A low-fee alternative to the banks for your business’s next money transfer.
- Competitive exchange rates
- Transparent fees
- Helpful features like Xero integration
- Both small and large businesses
Not so great for
- Transferring to less-popular currencies
|Product Name||TransferWise International Money Transfers|
|Min. Transfer Amount||SGD 1|
|Max. Transfer Amount||SGD 1,000,000|
|Transfer Options||One off payments|
Minimum transfer time
|1 - 2 days|
|Customer Service||Phone, Email|
|Available Currencies||AED, AUD, BDT, BGN, BRL, CAD, CHF, CLP, CNY, COP, CZK, DKK, EUR, GBP, GEL, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, UAH, USD, VND, ZAR|
|Online Transfer Fee||0.7%|
|Exchange Rate Updates||Real time|
- No minimum transfer amount
- No hidden commissions or unexpected fees
- Uses the mid-market exchange rate to give you the best possible deal
- Not all currencies supported
How much will my business pay to send money with TransferWise?
TransferWise’s fees vary depending on the currency, but generally sit at about 0.4% of your transfer amount. There’s also an extra fixed fee of a few dollars. The fees for business customers are the same as for individual customers and there are no additional account fees on top of this.
You can use the calculator below to see how much sending money with TransferWise might cost you.
TransferWise’s exchange rates
TransferWise uses the mid-market rate, meaning you’ll get the same exchange rate you see on Google or XE with no added margin. This is rare to find among money transfer services, with most banks and specialist companies adding a margin on top of the mid-market rate as a kind of hidden fee.
TransferWise offers more than 20 currencies, so your business will be able to make transfers to each of these from Singapore. You can see a full list above, but some of the more popular currencies include:
- BDT Bangladeshi taka
- CNY Chinese yuan
- EUR Euro
- GBP British pound
- HKD Hong Kong dollar
- INR Indian rupee
- PHP Philippine peso
- USD United States dollar
To make it easier for businesses to send and receive money, TransferWise has built in several helpful features to its business product:
- Xero integration. All your transactions can be automatically imported into Xero, making it easier to keep track of your payments.
- Open API. With an open API, you can automate your payments and connect it to your business tools.
- Batch payments. You’re able to make up to 1,000 payments in one go by uploading a single payroll file.
- Local bank details. You’ll get bank account details in the UK, Europe, the USA, New Zealand and Australia. This means you can pay and receive money in these countries with no extra fees, like a normal domestic transfer. Keep in mind that if you want to transfer money out of these currencies, you’ll be paying TransferWise’s normal currency transfer fee.
How do I make a business transfer with TransferWise?
To conduct your international business through TransferWise, you’ll first need to:
- Register your business. Provide your business name and address, your registration number and your role in the company. TransferWise will verify your details before activating your account.
- Add your currencies and countries of interest. TransferWise provides you with a routing and account number for each country you conduct business in.
- Send or receive payments. Use your unique bank account details in place of your usual account to centralise payments to and from customers, clients, suppliers and more. You pay only when you convert this money to your native account or currency.
What do I need to make a business payment with TransferWise?
You’ll first need to have a personal account with TransferWise – you can find more details about setting up this account in our review. The email address you use for this personal account needs to be the same as the one used for the business profile.
While the exact details depends on what kind of business you own, you’ll generally need:
- Proof of ID
- Proof of business address
- Unique Entity Number (UEN)
- Details of what your business does
In a nutshell
- Uses the mid-market rate. No margin is added to the exchange rate.
- Bank details for certain countries. You’re able to send and receive money like a local.
- Transparent fees. TransferWise is very up-front with what fees you’ll be charged for each kind of transfer, so you won’t be taken by surprise.
- Integration with a leading online accounting software. This makes the tracking of your payments seamless.
- Limited number of currencies. While TransferWise has some of the more popular currencies like CNY and INR, other business transfer companies like PayPal have a wider range.
- Bank account transfers only. You can transfer to bank accounts only, so make sure your recipient has one.
How does TransferWise compare to other business transfer specialists?
See how TransferWise compares to other companies below. You can use the calculator to get a better idea of what your transfer could look like.