Review: TransferWise money transfers – February 2020

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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.

SGD 1

Min. Transfer Amount

SGD 1,000,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameTransferWise International Money Transfers
Min. Transfer AmountSGD 1
Max. Transfer AmountSGD 1,000,000
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, CNY, CRC, CZK, DKK, EGP, EUR, 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
Online Transfer Fee0.7%
Exchange Rate UpdatesReal time

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

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 from 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.

TransferWise’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 TransferWise 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
SGD 1 1 - 2 days SGD 45.00 0.716 USD
7,124
Make online transfers with transparent exchange rates, low fees and low minimum amounts. 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.

See if there are any TransferWise promo codes available at the moment.

Available currencies

TransferWise 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 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’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.

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. You can read more about it in our full review.

Which payment methods does TransferWise 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 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.

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

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 TransferWise compare to other services?

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 2,000 1 - 2 days SGD 0.00 0.713 USD
7,128
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it. Go to site Show details
SGD 250 1 day SGD 0.00 0.713 USD
7,128
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
SGD 1 Same day SGD 3.99 0.712 USD
7,121
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
SGD 250 1 day SGD 0.00 0.713 USD
7,128
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.716 USD
7,124
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.712 USD
7,115
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 75.00 0.716 USD
7,102
SingX offers the real exchange rate every time you make a transfer and is based locally in Singapore. Go to site Show details
SGD 200 2 days SGD 50.00 0.71 USD
7,063
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. Go to site Show details
GBP 5,000 1 - 2 days SGD 0.00 0.713 USD
7,128
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. 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.

Frequently asked questions

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Watch: Our review of TransferWise’s debit card

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