Review: Wise (TransferWise) money transfers

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.

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NZD 1

Min. Transfer Amount

NZD 2,200,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameWise (TransferWise) International Money Transfers
Min. Transfer AmountNZD 1
Max. Transfer AmountNZD 2,200,000
Transfer MethodsOnline
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Email
Available CurrenciesAED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, COP, CRC, CZK, DKK, EGP, EUR, FJD, 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
Exchange Rate UpdatesReal time
Online Transfer Fee0.7%

Pros

  • No minimum transfer amount
  • No hidden commissions or unexpected fees
  • Uses the mid-market exchange rate to give you the best possible deal

Cons

  • Not all currencies supported

Wise exchange rates and fees

Wise 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 Wise. Other services make their money from this margin added on to the exchange rate, but Wise only charges a fee.

Wise’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 Wise by using the calculator below, which offers real-time exchange rates and fees.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
NZD 1 1 - 2 days NZD 80.00 0.695 USD
6,897
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Check if there are any Wise promo codes available

Available currencies

Wise 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 Eutablero
  • GBP British pound
  • INR Indian rupee
  • AUD Australian dollar
  • PHP Philippine peso
  • USD US dollar
  • VND Vietnamese dong

Must read: Temporary sending limit to Mexico

As of 20 Jan 2021, a temporary limit of US$980 (or the same amount in Mexican pesos) has been placed on transfers to Mexico by Wise. We’ll update this information once the limit has been lifted.

What types of transfers can you make with Wise?

With Wise, 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.

Wise also doesn’t offer some of the forex products its competitors do, like forward contracts and limit orders, but there is a service specifically for business. You can read more about it in our full review.

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 Wise 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 Wise 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 takeClock icon for transfer speed

1 - 2 days

Is Wise safe to use?

  • Security and regulation: Government-regulated, two-factor authentication (2FA)
  • Established: 2011
  • Number of customers: Over 4 million*.
  • Reviews: TrustPilot gives Wise a score of 4.6 out of 5, based on roughly 85,000 reviews*
  • Investors Virgin Group, JP Morgan, LHV Ventures, NatWest Bank

According to Wise and Trustpilot on 03 April 2020.

Wise 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 Wise is government-regulated, it keeps its clients’ money separate from its own funds. This means if Wise runs into financial hardship, your money will be safe.

How to register an account and send your first transfer

What is Wise?

Wise 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. Wise now has 11 offices, including the headquarters in London and other offices in New York, Sydney and Singapore.

In a nutshell

Pros
  • 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.
Cons
  • 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.

How does Wise compare to other services?

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days NZD 0.00 0.692 USD
6,924
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies. Go to site Show details
NZD 250 1 day NZD 0.00 0.692 USD
6,924
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
NZD 0 Same day NZD 0.00 0.692 USD
6,918
XE has fast transfers with competitive rates and a range of foreign currency tools. Go to site Show details
NZD 2,000 2 days NZD 0.00 0.692 USD
6,924
Exclusive offer: Discounted exchange rates for all Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
NZD 250 1 day NZD 0.00 0.692 USD
6,924
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
NZD 1 Within an hour NZD 3.99 0.691 USD
6,911
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
NZD 1 1 - 2 days NZD 80.00 0.695 USD
6,897
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
NZD 5 1 - 2 days EUR 3.00 0.69 USD
6,898
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
NZD 10,000 1 - 2 days NZD 0.00 0.69 USD
6,897
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Want to compare Wise with other services side-by-side?

Frequently asked questions

Our review of Wise’s online seller product

Watch: Our review of Wise’s debit card

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