TransferWise Reviews: Transfer Money Overseas at Low Cost 2019

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

5 stars based on 59376 reviews

Send Money To Rate
USD PHP ₱ 52.03
USD MXN $ 19.14
USD INR ₹ 71.02

Overview

TransferWise is a UK-based money remittance company which is founded by Kristo Käärmann and Taavet Hinrikus. The company headquartered in London and has offices in Tallinn, New York and Singapore. It supports multi-currency accounts across the world including GBP, USD, EUR, AUD, and CAD. It offers mid-market rate to customers on the basis of what your money worth on the global market compared to another currency. Benefits of TransferWise money transfer are:
  • Easy to Use.
  • Highly Affordable.
  • High Daily Transfer Limit.
  • Fast and Secure Transfer.

Exchange Rate IQ’s Review of TransferWise

Overall rating
8 /10

Launched in the year 2011, TransferWise was inspired by the personal experience of its founders. It claims that it does not skew exchange rates for making profits as banks. TransferWise does not transfer the sender’s money directly to the recipient. It matches the accounts with other TransferWise’s customer sending the money another way. Then it pools the funds to pay out transfers at the local bank accounts. This shows that the money never actually cross the borders or converted into another currency. So, it avoids pricey international payments completely by using two local transfers instead of one international transaction.

TransferWise online money transfer provides comparable exchange rates to its customers, where it supports more than 750 currency routes. The service fee charged by it for online money transfer is up to 0.6% of the total amount transferred. The maximum amount that one can send through TransferWise is $50,000 per day and $250,000 per year for the private use. It also offers business transfers, where one can transfer up to $250,000 per day and $1,000,000 per year.

TransferWise offers remittance services to its users through the bank account, debit and credit card. It does not provide any pickup or courier services, so the amount you have transferred will be deposited in the bank account of the recipient.

It does not have 24*7 customer care services, but one can send email to the company for the issues one is facing. It has also provided customer care numbers for different countries, which you can find here. The customers can contact them in their working hours provided with the TransferWise phone number.

TransferWise is highly secured, where experts monitor the unusual behaviour. Any payment done through it gets encrypted using Transport Layer Security technology.


Pricing : How much does TransferWise cost?

8 /10

TransferWise is a large platform with its customer base of 4 million, who collectively transfer around $4 billion per month. TransferWise online money transfer offers better transfer rates than many of the banks and competitors. It keeps updating the rates and offers live prices of mid-market which align with the global markets.

TransferWise fee ranges between free to $4, which is fixed price on every transaction. Besides this, there is a small percent of the fee that is charged on the amount you are transferring, which ranges in between 0.4 to 0.6 percent. This all depends on the mode of sending money, i.e., bank account transfer, debit card or credit card transfer.

For more understanding of the fees structure of your transfer, it has provided TransferWise Calculator where you can see the charges you need to pay and amount that will be received by the recipient.

Some of the example of TransferWise Fee for various transfers:

Your Transfer TransferWise Fee
GBP to USD 0.4% + £ 0.80 flat transaction fee
USD to INR 0.65% + $1.00 flat transaction fee
DKK to EUR 0.35% + kr 4 flat transaction fee


Transparency: Does TransferWise have any hidden fees?

9 /10

Whenever one send money using TransferWise, the transaction will be made on the real, mid-market exchange price. However, many banks don’t offer this rate to retail customers, and they add few amounts to keep up with themselves as commission. But, the TransferWise update the rate when you entered the amount and locked it until the transaction has been completed. The fees it charges from you will also be shown by it clearly in the transaction process as you select the mode of transfer, yours’ as well as recipient’s currency. So, it does not attract any hidden fees and very much transparent with its transfers.

You can also track the transaction that you have completed with TransferWise through the order number or reference number provided by it with every transfer. It shows how long it may take to reach the amount to the recipient. Customers from Canada, Australia and the UK can also send the money through Facebook Messenger using the TransferWise services.


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

9/10

TransferWise has variable transfer speed according to the type and mode of transfer. If you are sending money through the card, it will go instantly, while if you are transferring funds through a bank, it may take longer. The company completes almost 90% of its transfers within 1-2 working days. It also offers SWIFT Payment which is sent via the SWIFT international payment network. This takes at least 1-3 working days to reach to the recipient and sometimes more when many intermediary banks are involved in the transaction.

If you are transferring funds from GBP, then the company offers Low Cost Transfer and Fast & Easy Transfers. Here the speed of your transfer depends on the type you choose for making a transaction. Besides this, it can handle the money to the bank in normal working hours only, so it also depends on the country where you are sending the money. TransferWise wire transfer takes one working day to transfer funds in the bank account.

It also offers TransferWise Borderless account which helps you to send, receive and spend money around the world in more than 40 currencies. This is 8X cheaper than the banks and does not attract fees till spending $200.

The customer can send large amount in once, either private or business, so TransferWise is a wise option to send money with low cost.


Security : Is TransferWise Safe?

8/10

It is very much essential to know how much your online transactions are safe and does it affect your privacy? Then it is good news for you that TransferWise is highly secured and has amassed a large customer base in the past years. It is fully regulated by the Financial Conduct Authority (FCA), which aims to make sure that financial markets are run with integrity, so customers get a fair deal.

To maintain financial integrity, TransferWise keeps their customer’s money separate from their own operating accounts. It has also made the customer security as the priority and protected the details from prying eyes using HTTPS security encryption. We believe that it has a high digital security like many banks but there is no physical security, so here TransferWise deserves 8 out of 10.

User experience of TransferWise

8/10

TransferWise is a highly user-oriented website. You will find many FAQs on its website which will clear all your doubts before you send your funds. TransferWise money transfer also offers mobile apps for the customer, so that one transfer money anywhere anytime without any delay. You can download TransferWise apps here (Android App and iOS App). You need not log in for checking out the TransferWise transfer rates.

When it comes to customer support, TransferWise contact details are provided for various countries on its website. It does not offer 24/7 customer support, but you can send the mail to them here. It also provides email and SMS services for their transaction details to its customers.

About payment convenience, it accepts various debit and credit cards, helps you in transferring funds through Facebook Messenger, and bank accounts. However, it does not support money market instruments, crypto currencies and savings accounts. So, customers who hold these instruments cannot use the services of TransferWise. It also does not offer cash pickup or courier services, so, there is no home delivery of your cash to the recipient. It will only place in the bank account of the recipient.

As per user experience, we rate 8 out of 10 to TransferWise support services. It’s because customers are not satisfied with its assistance facilities. We would have given it a higher score if the users have clear indications and understanding of their transactions.

Coverage: How many Countries & Currencies does TransferWise support?

8/10

TransferWise provides its services in more than 50 countries and supports over 750 currency routes. For using the services of TransferWise login here. The top countries, where you can use the services of TransferWise are:

Australia China India Malaysia Bangladesh
Canada Pakistan Sweden Thailand UK
USA Ghana Nepal Europe Denmark
Hungary Japan Morocco Kenya Norway and more

Some of the major currencies in which you can transact from TransferWise are:

AUD BGN CAD CHF
EUR DKK HRK HUF
JPY INR AED ARS
CNY KRW MYR PHP and more

TransferWise User Reviews and Ratings

reviews powered by trustpilot

You MUST give this a try.

Review published ago

Truthfully, absolutely amazing service. Real people on the other end of the phone immediately. Love this service.

by David Eddie Aylott

You MUST give this a try.

Review published ago

Truthfully, absolutely amazing service. Real people on the other end of the phone immediately. Love this service.

by David Eddie Aylott

Brilliant!

Review published ago

Brilliant! Excellent service, great exchange rates and super easy and intuitive UI

by Cristian Costin Ursu

Brilliant!

Review published ago

Brilliant! Excellent service, great exchange rates and super easy and intuitive UI

by Cristian Costin Ursu

AMAZING!!!

Review published ago

AMAZING!!!! Easy transfer and super fast.So efficient,got my money in literally seconds! Congratulations for this outstanding service.I will recomend it to my friends and family.

by Rosario Alvarez Alvarez

AMAZING!!!

Review published ago

AMAZING!!!! Easy transfer and super fast.So efficient,got my money in literally seconds! Congratulations for this outstanding service.I will recomend it to my friends and family.

by Rosario Alvarez Alvarez

Easy

Review published ago

Easy. Cheap. Trustworthy.

by MJZH

Easy

Review published ago

Easy. Cheap. Trustworthy.

by MJZH

I called twice for some help and…

Review published ago

I called twice for some help and handholding, Martin especially and also Hannah were very patient and very helpful. Great service! great price!

by amy w drezner

So simple to use

Review published ago

So simple to use

by new user

Incredibly slow and confusing trying to…

Review published ago

Incredibly slow and confusing trying to send USD to USD. I have a lot of foreign contractors who asked for this, but it was really hard to figure out and setup. It probably took a full two weeks between getting started and the person receiving their money.

by Tony Stubblebine

TransferWise has a simple to use web…

Review published ago

TransferWise has a simple to use web site and progress the tracking was useful and showed quick movement of my funds. When I transferred a large amount of money across the ocean it was evident they took security seriously, causing a slight delay but not too bad. Their phone response person was excellent. I got through to a real person very quickly and she was knowledgeable, courteous and helpful.

by Carol

So quick and easy

Review published ago

So quick and easy! I like that you get updates so you can track the transfers and it left one account in the evening and arrived in my other account the next morning. Highly recommend!

by Sarah

Pretty good experience so far

Review published ago

Pretty good experience so far. Maybe a bit confusing between top up your balance or do a transfer if your balance is zero but all good.

by Andrea Maria Lucio Cerioli

Exellent

Review published ago

Il modo migliore per inviare e ricevere denaro,lo consiglio a tutti....grazie transferWise per esistere.

by Mary

new borderless account holder

Review published ago

New borderless account holder - not the easiest system to understand but great help for confused new users!

by Ruth Badley PR

Impeccable.

Review published ago

Impeccable.

by Bernard Marie Tavernier

Astoundingly fast transfer

Review published ago

Really fast transfer. I was astounded how easy and fast this was! I highly recommend TransferWise after this first experience that was simply STELLAR. Competitive rates, simple and fast.

by Sus

Excellent

Review published ago

Excellent , vous êtes dix fois mieux que certains autres sites , merci a vous

by stephanie vanoutrive

First time ... it worked very well.

Review published ago

It was the first time I used the virtual system, because my bank (conventional) took a long time and did not meet the promised deadline. I used it only to settle an urgent payment, but it worked very well and I hope to use it more often.

by marco antonio moreira furtado

Quick service with good rates.

Review published ago

Quick service with good rates.

by Helen Taylor

Ótimo aplicativo excelente recomendo

Review published ago

Ótimo aplicativo excelente recomendo

by Carlos Gomes

Safe

Review published ago

Safe, secure & affordable. Highly recommend.

by NJH

Money transfer as it should be

Review published ago

So far - so good. Signup procedure was quick and easy. Transferring money via cards is almost instant. Bank transfer takes a bit more time, but that is what I expected. I guess that with SEPA Instant transfer and/or TIPS that will also be almost instantenious. I'm only sorry I haven't started using TransferWise before.

by james
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TransferWise Transfer Process

Step-By-Step Guide to Transfer Funds with TransferWise

  1. Go to the website of TransferWise Money Transfer.

  2. Enter the amount that you need to transfer on the “Send Money” option on the home page.

  3. Click on “Get Started”.

  4. You will be redirected to a new page, where the company will ask you the details of login or sign up.

  5. Select the type of transfer, personal or business and log in using Google, Facebook or manually entering the details.

  6. You need to enter the name, phone number and many other personal details including a personal ID for the security purpose.

  7. Select the payment option, i.e., bank account, debit card, credit card, SWIFT transfer, or borderless account transfer

  8. Enter the recipient details and re-check it.

  9. Click on “Send”.

  10. TransferWise will provide you with an order number, which will help you in tracking the transaction details.

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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