TransferWise peer-to-peer money transfers

Save time and money when sending secure international money transfers with this peer-to-peer upstart.

Founded in 2011, TransferWise is an easy, convenient way to send money around the world. It takes pride in offering a service with no hidden fees and transparent operations, which is reflected in the thousands of five-star reviews you’ll find for it on Trustpilot.

Unlike US banks and many other money transfer services, TransferWise does not skew exchange rates to make a profit. Instead, it offers mid-market rates — or the rate that banks and specialists use when trading among themselves. Transfers from US dollars are typically completed in a day.

And through its new Borderless accounts, your business can establish local bank accounts in up to 15 countries without having to open a satellite office. TransferWise offers the same rates and fees through personal and business transfers, which makes it easy for business travelers to get access to funds from anywhere.

Compare personal vs. business money transfers

TransferWise International Money Transfers

Our pick: TransferWise

When you need to send money, benefit from competitive mid-market exchange rates and straightforward fees with TransferWise.

  • Fair service fees and mid-market rates — a major market differentiator.
  • Next-day delivery to your loved ones and businesses.
  • Trusted the world over, with five-star ratings on Trustpilot.

    Save money with mid-market rates and rate limits

    Exchange rates is where TransferWise shines. When sending money overseas, TransferWise uses mid-market rates — the price at which banks around the world purchase currency from one another. This far more competitive exchange rate makes TransferWise up to eight times cheaper than similar providers.

    To further save you money, TransferWise allows for rate limits, which lets you set the lowest possible rate you’re willing to convert your money at and delay your transfer until market rates hit your minimum. This doesn’t apply to US dollars, in which case your rate is locked in for 24 hours at the mid-market rate.

    TransferWise is best for:

    • Affordable transfers. With TransferWise, you’ll typically pay less than using banks, and the mid-market rate is the most competitive rate you can find.
    • High limits. With no minimum transfers, you can send up to $49,999 a day and $199,999 a year. Businesses can transfer up to $199,999 daily and $1 million a year.
    • Convenience. It’s simple and fast to set up a transaction online.
    • Bank account transfers. Cash pickup services aren’t available.

    How much does TransferWise cost?

    When sending US dollars overseas, TransferWise’s fees fluctuate depending how much you’re sending and the destination you’re sending it to.

    Transfer fees for the major currencies — euros, pounds, francs, yen and others — are the same for personal and business transfers:

    • $3 fee for transfers up to $300.
    • 1.0% of the amount sent for transfers up to $5,000.
    • 0.7% on any amount over the initial $5,000.

    For example, if you’re sending $6,000 in US dollars to euros, you’ll pay a 1% fee on the first $5,000 — or $50 — and then 0.7% of the remainder — $7. The total fee you’d pay TransferWise is $57.

    Other fees may apply depending on the amount and currency type you send. For instance, if you’re transferring $5,000 to Indonesian rupiah, there’s an additional $2 charge on top of the 1% fee. If transferring funds to countries like Japan, where SWIFT is used, that fee is included in the cost.

    But TransferWise’s fees are transparent: You’ll see them when you’re calculating or making a transfer, so you won’t incur hidden or undisclosed charges.

    Your bank might also charge you extra fees for SWIFT transfers, typically $15 to 30. Ask your bank about their standard fee for international money transfers.

    TransferWise fees and rates

    Calculate conversion rates and fees for sending money using TransferWise. Personal and business rates are the same. The main difference is higher maximum amounts for business transfers.

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    Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

    With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

    • Buying property abroad
    • Emigrating
    • Regular overseas payments
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    • Forecasting
    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
    USD 1 3 - 5 days USD 75.00 19.175 Online MXN
    94,437
    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details

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    Choose from four payment options to fund your transfer

    • ACH bank debit. This method may take an extra five days for processing, and you’re limited to $5,000 daily.
    • Domestic wire transfer. Send up to $1 million within the United States.
    • SWIFT. With additional fees, your recipient can receive funds from one to five days.
    • Facebook Messenger. Send money to Canada, Australia, the UK and Europe using TransferWise’s integration with this popular chat service.

    TransferWise will notify you once funds are deposited into your recipient’s bank account.

    Transfer amounts and available countries

    With TransferWise, you can send or receive as little as $1 in:

    • US dollars
    • Euros
    • Australian dollars
    • Pound sterling
    • Canadian dollars
    • Polish zloty
    • Swiss francs
    • Swedish krona
    • Brazilian real
    • Singapore dollars
    • Japanese yen
    • Danish krone
    • Norwegian krone
    • Hungarian forint
    • Bulgarian lev
    • Romanian leu
    • Czech koruna

    You can send out South African rand transfers using SWIFT, but TransferWise cannot receive this currency.

    What are TransferWise’s fees and transfer limits based on currency?

    Convert toFeesMaximum transferDelivery speed
    US dollars (USD)0.5%Individual: $49,999 a day and $199,999 a year
    Business: $199,999 a day and $1 million a year
    1–2 business days after payout
    Euros (EUR)0.5%1.2 million EUR1–2 business days after payout
    Australian dollars (AUD)0.7%1.5 million AUD1–2 business days after payout
    British pound sterling (GBP)0.5%1 million GBPSame business day after payout
    Canadian dollars (CAD)0.5%170,000 CAD1–3 business days after payout
    Polish zloty (PLN)0.5%5 million PLN24 hours after payout
    Swiss franc (CHF)0.5%2 million CHF1 business day after payout
    Swedish krona (SEK)0.5%1 billion SEK1–2 business days after payout
    Brazilian real (BRL)1.5%250,000 BRL1 business day after payout
    Singapore dollar (SGD)0.5%None1 business day after payout
    Japanese yen (JPY)0.5%140 million JPY2 business days
    Danish krone (DKK)0.5%1 billion DKK1–2 business days
    Norwegian krone (NOK)0.5%1 billion NOK1–2 business days after payout
    Hungarian forint (HUF)0.7%300 million HUF1 business day after payout
    Bulgarian lev (BGN)0.7%2 million BGN1–2 business days after payout
    Romanian leu (RON)1.0%5.3 million RON1–2 business days after payout
    Czech koruna (CZK)0.7%25 million CZK1–2 business days after payout

    Case study: John sends money to France

    John wants to send $1,000 to his friend in France, and he’s looking for the cheapest, fastest service. He averages the costs and rates of peer-to-peer money transfer services like TransferWise and compare them with banks and money transfer services to find the best option to send dollars to euros.

    Average P2P service
    Average money transfer service
    Average bank transfer
    Transfer fee$7$13$43
    Transfer speed
    2 – 3 business days2 – 3 business days2 business days
    Total euros received
    €838€813€801

    The fees are higher for banks and money transfer services, and his friend will receive the money in about the same amount of time. John decides to use a P2P money transfer service so that his friend receives the most euros possible.

    How do I send money with TransferWise?

    TransferWise’s site includes a range of helpful videos that show users exactly how to accomplish each task.

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

    While peer-to-peer has been in use for foreign currency exchange since 1999, its use in forex trading is revolutionary. It works to provide fair and transparent accessibility to foreign currencies.

    Peer-to-peer international money transfer companies work by matching individuals and businesses with peers who wish to trade currencies. You can send money to any individual or business in another country — even to your own account.

    Here’s how it works: The service matches someone who wants to convert their dollars to pounds with someone transferring pounds to dollars. The P2P service matches the currency flows automatically and pays out to each customer using the local dollar or pound account. This way, the money never changes borders.

    What is TransferWise?

    TransferWise is a UK-based money transfer company that uses a simple online experience plus peer to peer (P2P) exchanges and mid-market rates to save customers time and money. Because TransferWise uses the mid-market rate, the cost of paying invoices from other countries can be many times lower than using banks. The service also allows for detailed reporting and bulk payments and payroll via upload.

    P2P is popular because it typically results in lower transfer fees and better exchange rates. As an internationally regulated and recognized peer-to-peer service, TransferWiset protects your privacy and the integrity of your personal and financial data through solid verification processes. With the need to transfer funds growing globally each year, TransferWise’s impressive reputation grows worldwide.

    What do customers say about TransferWise?

    TransferWise gets high marks for customer service, scoring 5 out of 5 stars with thousands of reviews on Trustpilot, Trustmark and Monito. Customers praise TransferWise for speedy, responsive customer support and the ease of making transfers.

    How do I contact TransferWise support?

    TransferWise takes pride in offering best-in-class customer support, and its website offers numerous videos to help businesses complete every task. If you ever need help, read TransferWise’s comprehensive FAQ. It also offers phone and email customer support from 9 a.m. to 5 p.m. Monday through Friday.

    What other services does TransferWise offer?

    With a solid reputation for quickly and easily transferring currencies, TransferWise offers better exchange rates and lower fees for businesses sending money overseas.

    Businesses can connect with a network of local bank accounts around the world. This way, money never actually crosses any borders, resulting in fast, cheap and reliable transfers to 59 countries.

    What is TransferWise Borderless — and how can I use it?

    As if TransferWise hasn’t already improved the ease at which you can send and receive money across borders, it’s introduced a service that allows businesses to establish local bank accounts in up to 15 countries without establishing a physical presence.

    Called TransferWise Borderless, these accounts make it easy for your business to pay developers in Poland, designers in Australia and other digital nomads in their own currency without the expensive international transfer fees that typically come with such transactions. Instead, you store up to 15 currencies in your Borderless Account with local account numbers that play nice with “traditional” banks in the countries you do business in.

    TransferWise promises no setup fees, monthly charges or costs to receive payments. Transfers between currencies come with TransferWise’s reasonable exchange rates and a “small transparent charge” that doesn’t appear to stray too far from this provider’s usual commission.

    Learn more about TransferWise for business

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