Review: Wyre online money transfers
The fast way to send money to US, Mexico, Brazil and China
Wyre always charges you the mid-market exchange rate and a .75% transfer fee, and gets your money to your recipient within hours, not days. However, with this new start-up, you can only transfer money to the US, Brazil, China and Mexico. And although it’s adding states to its roster, you cannot use Wyre if you live in Hawaii, Wyoming, New York, Oregon, North Dakota, South Dakota, Vermont, New Hampshire, Connecticut, Virginia or North Carolina.
Min. Transfer Amount
Max. Transfer Amount
|Product Name||Wyre International Money Transfers|
|Min. Transfer Amount||$0|
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Bank Account to Bank Account|
|Transfer Options||Regular payments, One off payments|
Minimum transfer time
|Customer Service||Phone, Chat, Email|
|Available Currencies||BRL, CNY, HKD, USD|
|Exchange Rate Updates||Real time|
How does Wyre work?
Unlike other money transfer services, Wyre is a bitcoin startup that uses the blockchain — a digital wallet that publicly records transactions for bitcoin and other cryptocurrency as they’re made — to settle transactions, acting as an intermediary between you and your recipient.
After signing up for a Wyre account, you can begin transferring money to its select countries with no minimum or maximum amounts.
Wyre is best for:
- Transfers to China, Mexico, Hong Kong or Brazil.
- Large amounts. With no maximum limit, send as much as you need.
- Domestic transfers. There are no fees for sending money to the US.
Take advantage of blockchain technology to transfer money quickly
Founded in 2013, Wyre provides international money transfers through the use of the blockchain, a digital wallet that publicly records transactions for bitcoin and other cryptocurrency as they’re made. This means that your money arrives safely and quickly, leaving more cash for both you and your recipient.
- Speedy delivery. Your recipient will receive the funds in 6 to 24 hours, depending on receiving country.
- Bitcoin. Make bitcoin payments in minutes.
How does Wyre compare to other services?
How much does Wyre cost?
Wyre doesn’t have a standard markup over the mid-market rate. They typically use the blockchain rate, which is often better than the mid-market rate.
Domestic transfers between Wyre user accounts are free, and the cross-border transfer fee is 0.75% of your transfer amount, in addition to any payment fees from the transaction method — a bargain compared with the 1% to 4% charged by competitors.
How are Wyre’s exchange rates and fees?
Wyre doesn’t skew the mid-market rate for a profit. Instead, it typically uses the blockchain rate, which is often better than the mid-market rate.
Normally, its “cross-border” fee is a mere 0.25% of your transfer amount, in addition to any payment fees from the transaction method — a bargain compared with the 1% to 4% charged by competitors. Domestic transfers between Wyre user accounts are free.
What types of transfers can I make with Wyre?
- One-off transfers
- Recurring payments
Transfer options vary by country, but US customers can send money by bank account only using:
- ACH bank transfers
- Wire deposits
Pros and cons
- Lightning-fast transfers. While it boasts that its transfers take minutes, expect a still impressive 6 to 24 hours for your money to be delivered.
- $0 domestic transfers. Domestic transfers between Wyre users are free.
- Low transfer fees. Wyre charges only 0.75% for international transfers, a bargain compared with competitors that charge 1% to 4%.
- No minimum or maximum. Send as little or as much as you need.
- Schedule regular payments. Wyre offers the ability to set up recurring payments.
- Limited state availability. Though new states will be added to its business roster, Wyre currently does not support services in Wyoming, New York, Idaho, Oregon, Washington, North Dakota, South Dakota, Vermont, New Hampshire, Connecticut, Virginia, North Carolina or Georgia.
- Limited country availability. Wyre currently offers full service to the US, Mexico, Brazil and China only.
- Limited customer service options. Wyre does not offer 24/7 support and limits its phone support to English speakers located in the United States.
How do I use Wyre?
To start using Wyre, you must first sign up for an account.
Step 1. Sign up for an account
Provide your name, email address and phone number, and create a password
Step 2. Account verification
To verify your account, you’ll need to provide the following info:
- Date of birth
- Home address
- Social Security number
- Supporting documents
- Banking info
Step 3. Send money
Once your account has been verified, you can begin sending money. Log in to your account to access your dashboard. From there, enter the amount you want to send and who you’re sending it to, then click “Send Money.”
Once you’ve scheduled a transfer with Wyre, you can track its progress through your Wyre dashboard.
If you need to wire emergency money or send money to someone today in one of the available countries, consider Wyre for your transfer. You won’t pay as much in fees than many other services, so your recipient will receive more money and get it more quickly.
With its limited options, Wyre might not be the best transfer service for you. To find a provider that’s better suited for your international money transfer needs, compare other transfer services and their exchange rates, transfer fees and delivery speeds.