer Japanese yen transfers using SWIFT, but you will pay additional SWIFT fees.

    US customers can choose from three payment options to fund their transfer:

    • ACH bank debit. This method may take an extra five days for processing, and it has a $5,000 daily transaction limit.
    • Domestic wire transfer. You can send up to $1 million domestically within the United States.
    • SWIFT. This method takes one to five days before funds arrive at their destination. There are also additional fees.

    You will be notified once the funds are deposited into the recipient’s bank account. If a problem occurs or you need help with a transaction, TransferWise has a comprehensive FAQ on its website. It also offers phone and email customer support from 9 a.m. to 5 p.m. EDT Monday to Friday.

    Pros and cons of using TransferWise


    • Affordable. TransferWise international money transfers typically cost less than banks and money transfer services.
    • Mid-market rates. Get lower rates than from other providers.
    • Convenience. It’s simple and fast to set up a transaction at TransferWise online.


    • Offers bank account transfers only. There’s no cash pickup service available, and funds can be sent to the recipient’s bank account only.

    MoneyGram vs. TransferWise

    What other services does TransferWise offer?

    TransferWise offers international business payments for a company in one country to pay invoices from another country. The service includes features like reporting, batch file upload and a versatile API. Businesses can send money to 59 countries. Because TransferWise uses mid-market exchange rate, the cost of this service can be many times lower than using banks. TransferWise takes pride in offering best-in-class customer support, and its website has numerous videos to help individuals complete every task.

    With a solid reputation for quickly and easily transferring currencies, TransferWise offers better exchange rates and lower fees when you need to send money overseas.

    Learn how to do a transfer with Transferwise step-by-step, with pictures

    Looking for an alternative? Check out these services similar to Transferwise.

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