Wise (Formerly Transferwise) Money Transfer Review

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

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Wise (Formerly Transferwise) review

Sending money online can be worrisome to many people. Is it safe to send? Am I paying too much to transfer money online?

TransferWise is an online money transfer service that allows customers in the United States, Canada, Australia, the United Kingdom, and the Eurozone to send money to more than 40 countries internationally. The service makes transferring money quicker, easier, and less expensive than other companies. Send money using your smartphone, tablet, or online through the TransferWise online transfer service.

Payment Methods Available with TransferWise

When you send money online with TransferWise, you can fund the transfer using:

⬤ Bank transfer

⬤ Credit Card

⬤ Debit Card

Individual users can send up to $999 per day, and TransferWise doesn’t allow you to set up recurring transactions.

If you choose to submit additional information to TransferWise, such as the reason for the transfer or proof of how you are funding the transfer, you can send more money.

For example, providing TransferWise with the reason you’re sending the money and the source of the funds, you can send up to $6,000 per day.

The person receiving the money has a few options for getting their funds, including deposit into a bank account, deposit into a digital wallet, or picking up cash at a nearby partner money transfer facility. And if you need to send money somewhere immediately, you can choose the “Express” option for an instant transfer of funds.

How much I can transfer with TransferWise.

With TransferWise you need to pass different tiers of verification to be able to send higher amounts of money. To increase your sending limits you will need to provide your personal information and upload certain documents.

Tier 1. You can send up to $999 daily, $2,999 weekly, $10,000 monthly and $18,000 every six months

Tier 2. You can send up to $6,000 daily, $20,000 monthly and $36,000 every six months

Tier 3. You can send up to $9,999 daily, $30,000 monthly and $60,000 every six months

How long does a Transfer with TransferWise take ?

TransferWise offers two ways to send - express or economy

Express may cost extra but it can deliver your money to your recipient within 4 banking hours
Economy generally takes three to five business days to arrive

TransferWise Transfer Fees

The fees TransferWise charges to transfer money depend on several different factors, including:

⬤ How much money you’re sending

⬤ Where you’re sending money to

⬤ How you are paying for your transfer

⬤ The currency you’re converting your money to

⬤ The way you choose to transfer the money

TransferWise allows users to send money either Economy or Express. Economy often has lower fees - including no fees for your first transfer - but takes longer to reach the recipient.

If you’re sending Economy from Canada to the Philippines, using local currency, the transfer will take up to three days. TransferWise charges you $2.99 if you send less than $500, but there is no charge for sending more than $500.

If you need the money to get from Canada to the Philippines immediately, the Express option costs $6.99 regardless of how much you’re sending.

Express transfers happen immediately, so they’re great for people who need to send money for emergencies. However, they do carry additional fees that can add up the more often you send money with this method.

There also may be situations where TransferWise will charge you additional fees, such as when you send money to a recipient in a foreign country but they will receive that money in United States dollars.

Users in Australia, Canada, and the United States will also be charged a processing fee if they elect to fund the transfer with a credit card. You also may be charged additional fees directly by your credit card company, but TransferWise has no control over these fees. If you’re using a bank account to transfer money, they may also charge you additional fees. These fees are dependent on your bank’s policy and are out of TransferWise’s control.

Pros and Cons of using TransferWise

Pros

Easy to use with user-friendly online applications and mobile app.

Those who receive money can collect their money at any TransferWise partner bank, including nearly all big banking networks in the countries where TransferWise is available.

Multiple payout options, including bank transfer, mobile wallet, home delivery, and pickup at over 140,000 locations.

Currency exchange rate locks in when you start the transfer, protecting you from fluctuations before the money gets to the recipient.

Text message alerts for you and the recipient so you both can track when money has been sent and received.

If you are unhappy with the service you receive from TransferWise, you get a refund on all the fees you paid.

Its website is secure, meaning you can be confident you’re transferring money securely.

Cons

Often not the cheapest money transfer option, with exchange rates that are lower than other services.

Fixed fees can get expensive if you’re transferring smaller amounts of money.

You may be limited in how you can send money and how the recipient gets the money depending on where you’re sending money.

Daily and monthly limits on how much you can send without going through extra verification steps.

Higher fees for express transfers. You need to pay much more in fees if you want to fund your transfer with debit or credit card.

How TransferWise Works?

Create your free account

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

Initiate your first transfer

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.

Add your recipient

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.

Verify your identity

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.

Make your payment

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

Review your transfer and send

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

TransferWise Exchange Rates

TransferWise’s exchange rates are competitive with other online money transfer services, typically coming in between 0.5% and 2% worse than general market rates.

The company not only makes money with these exchange rates that are worse than the market, as well as additional fees charged by TransferWise.

For example, if you want to send $500 from Canada to the Philippines, you will pay between $2.50 and $10 more to send that money with TransferWise over base exchange rates.

The company also charges you fees for sending money instantly with a credit or debit card, as well as fees for transferring money to the Philippines in U.S dollars instead of the native currency.

How TransferWise makes money?

TransferWise makes its money by charging customers to send money from one country to another. These fees are what you pay based on where you’re sending money, how much you’re sending, how fast you want the money to get there, and how you’re paying to send the money.

The fees TransferWise charges are higher than some of their competitors, so shop around before deciding what service to use to send money overseas.

Platforms Where TransferWise Is Available

TransferWise is available for use on your computer, tablet or mobile device through its web-based platform. Additionally, the TransferWise app is available for Android and iPhone devices.

All of TransferWise’s platforms come highly rated by customers for their ease of use and user-friendliness.

Platforms Where TransferWise Is Available

Is TransferWise Secure?

TransferWise is considered a very secure and trustworthy online money transfer provider.

The company is a registered Money Services Business with the United States Department of the Treasury and is a licensed money transmitter. TransferWise also is authorized to operate in all Canadian provinces except Quebec (although this is coming soon), as well as the United Kingdom and Ireland.

TransferWise offers a variety of safeguards and security measures to protect your information and your money, including:

● All TransferWise accounts are verified using a variety of different measures, helping keep them safe and secure while also preventing fraud.
● In order to send money through TransferWise, users must submit certain documents to prove their identity.
● TransferWise uses manual and automated fraud detection techniques and risk management procedures, helping them detect and eliminate suspicious account activity.
● All transactions are protected by strong online security measures, including 256-bit SSL encryption with a 2048-bit signature.

TransferWise is financially strong, and it has the backing of a variety of investors including TomorrowVentures, Jeff Bezos, Trilogy Equity Partnership, QED, and DJF. They have raised more than $100 million in venture capital, and completed a second round of fundraising with investors such as Barclays, Bridge Bank, Goldman Sachs, Prudential Financial, and Top Tier Capital Partners.

With TransferWise you can send money from the following countries

The TransferWise app and online transfer service lets you send money from the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, the U.K. and the U.S.A..

TransferWise allows you to transfer money to the following countries

Using TransferWise money transfer services, you can send money to the following countries around the globe: Argentina, Bangladesh, Bolivia, Brazil, Bulgaria, Chile, Colombia, Costa Rica, Croatia, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Ethiopia, Ghana, Guatemala, Haiti, Honduras, Hungary, India, Indonesia, Jamaica, Kenya, Malaysia, Mexico, Morocco, Nepal, Nicaragua, Nigeria, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Romania, Rwanda, Senegal, South Africa, Sri Lanka, Thailand, Tunisia, Turkey, Uganda, Uruguay and Vietnam..

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Other Money Transfer Providers

Here are some frequently asked questions about choosing TransferWise for your online money transfers:

TransferWise Frequently Asked Questions

Can I avoid paying TransferWise’s money transfer fees?

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. 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 you actually send to the recipient.

How much does it cost to send money with TransferWise?

The fees you will pay at TransferWise depend on three factors. How much money you’re sending, what country you’re sending money to, and how you are funding the transfer (bank transfer, wire transfer, credit card, or debit card).

Is it safe to send money with TransferWise?

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

I travel a lot and do business in multiple countries. Can I receive money in more than one currency?

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.

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