TransferWise Reviews

All the useful information that you need to know before sending money with TransferWise!

5 stars based on 53895 reviews

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Overview

TransferWise is an peer-to-peer money transfer service for sending money with the real exchange rate.From the customer's point of view, money transfers with TransferWise are not so different from conventional money transfers. Send money with Transferwise because-

  • Trusted all over the world
  • 5/5 star rating on TrustPilot
  • Get the real exchange rate
  • Next day delivery
  • Awesome customer support
  • Track your transfers using app

Exchange Rate IQ’s Review of TransferWise

TransferWise uses real mid market exchange rates to convert currency. The way it works is simple. Users send money to TransferWise, then TransferWise sends money to the user’s recipient in the converted currency. The money itself never actually crosses borders. TransferWise is not a bank; it’s a service to transfer money overseas.

It costs very little comparing to regular bank transfers. There is a quick review:

  1. Real mid-market rate without any extra commission
  2. Each payment will cost you just 0.5% of the amount you send
  3. Minimal fee is £2 or €2
  4. Low fee

The same principle applies to currencies other than GBP and EUR.

Transparency: Does TransferWise have any hidden fees?

TransferWise charges a small transparent fee which they tell you upfront before doing any transaction.

Instead of hidden fees of up to 5% charged by traditional services, TransferWise charges no variable fees, no exchange rate spreads. Small transparent fee, amounting to 0.5% of the transferred amount – the equivalent of paying 50 cents for every $100 transferred. That’s it! No variable fees, no exchange rate spreads. Just an honest and transparent service.

Transfer Speed: How long does it take to send money through TransferWise?

As with most electronic foreign exchange services, the transfer process is not immediate. TransferWise advises its customers that most exchanges take anywhere from 1-4 days, depending on the currencies involved. The transfer of funds usually takes about 2-3 days, from start to finish.

  • Debit card / credit card payments reach immediately
  • Bank transfers take a maximum of 3 working days to reach, depending on the currency
  • SWIFT transfers usually take up to 4 working days to reach
  • SOFORT takes 1-2 banking days to reach
  • Bank debit (ACH) takes from 1 to 4 working days to reach
  • Wire transfer takes up to one working day to reach

Security : Is TransferWise Safe?

Is TransferWise safe? A very important question. You’ll be happy to hear the answer is yes. TransferWise has been operating successfully for over six years now, and has amassed a large and loyal customer base. Having a large customer base means they handle a lot of money, to ensure they can fulfill their orders. To ensure that they maintain a safe and efficient service, TransferWise maintains competency in a few key areas:

Regulatory oversight

TransferWise is registered with the UK Financial Conduct Authority (FCA). The FCA is a regulatory body who aims to make sure that financial markets are run with integrity so customers get a fair deal. This body is funded by the firms they approve, however they do report to UK treasury and parliament as an independent body. TransferWise and their partner companies are also registered in each jurisdiction of their company’s operations.

Customer funds held in trust

To maintain financial integrity TransferWise keep their customer’s money separate from their own operating accounts. By doing this, the funds used to run their business are independent of monies received by customers for trading between currencies, which are kept in special trust accounts.

Website security

Being 100% international based means that website security is a priority, especially when dealing with potentially large transactions. With TransferWise, there’s no need to worry, as all your personal information is protected using HTTPS security encryption – keeping your details safe from prying eyes.

Managing exchange rate risk

When you complete your transfer, TransferWise does everything it can to provide you with an accurate quote of the exchange rate. Because exchange rates are known to change at short notice, their system allows you to select your “tolerance” for currency movements. If the mid-market rate suddenly moves outside your tolerance level, the trade will be canceled, providing you with total flexibility and peace of mind.

Coverage: How many Countries & Currencies does TransferWise support?

Total number of countries supported by TransferWise: 55

AustraliaGreecePhilippines
AustriaHong KongPoland
BangladeshHungaryPortugal
BelgiumIndiaRomania
BrazilIndonesiaRussia
BulgariaIrelandSingapore
CanadaItalySlovakia
ChinaLatviaSlovenia
ColombiaLiechtensteinSouthKorea
CroatiaLithuaniaSpain
CyprusLuxembourgSri Lanka
Czech RepublicMalaysiaSweden
DenmarkMaltaSwitzerland
EstoniaMexicoThailand
FinlandMoroccoNetherlands
FranceNewZealandTurkey
GeorgiaNorwayUAE
GermanyPakistanUK
USA

TransferWise User Reviews and Ratings

reviews powered by trustpilot

Excellent service

Review published ago

Excellent service. The support team ( Adam) is outstanding.

by JPBB

Excellent service

Review published ago

Excellent service. The support team ( Adam) is outstanding.

by JPBB

East process and a good rate.

Review published ago

East process and a good rate.

by Simon NEAL

East process and a good rate.

Review published ago

East process and a good rate.

by Simon NEAL

Very good and fast service.

Review published ago

Very good and fast service.

by Andrea Cohen

Very good and fast service.

Review published ago

Very good and fast service.

by Andrea Cohen

I'll definitely will use transferwise…

Review published ago

I'll definitely will use transferwise and switched from paypal. lower fee and faster transfer time

by Adi Setiawan

I'll definitely will use transferwise…

Review published ago

I'll definitely will use transferwise and switched from paypal. lower fee and faster transfer time

by Adi Setiawan

Easy and reliable

Review published ago

Easy to use, quick transfers and much much cheaper than my bank.

by Kitty Galani

Transfer arrived on time

Review published ago

Transferwise sent status updates along the way. The wire arrived on time and as expected. I'd recommend the service to others.

by Uli

Easy to use and very fast to send money.

Review published ago

Easy to use and very fast to send money.

by JORGE RUIZ BRAVO

Just started using TransferWise and so…

Review published ago

Just started using TransferWise and so far the experience (and the price/cost) has been first rate. Transparent pricing. Great exchange rates. Excellent user experience overall. I've started recommending it to friends.

by Ezra Epstein

Very fast transaction

Review published ago

Very fast transaction

by randall alipato

Disruptive! For new generations!

Review published ago

Great fast service. Disruptive!!!!

by Fati Ati

excellent service

Review published ago

excellent service. very fast and reliable

by simone Cavalcante Silva

Good choice

Review published ago

I recommend them.

by Szilvia Láng

Egyszerű, gyors és pontos

Review published ago

Indiába kellett utalnom és ez sikeresen megtörtént. Most Olaszországba utaltam, bár az árfolyam nem túl barátságos, de az utalás alacsony költsége kárpótol ezért. Remélem ez is sikeres lesz. Ezután több barátomnak is ajánlani fogom!

by ATTILA BIRINYI

best

Review published ago

the best in transfer money

by Theodore Mouzakis

A wonderful option

Review published ago

A wonderful option

by MANUEL ALCALDE MIGUEL

I'm impressed!

Review published ago

I'm impressed! It's just beyond all of my expectations!

by Большаков Василий

Servicio de transferencia rápido

Review published ago

Servicio de transferencia rápido. Tenía una duda y llamé a atención al cliente y el personal fue muy amable y esclarecedor. Contenta con haber usado este sistema!

by Ana

My favorite transfer service

Review published ago

My favorite transfer service

by Hugo Allexis Cardona Escalante

EXCELENTE MUY EXCELENTE

Review published ago

EXCELENTE MUY EXCELENTE

by Leticia Josefina Silva Vasquez

Everything ok

Review published ago

Everything ok

by Danijela Jukic zerjav
show more >>

TransferWise Transfer Process

  1. Provide your transfer details

  2. Money you wish to transfer

  3. Country you’re sending it to

  4. Who will receive the funds

  5. Your full name and address

  6. Your photo ID and your recipient’s full address

  7. Pay using your credit or debit card

  8. Send money with a bank account transfer to a bank account

  9. No cash or cheque

Once the process is completed, 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.

Transfer Type And Modes

Pay In Options

Bank

Pay Out Options

Bank

Service Mode

 Online

Exchange Rate Type

Fixed

TransferWise Company & Contact Info

Address:-

2nd Floor 186-188
City Road London,
England EC1V 2NT
United Kingdom

Email:- [email protected]
Phone:- 1-888-908-3833
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