TransferWise Reviews

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

5 stars based on 49788 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

very good

Review published ago

very good!!!!

by Haochen Lu

very good

Review published ago

very good!!!!

by Haochen Lu

Simple,Rapid and cost effective Global money transfer

Review published ago

My first experience with transferwise for online international money transfer is very amazing. Simple, Rapid and very cost effective option in comparison to bank wire transfer. I was amazed to see my international transfer credited money to destination within 2 hrs, I can't believe it but yes that's what I experienced unlike other options where it used to take 2-3 days to reach money.Kudos to you ..!! Thank you Transferwise with your online information and no need to reach your customer support,everything is in place and every page with b feedback option is excellent. My one stop solution for future international transfers.

by Atul

Simple,Rapid and cost effective Global money transfer

Review published ago

My first experience with transferwise for online international money transfer is very amazing. Simple, Rapid and very cost effective option in comparison to bank wire transfer. I was amazed to see my international transfer credited money to destination within 2 hrs, I can't believe it but yes that's what I experienced unlike other options where it used to take 2-3 days to reach money.Kudos to you ..!! Thank you Transferwise with your online information and no need to reach your customer support,everything is in place and every page with b feedback option is excellent. My one stop solution for future international transfers.

by Atul

Best fast quick and painless!

Review published ago

Best fast quick and painless!

by Julianna Marie Paris

Best fast quick and painless!

Review published ago

Best fast quick and painless!

by Julianna Marie Paris

Perfect

Review published ago

Perfect, einfach, schnell

by Frank Wendt

Perfect

Review published ago

Perfect, einfach, schnell

by Frank Wendt

Very pleasant experience

Review published ago

Very pleasant experience. Fast transfer for reasonable fees. Would choose service over a bank anytime.

by Markus

Meu dinheiro simplesmente sumiu 500£

Review published ago

Meu dinheiro simplesmente sumiu 500£

by Tatiana Carvalho

I have used TransferWise twice since…

Review published ago

I have used TransferWise twice since opening an account. The transactions have been easy, fast and have provided the best rates. I will continue to use them ahead of my bank.

by Nicolas John Hindley

whatever happens your money will be held for no reason

Review published ago

This company actually has great customer service the phone dissent ring for long and the guys answering our helpful. However the tactics they pull just to keep hold of your money for longer is ridiculous they claim not to be touching this money as it’s held in a client account but let’s see what the FCA has to say, whatever happens your money will be held for longer than you expected and longer than they say. The app is great it tells you when sending and receiving money and then the exact minister it’s due to arrive a new message comes saying ‘arriving later’ then they will email asking for more questions. I have made a domestic payment to my own personal account I.e not international with a verified account from transferwise and yet they are holding the money with no reason, the business team are only there Monday to Friday DO NOT OPEN AN ACCOUNT WITH THIS COMPANY I think a lot of the reviews of upset people where probably trying to abuse this company after all lots of AML but if your UK based a UK citizen trying to pay into a UK account which is all above board and explained in full on opening an account then explained again on receiving money the. You’ve guessed it try and pay money out you’ll have to explain it again and what really infuriated me is they wait until the money says it’s clearing then change their mind I have screenshots of my experience and I believe what they are doing is misleading customers no 2 ways about it. Held off writing this but this company is a joke and needs to be closed down WORSE THAN PAY PAL

by cameron cumming

foarte buna 5 stele !

Review published ago

foarte buna 5 stele !

by patrasescu victor patrasescu victor

BRILLIANT SERVICE Just started using TransferWise and all…

Review published ago

Just started using TransferWise and all I can say is that so far everything has been brilliant- how refreshing when compared to the big banks- they could learn a lot from TransferWise, Thank you

by Grove

Sehr unkompliziert und transparent

Review published ago

Sehr unkompliziert und transparent, Empfänger konnte zügig über sein Geld verfügen - klare Empfehlung.

by Susanne

Transferwise has helped me

Review published ago

Transferwise has helped me send money at a time when speed and honesty were needed. Thank you very much

by Fernando Marcelo Figoli

Perfect service.

Review published ago

Perfect service.

by Sergio

Non-existing customer service

Review published ago

Non-existing customer service. You write a ticket for an issue concerning a transfer (in english) and they will never reply back. Then I call and of course even if you are calling to your own conutry they don't speak your language! Finally they sent an email saying that too many days have passed to fix the transfer (too many because your customer service doesn't reply to tickets!) Worst company ever, don't ise it!

by Isaac Alonso

Nice

Review published ago

It was ok with transfer wise😁😁

by Bogdan George Bujoranu

Reliable, fast, and easy

Review published ago

Used this service to pay my rent while I was studying abroad and for my boyfriend and I to pay eachother back for expenses. Super reliable, fast, easy, and the transfer fee is always low. Much better than other money transferring sites. Love it!

by Adeline Sims

Really good

Review published ago

Really good, fast! Bye bye banks

by Rafael Valle rocha

Useful

Review published ago

Useful, easy.

by Gergely Ittzes

Very good very easy to use and all the…

Review published ago

Very good very easy to use and all the transfer I made it always short in time, never have to wait two much time, for that I’m satisfied and pleased, keep the good job.

by Joao Amado

In few words

Review published ago

In few words: Super easy fast and cheap, I highly recommend !

by Alain C
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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
Social Links:- Facebook Twitter LinkedIn
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