Reviews of Transferwise Money Transfer Company

9.4 score based on 40429 reviews

Send Money To Rate
USD PHP ₱ 51
USD MXN $ 17.76
USD INR ₹ 64.31

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

Very good

Review published ago

Very good. Fast transfers. And of course cheap. Use them to many times.

by George

Very good

Review published ago

Very good. Fast transfers. And of course cheap. Use them to many times.

by George

Great Experience All Around (Speed. Ease of Use. Fees.)

Review published ago

Quite simply it was an amazing experience. They have clearly done their homework to anticipate the varied needs of their customers... I have used it for both Euro to USD conversions and also for business payments to contractors outside the US (USD to whatever currency is needed). Elegant and intuitive - along with responsive customer service and oh yeah "more money in my pocket".

by Scott J

Great Experience All Around (Speed. Ease of Use. Fees.)

Review published ago

Quite simply it was an amazing experience. They have clearly done their homework to anticipate the varied needs of their customers... I have used it for both Euro to USD conversions and also for business payments to contractors outside the US (USD to whatever currency is needed). Elegant and intuitive - along with responsive customer service and oh yeah "more money in my pocket".

by Scott J

This is totally insane

Review published ago

This is totally insane! can some one help with this? my boyfriend and I try this app cause we saw it in google all good feedback so we didn't doubt to use this. so my boyfriend sent mo 105$ including the 5$ charge,from America to Phlippines. Transferwise says the recipients will receive it on Septemeber 19,2017 we've waited 3 days and then my Boyfriend got an email from them that the transfer got refunded. and his acct from transferwise got deactivated by them. But the money is not yet reflecting back on my boyfriends account. I try to open my account in transfer wise too and it says my account is deactivated too!! omygod! can you help me with this. We're so stressed to get the money back.

by Bavelyn Marciano Abacan

This is totally insane

Review published ago

This is totally insane! can some one help with this? my boyfriend and I try this app cause we saw it in google all good feedback so we didn't doubt to use this. so my boyfriend sent mo 105$ including the 5$ charge,from America to Phlippines. Transferwise says the recipients will receive it on Septemeber 19,2017 we've waited 3 days and then my Boyfriend got an email from them that the transfer got refunded. and his acct from transferwise got deactivated by them. But the money is not yet reflecting back on my boyfriends account. I try to open my account in transfer wise too and it says my account is deactivated too!! omygod! can you help me with this. We're so stressed to get the money back.

by Bavelyn Marciano Abacan

Binnen 1 a 2 dagen geld vanuit de VS …

Review published ago

Binnen 1 a 2 dagen geld vanuit de VS naar Nederlandse rekening. Met de current exchange rate en maar 9.90 dollar fee.. in plaats van de 45 dollar die mijn bank vroeg (en verborgen kosten door slechte exchange rate) Geweldige app! Voor de mensen die zich afvragen hoe deze app winst kan maken. Er zijn net zoveel mensen die dollars omzetten naar euros als andersom. Zij zetten in werkelijkheid helemaal niets vanuit dollar naar euro of andersom, maar maken gewoon het geld binnen het land over. Zeer slim idee en heel winstgevend :)

by Dennis Kusters

Binnen 1 a 2 dagen geld vanuit de VS …

Review published ago

Binnen 1 a 2 dagen geld vanuit de VS naar Nederlandse rekening. Met de current exchange rate en maar 9.90 dollar fee.. in plaats van de 45 dollar die mijn bank vroeg (en verborgen kosten door slechte exchange rate) Geweldige app! Voor de mensen die zich afvragen hoe deze app winst kan maken. Er zijn net zoveel mensen die dollars omzetten naar euros als andersom. Zij zetten in werkelijkheid helemaal niets vanuit dollar naar euro of andersom, maar maken gewoon het geld binnen het land over. Zeer slim idee en heel winstgevend :)

by Dennis Kusters

fast

Review published ago

fast, cheap easy.....!!

by john walder

Reliable, trustworthy, fast, cheap!

Review published ago

I love transferwise - it's by far the cheapest option for sending money. I've been using it for a couple of years now, transferring hundreds of EUR into my UK bank account or GBP into my German bank account. I've never had a problem - in fact sometimes my money has come through faster than the confirmation email! Would recommend without reservation.

by Stephanie M.

Poor support

Review published ago

Poor support, does not contact you until the "your support is $&@!" keyword is sent by email.

by Jérémy Gabriele

You'd better call the service TransferWhy

Review published ago

If you live outside US and want to receive USD from senders, there's no way to do it. They will block you there, and don't allow converting the money to local currency. Then if you want to get support from their team ? waiting 24h for an email, then ask and continue to wait 24h for another email and so on ... They're going to TRANSFER the WHY back to you until you get the story and handle it yourself.

by thien pham

Fantastic service

Review published ago

My partner and I have both used TransferWise several times to transfer money between our eurozone and UK accounts, and we have both always been very happy with the service. The rates are very transparent (they tell you beforehand exactly how much you'll get for your money), and the fees are low. The transaction is also super fast if you use a debit card (I've never used any other method so can't comment on those), literally within minutes, compared to several days with my own bank. Would highly recommend to anyone who regularly needs to transfer money from overseas accounts.

by Milja

Great service

Review published ago

Great service, I have used multiple times, after going through security checks it was so worth it. I save a fortune in transferring money now. The app is really easy to use and the processing is really quick.

by Tom verey

Recently made a transfer and cancelled …

Review published ago

Recently made a transfer and cancelled it the very same day. 2 days later they debit my account despite me cancelling the transfer and have not received no refund from them yet. Transfer 22479839 Please can you sort this out and refund my money back!!

by M

Slow customer support

Review published ago

Doesn't even deserve one star. Please read carefully. I have been using this for around a year to send money home and recently got to see the true nature of TransferWise. I had initiated a transfer and chose to pay in via my bank account. It took me some time but when they payment was complete and I clicked on 'I have transferred the money' these fraudsters lower the exchange rate! I noticed it and sent an email to the customer support requesting them to look into it and cancel the transfer if there was some technical error. To my surprise, instead of looking into my isse these fraudsters rushed to complete my transfer in next half an hour an left me with no option. Transfer ended up £20 less and another £50 which I could have gained had they had cancelled my transfer. Don't choose TransferWise over similar apps. You pay more fees and even then they dont care and give a damn about their customers. I am going to ellas this to all my friends so that they can protect themselves from these fraudsters. A very disappointed customer Edit: I did get a reply from customer support. But it was way too late. Two days after my email request. Maybe money wasn't transferred from my bank account fast enough but still believe something could have been done by the support team. It did cost me something in the end. Anyways updating my rating to neutral. Have some good experiences with TransferWise in past. Hopefully this was just one off.

by Yogender Singh

Transfer fees.

Review published ago

Transfer fees on the home page do not match those when you actually login and send money..... disappointing. Other than that the service is quick...sometimes the money sent arriving in receiving bank the same day.

by John Miller

Waste Time Waste Money my Account $50 Loss

Review published ago

Hi My account is deactived I am no Any Unusal Activity Made My Account I am Already Verified My Account. Tryed Customer Care But Not response Currently My Account Boardless Account Balance is $50 But Not Withdrawal My Account is Loss My Money and My Time is waste...

by Marie Ragusa

As Smooth as it Gets

Review published ago

Do your research, then come back to Transferwise and follow their directions and you'll be very happy. I opted to confirm my identity and banking details before transferring any money. There's no comparison to PayPal. Transferring > CHF 500 meant a tiny 1/2% fee - I would receive, on average, USD 400 less per transfer had I continued to use PayPal.

by Bradley Andersen

Excellent

Review published ago

Fast, efficient, money saving, best exchange rate. Excellent.

by Angelo

servizio veloce

Review published ago

servizio veloce

by mattia

Transferwise conplaint

Review published ago

I recently used transferwise for the first time. I sent £12,000 to them, they are advising non receipt although it has been out of my account for 5 days! They are disinterested and it seems there is no management structure for escalating complaints. I am a very worried and dissatisfied customer at this stage. Will never use them again!

by Audrey Flynn

1 year using transferwise

Review published ago

Have been using TransferWise for the past year now. Always get the best rate and the service is great!

by Carlos Lobo

Love it

Review published ago

Love it, getting the best rate and a very fast transfer. I use it to send money from the UK to France and Canada. Very simple to use the app on my ipad.

by Rob Prisk
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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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