TransferWise Review: Transfer Money Overseas at Low Cost 2020

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TransferWise Review by Exchange Rate IQ

Overall rating
8 /10

TransferWise review provided at Exchange Rate IQ is the part of our editorial independence which depends upon multiple analysis reports, comparison with other companies, safety and customer reliability. This review provides you the answer to "Is TransferWise cheap?" "What are the fees and exchange rates?" "Can you trust TransferWise with your money?"

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 which have 1,000+ country routes across 49 countries 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. Some of the benefits of using TransferWise money transfer are:

  • Easy to Use.
  • Highly Affordable.
  • High Daily Transfer Limit.
  • Fast and Secure Transfer.

Review of TransferWise :

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 1,000 currency routes. The service fee charged by it for online money transfer is up to 0.6% of the total amount transferred.

TransferWise Maximum Limit

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 Fees

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 fees 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.

TransferWise Transfer Fees

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

 

TransferWise Exchange Rate

TransferWise helps you to convert your money into other currency at the mid-market exchange rates. This shows that the company is offering the most fair and accurate exchange rates to its customers. It automatically locked the exchange rates once you start the transaction for 24 hours so that you are not exposed to exchange rate fluctuations that prevail in the market.

Transparency: Does TransferWise have any hidden fees?

9 /10

TransferWise Hidden Fee

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.

TransferWise Tracking

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. TransferWise cards are also available for this service so that when you travel to other country, you can spend worry-free.

The customer can send large amount in once, either private or business, so TransferWise is a wise option to send money with low cost. So, after TransferWise speed review, we provide it 9 out of 10.


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:

Countries having TransferWise Services

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:

List of Currencies offered by TransferWise

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

TransferWise Transfer Process

How to send money 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”, you will be redirected to a new page where you need to login or sign up.

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

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

  6. Select the payment option and enter the recipient details.

  7. Review the details Click on “Send”.

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

Send money with TransferWise

TransferWise Euro to INR

If you want to send Euro at highly competitive rates to India and never charge extra fees in the name of hidden fees. This shows that the company offers fair and low-cost transfers every time. Mostly, it delivers funds in the recipient account in 2-5 days and at the most common corridor, it provides fast transfers. Besides, it also provides the historical graph of exchange rates which shows how the currency has performed in the past few months and on that basis, you can plan money transfers.

In low-cost transfer for every 1000 Euros, TransferWise charges 6.11 EUR flat fees while in fast transfers, company charge 9.58 EUR flat fees on sending money through debit or credit card.

TransferWise Dubai

TransferWise offers the easiest way to transfer money from one country to another, so if you wish to send money to Dubai from about 127 countries, you can, at the lowest cost and high exchange rates compared to banks. So, if you are transferring 1,000 GBP with TransferWise to AED, you need to pay 10.21 GBP fees if you transfer from your bank account, but if you need fast transfers, the company will charge 13.18 GBP flat fees.

The maximum amount to can send to Dubai is 9000 AED per transfer per month as the company has set a monthly limit for the users. Once you have completed your transfer, the company will provide all the necessary details of transfer through email.

TransferWise Malaysia

When you are sending money to Malaysia, you should take advantage of low fees and high exchange rates. So for providing you with the hassle-free transfers and easy process, TransferWise will charge 7.71 GBP or similar amount in other currencies for low fees transfers, while it will charge 10.68 GBP fees for the fast transfers.

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.

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, cryptocurrencies 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.

TransferWise App:

TransferWise is offering both Android and iOS apps to its customers so that they can transact anytime, anywhere. It uses real-time currency exchange rates in its mobile apps also so that the user will get the idea if he wants to send money at this rate or not. TransferWise apps are highly secured, convenient and offer low-cost transfers so that customers get the best transfer experience.

TransferWise Android app is rated 4.6 stars out of 5 by the customers and TransferWise iOS app is rated 4.7 stars out of 5. This shows that the customers are highly satisfied with its transfer rates, security, app working and model. You need not log in for checking out the TransferWise transfer rates. You can download TransferWise apps here

TransferWise Borderless Account

TransferWise offers its borderless account which is a multi-currency account. This account enables you to add money in approximately 40 currencies and convert them at the mid-market exchange rate whenever you want in any country. You can withdraw the amount through any bank’s ATM as well as at any agent service. The card will provide you with rates higher than many local banks and money transfer companies across the world. It also acts as a virtual bank account in various different countries, where you can add amount easily in local currencies that are available with TransferWise.

With TransferWise Borderless account, you will also get a free TransferWise debit Mastercard plus personal account numbers and bank details (currently these details are for USD, GBP, EUR, NZD and AUD), so they can add more currencies in the future easily. This account helps you to receive money from 30 countries with no fees.

Currencies offered by TransferWise Borderless Account

GBP EUR CHF PLN DKK
NOK SEK BGN CZK GEL
HUF RON IDR KRW LKR
INR MYR PHP SGD ZAR

 

TransferWise Borderless Account Fees:

You don’t need to pay any fees for accepting money or making payment in any local currency which are available with TransferWise. You only need to pay fees when you convert one currency into others. There is a small fixed fee for moving money between your Borderless Account and a regular bank account, typically around £0.50 / $1.30 / 0.60€.

Benefits of using TransferWise Borderless Account:

  • It is a helpful solution for businesses and freelancers who have international customers, clients or operations in general.
  • You can easily add new countries and currencies easily.
  • It offers the best exchange rates and low currency exchange fees.
  • No setup fees, monthly charges, or any other fees to send or receive payments.

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 its customer’s money separate from their own operating accounts.
  • It has also made customer security as the priority and protected the details from prying eyes using HTTPS security encryption.

We believe that it has high digital security like many banks but there is no physical security, so here TransferWise deserves 8 out of 10.

Transfer Type And Modes

Pay In Options

Bank
Credit Card
Debit Card

Pay Out Options

Bank

Service Mode

 Online

Exchange Rate Type

Fixed

TransferWise FAQ's

What are TransferWise limits?

TransferWise offers its customers to send large amount overseas, so it has a high maximum limit. These limits are:

TransferWise Maximum Transfer Limit: US $1,99,999

TransferWise Minimum Transfer Limit: US $1

Discuss this question

Is TransferWise safe for large amounts?

Yes. TransferWise is absolutely safe for large amount transfers and also providing fast transfers. It allows users to send a large amount with small usage of fees which is eighty times cheaper than a bank. So, if you wish to send a large amount, think TransferWise.

Discuss this question

What are the payment options available in TransferWise?

You can send money through TransferWise using your bank account, debit or credit card. You can also pay the amount through SOFORT, Apple Pay or Android Pay, but these options differ from country to country.

Discuss this question

Does TransferWise provide cancellation and refund?

Yes. TransferWise provides cancellation and 100% cancellation facility. Though, for this, you need to provide your bank account details to the company if you have paid through credit or debit card. The amount will be added back within 14 working days after the cancellation.

Discuss this question

How can I calculate the transfer fees on TransferWise?

TransferWise charges a flat fee of $3 if you are transferring amount up to USD $300 or similar amount in other currencies. However, if you are transferring more than USD $300, then it charges 1% for sending amount up to $5,000 USD to any other country.

Discuss this question

What is TransferWise Borderless account?

TransferWise borderless account is an online account facility offered by the company which allows customers to hold currencies of more than 40 countries. Besides this, European personal user you can also get a free debit card to spend in any currency around the world.

Discuss this question

Does TransferWise provide business transfers?

Yes. TransferWise offers business transfers for which you need to set up your own business account on behalf of your company. It will then verify your business and register your account.

Discuss this question

How long does it take to complete transactions with TransferWise?

When using TransferWise for remittance, the estimated time when the recipient will receive his or her money will be shown. Some transactions take a few hours because there are banks that take a short time to process the transfers. Others can take up to 3 days. Regardless, you will be shown how long the money will take to reach its destination.

Discuss this question

Are TransferWise tracking services available for transfers?

Yes. TransferWise allows you to keep track of your money until the end by sending you a notification in your mail and phone in the form of texts messages. The good thing with TransferWise tracking services is that other than allowing you to keep a check on your money, no one can access your account and make transactions without you receiving a notification.

Discuss this question

I want to use TransferWise for the first time. What should I do?

To be able to make transactions using TransferWise, you will need to sign up for an account. While doing so, you will be required to enter your details accurately. You will need to provide your identification card or passport and location address. When your application is approved, you should be able to begin using the service.

Discuss this question

Is TransferWise available all over the world?

TransferWise services are linked to bank services since these are the pickup points. It is, therefore, safe to say that TransferWise is available in many countries around the world. To find out of the service is available in your state or the country to which you need to send money, you can click here 

Discuss this question

I am experiencing technical problems with my account. How do I go about it?

If you are experiencing problems with your TransferWise account, then your first step of action should be checking out their help and support page here. If your issue is not resolved, then you can get in touch directly to customer care services. You will also want to check out the customer care support service contacts for various countries here.

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Alternatives to TransferWise

TransferWise User Reviews and Ratings

reviews powered by trustpilot

The best transfer service out there!

Review published ago

The best transfer service out there. I was working in Germany and a colleague recommended it. I was able to pay Euro bills, transfer cash to my daughter via IBAN instantly, and now am able to transfer dollars to family in the US to their stateside banks within a couple of days.

by Lou Shipley

The best transfer service out there!

Review published ago

The best transfer service out there. I was working in Germany and a colleague recommended it. I was able to pay Euro bills, transfer cash to my daughter via IBAN instantly, and now am able to transfer dollars to family in the US to their stateside banks within a couple of days.

by Lou Shipley

Ok , perfect

Review published ago

all good !!! Everuthing On time

by michał jerzy zgud

Ok , perfect

Review published ago

all good !!! Everuthing On time

by michał jerzy zgud

Transferts très rapides

Review published ago

Transferts très rapides, souvent dans les 12 heures qui suivent la demande. Les frais de transactions sont hyper compétitifs. Je recommande vivement !

by DANIEL GEORGES GALLMANN

Transferts très rapides

Review published ago

Transferts très rapides, souvent dans les 12 heures qui suivent la demande. Les frais de transactions sont hyper compétitifs. Je recommande vivement !

by DANIEL GEORGES GALLMANN

I am very satisfied

Review published ago

I am very satisfied

by Jarda

I am very satisfied

Review published ago

I am very satisfied

by Jarda

Fantastic

Review published ago

Fantastic. Both for personal and business use, the card is great when abroad. Safe, fast and reliable. Helps you avoid ridiculous bank fee.

by Mena Mary Baldeosingh Alongina

As a new person to transferwise I was…

Review published ago

As a new person to transferwise I was wonderfully delighted at how hast and efficient the transactions went through.

by Emily Gough

No complaints

Review published ago

I have yet to experience any undue delay or problem with transferwise. I find the app and website easy to use and it is reliable. no complaints.

by Dermot Fitzpatrick

I highly recommend TransferWise...

Review published ago

TransferWise has allowed me to work with sub-contractors and pay them easily and quickly. The service is fast and reliable, they clearly explain the rules and process and I highly recommend them!

by Phil Wright

Been with Transferwise from when they…

Review published ago

Been with Transferwise from when they started never once had reason to complain always been excellent and efficient.

by David Thomas

Fast & efficient!

Review published ago

Fast & efficient! Very recommendable.

by Nina Vrancic

Very happy with the fast process of…

Review published ago

Very happy with the fast process of transferring money

by Maros Malcicky

Çok memnunum hem çok hızlı ve çok çabuk…

Review published ago

Çok memnunum hem çok hızlı ve çok çabuk transferler gerçekleşiyor.

by Ani Slavova

Highly recommend this service

Review published ago

Highly recommend this service. I was pointed toward it by members of the parent Facebook group for the university our child was attending. Once we had a local bank account set up in that country, the rest was beyond easy.

by Lauren Morris

I can't believe how speedy the process…

Review published ago

I can't believe how speedy the process is! I'm so impressed I'll never use anyone else! Thanks Transferwise!!

by Mr Dylan Evans

They are doing a good job!

Review published ago

They are doing a good job!

by omar Ajruli

Dear Sir or Madam,

Review published ago

Dear Sir or Madam, I'm very happy with your service that you are offered me to use but therefor I can't find a way how to contact you directly to know more information about receiving money in USD from another country. Many thanks for your support in the future Best regards, Sovann Chhea

by Sovann Chhea

I’ve been using TransferWise for the…

Review published ago

I’ve been using TransferWise for the past 4 years, they have the best rate, lowest fees, is quick and safe.

by Marta Torres Pereira

Rapide

Review published ago

Rapide, sans problème et plus avantageux que ma banque.

by Pierre-Alain NICOLE

TransferWise is an outstanding service…

Review published ago

TransferWise is an outstanding service that is very fast, efficient and competitive . It used to take me four days to send money to Spain and it was expensive, it now takes two minutes from start to finish and is amazing value.

by Richard Farrow

Very Fast and Secure

Review published ago

I have used TransferWise for several years and their service only gets better.Whether transferring money to or from the UK in any amounts.

by MR L HORSNELL
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Compare TransferWise With Other Money Transfer Companies

TransferWise Company & Contact Info

Address:- The Tea Building, 56 Shoreditch High St, Hackney, London E1 6JJ, UK
Email:- [email protected]
Phone:- 1-888-908-3833 (USA)
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