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TransferWise International Money Transfers

Save money with the mid-market rate and a transparent fee structure.


Fact checked

Quick verdict

Good for
  • Fair exchange rates
  • Transparent fees
  • Low minimum transfer amount
  • Fast registration and verification
  • Easy to use
Not so great for
  • Large transfers
  • If the receiver is unbanked
  • Paying by cash

Is TransferWise available in the Philippines?

Unfortunately, you won’t be able to transfer money from an account in the Philippines at this time. However, you can still receive money from overseas through TransferWise in several ways. You can check out the other options you have for sending funds overseas from the Philippines here.

TransferWise exchange rates and fees

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

Available currencies

TransferWise offers money transfers to over 45 different currencies. Some of the more popular ones include:

  • CNY Chinese yuan
  • EUR Euro
  • GBP British pound
  • INR Indian rupee
  • LKR Sri Lankan rupee
  • PHP Philippine peso
  • USD US dollar
  • VND Vietnamese dong

What types of transfers can you make with TransferWise?

With TransferWise, you can transfer funds to a bank account or a mobile wallet (GCash or PayMaya) in the Philippines, but you can’t send to a cash pick-up location just yet.

Receiving accountTransfer limits
Bank account (personal or businessPHP480,000 per transfer
Mobile wallet (GCash or PayMaya)PHP100,000 per transfer

TransferWise also doesn’t offer some of the forex products its competitors do, like forwards contracts and limit orders, but there is a service specifically for business.

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 TransferWise accept?

You can pay for your transfer a few ways, including:

  • Bank transfer
  • Debit card
  • Credit card

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 TransferWise 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.

If someone sent you money from overseas using TransferWise, it will take 1-2 days to arrive in your Philippine bank account or mobile wallet.

Transfers typically takeClock icon for transfer speed

1-2 days

Is TransferWise safe to use?

  • Security and regulation: Government-regulated, two-factor authentication (2FA)
  • Established: 2011
  • Number of customers: Over 4 million*.
  • Reviews: TrustPilot gives TransferWise a score of 9.2 out of 10, based on over 55,000 reviews*
  • Investors: Virgin Group, JP Morgan, LHV Ventures, NatWest Bank

According to TransferWise and Trustpilot on 16 January 2019.

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

How to register an account and send your first transfer

What is TransferWise?

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

In a nutshell

  • 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.
  • 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 TransferWise compare to other services?

Name Product Minimum Transfer Transfer Time Transfer Fee
1 - 2 days
USD 3.99
WorldRemit Philippines lets you use your debit, credit or pre-paid card to send instant mobile airtime top-ups.

Compare up to 4 providers

Frequently asked questions

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