Guaranteed mid-market exchange rates Competitive and transparent fees Excellent customer service and user experience
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 currently supports sending money to 71 countries and sending money from 43 countries. The company covers 1000+ routes (country combinations) across 49 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 the 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 a 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.
TransferWise has excellent customer reviews on Trustpilot. Nearly 90% of the feedback rating the company 5 stars. Here’s what some TransferWise customers say:
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.
Money on its way: The converted money is sent to the recipient’s bank account and everyone gets an email notification.
|Time to open an account||A few minutes|
|Type of service provider||Online money transfer operators|
|Headquarter||London, United Kingdom|