TransferWise Review - Exchange Rates & Fees Calculator and Monito's score
How can you use TransferWise to send money abroad? Is their service reliable? Can you trust TransferWise with your money? How good are their fees and exchange rates?
Our independent review of TransferWise
TransferWise review
TransferWise is a Great money transfer service (8.8/10) recommended by Monito. TransferWise is highly reputable and trusted by more than 7 million customers (10/10), has a very high number, and percentage of customer reviews on TrustPilot (9/10), offers competitive rates (8.8/10), and is very easy to use (8/10).
TransferWise mobile apps review
TransferWise mobile apps have great ratings on Apple’s App Store (4.7/5 stars on 19,300 ratings) and Google’s Play Store (4.4/5 on almost 80,000 ratings). According to TransferWise customers, the app is "an invaluable tool for anyone moving money internationally".
TransferWise fees and exchange rate
TransferWise is an innovative international money transfer provider that is often dubbed the “Robin Hood” of the money transfer industry. They focus on making bank transfers more affordable than traditional banks by charging low and transparent transfer fees and converting money at the true mid-market exchange rate. In other words, there’s zero markup on the exchange rate. (As a comparison, banks usually give customers an above-market rate, the margin is part of their fees and in general, they are not transparent about this.)
TransferWise services and coverage
TransferWise currently supports sending money to 71 countries and sending money from 43 countries. The company covers 1000+ routes (country combinations) across 57 currencies, and they are also one of the few companies offering the true mid-market rate.
Most currencies supported by TransferWise offer one option: a bank transfer from one bank to another. For some currencies, you can pay with debit and credit cards or use a SOFORT transfer option. Apple Pay or Android Pay is also available for certain currencies via TransferWise iOS and Android apps. In most cases, the recipient will get the money within one to two business days.
TransferWise is a top choice for international money transfers. They are known for their great customer service, have excellent reviews on Trustpilot, and provide speedy transfers. And the cherry on the cake? They also provide spectacular user experience, from an easy sign-up process to efficient transfers, as evidenced in our in-depth UX analysis of what first-time users think of TransferWise. Some users were so impressed they thought it is too good to be true. Yes, it’s good, but it’s also true! They’ve seen massive growth since 2011 and are an extremely competitive, high-profile disruptor of the traditional money transfer model. TransferWise is frequently referred to as a no-nonsense company that is sparking a revolution.
Click here to read our TransferWise Borderless Account & Card Review.
What we like about TransferWise
You get the true mid-market rate
Low and transparent transfer fees
Fantastic user experience
Exceptional customer reviews on Trustpilot
What we dislike about TransferWise
You can only send to a bank account
TransferWise Review - The Highlights
Criteria | Monito's Score | Review Highlight |
|---|---|---|
8.8/10 | TransferWise has very competitive fees and exchange rates. | |
8.0/10 | Setting up your transfer is quick and easy. | |
9.4/10 | Trusted by 7 millions customers. | |
8.5/10 | 57 supported currencies. | |
9.2/10 | 4.6/5 rating on TrustPilot. | |
9.5/10 | Via live chats, email or call-center. | |
10/10 | Clear pricing and no hidden fees. |
Compare TransferWise's transfer fees and Exchange rates
Sending money abroad could cost you a lot, especially if you aren’t aware of the hidden fees in the currency exchange rate margin. Compare for your next transfer below:
Compare TransferWise Fees and Exchange Rates
Alternatives to TransferWise
TransferWise Fees & Exchange Rates
TransferWise Fees & Exchange Rates 8.8/10
Great
TransferWise is rarely the cheapest option
This indicator is based on the percentage of searches on Monito for which TransferWise is the cheapest provider
TransferWise has very competitive fees and exchange rates
This indicator is based on the percentage of comparisons on Monito in which TransferWise offers a competitive pricing (taking into account the pay-in and pay-out options as well as the amount).
TransferWise doesn't offer special promotions to Monito users
Monito can access real-time pricing information from TransferWise
The points above are added to calculate the "TransferWise Fees & Exchange Rates" score of TransferWise, who scores 8.8 points on a maximum of 10 points.
TransferWise Transfer fees
TransferWise fees are low and fully transparent. They charge a percent of the transfer amount, and a flat fee for certain transfer routes (country combinations). The minimum TransferWise fees and percent depend on the currencies you are sending from and to and certain currencies have variable fees depending on the total amount being sent.
For example, from GBP (British Pound) to EUR (Euro), you will pay 0.35% of the transfer amount with a fee of £0.80. The reverse, EUR (Euro) to GBP (British costs 0.5% of the transfer amount with a flat fee of €2. Sending DKK (Danish Kroner), to Euros will cost you 0.5% of the transfer amount on the initial DKK 50,000 and 0.3% on anything over that amount.
TransferWise Exchange rate
TransferWise converts your money using the true mid-market rate when they receive and process your money. This means that the TransferWise exchange rate is the fairest, most accurate exchange rate you can hope for. Bonus: TransferWise will automatically lock the exchange rate for a specified time frame, from 24 hours for most countries, and 48 hours for several others and 72 hours for BRL (Brazilian Reals) so you’re not exposed to exchange rate fluctuations (they call this the “guaranteed rate” feature). This is one way to ensure that your recipient receives a specific amount. Caveat: your money must be received by TransferWise within the specified time frame, or else the exchange rate - and therefore also the amount received - will no longer be guaranteed.
Other fees
In most cases, TransferWise uses local accounts to collect and send funds. This means that there should be no fees charged by the sending or receiving banks, and no intermediary bank fees.
If you’re paying by credit card, you will be charged a credit card fee of 0.3% - 2% depending on the currency you’re sending from and the type of credit card you are using. Debit card payments are free from certain currencies or incur a debit card fee of 0.15% - 2%.
TransferWise sends certain currencies via the international SWIFT network, which most banks will charge a fee to receive. If you’re sending to these currencies, make sure you check with the receiving bank how much they charge for incoming SWIFT payments. TransferWise SWIFT currencies are: JPY (Japanese Yen) over 1 million and ZAR (South African Rand) or a USD transfer to a bank account outside of US, we send it to your recipient as a SWIFT transfer.
TransferWise can also receive USD (US Dollars) via SWIFT. If you live in the US, you will not want to do this since your bank will likely charge you fees to make a SWIFT payment, and free or cheaper alternatives are available (domestic wire and ACH direct debit). You’ll only want to send USD to TransferWise via SWIFT if your payment is coming from outside the US.
Ease of Use
Ease of Use 8/10
Great
An average number of Monito users going to TransferWise end up making a transfer with them
TransferWise's homepage is clear and very easy to understand
It's very easy to open an account with TransferWise
Setting up your transfer is quick and easy
It's easy to sign up and make a transfer both on mobile and desktop
The points above are added to calculate the "Ease of Use" score of TransferWise, who scores 8 points on a maximum of 10 points.
Credibility & Security
Credibility & Security 9.4/10
Excellent
TransferWise is fully licensed and authorized
TransferWise has many positive customer reviews
A very large number of customers already trust TransferWise
TransferWise employs a very large number of employees
TransferWise has already transferred at least 5 billion USD for their customers
TransferWise has been mentioned in countless recognized media outlets
TransferWise is part of Monito's network of trusted partners
TransferWise is a long-established company
TransferWise reported a minor data breach in the past year (-0.1)
TransferWise had one short downtime in the past year (-0.5)
The points above are added to calculate the "Credibility & Security" score of TransferWise, who scores 9.4 points on a maximum of 10 points.
Our users often ask us, is TransferWise safe? Like all companies listed on our site, they must meet strict criteria to make them safe and trustworthy in our eyes.
TransferWise is a licensed Authorised Electronic Money Institution—which means they are regulated by the FCA (Financial Conduct Authority) and HMRC (Her Majesty's Revenue and Customs) in the United Kingdom (where its headquarters are located) as well as by a variety of other regulatory institutions in other countries. For example, TransferWise Ltd Australia is regulated by the Australian Securities and Investments Commission (ASIC). In the US, they are registered with the Financial Intelligence Unit (AUSTRAC) as money remitter TransferWise Inc. and are registered with the Financial Crimes Enforcement Network (FinCEN). TransferWise Inc is also licensed as a money transmitter in individual American states—in other words, they aresupervised by regulatory authorities in each of the states they operate in.
They offer institutional grade security for their service and take preventative measures, such as 2-step login and verification procedures.
As per FCA regulations, clients’ funds are held completely separate from TransferWise’s own business accounts, in so-called segregated accounts. Should the company have any financial difficulties, your money will be safe.
TransferWise employs around 1000 people from over 60 nationalities across its nine offices around the world. Employees give the company close to 5 star rating on the employer review site Glassdoor, and describe the team as a “great company that is doing an awesome job” full of “smart and motivated people,” a company that is “super customer-focused” with an “excellent culture.” One employee wrote they are “Impressed by the professionalism everyone has, alongside an innate sense of trust and drive to achieve the mission” and another said “The product is honest so there's no trying to cheat customers, it's work you can feel good about doing.“ Overall, it’s clear that employees love working there and that they feel that they are on a mission to make sending money as cheap and convenient as possible.
TransferWise has raised over $396M dollars from major investors including Virgin Group / Sir Richard Branson, Andreessen Horowitz, IVP (Institutional Venture Partners), Max Levchin of PayPal, Sapphire and Seedcamp, which has helped the startup sustain its phenomenal growth. For example, in 2016 they saw a growth rate of approximately 150% and in the 2017 fiscal year their revenues more than doubled! Overall, the company reported revenues of £67 million (US $94 million) for 2017, and made an adjusted operating profit of £2 million.
So, is TransferWise safe? Absolutely, we wouldn’t hesitate to trust them even with transfers of large amounts. In fact, we have used them ourselves for many of our own international payments.
Authorised by the UK Financial Conduct Authority (FCA)
Firm Reference : 900507
Service & Coverage
Service & Coverage 8.5/10
Great
TransferWise allows you to send money from a lot of different countries
TransferWise allows you to send money to a lot of different countries
TransferWise is available in many different languages
It is possible to pay for your transfer by local bank transfer
It is possible to pay for your transfer by credit/debit card
TransferWise doesn't offer additional pay-in options
It is possible to send the money to your recipient's bank account
TransferWise doesn't offer a cash pick-up service
The money can be sent to a mobile phone (airtime top-up or mobile wallet)
TransferWise doesn't offer a bill payment service
TransferWise offers additional banking features
TransferWise offers a multi-currency debit card
TransferWise offers guaranteed exchange rates
It is not possible to set up repeating transfers / standing orders
There is no minimum amount (or very low)
There is no maximum amount (or very high)
The points above are added to calculate the "Service & Coverage" score of TransferWise, who scores 8.5 points on a maximum of 10 points.
Customer satisfaction
Customer satisfaction 9.2/10
Excellent
TransferWise has a very high percentage of excellent customer reviews
TransferWise has a very low percentage of negative customer reviews
TransferWise has a very high number of positive customer reviews
The points above are added to calculate the "Customer satisfaction" score of TransferWise, who scores 9.2 points on a maximum of 10 points.
TransferWise has excellent customer reviews on Trustpilot. Nearly 90% of the feedback rating the company 5 stars on 56,619 reviews. Here’s what some TransferWise customers say:
Positive
- It works!!! Trustable.
- It's wonderful: Fast, transparent, inexpensive.
- Quick, simple easy to use, self-explanatory. It’s also safe and efficient.
- Fast, simple, user-friendly and with no hidden fees!
- Very good customer service, helpful and knowledgeable.
Negative
- Sometimes there is a delay
- Some frustrations with the required documentation required to verify identities
Customer support
Customer support 9.5/10
Excellent
The FAQ and help center of TransferWise are easy to understand
TransferWise has a live chat available to all
TransferWise offers email support (even to noncustomers)
TransferWise offers phone support (even to noncustomers)
It's very easy to get in contact with TransferWise
The FAQ and help center are not translated in all languages
Monito cannot contact TransferWise on behalf of our users
The points above are added to calculate the "Customer support" score of TransferWise, who scores 9.5 points on a maximum of 10 points.
Transparency
Transparency 10/10
Excellent
The exchange rate margin makes up a very small share of the total cost of your transfer
It's very easy to understand the fees of TransferWise
TransferWise doesn’t charge a margin on the exchange rate
A real-time quote can be obtained without registering
TransferWise applies the same fees and exchange rates to all customers
The pricing information of TransferWise is made available to Monito
The points above are added to calculate the "Transparency" score of TransferWise, who scores 10 points on a maximum of 10 points.
How to send money with TransferWise at the best rate?
Use Monito's comparison tool to compare TransferWise exchange rates and fees to make sure they are the cheapest option for your international money transfer.
You can signup for TransferWise using an email adress, or an account with Facebook or Google. It takes a couple clicks and then you're done.
Enter how much you're sending and where you’d like the money to be received. You can send money to your own account abroad, or to another person or business.
Send your money to TransferWise with your preferred payment method (bank transfer, debit or credit card, SOFORT, Apple Pay or Android Pay)* Options vary according by currency.
Is TransferWise Available for Me If I'm Sending Money from...
Brazil | UK | South Korea | Mexico | Russia | India | Poland | Thailand | |
Is TransferWise Available? | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
How much does a transfer of 500 USD get me in my destination currency? | 2,569 BRL | 395.25 GBP | 594,922 KRW | 11,045 MXN | 34,016 RUB | 37,684 INR | 1,965 PLN | 15,377 THB |
How long does a TransferWise transaction take to get to its destination? | 2 days | 2 days | 3-5 days | 2 days | 3-5 days | 2 days | 2 days | 3-5 days |
What is a good alternative to TransferWise? | ||||||||
How can the TransferWise transfer be received? | Bank Account | Bank Account | Bank Account | Bank Account | Bank Account | Bank Account | Bank Account | Bank Account |
Are there any special considerations to keep in mind with TransferWise? | No | No | No | No | No | No | No | No |
Table results from June 2020.
Borderless Accounts & Cards
A borderless account is a multi-currency account that enables you to hold money in over 40 currencies and convert them at the mid-market exchange rate whenever you want--for example when the rate is favorable to you. It’s equivalent to having local bank accounts across the world in one compact digital space, essentially a “virtual” bank account in various different countries, that acts exactly like a local bank account. You get a sort code/routing number, account number, SWIFT / BIC, and IBAN codes that you can use to easily make and accept payments in a local currency. You can transfer money between currencies at TransferWise’s mid-market rates and low fees. The first virtual bank account you get will be in your default currency. You can add other currencies and localities as needed. For any country where you want a local presence, TransferWise provides you with a unique sort code / routing number and account number for that bank account.
You also get a free TransferWise debit Mastercard plus personal account numbers and bank details (currently these details are for USD, GBP, EUR, NZD and AUD, though they plan to add more currencies in the future. The borderless account also enables you to receive money with no fees from over 30 countries.
TransferWise is very well-known for being easy to use, and this account is no exception. At present, the account can be used through TransferWise’s website or app, and by using the virtual bank account details to make and receive payments. Your clients and vendors can demand, make, and send payments the same as with any other local bank account.
Fees
You don’t pay any fees for accepting money or making payment in a local currency. You only pay fees when you convert money between different currencies. You do pay a fee for adding money to the account with some debit and credit cards. There is a small fixed fee for moving money between your Borderless Account and a regular bank account, typically around £0.50 / $1.30 / 0.60€.
How does this benefit me?
Imagine you are a US-based business, but you take payments and pay suppliers in the US, UK, and Europe. You can setup your TBA in the US, then “add on” virtual bank accounts for the UK and Eurozone. You get local bank details for those areas and can effortlessly make and receive payments in Pounds Sterling and Euros.
Who is the account designed for?
The TBA is an extremely helpful solution for businesses and freelancers who have international customers, clients or operations in general. They won’t have to pay expensive international wire fees or suffer from the poor exchange rates traditionally offered by banks.
The fees and exchange rate and fees are the same as for private customers, however there are some restrictions on certain currencies for business customers. The list of TransferWise currencies with restrictions for sending from or to a business account are the following: GBP, EUR, CHF, PLN, DKK, NOK, SEK, BGN, CZK, GEL, HUF, RON, IDR, KRW, LKR, MYR, PHP, CNY, SGD, THB, AED, COP, MAD, MXN, ZAR, VND.
TransferWise Borderless Account — The Pros
- Get a “local” bank account that lets you make and receive payments in different localities and currencies.
- Easily add new countries and currencies to the account.
- Some of the best exchange rates and lowest fees of any currency exchange provider.
- No setup fees, monthly charges, or fees to send or receive payments.
- TransferWise is a trusted, secure, reputable, reliable money transfer service.
- Free debit card (currently the card can only be sent to customers in Europe)
TransferWise Borderless Account — The Cons
- Not all countries and currencies are covered by the Borderless Account, but TransferWise are adding more all the time.
- There is a small charge to make external transfers to a bank account, typically around £0.50 / $1.30 / 0.60€.
- There are limits on how much you can receive into your Borderless Account.
- Details on pricing and limits are available here.
- The debit card can only be sent to customers in Europe
Frequently Asked Questions about TransferWise
TransferWise offers a cheap & transparent way to send money abroad, yes! But is it the cheapest or available for the currencies you'd like to exchange? You can use Monito's live comparison tool to compare all services and find out if TransferWise is the cheapest available option.
Yes, TransferWise has received a 9.4/10 Credibility and Security Monito Score. TransferWise is a large and trusted international money transfer business. Customer funds used for transfers are protected in a separate, segregated account, independent of TransferWise’s business accounts and the company uses strong, industry-standard HTTPS encryption to secure and protect all transactions. TransferWise has managed international money transfers for over five billion customers and has achieved a top rating of five stars out of five on Trustpilot across more than 65,000 reviews. 95 percent of users rate them as “Good” or “Excellent.”
TransferWise complies with strict rules and regulations of every country where it does business. The business checks and verifies every user to protect against fraud and money laundering. In the U.K. they are a licensed Authorised Electronic Money Institution and are regulated by the FCA (Financial Conduct Authority) and HMRC (Her Majesty's Revenue and Customs). In the U.S., TransferWise is registered with FinCEN (the Financial Crimes Enforcement Network).
- Sourced from TransferWise blog article on safety: https://transferwise.com/us/blog/safety
- Sourced from the U.K. Financial Conduct Authority: https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000001EjC6SAAV
- Sourced from Trustpilot reviews: https://www.trustpilot.com/review/transferwise.com
Yes, according to Monito's review of TransferWise services, TransferWise is legit and received a 9.4/10 Credibility and Security Score.
TransferWise is a large and trusted international money transfer business that complies with strict rules and regulations of every country where it does business. The business checks and verifies every user to protect against fraud and money laundering. In the U.K. they are a licensed Authorised Electronic Money Institution and are regulated by the FCA (Financial Conduct Authority) and HMRC (Her Majesty's Revenue and Customs). In the U.S., TransferWise is registered with FinCEN (the Financial Crimes Enforcement Network).
- Sourced from TransferWise blog article on safety: https://transferwise.com/us/blog/safety
- Sourced from the U.K. Financial Conduct Authority: https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000001EjC6SAAV
It’s very easy to send money overseas through the TransferWise website or app. If you don’t already have a TransferWise account, you’ll need to create one and provide some identification documents. If you have an account, you can login. Tell TransferWise the countries and currencies you’d like to send money between, and choose how much you want to send to the beneficiary.
Once you’ve done that, you’ll need to enter details for the beneficiary, like their name, address, how they want to pick the money up, their bank account details, and some other information. Finally, you choose how you want to pay for your international transfer and fund your currency exchange with a debit card, credit card or bank transfer. TransferWise will exchange your money using the real exchange rate (the one you see on Google), and you’ll see all the fees before paying. TransferWise have even provided a video that covers everything.
That’s it!
Sourced from TransferWise help on how to create a transfer: https://transferwise.com/help/15/paying-for-your-transfer/2559761/paying-by-bank-transfer
It’s very easy to send money overseas through the TransferWise apps, they’re available for both Apple and Android devices. You’ll need to install the app and make sure you already have an account with TransferWise. Creating an account may mean you need to visit their website and upload some identification documents. Tell TransferWise the countries and currencies you’d like to send money between, and choose how much you want to send to the beneficiary.
Once you’ve done that, you’ll need to enter details for the beneficiary, like their name address, how they want to pick the money up, their bank account details, and some other information. Finally, you choose how you want to pay for your international transfer and fund your currency exchange with a debit card, credit card or bank transfer. TransferWise will exchange your money using the real exchange rate (the one you see on Google), and you’ll see all the fees before paying.
The TransferWise smartphone app also provides some additional features including:
- Details of every beneficiary you’ve ever sent money to.
- Repeat previous transfers with a minimum of fuss.
- Fund transfers with Apple Pay.
Sourced from TransferWise money transfer app page: https://transferwise.com/money-transfer-app
TransferWise does apply limits depending on how you’re transferring money. For standard money transfers to the bank account of a beneficiary in another country, they have an upper limit of 1 million USD, GBP, or EUR per transfer. These limits to vary if you’re sending money out of the U.S. and can also change depending on the countries and currencies you’re sending money between, the total amount you’re sending, and how you pay for the transfer. You may need to provide additional identification or other documentation if you’re sending more than $10,000.
Transfer limits for the popular TransferWise Borderless Account are slightly different. For most currencies, there’s no limit to how much you can receive or keep in your Borderless Account. Transactions in U.S. dollars do have some restrictions though. The limit is $250,000 USD a day for personal transfers, and $3 million USD a day for business transfers. TransferWise also applies a yearly limit to Borderless Account transfers made in U.S. dollars: $1 million USD a year for personal transfers, and $3 million USD a year for business transfers.
TransferWise also provides a MasterCard debit card for some countries and currencies. This card does come with default and maximum limits, and these vary by country and currency. Learn more about the TransferWise MasterCard debit card limits.
- Sourced from TransferWise international wire transfer regulations: https://transferwise.com/us/blog/international-wire-transfer-regulations
- Sourced from TransferWise limits on the Borderless Account: https://transferwise.com/help/17/borderless-account/2893492/how-much-can-i-receive-and-keep-in-my-borderless-account
- Sourced from TransferWise article on the limits for a TransferWise card: https://transferwise.com/help/18/transferwise-debit-mastercard/2899986/what-are-the-limits-for-my-transferwise-card
Sending money overseas with TransferWise is fast and simple, and money can typically be transferred in one business day or faster, sometimes within minutes. This does vary though. The actual time it will take for the beneficiary to receive your money transfer will depend on the countries and currencies you’re sending between, how much you’re sending, how and when you pay for your transfer, and if TransferWise requires additional security checks. Transfers to the U.S. can take up to four business days.
You can see how long a transfer will take when you make and transfer money through the TransferWise website or smartphone app. In some cases, you can even see how long a transfer will take before paying for it. TransferWise will send you status updates once you’ve made a transfer, telling you where your money is at all times. You can also log into your TransferWise account to check the status of any transfer.
- Sourced from TransferWise help article on how long transfers take: https://transferwise.com/help/11/getting-started/2524078/how-long-does-a-transfer-take
TransferWise is a large and trusted online money transfer provider that allows you to send money overseas quickly and easily. Since they started in 2011, TransferWise have helped over five billion customers exchange their currency and send it internationally. They provide a variety of services including sending money to people and businesses in other countries, allowing you to get paid in other currencies. Spend money abroad on the TransferWise MasterCard debit card, or use their Borderless Account to have a virtual bank account in several countries and hold up to 40 currencies at once.
TransferWise converts money between different currencies at the base exchange rate, and charges extremely low fees. They are one of the best-known and well-loved money transfer providers. TransferWise are an extremely transparent service, as they always use the best exchange rates available and tell you all the fees before you pay for any transfer.
You can send money through their website or smartphone app, your money is safe and secure and you’ll get regular status updates.
- Sourced from TransferWise help article on getting started: https://transferwise.com/help/11/getting-started/2817401/tips-for-getting-started-with-transferwise
- Sourced from TransferWise help article on supported currencies: https://transferwise.com/help/11/getting-started/2571907/what-currencies-do-you-support
- Sourced from TransferWise article on about the story of their business: https://transferwise.com/gb/about/our-story
You can close your TransferWise Account at any time. You will need to contact TransferWise customer service to close your account and they will tell you what you need to do. After closing your account, you can withdraw any funds for up to six years after the date of closure.
- Sourced from TransferWise terms of use: https://transferwise.com/terms-of-use#/section-19
You do not need a TransferWise account to receive money sent via TransferWise. You just need a bank account.
If you're looking to receive money on your TransferWise borderless account, learn more how it works on our TransferWise Borderless Review.Your recipient does not need a TransferWise account to receive your transfer. Enter their name and bank details while preparing your transfer, and TransferWise will make sure the money goes straight to their account!
Additional services
Helpful Tools
TransferWise provides some helpful tools for you to use. The TransferWise rate alert tracker helps you monitor the evolution of the mid-market exchange rate, and you can choose to receive rate alerts every day, when the mid-market rate reaches a certain level or when it reaches a two-week high. The TransferWise SWIFT / BIC code finder lets you easily find and verify the SWIFT / BIC codes of banks around the world, so you can make sure you’re entering the right information when you set up your money transfer. Finally, the TransferWise currency converter tool lets you convert one currency into another currency at the real exchange rate, which is the exchange rate that TransferWise will offer you when you use them to send money abroad.
Spotlight: TransferWise Brazil
Sending money to Brazil with TransferWise will cost you 1.3% and a flat fee of USD 1.80, which includes a tax of 0.38% called IOF (Imposto sobre Operações Financeiras) when sending to someone else or 1.1% if sending to yourself. The IOF is applied to any foreign exchange transaction in or out of Brazil and is not specific to TransferWise.
You have to transfer a minimum of 10 BRL but you can’t transfer more than 250,000 BRL per transfer. Due to Brazilian regulations, if you transfer more than 10,000 USD per day, 50,000 BRL per month or 100,000 BRL per year, you may have to provide TransferWise more information about the transfer. The receiving brazilian bank might ask for a power of attorney document (Procuração) as well as a registration form (Ficha Cadastral) to the recipient.
Sending money from Brazil with TransferWise will cost you 2.42% plus a 7 BRL flat fee including the IOF tax.
The maximum amount you can send from Brazil is 9,000 BRL per transfer and per month. This is because payments go through their partner boletos bancarios (a leading payment method in Brazil). Boleto sets monthly limits which TransferWise must adhere to.
Once your transfer is set-up, TransferWise will send you (via email) a Boleto which expires within one working day (expiry time is shown on the Boleto).
You will need to indicate your CPF number, the Cadastro de Pessoas Físicas (Portuguese for "Natural Persons Register"), when you set-up you transfer on TransferWise. It should be 11 digit and the same one you provided when creating your account.
Important: when you send money from and to BRL, TransferWise will limit the fluctuation of the exchange rate to 5%. It means that if the exchange rates drops by 5% or more between the time you create a payment to or from Brazil on TransferWise and the time TransferWise is completing your transfer, your transfer will be delayed until the exchange rate rise again below the 5% threshold.
The story behind TransferWise
TransferWise was founded in 2011 by two Estonian migrants, Taavet Hinrikus and Kristo Käärmann, who were both living in London. Taavet needed to send money from Estonia to the UK, while Kristo was making regular transfers from the UK to Estonia. After realizing that they were both sending money in opposite directions, they developed a clever peer to peer model to avoid having to do costly international bank transfers. Kristo would make a local transfer of GBP (British Pound) from his UK bank account to Taavet’s account in the UK, while Taavet would do the same in EUR (Euros) between his and Kristo’s Estonian bank accounts. As for the exchange rate between GBP and EUR, they simply used the current true mid-market rate that they found online. Since they were not sending money internationally and were both getting the mid-market rate, they quickly saved thousands of pounds on their transfers.
They realized that this could be helpful to the hundreds of millions of migrants worldwide making regular money transfers abroad and decided to create TransferWise. After several years of intense growth and success, today the company sends around £1 billion around the world every month. The company is headquartered in London and has offices across the globe including the following locations: Tallinn, Estonia; New York, USA; Singapore; Sydney, Australia; Tokyo, Japan.
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More info about TransferWise and its competitors
- How does TransferWise multi-currency account and debit card work. What are the pros and cons? Read our expert TransferWise Borderless Account review
- Skrill vs TransferWise. Which one is the best for you and your needs? Which is the most affordable option if you need to send or receive money internationally? Check out our analysis of the pros and cons of each money transfer company…
- TransferWise vs Monzo: which one offers the best card for travelling? What about the best way to manage your money digitally? Who offers the most options to add to your account's balance and the lowest fees or best exchange rates to u…
- N26 vs TransferWise: which one offers the best card for travelling? What about the best way to manage your money digitally? Who offers the most options to add to your account's balance and the lowest fees or best exchange rates to use …
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Why you can trust Monito's reviews
Monito's mission is to help you (and thousands of others each day) find the best providers for your money transfers.
We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writting in-depth reviews about money transfer providers.
We have partnerships with many money transfer providers (TransferWise included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.
We put a lot of efforts to review money transfer providers like TransferWise in details and based on objective and verifiable criteria. A good example of that is the in-depth User Experience Benchmark Study we conducted in August 2018.
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Questions you may have
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