Benefit from competitive exchange rates and low transfer fees when you send funds globally with TransferWise
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TransferWise aims to make the international transfer process as cheap and easy as possible. Using peer-to-peer technology — what it calls “Member Matching” — TransferWise matches you with someone sending funds in the opposite direction. For instance, if you’re exchanging US dollars to euros, TransferWise can match you with another customer looking to transfer euros to US dollars.
By taking this approach and charging minimal fees, TransferWise sends cheap international transfers all over the globe. Accurate delivery estimates and a five-star rating on Trustpilot rounds out this trustworthy provider.
|Product Name||TransferWise International Money Transfers|
|Min. Transfer Amount||USD 1|
|Max. Transfer Amount||USD 199,999|
Minimum transfer time
|3 - 5 days|
|Available Currencies||AUD, BDT, BGN, BRL, CAD, CHF, CLP, CNY, COP, CZK, DKK, EUR, GBP, GEL, HKD, HUF, IDR, INR, JPY, KRW, LKR, MAD, MXN, MYR, NOK, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, UAH, USD, VND, ZAR|
|Online Transfer Fee||3.00%|
|Exchange Rate Updates||Real time|
Unlike banks and many other services, TransferWise boasts that it does not skew exchange rates to make a profit. Instead, it offers the mid-market rate to customers when sending money overseas. The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.
While you can’t schedule future transfers, TransferWise offers the flexibility of forward contracts and rate limits for certain currencies and transfer methods. It also guarantees its rates: as long as your money either reaches TransferWise by 4 p.m. Eastern Time on the next business day or you create a successful ACH payment during this time, your recipient will receive the amount you were shown at the time you completed the transfer creation.
Here’s what we found when we sent live transfers to France and Mexico through TransferWise:
We recognize TransferWise as a winner of four categories in the finder.com Money Transfer Awards 2017: Outstanding Product, Most Convenient, Best Transfer Rates and Most Trustworthy
The fees that apply when sending money overseas with TransferWise vary depending on how much money you’re sending and where you’re sending it to. For transfers in common currencies — such as the pound, euro, Swiss franc or Australian dollar — you will pay:
Other fees may apply depending on the amount and currency type you send. For instance, if you’re transferring $5,000 to Indonesian rupiah, there’s an additional $2 charge on top of the 1% fee.
TransferWise’s fees are transparent and always visible when you’re calculating or making a transfer, so you won’t be surprised by hidden fees.
Compare conversion rates and fees for sending money using TransferWise. Personal and business rates are the same, though business accounts enjoy higher maximum transfer amounts.
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.
US customers can pay by:
The funds are deposited directly into your recipient’s bank account once TransferWise receives your payment.
TransferWise prides itself on offering an easy and convenient transfer service.
To make an international transfer with TransferWise, you will need:
To make sending your money even simpler, TransferWise has linked with Apple Pay. Sending funds internationally from Apple’s digital wallet via TransferWise works just like a normal Apple payment would work: just click the Apple logo that says “pay.” You’ll see an error message if your payment doesn’t go through.
You’re in luck if your digital wallet is linked to your debit card, as there is no additional fee. If your Apple Pay is linked to your credit card, there is a 2% fee. TransferWise transactions using Apple Pay are not available in Illinois, Louisiana, Nevada, New Mexico, New York, Oklahoma, South Carolina, Vermont and Virginia.
You can track the status of your money transfer through your TransferWise account. Log in to your account and click “Transfers” in the upper-left corner of the screen. TransferWise will let you know when your payment is processed and when your recipient receives their money.
If you have questions about your transfer, contact TransferWise online or by calling a local call center. Select your country from the drop-down menu for your local call center’s number and hours of operation.
TransferWise offers a cheap, innovative solution to sending money overseas. However, be sure to compare its services with other transfer companies before deciding which is best equipped to handle your international funds transfer needs.
Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.
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