TransferWise International Money Transfer Review

Information verified correct on February 20th, 2017

Benefit from competitive exchange rates and low transfer fees when you send funds globally with TransferWise

TransferWise aims to make the international transfer process as cheap and easy as possible. Using peer to peer technology — what TransferWise calls “Member Matching” — it matches you with someone sending funds in the opposite direction – for example, if you’re sending money from U.S. dollars to euros, TransferWise can match you with another customer looking to transfer euros to U.S. dollars.

By taking this approach and charging minimal fees, TransferWise allows cheap international transfers all over the globe. Having gained an impressive reputation in the international money transfer industry, TransferWise continues to expand its services across Europe, the United States and other regions around the world.

Product NameTransferWise International Money Transfers
Min. Transfer AmountUSD 1
Max. Transfer AmountUSD 36,000
Transfer MethodsOnline
Transfer OptionsRegular payments, One off payments
Transfer Speed
Minimum transfer time
1 day
Banking PartnerTransferwise (USA)
Customer ServicePhone, Email
Available CurrenciesAED, 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 FeeUSD 3
Exchange Rate UpdatesReal time

TransferWise exchange rates

TransferWise offers the mid-market exchange rate to customers when sending money overseas. The mid-market rate is the halfway point between the buy and sell prices listed on global currency markets — in other words, it offers a more competitive rate compared to other providers on the market.

TransferWise allows you to set a rate limit, but some conditions apply, including a rate limit cannot be applied when using the Send Money via Email payment option. They also offer a guaranteed rate. As long as your money either reaches TransferWise by 4:00 EST 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.

How much does it cost to transfer money with TransferWise?

The fees that apply when sending money overseas with TransferWise vary depending on how much money you are sending and where you are sending it to. Transfers in common currencies (such as GBP, EUR, CHF, NZD, CZK) will attract the following fee structure:

  • $3 fee for transfers up to $300
  • Fee of 1% of the amount sent for transfers up to $5,000
  • 0.7% on any amount over the initial $5,000

However, different fees can be involved when you convert your funds to certain currencies. As an example, transfers of up to $5,000 from U.S. dollars to Indian rupees incur a 1.5% fee, while a further 1% is charged on any amount above $5,000. A larger minimum fee also applies when you transfer funds to SWIFT countries such as Japan, to cover SWIFT transfer costs.

How does TransferWise keep my money safe?

TransferWise is an internationally regulated and recognized peer-to-peer service. It protects the privacy and integrity of your personal and financial data through solid verification processes for the people and banks it does business with.

Learn more about TransferWise and safety.

Available currencies

TransferWise supports the following currencies:

  • UAE dirham
  • Australian dollar
  • Bangladeshi taka
  • Bulgarian lev
  • Brazilian real
  • Canadian dollar
  • Swiss franc
  • Chilean peso
  • Chinese yuan
  • Colombian peso
  • Czech koruna
  • Danish krone
  • euro
  • British pound
  • Georgian lari
  • Hong Kong dollar
  • Croatian kuna
  • Hungarian forint
  • Indonesian rupiah
  • Indian rupee
  • Japanese yen
  • South Korean won
  • Sri Lankan rupee
  • Moroccan dirham
  • Mexican peso
  • Malaysian ringgit
  • Norwegian krone
  • New Zealand dollar
  • Philippine peso
  • Pakistani rupee
  • Polish zloty
  • Romanian leu
  • Russian ruble
  • Swedish krona
  • Singapore dollar
  • Thai baht
  • Turkish lira
  • Ukrainian hryvnia
  • Vietnamese dong
  • South African rand

Transfer funds from the U.S. to the following countries:

  • Europe
  • Sweden
  • Croatia
  • Bangladesh
  • United Kingdom
  • Denmark
  • New Zealand
  • Pakistan
  • Australia
  • Norway
  • Hong Kong
  • Morocco
  • Hungary
  • Canada
  • Georgia
  • China
  • India
  • Japan
  • Romania
  • Thailand
  • Poland
  • Czech Republic
  • Colombia
  • United Arab Emirates
  • Switzerland and Liechtenstein
  • Bulgaria
  • Malaysia
  • Ukraine
  • South Africa
  • Singapore
  • Philippines
  • Indonesia
  • South Korea
  • Mexico
  • Brazil
  • Turkey
  • Chile
  • Sri Lanka
  • Russia
  • Vietnam

TransferWise Rates

Rates last updated February 20th, 2017

Enter your details to speak to a foreign exchange expert

By submitting this form, you agree to finder.com privacy policy
Ofx Logo

Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TransferWise International Money Transfers
Enjoy high maximum transfers into ... Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More

Have we missed anything in the comparison table? Tell us

  • If the provider quotes a different rate to the one above please let us know

Pros and cons of using TransferWise

Pros
  • Affordable. Compare the cost associated with a TransferWise international money transfer with the expenses charged by banks and other money transfer companies
  • Mid-market rate. This approach offers better rates than many other providers
  • Convenient. It’s quick and easy to conduct a transaction with TransferWise online
Cons
  • Bank account only. Funds are sent to your recipient’s bank account only — there is no cash pickup option

What types of transfers can I make with TransferWise?

TransferWise allows you to set up one-off transfers to a range of destinations around the globe. However, there currently is no option to set up recurring transfers.

For U.S. customers, TransferWise offers the following transfer options:

  • Debit card/credit card payments reach TransferWise immediately.
  • Bank transfers take a maximum of 3 working days to reach TransferWise, depending on the currency.
  • SWIFT transfers usually take up to 4 working days to reach TransferWise.
  • SOFORT takes 1-2 banking days to reach TransferWise.
  • Bank debit (ACH) takes from 1 to 4 working days to reach TransferWise.
  • Wire transfer takes up to 1 working day to reach TransferWise.

The funds are deposited directly into your recipient’s bank account once TransferWise receives your payment.

The registration and transfer process

TransferWise prides itself on offering an easy and convenient transfer service, and the first step in the process is to provide details of how much money you wish to transfer, which country you’re sending it to, and who will receive the funds. You’ll need to supply your full name and address, your Social Security number or photo ID, and your recipient’s full address.

The second step is to upload U.S. dollars to TransferWise, which can be done via bank account transfer or using your credit or debit card. TransferWise will convert your U.S. sollars into your recipient’s currency using the mid-market rate and then pair you with a customer sending funds in the opposite direction.

The funds are then deposited into your recipient’s bank account, and you’ll be notified by email when your transfer is complete.

Learn how to do a transfer with TransferWise step-by-step, with pictures

What are Transferwise’s minimum and maximum transfer limits by currency?

CurrencyFeesMaximum TransferDelivery Time
USD0.5%Private individual – 49,999 USD per day and 199,999 USD per year
Business – 199,999 USD per day and 1,000,000 USD per year
1-2 working days after payout
EUR0.5%1,200,000 EUR1-2 working days payout
AUD0.7%1,500,000 AUD0-2 working days after payout
GBP0.5%1,000,000 GBPsame working day after payout
CAD0.5%170,000 CAD1-3 working days after payout
PLN0.5%5,000,000 PLN24 hours after payout
CHF0.5%2,000,000 CHF1 working day after payout
SEK0.5%1 Billion SEK1-2 working days after payout
BRL1.5% (or 10 BRL for payments under 667 BRL)250,000 BRL1 working day after payout
SGD0.5%none0-1 working days after payout
JPY0.5%140,000,000 JPY2 working days
DKK0.5%1 Billion DKK1-2 working days
NOK0.5%1 Billion NOK1-2 working days after payout
HUF0.7%300,000,000 HUF1 working day after payout
BGN0.7%2,000,000 BGN0-2 working days after payout
RON1%5,300,000 RON1-2 working days after payout
CZK0.7%25,000,000 CZK1-2 working days after payout

Be sure to compare

TransferWise offers a cheap and innovative solution to sending money overseas. However, make sure that you compare its services with those of other transfer companies before deciding which one is best equipped to handle your international funds transfer needs.

Looking for an alternative? Check out these services similar to TransferWise.

Compare Transferwise to the competition

Compare Transferwise to…See Comparison
TransferWise vs. CurrencyFair
TransferWise vs. Western Union
Transferwise vs. Moneygram
Transferwise vs. HiFX
Transferwise vs. OFX
Transferwise vs. World First

Frequently asked questions about TransferWise

What are the payment options available for my transfer?

You can pay for your transfer using your bank account, credit card or debit card.

What is the mid-market rate?

The mid-market rate is the midpoint between the buy and sell rates for currencies on global markets. It is sometimes also referred to as the interbank rate or the spot rate.

Can I transfer using TransferWise from anywhere in the United States?

TransferWise is unable to accept transfers from customers in the following three states: MA, VT and WA.

Can I use TransferWise for business payments?

Yes. This can be done by setting up a business profile with TransferWise.

Do I need to worry about finding someone sending funds in the opposite direction?

No. TransferWise takes care of the member matching process for you — all you have to do is enter your transfer details and pay for your transfer.

Was this content helpful to you? No  Yes

Ask a Question

You are about to post a question on finder.com

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com 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

Disclaimer: At finder.com we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com privacy policy.

2 Responses to TransferWise International Money Transfer Review

  1. Default Gravatar
    Bruce | February 2, 2017

    I am having my wedding overseas in Chile. I looked at the Transferwise website and it doesn’t list Chilean Pesos as a currency they work with.

    Is it possible to pay my wedding suppliers in Chile using TransferWise? If so, will they receive USD or CLP?

    • Staff
      Adrienne | February 2, 2017

      Hi Bruce,

      Thank you for your question. I checked the Transferwise website and I can confirm that Chilean pesos are available, so you should have no problems using the service. Since Transferwise is a peer-to-peer service, your suppliers can receive funds in CLP into their bank account.

      If you’re ready to get started, click “apply now” to be taken to the Transferwise website and get started.

      Cheers,
      Adrienne

feedback