Review: TransferWise money transfers

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Save money with the mid-market rate and a transparent fee structure.

  • Good for transparent fees and no margin on the exchange rate.
  • Not so great if you need to transfer to less-popular currencies.

GBP 1

Min. Transfer Amount

GBP 15,000

Max. Transfer Amount

2 days

Transfer Speed

Details

Product NameTransferWise International Money Transfer
Min. Transfer AmountGBP 1
Max. Transfer AmountGBP 15,000
Transfer MethodsOnline
Transfer Speed
Minimum transfer time
2 days
Customer ServiceEmail
Available CurrenciesAED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
Exchange Rate UpdatesReal time

TransferWise exchange rates and fees

TransferWise is one of the few services that offers its customers the mid-market rate. This is the rate you can see on Google or Reuters and it’s what your money’s actually worth on the global market, compared to another currency.

While you might see that the quoted exchange rate from other money transfer services is different to the mid-market rate, this won’t happen with TransferWise. Other services make their money from this margin added on to the exchange rate, but TransferWise only charges a fee.

TransferWise’s fee is usually a combination of a percentage and a fixed flat-fee of a few dollars. You can see what your transfer would look like with TransferWise by using the calculator below, which offers real-time exchange rates and fees.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1 2 days GBP 40.00 1.135 EUR
11,308
Transfer money at the mid-market rate with no nasty surprises and excellent customer support. Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

See if there are any TransferWise promo codes available at the moment

Available currencies

TransferWise offers money transfers to over 45 different currencies. You can check out the full list of the currencies above, but some of the more popular ones include:

  • AUD Australian dollar
  • CNY Chinese yuan
  • EUR Euro
  • INR Indian rupee
  • LKR Sri Lankan rupee
  • PHP Philippine peso
  • USD US dollar
  • VND Vietnamese dong

What types of transfers can you make with TransferWise?

With TransferWise, you’ll only be able to make transfers to a bank account, so you can’t send to a cash pick-up location or mobile wallet just yet.

TransferWise also doesn’t offer some of the forex products its competitors do, like forwards contracts and limit orders, but there is a service specifically for business.

If you’re sending money to China, you’re now able to pay directly to your recipient’s AliPay ID. This means the money will appear instantly in their linked bank account.

Which payment methods does TransferWise accept?

You can pay for your transfer a few ways, including:

  • Bank transfer
  • Debit card
  • Credit card
  • Apple or Android Pay

Keep in mind that a bank transfer will usually cost you the least. Paying by credit card ends up adding a percentage fee on top.

How long does a transfer with TransferWise take?

Transfer time depends on what currency you’re sending.

As a general rule, it’ll be anywhere between one and two business days. But if you’re sending to Europe, for example, your money should arrive in minutes.

On the other hand, sending to USD will take around two business days.

Transfers typically takeClock icon for transfer speed

2 days

Is TransferWise safe to use?

  • Security and regulation: Government-regulated, two-factor authentication (2FA)
  • Established: 2011
  • Number of customers: Over 4 million*.
  • Reviews: TrustPilot gives TransferWise a score of 9.2 out of 10, based on over 55,000 reviews*
  • Investors: Virgin Group, JP Morgan, LHV Ventures, NatWest Bank

According to TransferWise and Trustpilot on 16 January 2019.

TransferWise uses 2FA, meaning that when you log in, you’ll need to go through two levels of verification to access your account. This gives you extra protection for your account. Since TransferWise is government-regulated, it keeps its clients’ money separate from its own funds. This means if TransferWise runs into financial hardship, your money will be safe.

How to register an account and send your first transfer

What is TransferWise?

TransferWise was founded in 2011 when two friends, Taavet Hinrikus and Kristo Käärmann, devised a way to transfer funds overseas without losing any of their money. TransferWise now has 11 offices, including the headquarters in London and other offices in New York, Sydney and Singapore.

In a nutshell

Pros
  • Offers the mid-market rate. This is the fairest exchange rate you’ll be able to find.
  • Transparent fee structure. You can find out exactly what fees you’ll be paying without having to sign up for an account.
  • Fast registration. The verification process is incredibly quick, so you can sign up and make your first transfer within 10 minutes.
  • Very low minimum transfer limit.The smallest amount you can send is £1, making it super accessible.
  • Offers a debit card and bank account details in five countries. TransferWise now has a travel money card that you can use around the world. You’re able to withdraw up to £200 a month for free at ATMs anywhere. Through the Borderless Account, TransferWise also gives you access to bank account details in the US, UK, Canada, Europe and New Zealand, meaning you can make transfers like a local in those countries.
Cons
  • Fees can add up. Since most of the fees come from a percentage of the transaction, you’ll find they may add up if you’re sending a lot of money. Compare your other options for large transfers.
  • Receiver has to have a bank account. You won’t be able to send to a cash pick-up location or mobile wallet.

Compare TransferWise to other money transfer providers

Table: sorted by a combination of service offering and the amount your recipient will receive

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 2,000 1 day GBP 0.00 1.124 EUR
5,620
TorFX guarantee to beat any competitor's exchange rate for a transaction (conditions apply)
(Conditions apply)
Go to site Show details
GBP 5,000 Same day GBP 0.00 1.131 EUR
5,654
Universal Partners FX offers competitive exchange rates and same-day transfers for 100+ currencies. Go to site Show details
GBP 3,000 1 day GBP 0.00 1.124 EUR
5,620
Get no fees as a Finder customer when you transfer your money overseas with Global Reach. Go to site Show details
GBP 1 1 - 2 days GBP 0.00 1.131 EUR
5,654
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.124 EUR
5,620
Make transferring money abroad as simple and safe as possible with bank-beating exchange rates - online, via the app or over the phone. Go to site Show details
GBP 2,500 1 day GBP 0.00 1.124 EUR
5,620
With 17 years of foreign exchange expertise, OFX know the money transfers business very well, offering facilities for one-off and recurring transfers. Go to site Show details
GBP 5,000 Same day GBP 0.00 1.124 EUR
5,620
Clear Capital specialises in sending over 150 currencies abroad for both individuals and businesses. Expect to receive a dedicated account manager and same-day transfers. Go to site Show details
GBP 2,500 Same day GBP 0.00 1.124 EUR
5,620
Central FX’s dedicated private client team will guide you through the money transfer process from first call to final payment. Go to site Show details
GBP 5,000 1 day GBP 0.00 1.129 EUR
5,646
Take advantage of fee lock-ins and live bookable rates, helping you save up to 85% in hidden bank fees. Go to site Show details
GBP 1,000 1 - 2 days GBP 0.00 1.124 EUR
5,620
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.121 EUR
5,601
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 5 2 days EUR 3.00 1.13 EUR
5,649
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 50 Same day GBP 2.99 1.13 EUR
5,647
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Frequently asked questions

Watch: Our review of TransferWise’s debit card

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