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 Name||TransferWise International Money Transfers|
|Min. Transfer Amount||USD 1|
|Max. Transfer Amount||USD 36,000|
|Transfer Options||Regular payments, One off payments|
Minimum transfer time
|Banking Partner||Transferwise (USA)|
|Customer Service||Phone, Email|
|Available Currencies||AED, 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||USD 3|
|Exchange Rate Updates||Real 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.
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
- 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:
- United Kingdom
- New Zealand
- Hong Kong
- Czech Republic
- United Arab Emirates
- Switzerland and Liechtenstein
- South Africa
- South Korea
- Sri Lanka
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
- Regular overseas payments
- Risk management
- If the provider quotes a different rate to the one above please let us know
Pros and cons of using TransferWise
- 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
- 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.
What are Transferwise’s minimum and maximum transfer limits by currency?
|Currency||Fees||Maximum Transfer||Delivery Time|
|USD||0.5%||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|
|EUR||0.5%||1,200,000 EUR||1-2 working days payout|
|AUD||0.7%||1,500,000 AUD||0-2 working days after payout|
|GBP||0.5%||1,000,000 GBP||same working day after payout|
|CAD||0.5%||170,000 CAD||1-3 working days after payout|
|PLN||0.5%||5,000,000 PLN||24 hours after payout|
|CHF||0.5%||2,000,000 CHF||1 working day after payout|
|SEK||0.5%||1 Billion SEK||1-2 working days after payout|
|BRL||1.5% (or 10 BRL for payments under 667 BRL)||250,000 BRL||1 working day after payout|
|SGD||0.5%||none||0-1 working days after payout|
|JPY||0.5%||140,000,000 JPY||2 working days|
|DKK||0.5%||1 Billion DKK||1-2 working days|
|NOK||0.5%||1 Billion NOK||1-2 working days after payout|
|HUF||0.7%||300,000,000 HUF||1 working day after payout|
|BGN||0.7%||2,000,000 BGN||0-2 working days after payout|
|RON||1%||5,300,000 RON||1-2 working days after payout|
|CZK||0.7%||25,000,000 CZK||1-2 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.
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.