Transferwise Reviews

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

9.2 score based on 41223 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

Pricing : How much does Transferwise cost?

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

Transferwise offers a very intuitive user experience on the website as well as the mobile apps. The overall process from registration, transfer and tracking is really seamless and easy to understand. A good UI & UX flow helps. A detailed FAQ section on the website answers most of the relevant questions. A chat & phone support is available for any other queries.

Based on the total reviews on Trust Pilot the rating is 8.8 or good. Most of the users appreciate the no nonsense approach to cheap and quick money transfer

Dealing with Transferwise today has…

Review published ago

Dealing with Transferwise today has been a nightmare. I had previously had good experiences. However, today I sent two large transfers from Australia to the UK. They were time sensitive and I valued Transferwise's (otherwise I may have chosen a different method). The estimates for sending were 25 minutes and 16 minutes respectively. 8 hours later, no transfers. I contacted them on twitter and they didn't reply. I called and after 6 times of the phone just ringing out, I spoke to a woman whose explanations made almost no sense. What I could gather was that if one of the two banks is shut, the money doesn't transfer. Still unsure if it NEVER transfers or just takes a while (it still hasn't arrived) This is ridiculous - why claim it would be 16 minutes? also, it should not be so impossible to contact them. Very unimpressed and I'll be avoiding them in future.

by Heather

Dealing with Transferwise today has…

Review published ago

Dealing with Transferwise today has been a nightmare. I had previously had good experiences. However, today I sent two large transfers from Australia to the UK. They were time sensitive and I valued Transferwise's (otherwise I may have chosen a different method). The estimates for sending were 25 minutes and 16 minutes respectively. 8 hours later, no transfers. I contacted them on twitter and they didn't reply. I called and after 6 times of the phone just ringing out, I spoke to a woman whose explanations made almost no sense. What I could gather was that if one of the two banks is shut, the money doesn't transfer. Still unsure if it NEVER transfers or just takes a while (it still hasn't arrived) This is ridiculous - why claim it would be 16 minutes? also, it should not be so impossible to contact them. Very unimpressed and I'll be avoiding them in future.

by Heather

Misleading claims on speed and rates

Review published ago

Adverts state the money will be sent in 2-3 hours but in reality it can take up to 5 days for your account to be set up. This service is worse than standard large companies - Moneycorp, TorFx etc so there is no need to use it and the exchange rate is poor compared to the larger companies.

by Skier Boarder

Misleading claims on speed and rates

Review published ago

Adverts state the money will be sent in 2-3 hours but in reality it can take up to 5 days for your account to be set up. This service is worse than standard large companies - Moneycorp, TorFx etc so there is no need to use it and the exchange rate is poor compared to the larger companies.

by Skier Boarder

Great service!

Review published ago

My experience with Transferwise has been great! There are no hidden costs and the step by step update of the process gives you a sense of security. You can also subscribe to get regular updates on exchange rates which is a huge plus! For my last transaction, I got a guaranteed rate at the time of the transaction, everything turned up just as promised.

by richa mudgal

Great service!

Review published ago

My experience with Transferwise has been great! There are no hidden costs and the step by step update of the process gives you a sense of security. You can also subscribe to get regular updates on exchange rates which is a huge plus! For my last transaction, I got a guaranteed rate at the time of the transaction, everything turned up just as promised.

by richa mudgal

Convenient, quick & trusted

Review published ago

Quick, hassle free and trusted ! I had no issues ... I would completely recommend it.

by Vinita Abichandani

Convenient, quick & trusted

Review published ago

Quick, hassle free and trusted ! I had no issues ... I would completely recommend it.

by Vinita Abichandani

I have used a few similar services and…

Review published ago

I have used a few similar services and this is definitely one of the best. The service can be used seamlessly. I have used the desktop and iOS apps and the UX is really good. Money transfer is quick and hassle-free!

by Melvin Mathews

Smooth & quick funds transfer

Review published ago

I was travelling to India and had to transfer funds quickly. I needed a reliable medium through which to do the transfer. My brother uses Transferwise. I checked with him and after a good word from him decided to use Transferwise. What i particularly liked was that the process was smooth and quick.

by Nusrat Zindran

Best way to convert and transfer money

Review published ago

Best way to convert and transfer money. Very much satisfied! Would highly recommend.

by Sukanthi T

Positively surprised

Review published ago

I have never heard of Transferwise until I have done some research on different ways to transfer funds internationally. Knowing that I’ve never heard of them...it felt pretty scary to put large amounts of my money into their hands!! But I looked up several articles that mentioned them, then went to the websites of those newspapers directly, not from Transferwise links, and looked up again if those articles did indeed show up. Then I transfered a „test” $3000 to my dad’s account in Poland...ok, the money did make it there...so finally I started to transfer the large amounts that I needed to transfer...well, $300k later, all the money is now in my Polish accounts and I have saved approx. $15k as compared to using a bank. Their Customer Service has been fantastic along the way. I am charmed!

by Evelina F

So this is the single worst experience…

Review published ago

So this is the single worst experience I have had with the company. I started a transaction on Weds 15th February and received notification that the transfer would settle on Friday 16th February. Its now Monday and the transfer has still not been executed and with no information. I have called the company now 4 times to sort this out and written several emails. This is totally unacceptable and will cause the company to fail. Be aware this company is not a Bank and thus deposits are not protected. They use co-mingled accounts which means client money is not segregated and they do not seem to have to comply with client custody requirements. As a client you take credit risk when you use TransferWise, which is feasible for a T+2 settlement but not when it takes five days. Another thing you should be aware is for large amounts - (it is not stipulated what equals a large amount) they can ask for further information which they don't tell you at the point you make the transfer. They wait until settlement date to ask for further information.. This way they hang on to your funds for longer and make money on those funds. You have no idea how long it will take them to review and confirm the transfer (they provide no information) which means you money is in limbo. The people at the call centre are unhelpful unless you manage to speak to a manager. Be careful using this service.

by Ms Shah

Easy way to transfer money

Review published ago

Easy way to transfer money. Use the referal link if you are creating an account for the first time to get free transfer of 500euros. transferwise.com /a /arpang4. Add http : // at the start

by Arpan Govindraju

Great service!

Review published ago

I use TransferWise for almost every international transaction. I recently got the borderless debit card, and I highly recommend it!

by Anand Chowdhary

Great concept.

Review published ago

Great concept.. Great experience.. Little costly if need to send more money

by Prathima

I'm quite upset with my bank

Review published ago

I'm quite upset with my bank, after I compared them along with this service in sending money back to my bank in India.

by Antony Meyn

Very clear and easy to understand UI!

Review published ago

Very clear and easy to understand UI!

by Alexander Shmidt

I lost £6000 since they do not have…

Review published ago

I lost £6000 since they do not have insurance and they do not get involve into any disputes between the two parts. NOT RECOMMENDED!!!

by Filippo Pagano

Highly Trustable and great exchange…

Review published ago

Highly Trustable and great exchange rate given

by Chandramohan Venkappa

Transferwise = Extra costs and losses through ignorance!

Review published ago

They ignored my eMails and just wired my money somewhere and I have the hussel now to find it and get the money back somehow. They just ignored all of my eMails and calls and did what ignorand banks are doing - Shitting on the private persons. In this case 13.750,00€ are somewhere and I`ll try to get it back since weeks, because of the pure ignorance of the Transferwise support. Go off the market and make the world a better place by dissapearing!

by Matthias Pieper

Very nice

Review published ago

Very nice. Highly recommendable

by Sritam Paltasingh

8880

Review published ago

40 Moo 2 Tambol Sai Yoi, Amphur Muang, Phitsanulok

by ชลนิภา อุบลสุข

Great experience!

Review published ago

Great experience!! bumpy at first but support is very responsive

by Allan Paul Casilum
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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

Type:- Money Transfer Company
Established:- March 1, 2010
Address:- 2nd Floor 186-188
City Road London,
England EC1V 2NT
United Kingdom
Email:- [email protected]
Service Info:- 1-888-908-3833
Founders:- Kristo Kaarmann, Taavet Hinrikus
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