Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

TransferWise review

Last updated:  

TransferWise offers a low-cost way to send money overseas with an easy verification process.

TrustPilot Reviews: 4.6 / 5.0 (97548 reviews)’s rating: 4.25 / 5.0


How’d we get our score?

Fees & rates: 3.0 / 5.0
Speed: 4.0 / 5.0
Services: 5.0 / 5.0
User experience: 4.0 / 5.0

Leer esta página en español


Min. Transfer Amount


Max. Transfer Amount

1 - 2 days

Transfer Speed


Product NameTransferWise
Min. Transfer Amount$1
Max. Transfer Amount$1,000,000
Transfer MethodsOnline
Transfer OptionsRegular payments, One off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Chat, Email
Online Transfer Fee1.2%
Exchange Rate UpdatesReal time

Expert review

Zak Killermann

Review by

Zak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.

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.

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 tended to be as follows, based on the type of payment method you are using:

Payment feeTransferWise feeTotal fees
Bank debit (ACH)0.35%0.5% – 1%0.85% – 1.35%
Wire transfer0.53%0.5% – 1%1.03% – 1.53%
Debit card1.24%0.5% – 1%1.74% – 2.24%
Credit card3.66%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 feeTransferWise feeTotal 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$1 1 - 2 days USD 40.00 0.843 EUR
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. 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 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 profile photo
Katia Iervasi

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?

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.

TransferWise reviews and complaints

As of October 2020, 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.

TransferWise user reviews

4.6 / 5.0 (97548 reviews)

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:

  1. Register. Create your free account online or through the mobile app.
  2. Enter your sending amount. Look at the fees and delivery time.
  3. Add recipient’s bank account information. Make sure to include the routing and account number.
  4. Verify your identity. Have your passport or valid driver’s license ready.
  5. Pay. Enter your bank account, debit, credit card or digital wallet details to pay.
  6. 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?

Screenshot of TransferWise's 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 Store4.4 out of 5 — based on 76,666 customer ratings
Apple App Store4.7 out of 5 — based on 19,100 customer ratings

More on the best money transfer apps

Compare TransferWise to other transfer services

See how Transferwise stacks up against the competition by entering the amount you want to send, selecting your destination and clicking Calculate.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$8 1 - 2 days USD 5.00 0.835 EUR 4,169 Exchange money on your terms. Show details
GBP 1,000 1 - 2 days USD 0.00 0.835 EUR 4,173 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
$1 Same day USD 0.00 0.839 EUR 4,196 XE offers fast transfers with no fees and a range of foreign currency tools. Go to site Show details
$0 1 - 2 days USD 1.99 0.826 EUR 4,129 Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
$1 1 - 2 days USD 40.00 0.843 EUR
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
$1 Within an hour USD 3.99 0.839 EUR 4,194 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. 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.
Quickly compare TransferWise against popular competitors by reading our versus guides:

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.


Our team analyzes money transfer providers offering services in the US — from big names to digital upstarts. We rank rates and fees, speed, services and user experience for the following companies:

  • TransferWise
  • XE
  • OFX
  • WorldRemit
  • Currencies Direct
  • Western Union
  • RIA Money Transfer
  • MoneyGram
  • Remitly
  • Payoneer
  • Remit2India
  • Xoom
  • PayPal

Learn the details of our methodology and scoring.

Back to top

Ask an expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.


  1. Default Gravatar
    May 13, 2019

    What is the difference between SWIFT and IBAN?

    • Avatarfinder Customer Care
      May 14, 2019

      Hi Ran,

      Thanks for getting in touch with Finder! A SWIFT code is used to identify a specific bank during an international transaction, whereas IBAN is used to identify an individual account involved in the international transaction. Both play an essential role in the smooth running of the international financial market.

      Hope this helps!

      With care,

  2. Default Gravatar
    April 15, 2019

    Hello, I am wondering when does this $7 online fee of Transferwise apply? I do not see it mentioned anywhere on TW website. When I try to calculate my fees sending money with card to bank account it does not show that any such fixed fee is added.


    • Avatarfinder Customer Care
      April 16, 2019

      Hi Mark,

      Thank you for reaching out to Finder.

      The online fee changes based on the amount being sent as well as the country to where the funds would be received. You may contact TransferWise customer service to learn more on the fees associated with sending money internationally. Hope this helps!


  3. Default Gravatar
    March 6, 2019

    @TransferWise I tried to send $2500 using transfer wise, but got an email that my account was deactivated for no reason and the transaction was cancelled. However I did not receive the $2500 back toy bank account. It’s been about 2 months now. I’ve been trying to call and email the customer support, but they keep saying they cannot give me any information and I have to wait more, every time I contact them I hear the same thing. Are they just stealing people’s money???

    • Avatarfinder Customer Care
      March 7, 2019

      Hi Alex,

      Thank you for reaching out to Finder.

      I understand the frustration you are dealing with right now. You may need to escalate this further when you call TransferWise by speaking to a supervisor or manager perhaps. Hope this would work.


  4. Default Gravatar
    February 9, 2019

    What is the partner bank of TransferWise here in Casablanca Morocco or where can I pay my transaction? Thank you.

    • Avatarfinder Customer Care
      February 10, 2019

      Hi Jane,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      TransferWise allows you to send money directly to your recipient’s bank account. So, it is most probable that no matter what bank your recipient has, you can send it to his/her bank. However, you can also confirm with TransferWise.

      Regarding your second question, you will make payments online. When you click the “Go to site” green button found on this page, you will be redirected to their website where you can make the transfer. When you’re there, you will see that there are a few options for you to make payments. You can pay through debit or credit card, bank transfer, ACH bank debit, and bank wire transfer. You can read more about this by reading the information found under the subheading, “What types of transfers can I make with TransferWise?” found above.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  5. Default Gravatar
    January 14, 2019

    I want to find out when you make a transfer with TransferWise, it takes 4 days. I’m here to ask if it’s 4 working days or it includes both Saturdays and Sundays?

    • Avatarfinder Customer Care
      January 16, 2019

      Hi Mark,

      Thank you for your comment.

      Depending on the type of transfer, it may take up to 4 business days. It means weekends and holidays are not included.


  6. Default Gravatar
    October 5, 2018

    If I make a transfer, can I do it to my own savings account that I have in another country? In other words, could I be the sender and recipient if I make the transfer?

    • Default Gravatar
      October 5, 2018

      Hi Baltuano,

      Thank you for contacting finder.

      Yes, you may as Transferwise allows online transfer of funds to a bank account.

      I hope this helps.

      Please do not hesitate to reach out again to us if you have additional questions.


  7. Default Gravatar
    July 17, 2018

    Beside all TransferWise fees when sending money, is there any bank fees when receiving money on recipient bank account?

    • Avatarfinder Customer Care
      July 18, 2018

      Hi Mirjana!

      Thanks for your message.

      The money transfer recipient does not incur any fees for the transaction. Fees are usually shouldered by the one sending it. Ultimately, this will depend on the mode of transfer or the recipient’s bank. Before making any transfer, it would be safe for your recipient to ask her/his bank if there will be any fees involved in the transaction.

      Hope this helps!


  8. Default Gravatar
    June 29, 2018

    Apart from all the fees that TransferWise charges, will there also be a charge on my, say, debit or credit card, or my bank account when using the service?

    • Default Gravatar
      June 29, 2018

      Hi Zaty,

      Thank you for contacting finder.

      Yes, apart from the Transferwise Fee there will also be Extra Fee if you will be paying by Debit/ Credit Card or SWIFT. The Extra Fees will be in percentage of the money that you will transfer wherein it depend on the currency that you are sending.

      I hope this helps.

      Let us know if there is anything else that we may assist you with.


  9. Default Gravatar
    June 28, 2018

    Does Transferwise operate in Costa Rica? Just bought a bnb there and this would be an option to accept payments from guests if so.


    • Default Gravatar
      June 29, 2018

      Hi Dan,

      Thanks for leaving a question on finder.

      Unfortunately, CRC is not available on the list of currencies available to transfer to. To weigh your options in sending money to Costa Rica, you can click HERE.


  10. Default Gravatar
    April 8, 2018

    How long should I wait to receive money sent to me (am in kenya)through transferwise from UK London?

    • Default Gravatar
      April 8, 2018

      Hi Lydia,

      Thanks for leaving a question on finder.

      They always move your money as quickly as possible. You can see an estimate of how long it’ll take by putting some basic details into their transfer calculator in their website.

      But when you actually set up your transfer on TransferWise, your estimate will change. The reason for this is simple — the more information they have about your transfer, the more accurately they can tell you how long it’ll take. And it depends on these four things:

      1. The countries you’re sending from and to — every currency and country is different. Converting your money can take a maximum of two working days, but it’s very rare that it takes this long. And how quick your transfer arrives depends on how quickly your recipient’s bank can process your money, as well as the ways you’re able to pay in the country you’re sending from.

      2. How you pay — some payment methods are quicker than others. For instance, card payments are normally instant, while bank transfers take longer. You’ll see how long each payment method takes when you set up your transfer.

      If you’re sending money from GBP, they offer different types of transfers like Low Cost transfers and Fast & Easy transfers. In this case, the speed of your transfer will depend on the type you choose.

      3. What time you pay for your transfer — they can only handle your money during normal banking hours. And things may take a little longer if the country you’re sending to has a national holiday.

      I hope this information helped.


Go to site