TransferWise Reviews

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

9 score based on 42799 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

Just started using TransferWise

Review published ago

Just started using TransferWise, so it's too early to give a full review. The joining process was straightforward. The security looks good. I was recommended to use T/W by a friend who is careful & intelligent. He has been using it for some years.

by Mr Patrick Mulcahy

Just started using TransferWise

Review published ago

Just started using TransferWise, so it's too early to give a full review. The joining process was straightforward. The security looks good. I was recommended to use T/W by a friend who is careful & intelligent. He has been using it for some years.

by Mr Patrick Mulcahy

Excellent service

Review published ago

Excellent service. One of the best the is. Money reached destination within minutes everytime. Highly recommend.

by Sunil Kumar

Excellent service

Review published ago

Excellent service. One of the best the is. Money reached destination within minutes everytime. Highly recommend.

by Sunil Kumar

Transfers quite slow and predicted arrival times never respected

Review published ago

Opening of account was quite quick and convenient but I tried some small transfers, none reached the recipient on time, for example - a transfer to China was announced to arrive after 32mn but after 60 hours it still did not arrive. - a transfer to Hongkong was announced to arrive on 21/06 and later on 26/06, - an incoming payment has been mentioned "will be credited in a few seconds" and I had to wait for 24 hours. The transfer fees are quite cheap but not always (transfer from Hongkong to China is longer and more expensive than with my usual bank). The exchange fees of 5% are in line with my bank.

by BERTRAND MARIE YVES CRISTAU

Transfers quite slow and predicted arrival times never respected

Review published ago

Opening of account was quite quick and convenient but I tried some small transfers, none reached the recipient on time, for example - a transfer to China was announced to arrive after 32mn but after 60 hours it still did not arrive. - a transfer to Hongkong was announced to arrive on 21/06 and later on 26/06, - an incoming payment has been mentioned "will be credited in a few seconds" and I had to wait for 24 hours. The transfer fees are quite cheap but not always (transfer from Hongkong to China is longer and more expensive than with my usual bank). The exchange fees of 5% are in line with my bank.

by BERTRAND MARIE YVES CRISTAU

Satisfied customer.

Review published ago

Satisfied customer.

by Milan Jirasek

Satisfied customer.

Review published ago

Satisfied customer.

by Milan Jirasek

Simple

Review published ago

Simple, fast and cheap.

by JC

Very good and helpful support service

Review published ago

Very good and helpful support service. The service is amazing very good and cheap. Problems happen but with a customers support like transferwise that resolve all very fast and are very friendly support. Very good indeed.

by Ricardo Fernando Baptista Ferreira

Excellent....

Review published ago

Excellent..... Not words to describe.. fast and safe.

by arun Prakash

Excelente

Review published ago

Excelente está sendo muito útil para mim.

by José Alfredo Barbosa Hermenegildo

Für mich die beste Lösung bis heute

Review published ago

Schnell, unkompliziert, aktueller Wechselkurs, niedrige Gebühren. Zweimal benutzt nach Brasilien, ohne Probleme. Absolut weiterzuempfehlen!

by JDWWJ

Travelleling and payment all over the world

Review published ago

It is a very good System to Transfer Money to other states, or to pay in other countries without fees. If you travel around the world, this System is the best you can use and to save Money.

by Wolfgang

Easy to transfer and great exchange…

Review published ago

Easy to transfer and great exchange rates. Highly recommended👌🏼

by Sushil Dhaka

A second thought if you want a quick harass free application, or waste your time

Review published ago

tones of extra documents required after I have submitted they required stated in website in 1st day. System is a problem I have submitted a business certificate copy and next day asked to send again. Called their support and they told me everything is fine. But at the end of 2nd day, even ask me for more, like bank statement, company shareholder certificate, my personal address proof (am I asking for a loan??). Given them a website of our company but keep asking for a website of my email domain (come on, business website is not company website, wise?) Not recommend to any business they want harass free and quick application in a few days.

by Alex Wu

Please dont use them, MINUS 10 STARS !! Safeguard your money.

Review published ago

I wish I could give them MINUS 10 Stars, the worst most unreliable company. If you want to safeguard your money don’t use them. Their customer service is crap they are clueless and lie to your face. Their online system is deceptive and shows false status as transfer completed even before the beneficiary has received the payment. I transferred a small amount less than £100, their online system states transfer completed on Tuesday 19th and as of today funds have not cleared recipients bank account. I have made several calls and sent messages and the reply I get is they can’t reach their partner bank and are trying to get an update which is totally outrageous and quite bizarre. Now I’ve been told payment MIGHT clear on Tuesday 26th and thanking for my patience, how ludicrous ! Please don’t use them, their competitors are far more reliable.

by Wasim Nasir

This really simplified the process of…

Review published ago

This really simplified the process of receiving a European wire transfer!

by MJS

I feel secure when transfering money…

Review published ago

I feel secure when transfering money through TransferWise

by Elby Joseph

EXCELLENT

Review published ago

EXCELLENT SERVICE

by Kunal Kalra

Very good

Review published ago

Very good. Very good

by foheye brice cletohon GNOHANROU

Won't allow info input to continue the transfer....

Review published ago

won't continue after I input my personal information. No help available, no chat to assist, no way to contact them to make this transfer complete

by Sling Mushmellon

Muy mala experiencia

Review published ago

Muy mala experiencia. Hice una transferencia desde Inglaterra a España el dia 15 de Junio y me garantizaron que para el dia 19 (como limite) estaria en mi cuenta. La aplicacion mostraba como si mi transferencia estuviera recibida. Hasta el dia 22 no me enviaron los detalles de la transferencia, cuando por fin la recibi. He perdido dinero con ellos y ni siquiera he recibido una disculpa. Servicio lamentanle

by Reyes Gutiérrez

Transferwise is insisting that the…

Review published ago

Transferwise is insisting that the transit No for transfers to HSBC in Canada is 5 digts when HSBC has advised me it is 3 digits. Beggars belief that Transferwise is insisting they are right when I have a letter from HSBC with these details. More so cannot understand why Transfewise cannot use a SWIFT code. They do not appear to be a company that wants to learn. Wil never use tem again

by Ro
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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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