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Review: Sending money with TransferWise
Last updated:
TransferWise offers a low-cost way to send money overseas with an easy verification process.
Fees & rates: 3.0 / 5.0
Speed: 4.0 / 5.0
Services: 5.0 / 5.0
User experience: 4.0 / 5.0
Speed: 4.0 / 5.0
Services: 5.0 / 5.0
User experience: 4.0 / 5.0
USD 1
Min. Transfer Amount
USD 1,000,000
Max. Transfer Amount
1 - 2 days
Transfer Speed
Details
| Product Name | TransferWise |
|---|---|
| Min. Transfer Amount | USD 1 |
| Max. Transfer Amount | USD 1,000,000 |
| Transfer Methods | Online |
| Transfer Options | Regular payments, One off payments |
| Transfer Speed Minimum transfer time | 1 - 2 days |
| Customer Service | Phone, Chat, Email |
| Available Currencies | AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, 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 Fee | 1.2% |
|---|---|
| Exchange Rate Updates | Real time |
Expert review
Review by
Zak Killermann
zak.killermann@findercrew.comZak Killermann is a staff writer at Finder specializing in money transfers. He has ghostwritten hundreds of FinTech articles over the years and found his love for publication at St. Cloud State University. Zak has been traveling internationally for nearly half his life and — after getting burned once by an over-the-counter money exchange — vowed to never settle for anything short of the mid-market rate.
Expert review
TransferWise, unlike a lot of its competitors, makes it crystal clear how much you are paying in fees before you transfer. Money transfer companies can often try to hide fees and exchange rate markups from the user, making TransferWise a breath of fresh air. TransferWise offers accounts for both standard users sending to other individuals as well as business accounts with extra features like Xero integration.
When it comes to online transfers, I would be surprised to see big names like MoneyGram and Western Union offering better rates, but keep in mind that other online-specific companies may offer better deals than TransferWise. If you find yourself traveling overseas frequently or receiving payment in foreign currencies, be sure to look into the TransferWise Borderless account to see if it fits your needs.
What's in this review?
Why should I consider TransferWise?
- Easy to use. We were able to sign up for an account and initiate a transfer through the website in less than three minutes.
- Affordability. When compared to a bank, TransferWise’s fees and exchange rates will almost always be better.
- Access to the mid-market rate. TransferWise offers the mid-market rate on all transfers sent through its network. All you have to think about are fees when comparing transfers.
- High daily sending limits. A cap of $1,000,000 per transfer is in place, but some sending methods and locations may lower that limit.
- Multiple payment options. Pay with a debit card, credit card or bank account with ACH or wire transfers. When using the TransferWise mobile app, you can also pay with Google Pay and Apple Pay.
What to be aware of
- Bank account transfers only. Funds must be sent to the recipient’s bank account; there is no option for cash pickup.
- Two-step process. You’ll first send the money to TransferWise, and then TransferWise will deposit the money into your recipient’s bank account. This extra step can sometimes add time to your transfer.
- Requires a Social Security number. You’ll have to provide your SSN and possibly other identification before sending your first transfer through TransferWise.
- Fees. Because TransferWise offers the mid-market rate, it relies on fees to make a profit.
TransferWise’s fees and exchange rates
As long as you are sending US dollars, TransferWise’s fees are the same no matter what country you are sending to from the US. Fees are determined by the following:
- Amount. The more money you send, the higher your fees will be. This is because the fees are based on a preset percentage. Each currency uses its own percentage.
- Payment method. You can pay by bank account ACH, bank wire transfer, debit card or credit card — each uses its own fee based on the amount you are sending, but the percent will typically be the same no matter how much you send.
- Location. Transfers sent from different places in the US should all use the same fee table, but those may change if you are traveling abroad and sending money from other countries.
TransferWise fees explained
When we checked on April 13, 2020, TransferWise’s fees were as follows, based on the type of payment method you are using:
| Payment fee | TransferWise fee | Total fees | |
|---|---|---|---|
| Bank debit (ACH) | 0.35% | 0.5% – 1% | 0.85% – 1.35% |
| Wire transfer | 0.53% | 0.5% – 1% | 1.03% – 1.53% |
| Debit card | 1.24% | 0.5% – 1% | 1.74% – 2.24% |
| Credit card | 3.66% | 0.5% – 1% | 4.16% – 4.66% |
To give this more context, here is what sending $1,000 to Mexico through TransferWise looks like on April 13, 2020:
| Payment fee | TransferWise fee | Total fees | |
|---|---|---|---|
| Bank debit (ACH) | 3.49 | 7.62 | 11.11 |
| Wire transfer | 5.34 | 7.61 | 12.95 |
| Debit card | 12.35 | 7.57 | 19.92 |
| Credit card | 36.61 | 7.42 | 44.03 |
TransferWise exchange rates explained
TransferWise uses the mid-market rate for transfers and also allows you to lock in a rate for a day or more to complete your transfer. When we checked TransferWise’s rates against the mid-market rate on Google and XE, they were similar. TransferWise’s rates update multiple times a day.
Calculate your transfer with TransferWise
Choose your currency and desired transfer amount. Exchange rates change frequently, so visit TransferWise’s site to get a final quote.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Check if there are any TransferWise promo codes available
How long does a TransferWise money transfer take?
TransferWise transfer speeds are dependent on how much you are willing to pay in fees and when you send your transfer.
- Fastest option — instant
When using a credit or debit card, you’ll pay more in fees, but your money can arrive instantly in your recipient’s bank account. Your credit card might charge you an additional cash advance fee, further increasing the cost of your total transfer. - Cheapest option — up to four business days
Making an ACH payment through your bank account to pay for your transfer is typically the cheapest way to send money through TransferWise, but it’s almost always the slowest. It typically takes two days for TransferWise to receive your money and an additional two days to transfer the funds to your recipient’s bank account.
What currencies can I send with TransferWise?
TransferWise offers money transfers to over 50 different currencies from all states in the US. You can check out the full list of the currencies above, but the following are some of the more popular ones:
- CNY Chinese yuan
- EUR Euro
- GBP British pound
- INR Indian rupee
- MXN Mexican peso
- LKR Sri Lankan rupee
- PHP Philippine peso
- VND Vietnamese dong
Case study: Katia's experience
Katia Iervasi
Writer
I began using TransferWise when I moved to the US from Australia a few years ago. I tested a few money transfer services and TransferWise was — and still is — my favorite for a couple of reasons:
- It’s transparent. As soon as you enter the amount of money you want to send, you’ll see the real, mid-market exchange rate as well as TransferWise’s fees. The rate changes so much that if I get distracted and come back to the site a few minutes later, it may have already changed. That’s how I know it’s current.
- The fee is small. Especially compared to the traditional banks — as someone who regularly transfers money between two continents, I appreciate this. The funds usually appear in my account in 24 hours, but it can take longer if I hit send just before the weekend.
Is TransferWise safe to use?
TransferWise was founded in 2010 and serves millions of customers a year. TransferWise is fully registered and accredited by many global agencies, using the following global standards to protect your money:
- Follows strict rules set by regulatory agencies. In every country where TransferWise operates, it is registered with the appropriate regulatory agencies when necessary.
- Bank-level data security. Encryption and data storage at TransferWise are handled in the same way as your bank.
- Two-factor authentication. Protect your account with 2FA, with optional biometric locks on the TransferWise mobile app.
- In-house 24/7 digital security team. A security team works around the clock to monitor transactions for suspicious activity and accounts for fraudulent logins.
What TransferWise’s reviews say
Reviews accurate as of April 13, 2020.
| Trustpilot | 4 out of 5 — based on 84,628 customer reviews |
| CompareRemit | 3.2 out of 5 — based on 467 customer reviews |
| Monito | 8.8 out of 10 — based on staff reviews |
| NerdWallet | 4 out of 5 — based on staff reviews |
| Finder | 4.2 out of 5 — based on staff reviews |
TransferWise’s reviews are moderately positive overall, with 86% of reviews on Trustpilot ranking it as Excellent, which is better than many competing money transfer companies. Overall, TransferWise’s clear fee structure and transparent rates make it easy to trust, but that doesn’t mean it is perfect. Customers often complain about slow customer service and turnaround times as well as the fact that missing a dash in your transfer account number can heavily delay your transfer.
How can I pay for my TransferWise transfer?
US customers can pay using the following methods:
- Debit or credit card. These payments are processed immediately.
- ACH bank debit. You’ll need to allow one to four business days for your funds to reach TransferWise.
- Bank wire transfer. Allow up to one working day for your transfer to reach TransferWise. Beware of extra fees charged by your bank.
- Google Pay and Apple Pay. These services can be used through the TransferWise mobile app and are processed straightaway. However, these payment methods may be charged as a cash advance.
- A connected TransferWise borderless account. For more information on this account, read our review that includes pros, cons and overall tips on this product.
The funds are deposited directly into your recipient’s bank account once TransferWise receives your payment. TransferWise allows you to make secure one-off transfers to a range of destinations around the globe. However, there currently is no option to set up recurring transfers.
How do I send money through TransferWise?
Follow these six steps to have money sent in as little as a few minutes:
- Register. Create your free account online or through the mobile app.
- Enter your sending amount. Look at the fees and delivery time.
- Add recipient’s bank account information. Make sure to include the routing and account number.
- Verify your identity. Have your passport or valid driver’s license ready.
- Pay. Enter your bank account, debit, credit card or digital wallet details to pay.
- Track your transfer. Check the status online or in the mobile app.
How do I reach TransferWise’s customer service?
TransferWise offers support in two ways:
By email
To contact TransferWise by email, visit the Contact Us page and enter your email address, select the topic of the question and provide as much detail as possible about your problem.
By phone
TransferWise provides phone support in 12 regions, including the US. Both standard users and TransferWise Business users can contact support during business hours.
- Standard users call +1 888 908 3833
- Business users call +1 888 829 3669
Does TransferWise have a mobile app?
TransferWise has a mobile app on both the Google Play and Apple App stores. The app makes it possible to do the following:
- Quickly repeat a transfer. See a complete list of past money transfers and send to past recipients in a few taps.
- Log in with biometrics. On phones that support face scanning and thumbprint reading, use these features to lock your TransferWise account.
- Get rate updates. Waiting for the perfect exchange rate? Set up rate tracking to get updates when the price is in your favor.
- Increase your payment methods. Pay for your TransferWise transfer with Apple Pay and Google Pay while using the mobile app.
| Ratings accurate as of April 13, 2020 | |
|---|---|
| Google Play Store | 4.4 out of 5 — based on 76,666 customer ratings |
| Apple App Store | 4.7 out of 5 — based on 19,100 customer ratings |
More on the best money transfer apps
Compare TransferWise to other transfer services
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Bottom line
TransferWise is a straightforward company that presents fees and exchange rates alongside your transfer. Given that you can lock-in your transfer rate for many hours after first seeing it, it’s worth checking TransferWise’s prices first before exploring the competition. If you are ready to make your transfer with TransferWise now, head on over to get started by creating your free account.
Frequently asked questions
Can I use TransferWise for business payments?
Yes. Set up a business profile with TransferWise to begin saving on business payments. If you’re interested in TransferWise for your e-commerce store, read our review on the features on offer.
Does TransferWise have a debit card?
Yes, TransferWise has a debit card in the US that’s available to all residents except those in Nevada and Hawaii. With it, you can spend any currency on your card and use it to withdraw money across the world for free (up to EUR€250 a month). You can find out more about our experience with it in the video below.
How can I cancel my TransferWise transfer?
In your account, navigate to the pending transfer and there’ll be a button called Cancel transfer. This will work if the money is still being sent to TransferWise or if it’s being converted. However, once TransferWise pays your recipient, there’s no way to get it back. If the details are incorrect, the money will usually bounce. TransferWise will let you know in this case, so you’ll have the opportunity to update the details or cancel the transaction entirely.
Always make sure you trust the business or person you’re sending a money transfer to.