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


17 hours ago
by Niels

1 stars

Borderless Account is a regulatory nightmare

The Borderless Account is not as advertised. More like a regulatory nightmare. Once a payment hits your Borderless account you will be prompted for: -...Read more

The Borderless Account is not as advertised. More like a regulatory nightmare. Once a payment hits your Borderless account you will be prompted for: - business website address - marketing materials - descriptions of you products or services - estimate of your monthly income - estimate of transaction volumes Consider if you really want to do that ! If you don't Transferwise will simply let your money bounce.

1 day ago
by Marlene

5 stars

I got my money fast

I got my money, converted it and transfered it to my bank account all in 24h!!! Amazing speed, amazing rates, great low fees!!! Much much better than my...Read more

I got my money, converted it and transfered it to my bank account all in 24h!!! Amazing speed, amazing rates, great low fees!!! Much much better than my bank!!!100% satisfied!!

1 day ago
by Jones Babu

3 stars

It took me 3 working days to transfer …

It took me 3 working days to transfer money from Europe to India. It not what I expected. Will share more experience based on upcoming transfers.


More reviews

1 day ago
by Kunde

2 stars

The transfer was not as expected.

The transfer was not as expected. I say this because I transferred the money over Sofort system and hence transfer should have happened instantly. But it...Read more

The transfer was not as expected. I say this because I transferred the money over Sofort system and hence transfer should have happened instantly. But it took nearly day and half and in between this delay the rates went down.

1 day ago
by Eva

5 stars

Fantastic

Fast, smooth, always on point. cheapest rates i can find between Norway and Canada. Cant think of using anything else. Whoever made this - thank you!

1 day ago
by Varun Singh

4 stars

its was fast this time :)

its was fast this time :)

1 day ago
by Jakub

5 stars

Very fast transfer

Very fast transfer, good exchange rates, even better than calculated. It's important to be careful, during with filling correct account details.

1 day ago
by eric

1 stars

Avoid this service!

Avoid this service! Absolute chaos and ineptitude. The most incompetent customer "service" I have ever encountered. Still waiting for my...Read more

Avoid this service! Absolute chaos and ineptitude. The most incompetent customer "service" I have ever encountered. Still waiting for my transfer after 3 weeks.

1 day ago
by Martin

2 stars

Funds held at ransom

They hold your funds at ransom and then ask to verify yourself, just in the middle of an urgent transfer. Then they held my funds for almost a week while...Read more

They hold your funds at ransom and then ask to verify yourself, just in the middle of an urgent transfer. Then they held my funds for almost a week while they delayed responding to messages. Why don’t they ask for verification after your first transfer and warn that will hold your funds unless your verified.

2 days ago
by Nitin Sharma

3 stars

The graph that you show is not correct

The graph that you show is not correct. May be you show the value at the end of the day but you need to show the max for that day. You guys show...Read more

The graph that you show is not correct. May be you show the value at the end of the day but you need to show the max for that day. You guys show comparison with few banks. I am not sure if you show the correCt data. but in my opinion you show other sites like xe. That can be marketing strategy to show bank exchange rate and not other site.

2 days ago
by Ms Anniek Van der Werf

5 stars

I save 400 dollars every year

I save 400 dollars every year having to pay for my ski trip in a different currency, very happy about that

2 days ago
by Clare Hill

1 stars

Avoid at all costs

Avoid at all costs. Take your money then ask you for your bank statements etc. Keep hold of your moneyfor no apparent reason. Nightmare

2 days ago
by Lisa

5 stars

I came cross this company via search …

I came cross this company via search engine. I did some research on it and decided to sign up. I get payments in USD and EUR intermittently but the amount...Read more

I came cross this company via search engine. I did some research on it and decided to sign up. I get payments in USD and EUR intermittently but the amount is large-ish. Last time I paid £200+ for receiving $11000 via my high street bank account. I opened a board-less account with TransferWise. It took minutes to setup and activate different currencies. My payment was received to my U.S. $ account within the same day. I then converted it to GBP and transfered to my bank account, all completed within the same day. The fees were a lot less than my bank! Since I was new to TransferWise, I called their helpline several times and the advisers on the phone have all been polite and helpful! I highly recommend this to anybody who pay and receive money in multiple currencies!

2 days ago
by Pramod Hebbar

5 stars

Best Service

lowest rates, Super easy and convenient! Best I have used till date.

2 days ago
by O Afridi

2 stars

Used to be good

It's all well and good to come up with a bright idea, penetrate the market aggressively, and kick start with the humblest of attitude, but to sustain and...Read more

It's all well and good to come up with a bright idea, penetrate the market aggressively, and kick start with the humblest of attitude, but to sustain and improve quality is the main challenge. For me, after being loyal to TW since its inception, TW has now failed. Delayed or cancelled transfers and lousy customer service who do not even bother to understand the issue. They really have to pick up their pants if they want to survive. For me, I'm now thinking of going back to good ol banks; atleast I have never had to face delayed or cancelled transactions. Update: (In response to TW's reply) You are mixing up two of my recent transfers. I tried to clarify to your rep on email the mistake they had made, but it was totally ignored. You cancelled the wrong transfer.

3 days ago
by Subash Suyambuthangam

5 stars

Good app for transfer

Good app to transfer money globally.

3 days ago
by Kalimuthu V

5 stars

Excellent exchange rate and faster …

Excellent exchange rate and faster transfer. Easy to use with a good user interface. Thanks,

3 days ago
by Mithun K Balussery

5 stars

Recommended and Trustworthy

It's good :) Recommended by my cousin, It's trust worthy and gives the best rates for transferring the money :)

3 days ago
by bbtomas

5 stars

Finally an easy way to sent money overseas

Sent money two times to India, worked great! thank you!

3 days ago
by Karthikeyan arumugam

5 stars

I am happy with team and great support. Its good.

I like the response from your team. And customer friendly. Happy to work with it. thank you Transferwise team.

3 days ago
by Amy Goodall

1 stars

NEVER AGAIN

NEVER AGAIN! The process took one whole week, requesting documents days later around midnight, prolonging the process even more, resulting in me losing...Read more

NEVER AGAIN! The process took one whole week, requesting documents days later around midnight, prolonging the process even more, resulting in me losing out on a very large sum of money due to the exchange rate dropping. I even called TransferWise to check if they had my documents and the response I received was 'your documents are still being processed'. Prior to opting to use TransferWise I called both banks involved as well as TransferWise to check which documents would be required for the transfer. I entered my info into the homepage to get an estimate how long the process would take and which exchange rate would be used. I transferred my money and was informed that my transfer should take place latest the following day. This is now longer than one week ago and my money is still being processed with TransferWise even though I received an email from them stating that my money had finally been transferred. Not only is this worrying but also means that I have lost around 3000€ due to them not processing the transfer sooner. After several calls to TransferWise and emails, and still no sign of my money on my account, I wonder what TransferWise does with the money they hold on their accounts? I strongly advise to not use TransferWise for large sums of money. Highly disappointed and shocked. Never again. They even had the cheek to ask me to refer friends!

3 days ago
by Noah van Goa

5 stars

Simple, lightning-fast, and very supportive!

Otherwise quite complicated to wire money from an American account to a German one, because the US banks want information from me that even my bank...Read more

Otherwise quite complicated to wire money from an American account to a German one, because the US banks want information from me that even my bank doesn't have, TransferWise solved this problem with cunning simplicity and very helpful customer service. Thank you guys!

3 days ago
by Masthan

5 stars

Never experienced such a smooth money …

Never experienced such a smooth money transfer in the past like lean and fast, thanks TransferWise!

4 days ago
by Mrs Anne Browne

5 stars

Great exchange rate, easy to use, quick transfer

I needed to transfer a large sum of money to my daughter in Australia. I set up my details easily, added my daughters account info, transferred the...Read more

I needed to transfer a large sum of money to my daughter in Australia. I set up my details easily, added my daughters account info, transferred the payment and my daughter had the money the next day. Saved over £250.00 compared to my bank transfer rate.

4 days ago
by anilmathai2

1 stars

Transferwise after service is very bad

Transferwise after service is very bad. They send money to India through YES BANK in Mumbai. They are private bank and not responsible for money lost....Read more

Transferwise after service is very bad. They send money to India through YES BANK in Mumbai. They are private bank and not responsible for money lost. Very bad service

4 days ago
by Nandy

5 stars

Awesome!

Transparent fee. Good exchange rates and prompt delivery.

5 days ago
by Kevin

5 stars

Quick and easy

Used about 20 times for transfers from Stirling to Euro's. Consistently good rates and small transfer fee. Instant acknowledgement that they have received...Read more

Used about 20 times for transfers from Stirling to Euro's. Consistently good rates and small transfer fee. Instant acknowledgement that they have received my money and funds arrive in my French bank account next day.

5 days ago
by Tanja K

5 stars

A reliable service

A reliable service with good communication, both to send and recipient, and much lower international fees than banks.

5 days ago
by Gavin Marsh

1 stars

Rubbish

Rubbish. You can not transfer funds to a Coinbase bank account.

5 days ago
by Dharmesh Teji

5 stars

TransferWise is absolutely amazing

TransferWise is absolutely amazing. It is simple to use but extremely effective. Avoid the banks who overcharge you and go with TransferWise to transfer...Read more

TransferWise is absolutely amazing. It is simple to use but extremely effective. Avoid the banks who overcharge you and go with TransferWise to transfer your money from now on. You wont be disappointed.


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

 


 

From our blog

TransferWise’s New Pricing: Winners and Losers

While Brits are losing £600 million per year on excessive international transfer fees, Monito welcomes TransferWise‘s move to drop money transfer fees for UK customers. Being total money transfer geeks, we at Monito wanted to understand exactly what this change really meant for consumers and competitors. We dissected the change in pricing and analyzed how […]


Going Borderless? Your questions on TransferWise’s newest service, answered.

TransferWise is one of the best money transfer and currency exchange providers we work with. We love their mid-market exchange rates, wide availability, low fees, and easy-to-use services. In fact, we wondered, could they get any better? It turns out they can. In May 2017 they announced a brand new service, the “TransferWise Borderless Account.” […]


Our independent review of TransferWise

Want to find out if TransferWise is the right provider for your next money transfer operator and if now is the time for you to stop using your bank for international money transfers? We published an in-depth review of TransferWise’s services on our website, from which you can find the highlights below.



Ask questions or share your comments on TransferWise




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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


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