TransferWise Reviews

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

9.1 score based on 42015 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

Limits are a bit low without an ability…

Review published ago

Limits are a bit low without an ability to change it

by Ilja Bobkevic

Limits are a bit low without an ability…

Review published ago

Limits are a bit low without an ability to change it

by Ilja Bobkevic

The best money transfer app I have ever…

Review published ago

The best money transfer app I have ever used.Competitive rates,minimum transfer charges and fast transfer.This is good indeed.

by Rajib

The best money transfer app I have ever…

Review published ago

The best money transfer app I have ever used.Competitive rates,minimum transfer charges and fast transfer.This is good indeed.

by Rajib

honestly

Review published ago

honestly? amazing. fast, accurate, clear. Done my first transaction. No borders and correct. Bravo. let us see coming transactions how it goes. but for now, yes!

by Aidi Limited

honestly

Review published ago

honestly? amazing. fast, accurate, clear. Done my first transaction. No borders and correct. Bravo. let us see coming transactions how it goes. but for now, yes!

by Aidi Limited

I tranferred the amount and upload the…

Review published ago

I tranferred the amount and upload the BRP copy. after 3 days, it got cancelled

by Velmurugan Thirugnanam

I tranferred the amount and upload the…

Review published ago

I tranferred the amount and upload the BRP copy. after 3 days, it got cancelled

by Velmurugan Thirugnanam

Very useful service

Review published ago

Very easy. Very quick. Very convenient. It facilitates my transfer needs.

by Michael Mahnke

Transferwise is really the best

Review published ago

Transferwise is really the best. It offers the best rate as far as i know.

by Nishant Singhal

Ease of use

Review published ago

Ease of use. Great way to transfer money across borders. Seamless. Transfer happened in the day.

by David Morin

It just works!

Review published ago

It just works! I've used my brick & mortar bank, Transferwise, and Revolut. Transferwise just works. It was a big mistake test driving Revolut.

by Kasper Christensen

Very simple and easy to use

Review published ago

Very simple and easy to use. Can’t wait to get started !

by Mara Johnson ✩

TransferWise is the best way to do…

Review published ago

TransferWise is the best way to do international transfers! Cheap, easy and fast!

by maria

I HAVE USED THIS COMPANY TOO MANY…

Review published ago

I HAVE USED THIS COMPANY TOO MANY TIMES.I AM PLEASED

by Kothandaraman Dandey

Fast & efficient

Review published ago

Fast & efficient

by Li Yen Chan

SCAMMER SET THIEF .....

Review published ago

SCAMMER SET THIEF ..... I USE THIS COMPANY YESTERDAY TO TRANSFER FUNDS GET TO FIND OUT THE FUNDS WASNT SEND TO MY FAMILY INLAW. THEY DEACTIVATED MY ACCOUNT WITHOUT MY CONSENT OR EMAIL.THEN THE FREAKING CUSTOMER SERVICES REP TELLING ME THE FUND IS RETURNED TO MY ACCOUNT AND IT GOING TO TAKE 3-4 DAYS. THEY ARE SCAMMER I ASKED FOR A PROVE THE FUNDS IS RETURN THE CLOSE THE CHAT ..... unds transfer Kaili: Hi, I'm Kaili from TransferWise. How may I help you today? Me: Hello My name is Janel Wright with email address Kaili: what can I do for you Me: Well, i did transfer for 60 GBP YESTERDAY NIGHT I receieved an email the funds is going to be credited into the account on 24th of April this morning i chatted with one of your representive he promise me he is going to speak to the department then about 2 hours later i try to login to my account its was deactivated May i know what is going on please ? are you there Kaili: We regret that we had to deactivate your profile. Your payment was cancelled and money refunded back to the card. Me: You regret#

by Janel Wright

Its an awesome experience to transfer…

Review published ago

Its an awesome experience to transfer money with you guys... the entire transaction has been completed in less than 12 hours from transfer initiation which is commendable and trust building. Really a big thanks to the entire team for such a commendable performance.

by Rohit Kumar

Excellent Customer Support

Review published ago

The customer support is really efficient and quick. They were patient enough to walk me through the setup process and answer my queries and concerns.

by Varshi

Rates are excellent

Review published ago

Rates are excellent, service is fast and efficient, highly recommend them.

by MARTIN WHITE

Excellent!

Review published ago

Excellent way to send money overseas without being charged ridiculous fees. Used Transferwise to send money from the UK to Malaysia. Transfer was super easy, fast and efficient I will definitely use again.

by Leah Newman

It is quick with good exchange…

Review published ago

It is quick with good exchange rate...liked it

by Ajesh Painadath Thomas

Awesome...super fast...!!

Review published ago

Awesome...super fast...!!! Secure...!!!

by yash patel

Thanks for the great support

Review published ago

Thanks for the great support , it was very helpful and fast. Keep on this way

by Alexander Streicher
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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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