TransferWise Reviews

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

5 stars based on 44776 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

Probably the cheapest and easiest to…

Review published ago

Probably the cheapest and easiest to send money internationally. I send money from my US bank account to my EU bank account, never had any problems so far.

by Melanie Soleil

Probably the cheapest and easiest to…

Review published ago

Probably the cheapest and easiest to send money internationally. I send money from my US bank account to my EU bank account, never had any problems so far.

by Melanie Soleil

Excellent!

Review published ago

Quick, reliable, exchange rate isnt inflated. Everything I could ask for!

by B Giovine

Excellent!

Review published ago

Quick, reliable, exchange rate isnt inflated. Everything I could ask for!

by B Giovine

The best app to transfer money..

Review published ago

The best app to transfer money... Reliable, fast and easy to use.

by Fabiane

The best app to transfer money..

Review published ago

The best app to transfer money... Reliable, fast and easy to use.

by Fabiane

Where have you been all my life.

Review published ago

Where have you been all my life.

by Domi

Where have you been all my life.

Review published ago

Where have you been all my life.

by Domi

Works well and you get a good rate in…

Review published ago

Works well and you get a good rate in all operations. But I think operations should be done a bit faster.

by Lucas M

Good

Review published ago

It seems to be a good company.

by V Robertson

I truly like it

Review published ago

Great service, but: It didn't let me to log in to my app earlier today (IPhone), just if I verified it in another registered device - which I don't have. I couldn't even log in via my desktop first, text entering codes did not always arrive (fortunately. voice call worked). Also, to put money to my Transferwise account from my bank is kind of diffcult, it took my a while to do it again - and it has been only a month since the last time: I couldn't really figure out it at first: this part should be. Once more: I do like the transparency about the fees and the way how quickly the bank card arrived (I know, it's not a "bank" card). Though its paypass is not recognized everywhere. All in all, pretty good service, could me more simple for people like me, who can't stand any banking and other stuff.

by LJ

it does what it says on the box

Review published ago

it does what it says on the box

by KEITH PARKER

Easy

Review published ago

Easy, fast and a fair exchange rate.

by Mme Heather Bonney

Prático é rápido😊

Review published ago

Prático é rápido😊

by Fernando Aguiar

STUPID! LOST 1300$! PLAY WITH MY MONEY!! THEY REFUNDED MY CUSTOMERS !!!

Review published ago

I started to work with transferwise! I received the money of orders !! do you know what they did 2 days after that i delevery the order?? they refunded my customers !!! !! I lost 1300usd !!!! THEY DEACTIVATED MY ACCOUNT !! THE LIFE IS BEAUTIFUL!! DUMBER!! SCAMMER !!

by ludo alan

happy

Review published ago

I just had my 2nd transaction & I am 100% happy with the service you provide

by Éva Mária Csallóközi

Very fast and safe

Review published ago

Very fast and safe

by Szilard Bandicz

Always is space to be better

Review published ago

Always is space to be better

by Installatsiooni Kompanii OÜ

Very good way to not pay for tax

Review published ago

Very good way to not pay for tax. Thank you

by João Gonçalves

Top!

Review published ago

Excellent – no reservations, I would recommend this company to anyone!

by ad

Easy and simple.

Review published ago

Easy to setup and simple to use, just a few mouse clicks and your transfer is executed.

by Andrew Thomson Anderson

Einfach Spitze!

Review published ago

Einfach Spitze!

by Konteip - Helmuth Weiss

impressive

Review published ago

I have moved money to an account In Turkey before using a different transfer company - it usually took about 4 -5 days to reach the account, with my recent Transferwise transaction, it was there next day! well impressed with the rate too :)

by David Blair

Muy sencillo

Review published ago

Muy sencillo, rápido y transparente y además te ofrecen el mejor cambio de divisas que hay en el mercado. Mi dinero llegó desde Madrid a Londres en 6 segundos...

by Iosif Jean Meszaros
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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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