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
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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


02/03/2018
by Ksenija Rudskaja

5 stars

Thank you very much!

Thank you very much! You solved my problem within few hours and called me back as promised! Appreciate it a lot!

02/03/2018
by Saurav Sharma

5 stars

Really great service I forget the name …

Really great service I forget the name of the guy with whom I talk on the phone to sort out my little problem and they did it very well.i wanna give 200%...Read more

Really great service I forget the name of the guy with whom I talk on the phone to sort out my little problem and they did it very well.i wanna give 200% satisfaction for this service especially the helping customer care. Great job Your the best. Thanks a million.

02/02/2018
by sid srini

4 stars

The transfer fee is way to high …but the transfer was fast

The transfer fee is way to high compared to the peers in the industry. The transfer was really fast when did for the second time.


More reviews

02/03/2018
by PC Mohite

5 stars

Excellent service!!

Excellent service!!

02/03/2018
by Daniel

1 stars

Investigate Trustly if you plan to use Transferwise... £12k lost in transit 12 days in

I write this on Day 12 of waiting for a GBP to DKK transfer of £12k to complete. Where is the money? No-one can tell me. I've done this exact transfer...Read more

I write this on Day 12 of waiting for a GBP to DKK transfer of £12k to complete. Where is the money? No-one can tell me. I've done this exact transfer many times before with Transferwise and it completes in 1-3 days. Transferwise support is quick and friendly however unbeknownst to me, they use companies like Trustly to move the money. Read reviews of Trustly here on Trustpilot and you'll see my story is common! Trustly have given them a 'payout receipt' saying the funds were transferred to DK on Day 1. After three calls with the DK recipient bank I can say they conclusively have not. Trustly's 'payout receipt' is at best a fabrication and at worst a fraud. Unfortunately this reflects badly on Transferwise: I didn't choose Trustly and I am not their customer, Transferwise are. Transferwise seems powerless to do anything quickly with Trustly. I raised the red flag on Day 7, no answers from Trustly/Transferwise on Day 12. Will I get my money back? I'm seriously concerned now I won't. £12k is a lot of money and issues should be resolved quickly. Transferwise have not resolved this issue quickly and now I am dealing with unpaid bills as a consequence. Transferwise is great when it goes smoothly but anything goes wrong and they are at the mercy of their suppliers who they seem to have no clout with. Beware!

02/03/2018
by Deepak

5 stars

Amazingly fast service..

Amazingly fast service... Excellent exchange rates... Totally hassle-free. It's so easy, a money could do it... If he knew your password and had your...Read more

Amazingly fast service... Excellent exchange rates... Totally hassle-free. It's so easy, a money could do it... If he knew your password and had your fingerprints, that is.

02/03/2018
by Nigel Hoath

5 stars

Slick, professional service

After some frustrations with a well-known provider I tried TransferWise. The website was just straightforward and obvious, totally tailored to in my case...Read more

After some frustrations with a well-known provider I tried TransferWise. The website was just straightforward and obvious, totally tailored to in my case the Indian banking system requirements. A bank code sent to me had an error. However the correct code was quiered by the system. I only had to click my mouse twice and all was corrected. I made two payments in less than 5 minutes. Everything was confirmed immediately by email. Within 24 hours payments were complete. The rates were excellent and the commission minimal. So nice to work with an organisation that knows how to develop a website. And the app looks just as good. .

02/03/2018
by Raphael Van Loo

5 stars

works with full satisfaction!

works with full satisfaction!

02/02/2018
by bharathkumar

5 stars

Faster

Faster, market conversion rates, free 500 pounds for beginners. You can also create account using the following referral link to get 500 pounds free...Read more

Faster, market conversion rates, free 500 pounds for beginners. You can also create account using the following referral link to get 500 pounds free transfer, https://transferwiseDOTcom/u/bharathkumarc Replace "DOT" with "."

02/02/2018
by Atanu Bhattacharyya

5 stars

Good speed ..

Good speed ..

02/02/2018
by Matthias Pieper

1 stars

Transferwise is the biggest sh** I´ve …

Transferwise is the biggest sh** I´ve ever worked with when it comes to banks, besides LeuPay and Deutsche Bank. You open an account with Transferwise...Read more

Transferwise is the biggest sh** I´ve ever worked with when it comes to banks, besides LeuPay and Deutsche Bank. You open an account with Transferwise and you wire your money there from your private account and out of nothing and without any explanation they shut your account down. Then they try to wire back the money to your old account which you already told them, not longer exists and you´re stuck in the middle of nowhere without any chance to speak to someone who is allowed to make decisions or help you in any way. The eMail replies are just standard bullsh** and aren´t answered in any individual way. Keep your money away from Transferwise if you don´t wanna lose some of it.

02/02/2018
by Dee

1 stars

Just behaving like our high street banks

Just behaving like our high street banks. TransferWISE held payments to ransom and requested information which they already had asked at time of account...Read more

Just behaving like our high street banks. TransferWISE held payments to ransom and requested information which they already had asked at time of account opening. Shame they call themselves revolutionary. Same as any highstreet bank. I have since closed down USD and GBP accounts with Transferwise. Once Euro payments are cleared. Will close all accounts

02/02/2018
by Vivek

5 stars

Great app

Great app...you don't have to go anywhere to do a transaction. very clean and simple UI

02/02/2018
by Vinoy Joseph

5 stars

The experience is seamless

The experience is seamless/ I am a novice computer user and had no issues in setting up a transfer to overseas. Thank you for making it so simple. If I am...Read more

The experience is seamless/ I am a novice computer user and had no issues in setting up a transfer to overseas. Thank you for making it so simple. If I am a frequent visitor, I would expect to see some benefits such as reduced fee or access to promotions over the next few transfers. Thank you.

02/01/2018
by Anchal Thukral

5 stars

Very good

It was not instant but it was good. Transfer rates are really amazing.

02/01/2018
by Simon Sthormes Suarez

5 stars

GREAT SERVICE

Transferwise is the perfect solution for avoiding bank rip-offs.

02/01/2018
by Sanju Simon

5 stars

Trustworthy

Trustworthy, helpful and efficient

02/01/2018
by Sam H

5 stars

Exceptional

Exceptional! Great service all round

02/01/2018
by Mark Lewin

5 stars

Much. much cheaper than Paypal, and better too.

A refreshing (and remarkably cheaper!) alternative to Paypal that is accessible to small businesses like my own,

02/01/2018
by charlis

5 stars

a life saver

Unbelievable how I can now make money transfers abroad for such a low price. TF is a life saver!

02/01/2018
by Trevor Textor

5 stars

Lowest cost Currency Exchange

So far, the lowest cost international foreign currency exchange provider I've found. If TransferWise added capabilities similar to Veem for businesses...Read more

So far, the lowest cost international foreign currency exchange provider I've found. If TransferWise added capabilities similar to Veem for businesses (multi-user accounts for business bank account, invoicing, QuickBooks connector) they would probably corner the market.

02/01/2018
by S Chakraborty

5 stars

easy-to-use and fast money transfer service..

I like the simplicity of the process and the short transfer times, compared to other providers.

02/01/2018
by Ary Tebeka

5 stars

Just what I needed!

Great service, just what I needed to receive payments from US companies as a contractor, and then convert to my local currency and transfer.

02/01/2018
by siva prakash

5 stars

Amazing experience

Amazing experience, Fast, reliable and trustworthy. i would recommend to anyone

01/31/2018
by Julie Grundy

5 stars

Quick and Cheap

I've used them twice. The fees are incredibly low compared to banks, and the money gets where it's meant to go really quickly, so no hanging around hoping...Read more

I've used them twice. The fees are incredibly low compared to banks, and the money gets where it's meant to go really quickly, so no hanging around hoping your recipient has been paid.

01/31/2018
by Harjinder

5 stars

Better than WesternUnion

Better than WesternUnion

01/31/2018
by Peter

5 stars

I think the most important thing is …

I think the most important thing is openness of your company. You hear your clients. You answer our questions detailed and understandably. One more...Read more

I think the most important thing is openness of your company. You hear your clients. You answer our questions detailed and understandably. One more important thing is of course your service. You connect several good, useful things into one service. And you take adequate fees.

01/31/2018
by ravindra sharma

5 stars

Excellent service,

Excellent service,

01/31/2018
by Sameera Basheer

1 stars

Transfer incomplete!

First transfer went smooth as everyone said. But the problem started with second transfer. Transfer number :29509834 Amount : GBP 140 Status showing as...Read more

First transfer went smooth as everyone said. But the problem started with second transfer. Transfer number :29509834 Amount : GBP 140 Status showing as money transfer completed. But funds were never credited. Now i don't want any explanation from Transferwise team saying we'll investigate etc.. When you open a business, you should work properly or just close your business. It's just a good bye to this not so honest FCA regulated company. Considering giving a complaint to financial ombudsman soon.

01/31/2018
by miranda waller

1 stars

BIG CHEATERS!!

I don't want to tell my story about transfer wise but i want all of you who got cheated by transfer wise to give a complaint to...Read more

I don't want to tell my story about transfer wise but i want all of you who got cheated by transfer wise to give a complaint to financial-ombudsman.org.uk Transferwise is playing with people emotion. We should give a complaint to financial omdusman and try to shutdown this cheating company.


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