TransferWise is an international money transfer company with a mission to provide individuals and businesses with fast, inexpensive and transparent money transfer services. Compared to traditional banks and other online money transfer services, TransferWise stands out in that it charges no markup on exchange rates. According to the company website, TranferWise allows sending to 59 countries and supports 53 currencies.
A majority of the currencies TransferWise supports, only allow for bank transfers as the mode of payment. However, other currencies such as the US dollar allow for domestic wire transfers, ACH bank debit, and SWIFT payment. New customers cannot make transfers to Columbia at the moment.
In customer support, TransferWise concentrates on its online helpdesk and reserves telephone support for troubleshooting.
TransferWise is a brand synonymous with transparency. They have a transfer widget that shows you how much you will pay for your transfer.
The transfers are categorised into three, each attracting different fees.
Generally, TransferWise fees are low compared to banks and money transfer companies. Save for a few remittance corridors where they charge a flat fee, the company usually charges a percentage of the amount being transferred. Your currency pair will determine the fees you’ll pay.
For instance, when sending from Euro to GBP, you will pay 0.5% of the amount being transferred and a flat fee of 2 euros.
TransferWise uses the mid-market rate or interbank rate with no markup added. To make their exchange rate feature even more attractive, they offer you a guaranteed rate of up to 48 hours. You can lock in an exchange rate and transfer within that window to help you manage currency exchange rate fluctuations.
Banks charge about 3-7% while Paypal charges 6-8% in exchange rate margins. When you compare and average the costs other international money transfer services charge, you’ll come up with a figure of between 0.5%-1.8%
Apart from debit and credit card fees with often range from 0.15%-2% and SWIFT charges by receiving banks, there are no added fees. When using local accounts to pay for your transfers and receive funds, you won’t be charged any fees. On the same routes, banks can charge anything between $25 and $50 in total transfer charges.
At the moment, TransferWise allows you to send to 59 countries spread across the different continents. The top sending countries on TransferWise sending network are:
As at the end of 2018, TransferWise had a total of 835 employees up from 598 in 2017. All these are knowledgeable and experienced support professionals ready to assist customers on all transfer corridors.
TransferWise is not just cost-effective, it is also transparent in its fee structure. Irrespective of where you are in the world, TransferWise will give you the right money transfer solution.
If you’re looking for other options available, we’ve compared various providers to help you make a better decisions, have a look at our OFX vs TransferWise, InstaReM vs TransferWise, WorldRemit vs TransferWise & XE vs TransferWise comparisons.
TransferWise only supports transfers to banks. Unlike other money transfer companies, TransferWise doesn’t have a cash pickup option. However, in Asia, TransferWise now allows funds transfers directly to mobile wallets. The participating e-wallets are GoPay, OVO, and DANA in Indonesia; GCash and PayMaya in the Philippines, and BKash in Bangladesh.
There is no minimum amount when it comes to transfers but there is a maximum amount you can send. However, this largely depends on the currency. For instance, when sending from GBP, the maximum you can send is 1,000,000 GBP. From euros, the maximum is 1,200,000 EUR and when sending from the US dollar, the maximum is 1,000,000 USD.
The currency pair and how you pay for your transfer determine the length of time it takes for the transfer to get to your destination. TransferWise says that it should take between 1 and 2 days for your money to hit the recipient’s account. However, customer experiences reveal that it can take up to 4 days.
For faster transfers, pay using a credit or debit card. Though it is costly, your funds should arrive the same day or the following day. Using the TransferWise app, you can send transfers and track them 24/7. Compared to banks, TransferWise is about 8 times cheaper. Because of the $0 exchange rate markup, the company stacks up really well against other online money transfer providers like WorldRemit, Transfast and Xoom.
The payment method to use varies with the currency you are sending to or from. That being said, the following are the main ways you can pay for your transfer.
Apple Pay or Google Pay are available as payment methods in select countries. Read our ACH vs Wire Transfer guide, to lear more about the different payment types.
TransferWise offers great services for both private and business customers. The following are some of the common TransferWise use cases.
TransferWise was incorporated on 31 March 2010 in the United Kingdom with company number 07209813. The registered office is on the 6th Floor, Tea Building, 56 Shoreditch High Street, London, England, E1 6JJ. The founders, Kristo Käärmann and Taavet Hinrikus are Estonians, based in London.
According to the company records, TransferWise nature of business is financial intermediation. Outside the UK, TransferWise has branches in Australia, New Zealand, Hungary, Estonia and Hong Kong. In addition, the company has subsidiaries in Canada, Japan, the United States, Malaysia, Singapore, Brazil, and India.
The following are wholly owned subsidiaries of the TransferWise Group
In each of the markets TransferWise operates, it is authorised and regulated by the authorities there. The following are the authorities and regulatory bodies.
These regulatory authorities require among other things that TransferWise excise its fiduciary duty with respect to client funds. The provider stores client’s money in UK Barclays bank accounts. Barclays is classified as a low-risk financial institution.
The company has also raised funds from both consortiums and individual investors such as:
This shows the potential and level of confidence the investment community has in TransferWise. Looking at the 6 million customers currently served by the company moving 4 billion pounds sterling in transfers every month in 53 currencies, it is not hard to see why TransferWise is a trusted brand.
Looking at the social media platforms and the 76,213 reviews on Trustpilot, customers have been heaping praises on the company in several areas such as:
The 4% who rated the company as ‘Poor’ or ‘Bad’ cited occasional delays and the fact that TransferWise has a strict verification policy. Some customer’s accounts were closed in cases where sufficient information was available for identity verification.
The company also received a TÜV-certification in Germany after having passed rigorous customer satisfaction inspections.
Signing up on the TransferWise platform is easy-peasy. The following are the steps to follow to sign up and send your first transfer!
How to Send Money Using TransferWise?
How to Receive Money Using TransferWise?
The funds transferred will be deposited directly into the recipient’s bank account hence there is nothing they are required to do or provide.
TransferWise Money Transfer app is available on both Android and iOS platforms as a free download. The application allows you to do lots of things amongst them:
On Google Play, the app has crossed the 1 million downloads mark and has been reviewed by 66,087 users, giving it an average rating of 4.5. Anyone can install the app, there are no country or regional restrictions.
Depending on the stage the transfer is at, you may be able to cancel it right from the activity tab of your online account. Below are the possible scenarios.
It is always important to double-check your transfer before clicking the ‘Send’ button. Some actions cannot be reversed.
Hello i want to verify my business account please assist me with this issue