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Is TransferWise peer-to-peer service safe?

Information verified correct on March 25th, 2017

TransferWise uses a unique money transfer system to save money on conversion rates. But how does it keep your personal information safe?

Supporting nearly 300 currencies, TransferWise is up to eight times cheaper than a bank. It avoids international conversion rates by matching the currency and amount you’re sending with a similar amount sent in the opposite direction. In short, your recipients receive money from a person in their own country, rather than a transfer sent internationally. Learn how this process keeps your money safe while avoiding costs.
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

    How does TransferWise protect my money?

    Safety is a No. 1 concern for TransferWise. It guards your personal information and money by following international regulations and adhering to effective security measures.

    • HTTPS encryption. TransferWise protects the privacy and integrity of data exchanged between you and its servers.
    • Solid user verification process. It confirms the ID of each of its users to protect against fraud and money laundering.
    • Strong accountability. The service has raised over $110 million from such investors as Sir Richard Branson and PayPal cofounder Peter Thiel.
    • Years of experience. Founded in 2011, it has successfully transferred more than $5 billion.
    • Regulated and recognized. TransferWise is registered with the Financial Crimes Enforcement Network and only FDIC-insured banks.

    How do I report suspicious activity to TransferWise?

    TransferWise will never email you to confirm your ID, password or payment details. If you receive an email from someone claiming to be TransferWise, do not reply. Instead, forward the email to support@transferwise.com.

    How to avoid a money transfer scam

    You’ve likely heard about somebody who’s fallen victim to a money transfer scam. Keep your eyes open and remain vigilant with this simple advice.

    • Beware of unsolicited emails and phone calls. Phishing scams often involve an email asking you to resend passwords or information. If you’re suspicious, go to the company’s website directly instead.
    • Don’t transfer money to strangers. Make sure you know the recipient of your transfer. If for an online sale or auction, be sure that you have all of the seller’s information and make sure they are reputable before sending your payment.
    • Ask questions. If a business responds quickly and accurately, that’s a good sign that you’re working with a reputable company.

    Tips for picking up cash safely

    You need to know that your money is safe, but it’s equally important to protect yourself when picking up money. To safely get your cash:

    • Call ahead. Learn the company’s office hours and pick a safe time to retrieve your money. It is safest during the day.
    • Bring a friend. Do not carry money when you are alone. Have a friend come with you.
    • Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
    • Keep your cash hidden. Put your money in your wallet or purse while you are still inside the office. Carrying cash out in the open makes you a target.

    Bottom line

    If you’re sending money internationally and want to save on costs, TransferWise is a safe and inexpensive option. Compare transfer limits and delivery times to further help you find an option best suited for you.

    Common money transfer scams to watch out for

    ScamWhat to watch out forWhat to do
    Online purchasesAsking for money up frontDo not pay up front, ask to meet or arrange escrow
    Lottery and sweepsMust pay a fee to receive your prizeIgnore it; it’s not a real prize
    “Guaranteed” loansRequest to pay for your application or taxes before you receive the loanRip it up; do not send the money
    PhishingAsking for personal details over email (bank accounts, passwords, SSN)Do not reply or click any links – forward the email to spam@uce.gov
    CharityDonation requests from a fake charity posing as real one.Never wire money when donating to charity, regardless of their legitimacy.
    Nigerian dignitarySomeone contacts you to help recover a large sum of money, and need your bank account info to help pay fees.Never provide financial information over email.
    “Stranded traveler”A loved claims to be in trouble, and they are asking for you to send cash.Never send a money transfer until you can verify you know the recipient.
    Online datingGetting to know someone online and after you feel a connection, they ask you to wire money.Never send money to someone you have not met in person.

    Keep your money safe from money transfer scams

    Frequently asked questions

    How long does a TransferWise transfer take?

    It can take anywhere from a few business hours to a few business days.

    How do the exchange rates offered by TransferWise compare with other services?

    Unlike banks and many other services, TransferWise does not skew exchange rates to make a profit. Instead, it uses the mid-market rate — or the true exchange rate that averages the buying and selling rate of a global currency.

    Are there limits to how much money I can transfer with TransferWise?

    Yes, you can transfer up to $49,999 a day and as much as $200,000 a year. Businesses are allowed to transfer up to $199,999 a day and $1 million a year.

    How do I cancel a transfer?

    Log in to your account and visit the page related to the transfer you want to cancel. Click the red “Cancel Payment” button and follow the prompt to enter or confirm your transfer details. After you submit this information, TransferWise will return your money.

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