What are TransferWise limits?
TransferWise offers its customers to send large amount overseas, so it has a high maximum limit. These limits are:
TransferWise Maximum Transfer Limit: US $1,99,999
TransferWise Minimum Transfer Limit: US $1
TransferWise review provided at Exchange Rate IQ is the part of our editorial independence which depends upon multiple analysis reports, comparison with other companies, safety and customer reliability. This review provides you the answer to "Is TransferWise cheap?" "What are the fees and exchange rates?" "Can you trust TransferWise with your money?"
TransferWise is a “UK-based money remittance company” which is founded by Kristo Käärmann and Taavet Hinrikus. The company headquartered in London and has offices in Tallinn, New York and Singapore. It supports multi-currency accounts across the world which have 1,000+ country routes across 49 countries including GBP, USD, EUR, AUD, and CAD. It offers mid-market rate to customers on the basis of what your money worth on the global market compared to another currency. Some of the benefits of using TransferWise money transfer are:
TransferWise Fees
TransferWise is a large platform with its customer base of 4 million, who collectively transfer around $4 billion per month. TransferWise online money transfer offers better transfer rates than many of the banks and competitors. It keeps updating the rates and offers live prices of mid-market which align with the global markets.
TransferWise fees ranges between free to $4, which is fixed price on every transaction. Besides this, there is a small percent of the fee that is charged on the amount you are transferring, which ranges in between 0.4 to 0.6 percent. This all depends on the mode of sending money, i.e., bank account transfer, debit card or credit card transfer.
For more understanding of the fees structure of your transfer, it has provided TransferWise Calculator where you can see the charges you need to pay and amount that will be received by the recipient.
| Your Transfer | TransferWise Fee |
|---|---|
| GBP to USD | 0.4% + £ 0.80 flat transaction fee |
| USD to INR | 0.65% + $1.00 flat transaction fee |
| DKK to EUR | 0.35% + kr 4 flat transaction fee |
TransferWise Exchange Rate
TransferWise helps you to convert your money into other currency at the mid-market exchange rates. This shows that the company is offering the most fair and accurate exchange rates to its customers. It automatically locked the exchange rates once you start the transaction for 24 hours so that you are not exposed to exchange rate fluctuations that prevail in the market.
TransferWise Hidden Fee
Whenever one send money using TransferWise, the transaction will be made on the real, mid-market exchange price. However, many banks don’t offer this rate to retail customers, and they add few amounts to keep up with themselves as commission. But, the TransferWise update the rate when you entered the amount and locked it until the transaction has been completed. The fees it charges from you will also be shown by it clearly in the transaction process as you select the mode of transfer, yours’ as well as recipient’s currency. So, it does not attract any hidden fees and very much transparent with its transfers.
TransferWise Tracking
You can also track the transaction that you have completed with TransferWise through the order number or reference number provided by it with every transfer. It shows how long it may take to reach the amount to the recipient. Customers from Canada, Australia and the UK can also send the money through Facebook Messenger using the TransferWise services.
TransferWise has variable transfer speed according to the type and mode of transfer. If you are sending money through the card, it will go instantly, while if you are transferring funds through a bank, it may take longer. The company completes almost 90% of its transfers within 1-2 working days. It also offers SWIFT Payment which is sent via the SWIFT international payment network. This takes at least 1-3 working days to reach to the recipient and sometimes more when many intermediary banks are involved in the transaction.
If you are transferring funds from GBP, then the company offers Low Cost Transfer and Fast & Easy Transfers. Here the speed of your transfer depends on the type you choose for making a transaction. Besides this, it can handle the money to the bank in normal working hours only, so it also depends on the country where you are sending the money. TransferWise wire transfer takes one working day to transfer funds in the bank account.
It also offers TransferWise Borderless account which helps you to send, receive and spend money around the world in more than 40 currencies. This is 8X cheaper than the banks and does not attract fees till spending $200. TransferWise cards are also available for this service so that when you travel to other country, you can spend worry-free.
The customer can send large amount in once, either private or business, so TransferWise is a wise option to send money with low cost. So, after TransferWise speed review, we provide it 9 out of 10.
It is very much essential to know how much your online transactions are safe and does it affect your privacy? Then it is good news for you that TransferWise is highly secured and has amassed a large customer base in the past years.
We believe that it has high digital security like many banks but there is no physical security, so here TransferWise deserves 8 out of 10.
TransferWise is a highly user-oriented website. You will find many FAQs on its website which will clear all your doubts before you send your funds. TransferWise money transfer also offers mobile apps for the customer, so that one transfer money anywhere anytime without any delay.
When it comes to customer support, TransferWise contact details are provided for various countries on its website. It does not offer 24/7 customer support, but you can send the mail to them here. It also provides email and SMS services for their transaction details to its customers.
About payment convenience, it accepts various debit and credit cards, helps you in transferring funds through Facebook Messenger, and bank accounts. However, it does not support money market instruments, cryptocurrencies and savings accounts. So, customers who hold these instruments cannot use the services of TransferWise. It also does not offer cash pickup or courier services, so, there is no home delivery of your cash to the recipient. It will only place in the bank account of the recipient.
As per user experience, we rate 8 out of 10 to TransferWise support services. It’s because customers are not satisfied with its assistance facilities. We would have given it a higher score if the users have clear indications and understanding of their transactions.
TransferWise App:
TransferWise is offering both Android and iOS apps to its customers so that they can transact anytime, anywhere. It uses real-time currency exchange rates in its mobile apps also so that the user will get the idea if he wants to send money at this rate or not. TransferWise apps are highly secured, convenient and offer low-cost transfers so that customers get the best transfer experience.
TransferWise Android app is rated 4.6 stars out of 5 by the customers and TransferWise iOS app is rated 4.7 stars out of 5. This shows that the customers are highly satisfied with its transfer rates, security, app working and model. You need not log in for checking out the TransferWise transfer rates. You can download TransferWise apps here
TransferWise provides its services in more than 50 countries and supports over 750 currency routes. For using the services of TransferWise login here. The top countries, where you can use the services of TransferWise are:
| Australia | China | India | Malaysia | Bangladesh |
| Canada | Pakistan | Sweden | Thailand | UK |
| USA | Ghana | Nepal | Europe | Denmark |
| Hungary | Japan | Morocco | Kenya | Norway and more |
Some of the major currencies in which you can transact from TransferWise are:
| AUD | BGN | CAD | CHF |
| EUR | DKK | HRK | HUF |
| JPY | INR | AED | ARS |
| CNY | KRW | MYR | PHP and more |
TransferWise offers its customers to send large amount overseas, so it has a high maximum limit. These limits are:
TransferWise Maximum Transfer Limit: US $1,99,999
TransferWise Minimum Transfer Limit: US $1
Yes. TransferWise is absolutely safe for large amount transfers and also providing fast transfers. It allows users to send a large amount with small usage of fees which is eighty times cheaper than a bank. So, if you wish to send a large amount, think TransferWise.
You can send money through TransferWise using your bank account, debit or credit card. You can also pay the amount through SOFORT, Apple Pay or Android Pay, but these options differ from country to country.
Yes. TransferWise provides cancellation and 100% cancellation facility. Though, for this, you need to provide your bank account details to the company if you have paid through credit or debit card. The amount will be added back within 14 working days after the cancellation.
TransferWise charges a flat fee of $3 if you are transferring amount up to USD $300 or similar amount in other currencies. However, if you are transferring more than USD $300, then it charges 1% for sending amount up to $5,000 USD to any other country.
TransferWise borderless account is an online account facility offered by the company which allows customers to hold currencies of more than 40 countries. Besides this, European personal user you can also get a free debit card to spend in any currency around the world.
Yes. TransferWise offers business transfers for which you need to set up your own business account on behalf of your company. It will then verify your business and register your account.
When using TransferWise for remittance, the estimated time when the recipient will receive his or her money will be shown. Some transactions take a few hours because there are banks that take a short time to process the transfers. Others can take up to 3 days. Regardless, you will be shown how long the money will take to reach its destination.
Yes. TransferWise allows you to keep track of your money until the end by sending you a notification in your mail and phone in the form of texts messages. The good thing with TransferWise tracking services is that other than allowing you to keep a check on your money, no one can access your account and make transactions without you receiving a notification.
To be able to make transactions using TransferWise, you will need to sign up for an account. While doing so, you will be required to enter your details accurately. You will need to provide your identification card or passport and location address. When your application is approved, you should be able to begin using the service.
TransferWise services are linked to bank services since these are the pickup points. It is, therefore, safe to say that TransferWise is available in many countries around the world. To find out of the service is available in your state or the country to which you need to send money, you can click here
If you are experiencing problems with your TransferWise account, then your first step of action should be checking out their help and support page here. If your issue is not resolved, then you can get in touch directly to customer care services. You will also want to check out the customer care support service contacts for various countries here.