TransferWise Money Transfer Review

Exchange rates, Payment methods, How to, Transfer fees and much more

TransferWise Review

Sending money in a pinch can be expensive and frustrating. You want to find a reliable, safe method of getting money from one country to another, but you don’t want to pay exorbitant transfer fees.

TransferWise is a UK-based international money transfer startup that allows you to send money to more than 70 countries. With great mid-market exchange rates and easy transfers to bank accounts, it is quickly becoming a popular choice in the overseas money transfer space.

Send money easily with TransferWise’s website or mobile app, using your credit card, debit card, bank account, or wire transfer account to fund the transfer.

How TransferWise Money Transfers Work

01
Create your free account

Visit www.transferwise.com. Create your free account.

02
Enter how much you want to send

Select how much money you want to send, and where you’ll be sending money to. You will be able to see any attached fees up front, and you’ll be given an estimate on when you can expect the money to arrive.

03
Enter recipient details

Fill in the details of your recipient’s bank account. If you do not know them, give TransferWise their contact information and the service will request bank account details for you.

04
Complete a verification

You may be asked to verify your identity by sending a picture of your ID. This may be necessary when sending to certain countries or sending large amounts of money.

05
Choose payment method

Pay for your transfer using your bank account, wire transfer, credit card, or debit card.

06
Review your transfer and send

You can track the progress on your transfer so you know when the recipient gets the money.

Payment Methods Available with TransferWise

TransferWise offers four options when funding a transfer to someone in another country: credit card, debit card, bank account transfer, and wire transfer.

With TransferWise, you can send up to $1 million per day, making it among the highest sending limits in the online money transfer industry.

If using a business or personal bank account, you can send up to $1 million per transaction. For ACH transfers, you are limited to up to $15,000 per day; you can send up to $2,000 per day or $8,000 per week using a credit or debit card.

If you’re sending money from an account with an address in Nevada, Hawaii, Guam, or the Virgin Islands, you can send up to $50,000 per transfer. When sending through an ACH transfer from these areas, the limit is $10,000 per day.

To set up recurring transactions, use the TransferWise app. This allows you to set it up so you can send money to other countries automatically, making your life easier.

Where Is TransferWise Available?

TransferWise allows you to send money from the United Kingdom to any of more than 70 countries. Moreover, the company offers its’ services in lots of other countries including:

TransferWise Transfer Fees

The fees you can expect to pay when sending money with TransferWise vary depending on a variety of factors. Some of these factors include:

  • How much money you’re sending
  • What country you’re sending money to
  • Whether you’re using a bank account, debit card, or credit card to fund your transfer

TransferWise is up-front with their transfer fees, and you’ll always be able to see how much you can expect to pay prior to finishing your transaction.

TransferWise Exchange Rates

TransferWise uses mid-market exchange rate, which makes them very competitive compared with other money transfer services and options. You can expect to see similar rates from TransferWise that you would when transferring money through your bank.

At TransferWise, you can lock in your exchange rate when sending money to certain countries.

Depending on where you’re sending money to, you may have between 24 and 48 hours from the time you set up your transfer to pay in full for that transfer. If you start your transfer on a Friday, your rate is locked in over the weekend.

If you do not fully fund your transfer by the end of the lock-in period, you will be charged the mid-market rate. Because this rate rises and falls, you could end up paying more or less than you would have when you initiated the transfer.

Pros and Cons of TransferWise

Pros

  • Charge mid-market exchange rates, making them less expensive than other services.

  • Transparent with fees you will be charged.

  • Lock in exchange rate for 24 to 48 hours after initiating a transfer.

  • Easy to use with user-friendly website and mobile app.

  • Set up and fund recurring transfers using the mobile app.

  • Large individual transfer limits, up to $1 million per transaction.

  • Fund using bank account, wire transfer, debit card, or credit card.

  • Debit and credit card transfers can reach the recipient in as little as one business day.

  • No exchange rate markups charged.

  • Detailed frequently asked questions section helps walk users through the entire transfer process.

  • Cons

  • Not always the least expensive option when sending large amounts of money.

  • Recipients can only get money in bank account transfer; no option for e-wallet or cash pickup.

  • Limits on various types of payment methods means it may be difficult to send large amounts of money.

  • Bank-to-bank transfers can take longer than with other online money transfer companies.

  • Alternatives to TransferWise Money Transfers

    Banks

    Banks are seen as a solid choice when transferring money internationally. They’re viewed as reliable and safe, providing protection to both the person transferring the money and the one receiving it.

    However, because of a variety of fees that banks may charge, sending money through a bank isn’t often the least expensive option.

    Banks also are less accessible to many people, as you need to be near a branch of that particular bank in order to send or receive money.

    TransferWise, on the other hand, is accessible from wherever you have access to the internet. You can send money from any bank or credit card to any bank, giving the person receiving the money easy access to their bank of choice.

    01

    Traditional Money Transfer Companies

    Money transfer companies are still considered “safe” options for many. They have more branches than banks, making them more accessible for people.

    Companies such as Western Union, MoneyGram, and Ria Money Transfer tend to have more easily accessible branches, making them a choice for those who may be far from home.

    These companies, however, offer limited choices on how you can send and receive money, and they often charge much higher fees than other money transfer services. This puts the ability to send money overseas out of reach for many people.

    TransferWise offers much greater access to sending and receiving money, allowing both parties to use their own banks. The fees and exchange rates they charge are much more affordable than traditional money transfer companies. This puts more money in your pocket.

    02

    Other Online Money Transfer Services

    The online money transfer industry has broadened access to overseas money transfers greatly. This gives people more choice in where to send money, how to send money, how to fund the transfer, and how much they’ll pay to send money.

    Online money transfer services such as Remitly, WorldRemit, Remitbee, and Remit2India don’t have to operate physical branches. This means their overhead is much lower, so they can charge much lower fees than traditional banks and money transfer services. Additionally, these services are location-independent, allowing users open access to their banks and financial institutions. This gives you the opportunity to send and receive money from wherever you can access the internet.

    Compared to the other online money transfer services, TransferWise does tend to have lower fees and better exchange rates. However, because there are limited sending options and some slow transfer times, it is a less desirable option for many people.

    03

    Other Money Transfer Providers

    How Does TransferWise Make Money?

    TransferWise makes money by charging users fees to send money from one country to another. These fees are calculated based on how much money you’re sending, where you’re sending money to, and how you’re funding the transfer (whether you’re using a bank account, wire transfer, credit card, or debit card).

    The fees charged by TransferWise are among the lowest in the industry. However, these fees do add up the more money you send, meaning other services may be more affordable when sending large sums.

    Platforms Where TransferWise Is Available

    TransferWise is available on your computer, tablet, or mobile device through its website. Additionally, there is a TransferWise app available for free download on your Apple or Android device.

    All of TransferWise’s platforms are highly rated by users, with many saying they’re easy to use and intuitive.

    Is TransferWise Secure?

    TransferWise is a secure, reliable way to send money overseas to friends and family.

    The service is fully licensed and regulated by a wide variety of global watchdog agencies. These agencies monitor and track companies such as TransferWise, making sure they’re doing what they promise to do (send money from one country to another) without scamming its customers.

    What TransferWise Offers

    TransferWise offers online money transfers from one country to another.

    They offer individual country-to-country transfers for individuals and businesses, similar to other money transfer services.

    Additionally, TransferWise offers a multi-currency account. This allows you to send and receive money in multiple currencies, making it great for people who travel or who do business in various countries.

    TransferWise’s borderless account comes with its own card. This allows you to spend money in the actual currency of the country you’re in at the real exchange rate, making it a solid option for travelers.

    The company also has its own API, allowing other companies to integrate their transfer services into their websites as a payment option.

    TransferWise Money Transfer Customer Reviews

    TransferWise has more than 80,000 customer reviews on consumer review site TrustPilot, making it one of the most-reviewed money transfer companies.

    Of these reviews, 86% of them are excellent. Frequently mentioned positive points include speed of service, reliability of transfers, and transparency of fees.

    User Jake from Australia stated that he frequently uses money transfer services for business purposes. TransferWise’s exchange rates, he said, are “phenomenal” when compared to other similar services.

    Customer Christopher has used TransferWise to move money a few times, and he stated the service saved him a large amount of money. The great exchange rates and low fees saved him money in the transaction. Additionally, he was pleased with the customer service representatives when he needed their services.

    TransferWise isn’t always met with glowing reviews, however.

    Customers who were dissatisfied complained of slow transfers, lower-than-quoted exchange rates, and difficulty canceling their transfers.

    How to Contact TransferWise

    TransferWise offers both email and online chat support to its members along with a customer service line.

    Customer Service Phone:

    (888) 908-3833

    Frequently Asked Questions About TransferWise

    Here are some frequently asked questions about TransferWise:

    You cannot completely avoid paying TransferWise’s fees to send money to another country. You can, however, decrease how much money you will pay.

    Some of these ways include:

    • Comparing TransferWise’s transfer fees with those found at other online transfer services. 0 Estimate how much your transfer will cost using the calculators on TransferWise’s website, helping you decide whether you can decrease the amount you’re sending to save on fees.
    • Send money with another online transfer service if their fees are lower and their exchange rates are better than those at TransferWise. The more money you save on fees and currency exchanges, the more money you actually send to the recipient.

    The fees you will pay at TransferWise depend on three factors:

    • How much money you’re sending
    • What country you’re sending money to
    • How you are funding the transfer (bank transfer, wire transfer, credit card, or debit card)

    TransferWise’s website allows you to enter how much money you want to send so you can see how much you’ll pay in fees and the exchange rate you’ll pay.

    Yes. TransferWise is monitored and regulated by a wide variety of financial regulators in various countries.

    With a multi-currency account, you can receive money in up to 30 currencies, through your own bank. This account allows you to use the real exchange rate, giving you more money in your pocket.

    History of TransferWise

    TransferWise was founded in 2010 by two Estonians, and is based in London. Both of the founders struggled with getting paid in a different currency than they needed to transact normal business.

    As a result of their struggles, they decided to create their own online money transfer service to make cross-borders money transfers easier and faster.

    By February 2012, TransferWise was approved by the Financial Services Authority in the United Kingdom. In 2013, they stopped allowing users to purchase Bitcoin, which was gaining steam in the online world.

    Today, TransferWise has 13 offices internationally and moves more than $5 billion every month. It has served more than 7 billion customers since its founding, and was valued at over $3.5 billion in 2019.

    Send Money Overseas with TransferWise

    TransferWise is among the most affordable money transfer services available online, with low transparent fees and mid-market exchange rates. However, transfers can take several days. If you need to transfer money quickly, TransferWise may not be the best option for your needs.

    From its multi-currency accounts to its easy-to-use web applications, TransferWise is an international name in the money transfer industry for a reason.

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