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


22 hours ago
by Gautam Rao

5 stars

Fantastic user experience

Fantastic user experience. Verification is done automatically which prevents the headaches I've been experiencing with other transfer services. Very easy...Read more

Fantastic user experience. Verification is done automatically which prevents the headaches I've been experiencing with other transfer services. Very easy to use and very transparent as well.

22 hours ago
by Steve Logan

4 stars

Transferwise crafty charges.

I have used Transferwise for some time and have always been pleased with the rates and service they provide. Some months back they sent me an e-mail...Read more

I have used Transferwise for some time and have always been pleased with the rates and service they provide. Some months back they sent me an e-mail crowing about the fact that they had lowered their fees, even better. Yesterday I made a transfer GBP - EUR, and the fee has increased because they now charge a fee for processing a debit card, so give with one hand and claw back with the other. Customer service is abysmal I have e-mailed them twice without response, a contact phone number is very hard to find then when you do get through they keep you hanging on for ages. We are only talking a couple of quid here but nowhere before the transfer did they say that the debit card now attracts a fee, IMHO bad back door charges.

22 hours ago
by Thomas

5 stars

Very good

Very good Quite fast


More reviews

22 hours ago
by Edward

5 stars

TransferWise is the best

TransferWise is the best

22 hours ago
by Pappu Kumar Singh

5 stars

Best So Far

Best So Far. We love you transferwise

22 hours ago
by Den Pep

5 stars

High five Transferwise...!!!

Transferwise took me 6 min (had to subscribe first!) to transfer an amount, as where my bank is still busy creating the counteraccount on where I was...Read more

Transferwise took me 6 min (had to subscribe first!) to transfer an amount, as where my bank is still busy creating the counteraccount on where I was gonna send money to! High five Transferwise...!!!

22 hours ago
by Gray Baker

5 stars

Quick, affordable and reliable :-)

I have been using TransferWise for several years now, having transferred 10s of thousands of GBP/EUR/USD/etc. and have never had any issues. Quite amazed...Read more

I have been using TransferWise for several years now, having transferred 10s of thousands of GBP/EUR/USD/etc. and have never had any issues. Quite amazed how it turns out to be generally not only cheaper, but much quicker than alternatives. The fees are not only low, but very transparent, unlike many other companies in this field that try to hide the fees by giving you a poor exchange rate. (on top of fees that are still higher than the modest fee charged by TransferWise) I have recommended to all of my friends who need to transfer money internationally and they have all been pleased with how simple and convenient it is.

22 hours ago
by Pa Suriya

5 stars

good and fast service i like it

good and fast service i like it

22 hours ago
by San

5 stars

Easy and straightforward

Easy and straightforward. No small print nonsense

1 day ago
by sallychristensen

2 stars

Beware making a transfer when you are not at home

When you are travelling In Different time zones, with limited access to wifi or printing or communication in general it is frustrating to receive non...Read more

When you are travelling In Different time zones, with limited access to wifi or printing or communication in general it is frustrating to receive non personal very FAQ emails from transferwise. I had a particular problem and it took 9 days to resolve until someone finally looked at my case and sent me a link and clear instructions that pertained to me. I owed my daughter quite a lot of money from my magical east Africa. Safari and was very upset that it took so long to pay her back. For other customers beware trying to make a transfer when you are not at home.

1 day ago
by Sam Wilkinson

5 stars

No hassle using transferwise

No hassle using transferwise. Quick efficient service with no hidden costs. Happy user.

1 day ago
by Nicolas

5 stars

Not the fastest but great!

Not the fastest, but transparent and works every time! What I love is that you can send money across borders with just an email address!

1 day ago
by Simon Newell

4 stars

Has the bubble burst?

They have been brilliant over several years and numerous transactions but I am astounded that they have now introduced card fees (illegally?) which they...Read more

They have been brilliant over several years and numerous transactions but I am astounded that they have now introduced card fees (illegally?) which they don't include in their cost comparison with high street banks (misleading?).

1 day ago
by kathryn

5 stars

The team is very helpful in answering …

The team is very helpful in answering my questions. Thus far, the transactions have been smooth and I would recommend this service.

1 day ago
by Upkar Gata-Aura

5 stars

Works great!

Great user experience, works exactly as advertised.

1 day ago
by Sushant Rampal

2 stars

Late confirmation for playing with exchange rate

My bank transferred the money on 16.01.2018 into your account and you still wait one whole day to confirm it during which rate fluctuates and you guys...Read more

My bank transferred the money on 16.01.2018 into your account and you still wait one whole day to confirm it during which rate fluctuates and you guys confirm it only when rate seems suitable to you.

1 day ago
by Michael Blake

1 stars

Account deactivated prematurely - Does not want your custom

Very bad inexperience and unprofessional staff they employ. I recently created a new account. Uploaded my passport which got accepted. I had to upload a...Read more

Very bad inexperience and unprofessional staff they employ. I recently created a new account. Uploaded my passport which got accepted. I had to upload a utility bill as proof of address dated within 90 days. I found and scanned one which was a couple of days before it was 90 days old. After receiving no email updates for a few days, I try to login to see my status and get greeted with this message during login: ---------- Sorry, your account is deactivated. If you believe this is a mistake, please contact customer support at (email address removed) ---------- I contacted support and got this response: ---------- Hello Michael, Thank you for contacting us! I am sorry for any trouble this might have caused you. Unfortunately we are not able to offer you our service any longer, therefore your account has been deactivated. In case you think there has been a mistake or would like further information about that, please contact us at (email address removed). Have a nice rest of your day and all the best. ---------- I then sent my appeal to their appeals email and got this: ---------- Hi, We have reviewed your appeal against your account deactivation. Unfortunately, following further investigation, we have taken the decision not to reactivate your account. Please note based on our Terms of Use Agreement agreement TransferWise has reserved the right to refuse or to accept any new user or any transaction at its own discretion. I am sorry to report that we will not be able to provide our services to you. Kind regards, ---------- Very shocking and appalling. I will definitely be taking my custom elsewhere. Transferwise seriously need to retrain all their staff and sack certain staff that are trigger happy deactivating accounts for no reason. All what I can think is by the time someone was reviewing my utility bill, it would of been over 90 days old and they just deactivated it because of that. I advise to stay well clear from this company and never leave any money with them. The fact they have the ability to deactivate your account is a scary fact.

1 day ago
by Zara Ca

5 stars

Transparent and efficient

TransferWise are transparent with their fees and often genuine mid-market rates which is refreshing. My transfers go through within minutes and the bank...Read more

TransferWise are transparent with their fees and often genuine mid-market rates which is refreshing. My transfers go through within minutes and the bank account verification process was quick and painless

1 day ago
by Croit33

1 stars

OMG...What bad experience I just had

OMG...What bad experience I just had. They don't say on their website that you are going to pay an extra fee, your bank might charge you a fee. I've...Read more

OMG...What bad experience I just had. They don't say on their website that you are going to pay an extra fee, your bank might charge you a fee. I've adjusted the money calling the customer care but they didn't tell me that I'm going to receive less pounds. I've log into my transferwise account and I've seen I could set a limit for the currency exchange. I wanted to cancel it. I've called the customer care again asking to talk to a manger. She just put me on hold twice. She didn't want to give her name ( and you are SENDING MONEY IN THEIR ACCOUNTS). And after I couldn't cancel it anymore because they sent me anyway at their exchange currency mid market without letting me to choose. How is possible? DON'T TRUST THEM, PLEASE! YOU WILL END UP LIKE ME.

2 days ago
by Kaci Barker

3 stars

Not extremely user friendly

Although I like the premise of Transferwise, it is not extremely user friendly. It isn't immediately obvious how to do what you want it to do, which is...Read more

Although I like the premise of Transferwise, it is not extremely user friendly. It isn't immediately obvious how to do what you want it to do, which is frustrating since it has to do with money. I signed up for TransferWise because an overseas client preferred their conversion rates. It took me over a month to get my identity confirmed, even though I submitted over 5 documents (only 2 are required). This was likely an automation mistake, but still one that should not happen. Once approved, I had a hard time figuring out how to set up getting paid. I don't like that there is no "request money"/invoice feature like there is on some other sites, because it adds the extra step of creating an invoice from scratch and emailing it to the client. Once he sent the money, I could not figure out how to get it into my actual bank account. After much fiddling around, I *finally* figured it out without calling customer service, although I came very close. Overall, the interface *looks* nice, but it isn't very user friendly and leads to much frustration. Some small tweaks to guide users could make a big difference! (And an invoice feature!)

2 days ago
by Anne Browne

5 stars

Easy to use, quick transfer and great exchange rate

Have used TransferWise twice and it is a great service. Quick and easy to use. The exchange rate is better than the banks and the money is transferred...Read more

Have used TransferWise twice and it is a great service. Quick and easy to use. The exchange rate is better than the banks and the money is transferred really quickly. Will continue to use this service to transfer money to Australia in future

2 days ago
by Jayita Roy

5 stars

Transferwise is wonderful

Transferwise is wonderful. You don't realise that until you have used them. I checked many services for sending my money back to my family in India and...Read more

Transferwise is wonderful. You don't realise that until you have used them. I checked many services for sending my money back to my family in India and trust me, on seeing the rates, I believed that Transferwise beats almost every bank or rival service, hands down. The best part of using transferwise is that, you already know all your charges upfront. There is NO HIDDEN FEES. Period. The transfer was super fast. It took only 12-15 hrs for the transfer to take place and the money was credited directly to my Indian bank account.

2 days ago
by Gaurav Sharma

5 stars

You guys are just superb

You guys are just superb ! the quickest transfer ever...

2 days ago
by Tirthakara das

5 stars

Best for money transfer on the market

Fast, reliable, trustworthy and pretty cheap as well :) Regards Tom

2 days ago
by vineet mishra

2 stars

Great rates.......

Great rates.......

2 days ago
by Steven Cross

5 stars

All works very well in my experience.

All works very well in my experience.

2 days ago
by Gurgurpal Sekhon

5 stars

Outstanding service

Outstanding service

2 days ago
by Bhavesh Nariya

5 stars

Simply Superb and fast service....

Simply Superb and fast service....

2 days ago
by Mijail Sosa

1 stars

Bad support irresponsable team

Transferwise is good until your money never reach its destination and you need to contact their support, they will wash their hand and do nothing to try...Read more

Transferwise is good until your money never reach its destination and you need to contact their support, they will wash their hand and do nothing to try to find your money and solve your problem, they will ask for things as bank statements of beneficiary accounts (even if is not your account) and after providing it they won't do nothing or ask for another no sense thing to then again do nothing with it, more than one month and they still don't accept their responsibilities.

3 days ago
by Parminder Singh Palahi

5 stars

Best way to transfer money.

Best way to transfer money.


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).

 


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