Reviews of Transferwise Money Transfer Company

9.5 score based on 37521 reviews

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USD PHP ₱ 49.74
USD MXN $ 18.92
USD INR ₹ 64.07

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

Thanks for a quick transfer

Review published ago

Thanks for a quick transfer

by Customer

Thanks for a quick transfer

Review published ago

Thanks for a quick transfer

by Customer

Reliable and fast

Review published ago

I've been transferring money with Transferwise within EEA for many years, they offer excellent rate and reliable service. I recommend it without reservations.

by Maris V

Reliable and fast

Review published ago

I've been transferring money with Transferwise within EEA for many years, they offer excellent rate and reliable service. I recommend it without reservations.

by Maris V

Bardzo dobra i uczciwa firma

Review published ago

Bardzo dobra i uczciwa firma. Polecam

by Customer Radosław Kowalski

Bardzo dobra i uczciwa firma

Review published ago

Bardzo dobra i uczciwa firma. Polecam

by Customer Radosław Kowalski

Great service!

Review published ago

Great service!

by Ates

Great service!

Review published ago

Great service!

by Ates

Once account set up, definitely recommend

Review published ago

This is the second time I have used TransferWise and it was seamless and money transferred in line with time and rate told. Setting up the initial account for the first transfer was a bit of a pfaff e.g. Asked for a utility bill but no paper bill online bill not in format required so allow a bit of time to go through the process

by Kate

I had a very good experience to do my …

Review published ago

I had a very good experience to do my money transfer. Ease to use app and fast transaction.

by Luiz

Great 👍🏻 👍🏻👍🏻

Review published ago

I had a good experience with this app !! Congratulations

by laura

Excellent service

Review published ago

Excellent service. I've used it several times already and apart from being cheaper than my bank, they're also faster (although I've only done payments within the EEA)

by Juan

Excellent company!

Review published ago

Excellent company. Very happy with their services and will be sure to use again!

by Philip Marc

Great rate

Review published ago

Great rate, low fees, less tha half a day for transfer

by WILLIAMIAN MCCORMACK

Better than bank

Review published ago

Easy to use, fast, good currency rate, acceptable commission.

by Toms

communication et frais très avantageux

Review published ago

communication et frais très avantageux

by LUDOVIC RAGOT;

I lost over $200 while waiting for …

Review published ago

I lost over $200 while waiting for TransferWise to verify my identiy. I was completley unclear from all online and FAQ information the process that Transferwise would put me through to verify my idenity. While waiting to deal with all of this, the exhange rate changed, and I lost hundreds of dollars. I had an employee clearly tell me what was needed to verify my identity, and then request something completley different to actually have the transfer go through.

by Emma Sletteland

Very easy and quick process absolutely …

Review published ago

Very easy and quick process absolutely no problem to use.

by Alan Coles

Satisfied

Review published ago

I'd recommend it.

by St JohnHughes

Excellent service and exchange rate. Fast Transfer.

Review published ago

I am totally amazed by the speed of transfer. Excellent service and customer support. From my experience it has one of the best exchange rates. Would recommend to anyone.

by S. Mathew

Mobile ok, web great

Review published ago

No problems with the web interface, everything went smooth and fast. Tried the mobile app first, that one didn't show the i.deal Dutch banking system.

by Jp

Just started using Transferwise

Review published ago

Just started using Transferwise instead of Moneycorp, very plaesd with service last fairly small transfer was ultra fast and in my Spanish bank account inside a minute.

by Ray Harvey

very good experience

Review published ago

very good experience

by Julia

cheap and fast!

Review published ago

cheap and fast!

by Gabriella
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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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