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. And transfers from US dollars are typically completed in a day.

TransferWise International Money Transfers

Use TransferWise and get strong exchange rates

When you need to send money overseas, benefit from competitive mid-market rates and low transfer 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.

    TransferWise exchange rates

    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. That is, unless you’re transferring US dollars. With dollars, your rate is locked in for 24 hours at the mid-market rate.

    What’s the mid-market rate?

    The mid-market rate is what your money’s actually worth on the global market compared to another currency. This rate is the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.

    Use this rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.

    How much does TransferWise cost?

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

    Transfer fees for the major currencies — euros, pounds, francs, yen and others — 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.

    Other fees may apply depending on the amount and currency type you send. 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.


    • Affordable. With TransferWise, you’ll typically pay less than you will with banks and other services.
    • Mid-market rates. Get the most competitive rates out there — the ones banks use themselves.
    • Convenience. It’s simple and fast to set up a transaction online.


    • Bank account transfers only. Cash pickup services aren’t available.

    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.
    Just how safe is TransferWise peer-to-peer?

    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, or even to your own account, in another country.

    P2P is popular because it typically results in lower transfer fees and better exchange rates. With the need to transfer funds growing globally each year, TransferWise’s impressive reputation grows worldwide.

    How do I set up a peer-to-peer transfer with TransferWise?

    Begin by visiting TransferWise’s website. Select the currencies you’re exchanging, and then type in the amount you want to send. Review your amounts and fees up front, and 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 will fill in the amounts and choose your currencies. Once this information is complete, you 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 the first time you use the service only).

    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 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.

    Sending money with Facebook Messenger

    Baked within Facebook Messenger is TransferWise’s free software that can talk you through the process of initiating an international money transfer with TransferWise. With this “bot,” you can also set up an alert to be notified when a specific exchange rate is reached in the global market.

    This service is available for payments to and from the US, Canada, Australia, the UK and Europe, with an expansion planned for all 50 countries and 600 currencies supported by TransferWise.

    Transfer amounts and available countries

    With TransferWise, you can transfer as little as $1. You can send and receive transfers in:

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

    what’s a SWIFT code?
    Short for the Society for Worldwide Interbank Financial Telecommunication, a SWIFT code is a unique bank code used for incoming transfers. International banks each have a unique SWIFT code that identifies them in a money transfer transaction.

    Choose from four payment options to fund your 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. 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 the funds are deposited into your recipient’s bank account.

    If you ever need help, 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 through Friday.

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

    CurrencyFeesMaximum transferDelivery speed
    USD0.5%Individual: $49,999 a day and $199,999 per year
    Business: $199,999 a day and $1 million per year
    1–2 business days after payout
    EUR0.5%1.2 million EUR1–2 business days payout
    AUD0.7%1.5 million AUD0–2 business days after payout
    GBP0.5%1 million GBPSame business day after payout
    CAD0.5%170,000 CAD1–3 business days after payout
    PLN0.5%5 million PLN24 hours after payout
    CHF0.5%2 million CHF1 business day after payout
    SEK0.5%1 billion SEK1–2 business days after payout
    BRL1.5% (or 10 BRL for payments under 667 BRL)250,000 BRL1 business day after payout
    SGD0.5%none0–1 business days after payout
    JPY0.5%140 million JPY2 business days
    DKK0.5%1 billion DKK1–2 business days
    NOK0.5%1 billion NOK1–2 business days after payout
    HUF0.7%300 million HUF1 business day after payout
    BGN0.7%2 million BGN0–2 business days after payout
    RON1%5.3 million RON1–2 business days after payout
    CZK0.7%25 million CZK1–2 business days after payout

    What is TransferWise Borderless — and when can I expect to use it?

    As if TransferWise hasn’t already improved the ease at which you can send and receive money across borders, it’s now introducing 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 will 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 can 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.

    While fees are yet to be announced for the US, 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 shouldn’t stray too far from this provider’s usual commission.

    US customers can expect to see TransferWise Borderless roll out in late 2017.

    What other services does TransferWise offer?

    With TransferWise, 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.

    Because TransferWise uses the mid-market rate, the cost of this paying invoices from other countries can be many times lower than using banks. The service also allows for reporting, batch file upload and a versatile API.

    TransferWise takes pride in offering best-in-class customer support, and its website has numerous videos to help businesses complete every task. With a solid reputation for quickly and easily transferring currencies, TransferWise offers better exchange rates and lower fees for businesses sending money overseas.

    Learn more about business

    Compare Transferwise to the competition

    How does TransferWise stack up?Compare
    TransferWise vs. CurrencyFair
    TransferWise vs. Western Union
    TransferWise vs. MoneyGram
    TransferWise vs. HiFX
    TransferWise vs. OFX
    World First vs. TransferWise
    TransferWise vs. Bank of America

    Looking for an alternative to TransferWise? Check out these similar services

    Was this content helpful to you? No  Yes

    US International Money Transfers Offers

    Learn about our information service
    HiFX International Money Transfers

    Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

    WorldRemit International Money Transfers

    Use promo code FREE to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

    World First Foreign Exchange

    Exclusive offer: $0 transfer fee
    No-limit transfers with competitive exchange rates for 100+ currencies.

    TransferWise International Money Transfers

    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

    Back to top

    Read more on this topic

    Ask an Expert

    You are about to post a question on

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.