What's in this guide?
- TransferWise exchange rates
- How much does TransferWise cost?
- How does TransferWise keep my money safe?
- How are peer-to-peer money transfers different from other services?
- How do I set up a peer-to-peer transfer with TransferWise?
- Compare TransferWise to other global money transfer providers
- What other services does TransferWise offer?
- Watch: Our review of TransferWise’s debit card
TransferWise exchange rates
Exchange rates is where TransferWise shines. When sending money overseas, TransferWise uses mid-market rates — the price at which banks around the world purchase currency from one another. This far more competitive exchange rate makes TransferWise up to eight times cheaper than similar providers.
To further save you money, TransferWise allows for rate limits. That is, unless you’re transferring UK pounds. With dollars, your rate is locked in for 24 hours at the mid-market rate.
The mid-market rate is what your money’s actually worth on the global market compared to another currency. This rate is the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.
Use this rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.
How much does TransferWise cost?
When sending UK Pounds overseas, TransferWise’s fees fluctuate depending on the amount you’re sending and the destination you’re sending it to.
Transfer fees for the major currencies — euros, US dollars, yen and others — are:
- £2 fee for transfers up to £400.
- 0.5% of the amount sent for transfers over £400.
Other fees may apply depending on the amount and currency type you send. For instance, if you’re transferring £10,000 to Australian Dollars, there’s a charge of 0.7% on £6141.28 and then 0.5% on anything over this.
But TransferWise’s fees are transparent, so you won’t incur hidden or undisclosed charges. If transferring funds to countries like Japan, where SWIFT is used, that fee is also included in the cost.
- Affordable. With TransferWise, you’ll typically pay less than you will with banks and other services.
- Mid-market rates. Get the most competitive rates out there — the ones banks use themselves.
- Convenience. It’s simple and fast to set up a transaction online.
- Bank account transfers only. Cash pickup services aren’t available.
How does TransferWise keep my money safe?
TransferWise is an internationally regulated and recognised 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.
How are peer-to-peer money transfers different from other services?
While peer-to-peer has been in use for foreign currency exchange since 1999, its use in forex trading is revolutionary. It works to provide fair and transparent accessibility to foreign currencies.
Peer-to-peer international money transfer companies work by matching individuals and businesses with peers who wish to trade currencies. You can send money to any individual or business, or even to your own account, in another country.
P2P is popular because it typically results in lower transfer fees and better exchange rates. With the need to transfer funds growing globally each year, TransferWise’s impressive reputation grows worldwide.
How do I set up a peer-to-peer transfer with TransferWise?
You will be prompted to sign in to your account using a password, Google+ or Facebook. If you do not have an account, it’s easy to set one up. The website includes a number of helpful videos that show users exactly how to accomplish each task.
Next, you’ll be taken to a transfer creation page, where you will fill in the amounts and choose your currencies. Once this information is complete, you see full fees charged for the transfer. These fees are locked in for 24 hours. You can also view the exact amount the recipient will receive. Click “Continue” to fill in your name and address or company information (you’ll do this the first time you use the service only).
You will then choose who you are sending money to: yourself, someone else or a business or charity. Once you complete this information, confirm your transfer.
Next, you pay for the transaction by entering your banking, credit or debit card info. At the end of this process, click “I’ve sent the money to TransferWise.” You will be directed to a “waiting” page, where the progress of your transaction is shown in real time.
TransferWise will notify you once the funds are deposited into your recipient’s bank account.
What are Transferwise’s fees and transfer limits based on currency?
|Currency||Fees||Maximum transfer||Delivery speed|
|USD||0.5%||Individual: $49,999 a day and $199,999 per year|
Business: $199,999 a day and $1 million per year
|1–2 business days after payout|
|EUR||0.5%||1.2 million EUR||1–2 business days payout|
|AUD||0.7%||1.5 million AUD||0–2 business days after payout|
|GBP||0.5%||1 million GBP||Same business day after payout|
|CAD||0.5%||170,000 CAD||1–3 business days after payout|
|PLN||0.5%||5 million PLN||24 hours after payout|
|CHF||0.5%||2 million CHF||1 business day after payout|
|SEK||0.5%||1 billion SEK||1–2 business days after payout|
|BRL||1.5% (or 10 BRL <667 BRL)||250,000 BRL||1 business day after payout|
|SGD||0.5%||none||0–1 business days after payout|
|JPY||0.5%||140 million JPY||2 business days|
|DKK||0.5%||1 billion DKK||1–2 business days|
|NOK||0.5%||1 billion NOK||1–2 business days after payout|
|HUF||0.7%||300 million HUF||1 business day after payout|
|BGN||0.7%||2 million BGN||0–2 business days after payout|
|RON||1%||5.3 million RON||1–2 business days after payout|
|CZK||0.7%||25 million CZK||1–2 business days after payout|
Compare TransferWise to other global money transfer providers
What other services does TransferWise offer?
TransferWise offer several services besides their simple personal money transfers.
- International Payments: Pay all your overseas employees, freelancers, and contractors via the TransferWise batch payments tool, saving you time and money.
- TransferWise Payouts: Use the Payouts API to get fast, low cost payouts to your freelancers, employees, customers and suppliers all over the world.
- TransferWise Borderless: Hold and manage your money in 15+ currencies for future payments, with local bank details and access to the mid-market rate.