TransferWise business transfers review February 2018 | finder.com

TransferWise for Business review – February 2018

Low-fee one-off transfers and Borderless accounts change the game for your international enterprise.

The online money transfer specialist TransferWise extends its already competitive rates and low fees into businesses with a suite of services for borderless enterprises. Its easily executable payouts API can help your business with one-off transfers, batch payments and manage currencies to get paid and satisfy suppliers and contractors.

Where TransferWise kicks it up a notch is with its Borderless Account. These accounts give even small businesses a way to receive payments in three major currencies, manage cash in up to 28 currencies and transfer money in more than 50 currencies.

Product NameTransferWise International Money Transfers Business
Min. Transfer Amount$1
Max. Transfer AmountNo limit
Transfer Methods
Online
Transfer Options
Regular paymentsOne off payments
Transfer Speed
Minimum transfer time
3 - 5 days
Banking PartnerTransferWise
Customer Service
PhoneChatEmail
Available CurrenciesAED, AUD, BDT, BGN, BRL, CAD, CHF, CLP, CNY, COP, CZK, DKK, EUR, GBP, GEL, HKD, HRK, HUF, IDR, INR, JPY, KRW, LKR, MAD, MXN, MYR, NOK, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, UAH, USD, VND, ZAR
Exchange Rate UpdatesReal time

Get a fair rate with TransferWise

TransferWise didn’t build its business through large spreads on exchange rates. Instead, it offers the mid-market exchange rate to all of its customers — personal or business. That means your money’s exchanged at the rate most banks and other transfer services use when they trade among themselves.

With some currencies, you’re guaranteed a rate that stays in place until a specified time. With other currencies, you set a rate limit as a safeguard against downward rate fluctuations.

How much will my business pay to send money with TransferWise?

TransferWise offers businesses the same type of one-off transfers it offers individual customers: transfers that come with a variable percentage that depends on where you’re sending your cash. Most transfers over $5,000 from USD to any other country have a standard 1% fee.

  • $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.

Calculate your fees and exchange rates with TransferWise for Business

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.

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Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
$1 3 - 5 days - - Online Go to site Show details

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Pros and cons of using TransferWise for Business

Pros

  • Competitive mid-market rate. You’ll get a much better conversion rate for your currency.
  • Low fees. Pay a low fee per transfer, not for setting up or maintaining your account.
  • High daily transfer limits. Send up to $199,999 a day and $1 million a year.

Cons

  • Bank account transfers only. You can transfer to bank accounts only, with no option for cash pickups.
  • No recurring transfers. If you need to manage repeating payroll payments or company bills, consider a Borderless account.

What is TransferWise Borderless for businesses?

Borderless Accounts is where TransferWise breaks off from competitors. This service allows you to establish and use local bank accounts in up to 15 countries to pay or get paid as a “local.” This lets you protect your international profits when sending and receiving money. TransferWise plans to accept more currencies and countries in the future.

Borderless Accounts can change the way you do international business. But they’re not yet available in Georgia, Hawaii, Illinois, Louisiana, Nevada, New Mexico, New York, Oklahoma, South Carolina, Vermont or Virginia. And the currencies and countries it supports are a bit limited until it expands.

While fees are lower than you’ll find with most banks and competitors, you might pay a fee to add money to your account with a credit card.

  • Manage multiple currencies. Hold funds in up to 27 currencies, moving it among currencies when you feel the rates are right for a small fee.
  • Save on fees. No need to pay setup fees, monthly charges or costs to receive payments, and there’s no spread on the exchange rate to give you the best exchange rate.
  • Receive international payments. Get paid in US dollars, British pounds and euros, with TransferWise planning to accept other currencies in the future.

Pros and cons of using TransferWise Borderless

Pros

  • Ultra competitive rates. You can’t beat the mid-market rate.
  • Acts like a local bank account. Manage multiple countries and currencies with minimal fees.
  • Low fees. No setup fees, no monthly fees and no charge to send or receive payment.

Cons

  • Limited currencies and countries. Until services expand, confirm your business needs are covered.
  • External payments aren’t free. When you’re ready to move your money back to your own currency, you’ll pay a small charge.

How do I make transfers with TransferWise for Business?

To conduct your international business through TransferWise, you’ll first need to:

  • Register your business. Provide your business name and address, your registration number and your role in the company. TransferWise verifies your details before activating your account.
  • Add your interested currencies and countries. TransferWise provides you with a routing and account number for each country you conduct business in.
  • Send or receive payments. Use your unique bank account details in place of your usual account to centralize payments to and from customers, clients, suppliers and more. You pay only when you convert this money to your native account or currency.

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)

How do I transfer money with TransferWise?

Step 1. Go to TransferWise’s main page.

Step 2. Select currencies and amounts.

Enter the currency you’re sending money from and the currency you’re sending it to. TransferWise will instantly convert the amount you enter into the currency you are transferring to.

Step 3. Sign up for an account.

Log in with an email and password or connect with Facebook or Google+. You can complete your account information if you frequently transfer money internationally.

Step 4. Click “Get Started” to confirm your transfer.

Confirm the amounts, currencies and fees. This fee is already subtracted from the amount that the recipient will receive. Under the transfer free, you can see the current exchange rate between the two currencies you are exchanging.

Step 5. Choose the business option to send money from your business account.

Step 5. Enter your business details.

Enter your business name, type, role, phone number and address in the spaces provided. Then enter your name, birth date, phone number and home address in the spaces provided. Click “Continue” to move to the next step.

Step 6. Choose who you are sending money to.

You can send money to another account you own with just an IBAN. For an account owned by another person, charity or business abroad, enter their email, full name, address and IBAN. Then click “Continue.”

Step 7. Confirm the details of your transfer. Confirm the recipient details, amounts, and fee, then click “Confirm.”

Step 8. Enter your payment information.

Choose your payment method: debit card, credit card or bank account. You’ll see any fees and estimated date of arrival for each payment method. Then enter your card information or proceed to the next step for a bank account transfer.

Step 9. Contact your bank to initiate a bank transfer.

If you are transferring from a bank account, you will need to confirm with your bank to begin the transaction. After clicking “Bank transfer,” you will see information for TransferWise’s local account — the sort code, reference number, account number and address — that your bank will need to complete the transfer. Either contact your bank with this information immediately and click “I’ve sent the money to TransferWise,” or click “I’ll do it later.”

What happens next?

  • Manage your international payments. You can track payments, export statements, receive wages in specific currencies and more through your account.
  • Get support. Sign in to your online account to live chat with a representative and research your queries.
  • Download the free app. Track your transfers on the go with the TransferWise app, available in the App Store and on Google Play.

Bottom line

The dependable TransferWise provides borderless businesses with an easy way to settle up with suppliers, contractors, employees and more through “local” accounts at some of the strongest rates you’ll find.

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