Reviews of Transferwise Money Transfer Company

9.4 score based on 40675 reviews

Send Money To Rate
USD PHP ₱ 50.63
USD MXN $ 18.82
USD INR ₹ 64.88

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

This is the best deal for small and …

Review published ago

This is the best deal for small and medium size international transfers. Slight usability issues notwithstanding it saves you a bundle if you make the effort to jump through their verification loops (especially if you're sending CAD).

by Freedom and Balance

This is the best deal for small and …

Review published ago

This is the best deal for small and medium size international transfers. Slight usability issues notwithstanding it saves you a bundle if you make the effort to jump through their verification loops (especially if you're sending CAD).

by Freedom and Balance

Есть еще система трансфер го,постоянно …

Review published ago

Есть еще система трансфер го,постоянно через него переводу деньги с Польши на Украину,на следующий день деньги поступают на карту приват банка,все честно и просто). Промо код на бесплатный перевод z2t9ns

by Tensor

Есть еще система трансфер го,постоянно …

Review published ago

Есть еще система трансфер го,постоянно через него переводу деньги с Польши на Украину,на следующий день деньги поступают на карту приват банка,все честно и просто). Промо код на бесплатный перевод z2t9ns

by Tensor

Happy so far

Review published ago

I've recently started using TW for my US clients and so far I'm very happy with the speed of transfer and the lower fees. I'm definitely saving money with the Borderless Account which was the whole point. It's living up to its promises so far.

by Chris Gannon

Happy so far

Review published ago

I've recently started using TW for my US clients and so far I'm very happy with the speed of transfer and the lower fees. I'm definitely saving money with the Borderless Account which was the whole point. It's living up to its promises so far.

by Chris Gannon

Unimaginably fast and hassle free

Review published ago

Unimaginably fast and hassle free. It literally took 5 minutes to do an international transfer between personal accounts. The transaction cost is also quite low.

by Soumyajit Kar

Unimaginably fast and hassle free

Review published ago

Unimaginably fast and hassle free. It literally took 5 minutes to do an international transfer between personal accounts. The transaction cost is also quite low.

by Soumyajit Kar

Great service

Review published ago

I have been using Transferwise for a while and I am very satisfied with their service it's a great company, efficient, quick, trustworthy and transparent....I can recommend it....

by Max Casu

I find Transferwise easy to use and …

Review published ago

I find Transferwise easy to use and highly competitive cost wise, so we've started to use it in our business. We've experienced some issues recently where my transfers were cancelled for technical issues, so that has been somewhat frustrating. I will continue to use Transferwise however, as I appreciate they are disrupting the finance industry in such a positive way and I'm a fan of what they're doing.

by Evelyn Cotter

Excellent service

Review published ago

Excellent service. I received my money faster than they claimed.

by Renu Sharma

Its a great service

Review published ago

Its a great service, very easy to use. The rate offering is ok and still has competition from other online providers. Its not complete global as yet.

by H Mishra

Fantastic Service

Review published ago

Fantastic Service. It was fast and easy to use!! No complaints for a first time user!!! I paid $5.90 in fees to transfer; when I used my bank I paid over about $30. Way better savings!

by Alyse McDonald

Borderless Account is a regulatory nightmare

Review published ago

The Borderless Account is not as advertised. More like a regulatory nightmare. Once a payment hits your Borderless account you will be prompted for: - business website address - marketing materials - descriptions of you products or services - estimate of your monthly income - estimate of transaction volumes Consider if you really want to do that ! If you don't Transferwise will simply let your money bounce.

by Niels

I got my money fast

Review published ago

I got my money, converted it and transfered it to my bank account all in 24h!!! Amazing speed, amazing rates, great low fees!!! Much much better than my bank!!!100% satisfied!!

by Marlene

It took me 3 working days to transfer …

Review published ago

It took me 3 working days to transfer money from Europe to India. It not what I expected. Will share more experience based on upcoming transfers.

by Jones Babu

The transfer was not as expected.

Review published ago

The transfer was not as expected. I say this because I transferred the money over Sofort system and hence transfer should have happened instantly. But it took nearly day and half and in between this delay the rates went down.

by Kunde

Fantastic

Review published ago

Fast, smooth, always on point. cheapest rates i can find between Norway and Canada. Cant think of using anything else. Whoever made this - thank you!

by Eva

its was fast this time :)

Review published ago

its was fast this time :)

by Varun Singh

Very fast transfer

Review published ago

Very fast transfer, good exchange rates, even better than calculated. It's important to be careful, during with filling correct account details.

by Jakub

Deutschland-Thailand unter 18 Stunden. Wow!

Review published ago

Von Deutschland nach Thailand Geld in unter 18 Stunden versendet. Ich Fall vom Glauben ab. Verdammt seid Ihr schnell. ....und ich habe jahrelang Geld mit WU zu sauteuren Konditionen versendet:( Mit Euch spare ich viel Geld:) Danke Danke Danke

by Tom H.

Avoid this service!

Review published ago

Avoid this service! Absolute chaos and ineptitude. The most incompetent customer "service" I have ever encountered. Still waiting for my transfer after 3 weeks.

by eric

Funds held at ransom

Review published ago

They hold your funds at ransom and then ask to verify yourself, just in the middle of an urgent transfer. Then they held my funds for almost a week while they delayed responding to messages. Why don’t they ask for verification after your first transfer and warn that will hold your funds unless your verified.

by Martin

The graph that you show is not correct

Review published ago

The graph that you show is not correct. May be you show the value at the end of the day but you need to show the max for that day. You guys show comparison with few banks. I am not sure if you show the correCt data. but in my opinion you show other sites like xe. That can be marketing strategy to show bank exchange rate and not other site.

by Nitin Sharma
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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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