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|
Fair rates & fees with TransferWise
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.
Our experience transferring money with TransferWise
Here’s what we found when we sent live transfers to France and Mexico through TransferWise:
- Our ultra competitive exchange rates were within 0.02% of the mid-market rate on average, with rates updated multiple times a day.
- Our funds were deposited into our recipient’s French bank account in a speedy two days.
- TransferWise’s easy-to-use website allowed us to sign up and initiate a transfer in under 2.5 minutes. You also have the option of initiating a transfer by phone.
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
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’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:
- $3 fee for transfers up to $300
- A fee of 1% of the amount sent for transfers up to $5,000
- 0.7% on any amount over the initial $5,000
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.
Calculate your fees and exchange rates
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.
What types of transfers can I make with TransferWise?
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:
- Debit or credit card. These payments reach TransferWise immediately.
- Bank transfer. This option requires a maximum three business days to reach TransferWise, depending on the currency.
- Facebook Messenger. Send money to Canada, Australia, the UK and Europe using TransferWise’s integration with this popular chat service.
- 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.
The funds are deposited directly into your recipient’s bank account once TransferWise receives your payment.
Pros and cons of TransferWise
- Easy to use. We were able to sign up and initiate a transfer in under 2.5 minutes.
- It’s affordable. Compare the costs for a TransferWise international money transfer with the expenses charged by banks and other money transfer companies.
- Offers the mid-market rate. This approach offers better rates than many other providers.
- High daily transfer limits. Individuals can send up to $49,999 a day and $199,999 a year.
- Bank account transfers only. Funds are sent to your recipient’s bank account only, with no option for cash pickups.
- Two-step process. You must first wire your money to TransferWise, which then deposits the money to your recipient’s bank account.
- Requires a Social Security number. You’ll need an SSN to send money.
How do I transfer money with TransferWise?
TransferWise prides itself on offering an easy and convenient transfer service.
- The first step is providing your transfer details — how much money you wish to transfer, which country you’re sending it to and who will receive the funds.
- Specify your full name and address, your Social Security number or photo ID and your recipient’s full address.
- Send your funds to TransferWise, which you can do with a bank account transfer, through Facebook Messenger, or using your credit or debit card. TransferWise will convert your US dollars 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 both you and your recipient are notified by email when your transfer is complete.
What do I need to transfer money using TransferWise?
To make an international transfer with TransferWise, you will need:
- Your name, address, phone number and email address
- Your date of birth
- Your bank account or credit card information
- The full name, address and email address of the recipient
- Your recipient’s International Bank Account Number (IBAN)
Step-by-step instructions with screenshots
How to fund your transfers with Apple Pay
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.
What happens next?
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.