Reviews of Transferwise Money Transfer Company

9.5 score based on 39853 reviews

Send Money To Rate
USD PHP ₱ 50.56
USD MXN $ 17.74
USD INR ₹ 64.13

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

Pricing : How much does Transferwise cost?

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

Transferwise offers a very intuitive user experience on the website as well as the mobile apps. The overall process from registration, transfer and tracking is really seamless and easy to understand. A good UI & UX flow helps. A detailed FAQ section on the website answers most of the relevant questions. A chat & phone support is available for any other queries.

Based on the total reviews on Trust Pilot the rating is 8.8 or good. Most of the users appreciate the no nonsense approach to cheap and quick money transfer

Excellent service sent money …

Review published ago

Excellent service sent money international transfer money was in the receiving account within the few hrs. The App is so easy to use.

by Khalid

Excellent service sent money …

Review published ago

Excellent service sent money international transfer money was in the receiving account within the few hrs. The App is so easy to use.

by Khalid

fast and easy

Review published ago

fast and easy - very suggested

by Paolo

fast and easy

Review published ago

fast and easy - very suggested

by Paolo

Next Generation of Banks !!!!!!!!!!

Review published ago

Next Generation of Banks !!!!!!!!!!

by Guillaume S.

Next Generation of Banks !!!!!!!!!!

Review published ago

Next Generation of Banks !!!!!!!!!!

by Guillaume S.

All worked well .I found the bank …

Review published ago

All worked well .I found the bank transfer worked well for me and even easier the next time .

by J Flynn

All worked well .I found the bank …

Review published ago

All worked well .I found the bank transfer worked well for me and even easier the next time .

by J Flynn

Transfer

Review published ago

It was fast and better rate that competitors

by MR JAVIER

fast and cheap

Review published ago

fast and cheap, perfect

by Victoria

Seamless experience

Review published ago

Seamless experience. Easy as!

by Katherine Jane

To previous review (Hanni Bubu)

Review published ago

How fast you want to be? Before you press the button "send"? It is lightening fast, i use them for the past year, best thing ever in a banking world.

by Kornelijus Perminas

Transfer could have been a bit faster …

Review published ago

Transfer could have been a bit faster (Sofort Überweisung)

by Hanni Bubu

Very fast transfer

Review published ago

Very fast transfer, and excellent value

by Yann

No me llega el email de un compañero …

Review published ago

No me llega el email de un compañero para que le salga gratis una transferencia

by mireia

Fees are very reasonable and transfer …

Review published ago

Fees are very reasonable and transfer was reasonably quick.

by Peter

I had a good experience!

Review published ago

I had a good experience!

by nicolas

Gyors és nagyon egyszerű

Review published ago

Gyors és nagyon egyszerű. :)

by Alpár

We got off to a rocky start but once …

Review published ago

We got off to a rocky start but once everything is setup the service is amazing.

by David

Quick

Review published ago

Quick! Less than 24 hours, even on a weekend!

by Cindy

Transferwise is great!

Review published ago

Everything worked great! It was fast and easy!

by Hanna

Misleads on checkout

Review published ago

Works, but the checkout encourages you to pay by credit card for a faster transfer, without pointing out that this will count as a cash advance and you will be charged far more than your saving for using transferwise by your credit card company for the privilege.

by Gareth

Very efficient quick service

Review published ago

Very efficient quick service - recommended to me by my son in USA. Good exchange rate & no hidden charges

by SW

Couldn't have been any easier and …

Review published ago

Couldn't have been any easier and excellent communication during the transfers eliminated any anxiety.

by R Ferguson
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

Type:- Money Transfer Company
Established:- March 1, 2010
Address:- 2nd Floor 186-188
City Road London,
England EC1V 2NT
United Kingdom
Email:- [email protected]
Service Info:- 1-888-908-3833
Founders:- Kristo Kaarmann, Taavet Hinrikus
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