TransferWise - Independent review

All you need to know before sending money with TransferWise

Mid-market exchange rates Competitive and transparent fees Excellent user experience

8.30/10 Very good
Learn more

TransferWise review by Monito

TransferWise acts as a secure intermediary in an international bank to bank money transfer. They charge a low and transparent transfer fee and convert your money at the true mid-market exchange rate. You can pay with a bank transfer, debit and credit card, or even with Apple Pay with the TransferWise iOS app in the UK. In most cases, the money will arrive within 1-4 working days on your recipient’s bank account.

TransferWise is a top choice for international money transfers between bank accounts, as evidenced by the dozens of thousands of excellent TransferWise reviews on Trustpilot. They can send 38 different currencies to 72 countries, and are one of the very few companies who can offer the true mid-market rate. Their low and transparent transfer fees make them extremely competitive.

The cherry on the cake? The TransferWise website and mobile apps offer a spectacularly great user experience, which make everything from signup to transfer simple and efficient.


PROS
  • You get the true mid-market rate
  • Low and transparent transfer fees
  • Fantastic user experience
  • Excellent customer reviews on Trustpilot
CONS
  • Limited number of supported countries
  • Transfer time can be a bit long depending on where you’re sending to
  • You can only send to a bank account



Reviews powered by

32,767 customer reviews on TransferWise on Trustpilot


5 hours ago
by Amit B.

5 stars

Great service.

Great service. It is better than expected. Highly recommended to all professionals to transfer money. Fastest + Safest + No headache = Transferwise

5 hours ago
by Jasper

1 stars

Can't transfer because of their broken website

I was unable to transfer my money due to bugs in their software. I don't trust them with access to my money. Luckily their software broke in setting up...Read more

I was unable to transfer my money due to bugs in their software. I don't trust them with access to my money. Luckily their software broke in setting up the ACH payment, and they were never able to access my money. I can't imagine what would happen if the money would have left my account but never arrived, I doubt I would ever see that money back. Issues can happen in building software, I know from experience how difficult it is to make reliable software that talks to that many banks. So I started patiently and submitted a support question through the website with detailed screenshots, stacktraces, request info, etc,etc. One of their support engineers was quick to respond, that support person was fine to interact with. But 5 attempts later I'm still getting the exact same problems, they are ignoring the problems and information that I shared and instead and I'm being told to 'reset my cache', use a different browser without them fixing anything on their side. If I'm already struggling with those obvious broken features, I don't even want to know how the back-end is that actually handles my money. They are clearly not testing well enough. If it takes me that long to convince them that something is broken, I wouldn't trust them anymore with access to my bank account.

5 hours ago
by Maximilien authier

1 stars

Pay 200frs to the Brazil not arrive

Pay 200frs to the Brazil not arrive. Naked


More reviews

1 day ago
by Jose Reid

5 stars

Amazing solution to a common nuisance.

Amazing solution to a common nuisance. I constantly need to move money across 3 countries and TransferWise has been a blessing. Too bad for the monthly...Read more

Amazing solution to a common nuisance. I constantly need to move money across 3 countries and TransferWise has been a blessing. Too bad for the monthly caps, though. Would love to have those raised.

1 day ago
by Noe Isasi

5 stars

Very efficient with no hidden costs

Very efficient with no hidden costs, beats every bank and broker I've tried before.

2 days ago
by Girish

1 stars

This company is scam

This company is scam. They have scam and fake companies asking for money and they transfer them quick to their account. They have no option to stop...Read more

This company is scam. They have scam and fake companies asking for money and they transfer them quick to their account. They have no option to stop payment and report scam companies operating in their system. No grievance. Have reported to the government of Australia to ban this money transfer company. I called them and reported that I have lost my money with the scam firm and on their website it said that the money will be transferred in next 3 days they said money has been wired already. I told them how is it possible as it show clearly on my account details that the money is on its way and you can still stop the payment and refund. They said we will look into it and call back but no call back was received.

2 days ago
by Mahesh Makvana

5 stars

TransferWise is a really great and …

TransferWise is a really great and affordable way to send and/or receive money. It has the least fees possible for sending money and the exchange rate is...Read more

TransferWise is a really great and affordable way to send and/or receive money. It has the least fees possible for sending money and the exchange rate is really great. I would highly recommend anyone wanting to transfer money to use TransferWise as it'll save you a lot of money that you would otherwise have to spend on fees.

3 days ago
by JPH

5 stars

Easy to use and trustworthy

Easy to use and trustworthy

3 days ago
by Piers

1 stars

Good...but then it went wrong.

Good...but then it went wrong. I had an account with Transferwise for a couple of years. I used it to pay for goods I manufactured in Europe mostly....Read more

Good...but then it went wrong. I had an account with Transferwise for a couple of years. I used it to pay for goods I manufactured in Europe mostly. Absolutely excellent service, until recently I logged in to see my account had been deactivated. I wasn't informed about this. I contacted customer support twice, and they said that the account had been deactivated and I was no longer able to use their services. No more explanation as to why and no way of appealing. Also most annoying is I can no longer access a record of my transactions for my accounts. If Transferwise no longer want to do business with my company, then fair enough - but it's not acceptable to just cancel an account without any prior explanation nor a full reason as to why it was cancelled in the first place. Back to bank charges for me.

3 days ago
by Thierry

5 stars

Quicker way for international money transfer

It's the quicker way for international money tranfer I found, easy as well as secured.

5 days ago
by Christopher Del Negro

5 stars

100% satisfied!

I used TransferWise to send US money to Denmark. It was easy to setup, transparent, and my transfer was completed in 24 hours. Moreover, it cost me less...Read more

I used TransferWise to send US money to Denmark. It was easy to setup, transparent, and my transfer was completed in 24 hours. Moreover, it cost me less than $4 (USD), whereas my local bank would have charged me $50. I am 100% satisfied and would use the service again.

6 days ago
by Ryan McBain

5 stars

Faff free, fast & low fees!

Really easy, fast & low fees. Best transfer service I could find that didn't involve a huge faff or high fees. I transferred 480 euros from UK to...Read more

Really easy, fast & low fees. Best transfer service I could find that didn't involve a huge faff or high fees. I transferred 480 euros from UK to Spain, the rate was excellent and the fee was only around £2. Transaction done around 8pm at night and had confirmation by 06.30am next morning the money had been delivered. During the day they estimate only 4 hours.

6 days ago
by Leon Degney

5 stars

I have just read some negative reviews …

I have just read some negative reviews about experiences with Transfer Wise.I have written a review previously but, after reading the negative reviews I...Read more

I have just read some negative reviews about experiences with Transfer Wise.I have written a review previously but, after reading the negative reviews I felt I had to return to tell people that events such as were mentioned in the bad reviews would have to be very, very rare indeed. From the 16 May 2016 to 04 August 2017 I have successfully completed 38 transfers via Transfer Wise almost without a hitch. The only problem I have encountered was an internet problem here in China absolutely nothing to do with Transfer Wise. These days transfers are completed inside 30 minutes. I doubt that would happen with an interstate bank to bank transfer in Australia let alone an international transfer to China where everything is topsy-turvy in comparison. I can guarantee that any transfer will be completed well within a day and as previously stated can occur within 30 minutes. In fact, I have had transfers completed within 24 minutes. The fees are something else. My average bank transfer and foreign exchange fees through my bank were ranging from around $40 to $60 Australian per transfer, with Transfer Wise my fees are now around $11 to $14 Australian per transfer. I transfer funds on a two week or sometimes monthly basis depending on the exchange rate. I reiterate, bad experiences, in my opinion, are very rare and in my experience zilch. My advice is to give Transfer Wise a go!

08/08/2017
by zanna

5 stars

ZSpi

SWIFT AND SIMPLE

08/06/2017
by Jean

4 stars

Simple et efficace

Simple et efficace. L'argent disponible en moins de 24h.

08/05/2017
by Ajay

1 stars

Avoid at any costs!

Avoid at any costs! Had a horrible experience sending money through this company recently. The advertised exchange rate was really good compared to some...Read more

Avoid at any costs! Had a horrible experience sending money through this company recently. The advertised exchange rate was really good compared to some of the companies I use on a regular basis so thought to give TransferWise a go, however I was proved wrong very quickly as it was a nightmare dealing with them, money was stuck with them for 10 days!! After I made the bank transfer to them the process was showing that my GBP is being converted to Indian rupees and then it changed to GBP converted to Indian rupees successfully and then that's it! It did not move forward, contacted the VERY RUDE customer services and was told no further documentation/proof/id is required and I should just wait and then had the confirmation after 2-3 days that my transfer has been cancelled. Went to TransferWise online login to check what was going on to see that my account has been suspended as well so I could not even log in to see where my money was now and when and how will I get this back. Absolutely ridiculous. Rang them various times to get the money back and to complain and to speak to a manager and was told that they DO NOT HAVE MANAGERs!!!!! Yes I could not believe my ears, such a big organisation and they do not have managers. Would not ever even think of doing any business with TransferWise and will ACTIVELY warn others to refrain from using them as I am doing right now through this review. Also let me say I am not paid by any company to write such a review, I actually don't write reviews, however on this occasion I genuinely had a worst nightmare experience so I have taken time out specially to give them a zero!

08/05/2017
by Michelle

1 stars

Takes to long to transfer money

If you do not want your wire transfer to get to its destination in a timely manner then you should use this service. Transferwise is so unorganized it...Read more

If you do not want your wire transfer to get to its destination in a timely manner then you should use this service. Transferwise is so unorganized it just becomes humorous after their second and third email asking for more information (that they should have asked for when you signed up for the site) verifying your identity, like a pic of your drivers license. They take 3 days for the transfer and if you want to cancel it at anytime on the phone the guy I got on the phone was rude and told me it takes up to 3 dayd to go back into my account for me to be able to access my funds again. I do not recommend this app and I will never use this app again in the future.

08/04/2017
by Khiet Anh Nguyen

5 stars

Exactly as promoted

Used it twice to transfer from NL-USA, and the experience is just exactly as expected. Precise timing, sufficient updates and super favourable exchange...Read more

Used it twice to transfer from NL-USA, and the experience is just exactly as expected. Precise timing, sufficient updates and super favourable exchange rate.

08/04/2017
by Customer

5 stars

Easy

Easy, safe and fast.

08/03/2017
by MURALIDHARAN

4 stars

Easy to do the transaction.

Easy to do the transaction. Reliable service. Very quick transfer of money.

08/03/2017
by Wan Husni Wan Mokhtar

5 stars

Easy to use, high exchange rate, low fee.

The service is very easy to use, in particular the mobile app. The exchange rate is excellent with relatively low fee.

08/03/2017
by Gu

5 stars

Easy and secure

Easy and secure. Good community action with every step of the process.

08/03/2017
by M Tigchelaar

5 stars

I had to make two transfers from the …

I had to make two transfers from the Netherlands to the USA. One small and one fairly substantial - for my doing at least. After reading up on...Read more

I had to make two transfers from the Netherlands to the USA. One small and one fairly substantial - for my doing at least. After reading up on TransferWise and verifying their various licenses to operate on the financial market I decided to give it a try. I have not been disappointed. Money was transferred quickly and for a good fee. Perfect. Served my needs - and yes, I will be using them again.

08/02/2017
by Martin

5 stars

Recommended!

The transfer was fast, the payment was paired on the partner side of the transaction, the exchange rate was very good and the fee much lower than other...Read more

The transfer was fast, the payment was paired on the partner side of the transaction, the exchange rate was very good and the fee much lower than other means of transfer - so I am pretty sure with 5/5 rating.

08/02/2017
by Ariadne

5 stars

Very easy to use and reliable!

Very easy to use and reliable!

08/02/2017
by John Cameron

5 stars

Excellent rates and very speedy!

Excellent rates and very speedy!

08/02/2017
by Kevin George

5 stars

Quicker than your bank and cheaper by a mile

Transferwise sends money across the world faster than most banks do to a local account. I use them for both my personal transfers and business transfers,...Read more

Transferwise sends money across the world faster than most banks do to a local account. I use them for both my personal transfers and business transfers, having made several transfers I have never been disappointed. They provide all of this for such a tiny fee it is a no-brainer, I haven't used my bank to transfer funds for the last two years. On a side note, they integrate seamlessly with N26.

08/02/2017
by Artur Eduardo

5 stars

Has worked perfectly for me twice

Has worked perfectly for me twice. Definite YES!

08/02/2017
by Jan Harald

5 stars

Excellent Service

Brilliant service. Express transfer, literally within 25 minutes, great transfer rate and very well priced. Highly recommended.

08/02/2017
by Nicholas Scott

5 stars

Used it twice so far with no problems …

Used it twice so far with no problems what so ever. Very transparent, fast and reliable. Will recommend to friends and family and use again!


TransferWise has excellent customer reviews on Trustpilot, with close to 90% of the over 29’000 customers who have given their feedback rating the company 5 stars. Here’s a summary of what TransferWise customers have to say:

Positive
  • TransferWise is great value for money and cheaper than banks
  • Transfers are fast
  • The process is simple, efficient, and fully transparent
Negative
  • A few transfers took longer than initially announced
  • Some personal distaste of the website and money transfer process


Can I trust TransferWise ?

Our users often ask us, is TransferWise safe? Like all the companies on our site, they must meet several safety criteria which make them 100% safe and trustworthy.

TransferWise is a licensed Authorised Electronic Money Institution, and are therefore regulated by the Financial Conduct Authority (FCA) and Her Majesty's Revenue and Customs (HMRC) in the United Kingdom. They offer institutional grade security for their service, including 256-bit SSL encryption with a 2048-bit signature.

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 therefore be safe.

TransferWise employs 600 people across its seven offices around the world. Employees give the company a close to 5 star rating on the employer review site Glassdoor, and describe 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” that is “something special, something different”. One employee wrote: “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 $115M dollars from world-famous investors such as Richard Branson and Andreessen Horowitz, which has helped the startup sustain its phenomenal growth rate of approximately 15%... per month!

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 a lot of our own international payments.


Authorised by the UK Financial Conduct Authority (FCA)
Firm Reference : 900507

 







How TransferWise works


1. Create an account: Sign up for TransferWise in just a few moments. You can do this by connecting with your Facebook or Google account.

2. Set up your transfer: Enter how much you're sending and where you’d like the money to be received. You can send to your own account abroad, or to another person or business.

3. Send the money: Send your money to TransferWise with a local bank transfer, by paying with a debit or credit card, or by using Apple Pay.

4. Conversion: TransferWise converts your money at the mid-market rate and, when possible, matches you with people sending in the other direction. That's why it costs so little.

5. Money on its way: The converted money is sent to the recipient’s bank account. Everyone gets notified by email, so you always know where the money is.


 


 

TransferWise Exchange Rate & Fees

Transfer fees

TransferWise fees are low and fully transparent. They charge a percent of the transfer amount, with a minimum fee for small transfer amounts. The minimum TransferWise fees and percent depend on the currencies you are sending from and to.

For example, from GBP (British Pound) to EUR (Euro), you will pay 0.5% of the transfer amount with a minimum fee of £2. Sending to COP (Colombian Peso), currently the most expensive currency of TransferWise, will cost you 2.5% of the transfer amount with a minimum of 16,000 COP.


Exchange rate

TransferWise will generally convert 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 exchange rate you can hope for.

In many cases, if you’re sending from or to GBP (British Pound), EUR (Euro) or USD (US Dollar), TransferWise will automatically lock the exchange rate for a time frame of 24-48h 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, which can be useful if you’re paying for bills for example. The only caveat is that 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.

Alternatively, if you’re sending from a certain list of currencies (see below), you can make a “specific amount transfer”. To do this, you will deposit a small exchange rate protection at the same time you make the payment to TransferWise for your transfer. After your transfer is made, TransferWise will return to you whatever was not needed to convert to the exact specified amount. Currently, the list of sending currencies for which specific amount transfers are available is: AUD, BGN, CHF, CZK, DKK, EUR, GBP, HUF, NOK, NZD, PLN, RON, SEK.


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, unless you’re sending from AUD (Australian Dollar), CHF (Swiss Franc) or NZD (New Zealand Dollar) in which case you will pay a debit card fee of 1.2% - 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: CAD (Canadian Dollar) over $5000, JPY (Japanese Yen), USD (US Dollar) over ~$36’000, and ZAR (South African Rand).

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.



TransferWise Brazil

Sending money to Brazil with Transferwise will cost you 1.5% (or 10 BRL for payments under 667 BRL), which includes a tax of 0.38% called IOF (Imposto sobre Operações Financeiras). 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 transfer, 35,000 BRL per month or 70,000 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 2.5% (or 10 BRL for payments under 667 BRL), which also includes a 0.38% IOF tax.

The maximum amount you can send from Brazil is 9,999 BRL per transfer AND per month.

Once your transfer is set-up, TransferWise will send you 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.



Which documents will TransferWise require to verify my identity?

To comply with anti-money laundering regulations, TransferWise must verify your identity. They will ask for a copy of your identification documents, a proof that the adress you provided is correct and a reason for your payment.


Identification Documents

It can be a Passport, National ID card or a Driver's Licence.

Proof of address

In order to verify your address, TransferWise will need to be able to see a document from a reliable insitution showing your name and your adress. This document can be a utility bill (Gas, landline phone, Eletricity), a Bank or credit card statement, a Tax bill, a vehicle registration, a Driver's licence indicating your adress or any other document from the government or a financial institution.

Proof of funds

You may be required to provide a reason for your payment. Examples include: "Purchasing an overseas property", "Sending money back home to family" etc..


Mobile apps

TransferWise offers mobile apps for both iOS and Android smartphones and tablets. The TransferWise app, which provide a fantastic user experience and are very convenient, are rated 4.6 / 5 on the Google Play Store and 5 / 5 on the Apple App Store.

With the TransferWise apps, you can send money abroad from anywhere, check the status of your transfers or cancel them. You can make debit or credit card payments directly within the TransferWise app, or if you prefer to make a bank transfer to TransferWise, the app will provide you with the information you need to make your transfer through your online banking platform or at your local bank branch. With the TransferWise iOS app, you can even pay for your transfer by using Apple Pay!

 


Additional services

TransferWise can also help businesses make international payments to suppliers, freelancers and employees. 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: AUD, BRL, CAD, CNY, INR, LKR, PKR, RUB, TRY, UAH, USD.

TransferWise provides some helpful tools for you to use. The TransferWise rate tracker helps you monitor the evolution of the mid-market exchange rate, and you can choose to receive rate alerts every day or when the mid-market rate reaches a certain level. The TransferWise SWIFT / BIC code toolkit 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.

 


The story behind TransferWise

TransferWise was founded in 2010 by two Estonian migrants, Taavet Hinrikus and Kristo Käärmann, who were 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.

When they realized that this could be helpful to the hundreds of millions of migrants worldwide making regular money transfers abroad, they decided to create TransferWise. Today, the company sends $750 million around the world every month, employs 600 people, and has raised over $115M dollars of investment. The company is headquartered in London and has additional offices in Tallinn (Estonia), New York and Tampa (USA), Cherkasy (Ukraine), Budapest (Hungary) and Tokyo (Japan).

 


Blog posts

TransferWise - Are they that cheap or is it just (innacurate) advertising?

All the data we collected in our independent research shows that TransferWise was on average 83% cheaper than the big four UK banks.



 


Offices around the world

 


United Kingdom

186-188 City Road, 2nd Floor
London EC1V 2NT
United Kingdom

Estonia

Veerenni 24 (entrance A)
10135 Tallinn
Estonia

Tampa (USA)

4012 Gunn Highway
Suite 250 (2nd floor)
Tampa, Florida, 33618
United States

New York (USA)

WeWork Soho West
175 Varick Street
New York 10013
United States

Ukraine

Pushkina 100, office 5
18000 Cherkasy
Ukraine

Hungary

Lajos Utca 126-130
1036 Budapest
Hungary

Japan

Ginko Kyokai Building
1-3-1 Marunouchi
Chiyoda-kum, Tokyo
100-0005 Japan

 


 

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Key facts about TransferWise

Service information

Time to open an account A few minutes
Minimum amount -
Maximum amount -
Available languages
Français
English
Deutsch
Español
Português
Italiano
Required documents -

Company information

Type of service provider Online money transfer operators
Active since 2011
Headquarter London, United Kingdom
Regulated by FCA

Contact information

Contact support -
Service hour -
Twitter @transferwise
Facebook transferwise
Youtube transferwise


Find the best provider for your next transfer

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