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


13 hours ago
by Omotola Shogunle

1 stars

i was meant to receive money from my …

i was meant to receive money from my brother from the USA over a month ago they deactivated his account and i have not gotten the money up till now. He...Read more

i was meant to receive money from my brother from the USA over a month ago they deactivated his account and i have not gotten the money up till now. He has sent emails and called them but they have been sending the same replies to him not really mentioning when they would be refunding this money. I am distraught atm and its really crazy how their customer service is really poor

13 hours ago
by ben

1 stars

DO NOT USE TRASFERWISE

DO NOT USE TRASFERWISE. My account was deactivated, and my transfer was canceled with no reason whatsoever. It's been over a month now, and I still...Read more

DO NOT USE TRASFERWISE. My account was deactivated, and my transfer was canceled with no reason whatsoever. It's been over a month now, and I still haven't gotten my refund yet. When you call their customer service, they have no idea what's going on and then they don't reply your emails on time when they decide to reply your emails.

1 day ago
by Paulo Airton Pavesi

1 stars

Do not use this service

I'm waiting a week to receive money that was sent to me, and nothing. No information. I sent them e-mail and they can not say anything. I do not...Read more

I'm waiting a week to receive money that was sent to me, and nothing. No information. I sent them e-mail and they can not say anything. I do not recommend. Customer service sucks and service too. The money was sent October 14 and the website said that the money would be transferred on October 17. Today is day 20 and no sign of money. I get the impression that they keep the money invested while you wait. This is not honest. If the site promised for the 17th, it should comply. The system is unreliable


More reviews

1 day ago
by John Walsh

1 stars

Avoid this service

I'm a freelancer and learnt about Transferwise through numerous blogs, I checked it out and on the face of it, it sounds like a great idea. However the...Read more

I'm a freelancer and learnt about Transferwise through numerous blogs, I checked it out and on the face of it, it sounds like a great idea. However the reality is much different from my own experience. Adding or paying money to your Transferwise account using a bank is instant, as you would expect (like using your bank card to pay for any goods or services Online). But once the money is in your transferwise account, to then transfer it somewhere else is where I experienced the first problem. I was transferring euros from my Transferwise account which had the account details of a German bank, and transferring the money to another account also in euros and also another German account. Over a week later the money still has not arrived in the recipient account and there is little to no support available from Transferwise. On their website they have a chat function, trying to use it and I found that it crashes with a message on the screen stating to use the contact form. That never works either so instead I try to contact them by email. Expect at least 3 days between each email exchange, that's how long it takes to get a reply. And the reply is always 'just keep waiting, the money will transfer eventually'. At the point of making the transfer on their website, a message popped up stating that the funds would be transferred in 4 hours, but the fact is that it's not arrived at all. The concept of this service is speedy, hassle free money transfers and more importantly, at very little cost compared with other providers. However, when you do use a service like your traditional bank or Western Union and it costs more than what Transferwise advertise, what you're actually paying for is the service and peace of mind. If I transfer money via my bank or Western Union, sure there is a fee, but I have peace of mind knowing that the recipient will get the money immediately (if using Western Union) and even with a bank, you have peace of mind and guarantee. I believe the founders of Transferwise are also the people who invented Skype, and Transferwise is much like the 'Skype' of money transfers. 'A great idea but one that never really quite works properly so you continue to use the trusty phone to make calls instead of a wobbly app'. Based upon the experience I've had with Transferwise I would urge anyone to stay well clear of it.

2 days ago
by James Box

5 stars

How all money transfers should be done.

I've been using TransferWise every month for over 2 years, and never had a problem. Thanks for saving me $1000s in bank fees!

2 days ago
by Miroslav Cerny

5 stars

Awesome application

TransferWise is an awesome app with an excellent service behind it. It is much easier and cheaper to send money to a foreign account than through a wire...Read more

TransferWise is an awesome app with an excellent service behind it. It is much easier and cheaper to send money to a foreign account than through a wire transfer. Besides, they offer fair exchange rates even on relatively small amounts.

2 days ago
by Mykhayl Rybachek

2 stars

I have a mixed review on Transferwise …

I have a mixed review on Transferwise unfortunately.. I signed up for their Borderless account. I needed to convert funds from AUD to USD and to send them...Read more

I have a mixed review on Transferwise unfortunately.. I signed up for their Borderless account. I needed to convert funds from AUD to USD and to send them to my brokerage account in the US. However they couldn't do that because they don't like using "Reference" with wire transfers. So I had to exchange my money back to AUD again. I lost approximately 250$ as a result of those transactions in fees and exchange rates. However their customer service is responsive and they gave me a "credit for future transfers" just to compensate partially for my loss.

3 days ago
by Sophie Garnier

1 stars

1 star is already too much for this …

1 star is already too much for this company as I am appaled by the "service" received. I made a payment on the 15th of September and the payee...Read more

1 star is already too much for this company as I am appaled by the "service" received. I made a payment on the 15th of September and the payee rejected part of this payment -equivalent to £1,200. I have been trying to get the fees back and for some reason, TransferWise cannot allocate this money. Over 1,200 GBP have vanished into thin air, it has now been a month and transferwise contacted me saying they cannot find this money. They keep asking for a receipt of payment from the payee -which the payee simply doesn't have since as I have explained them a bunch of times already, they only took part of the fees and rejected the rest-. I am now contacting fraud companies to receive proper help. It is a shame getting robbed like this after trusting all the reviews and checking before going ahead with them.

3 days ago
by Paresh patel

5 stars

Used transferwise today and it was the …

Used transferwise today and it was the easiest and best rate transfer company I have come across. The website is very user friendly.

3 days ago
by Jenna LONGSTER

1 stars

Money has been taken from my account by …

Money has been taken from my account by this company, and there is a current investigation into this. How can they allow this to happen? i have not ever...Read more

Money has been taken from my account by this company, and there is a current investigation into this. How can they allow this to happen? i have not ever used this service before yet someone else has easily committed fraud using this company. NOT SAFE Your response isnt good enough. Your company CANNOT BE SAFE if this has been allowed to happen. what security checks do you actually take????

4 days ago
by Claire Bear

1 stars

I have transferred money once and there …

I have transferred money once and there was no problem. Now I did it again and the money was supposed to be transferred by 10/9. 3 Days after the 9th, it...Read more

I have transferred money once and there was no problem. Now I did it again and the money was supposed to be transferred by 10/9. 3 Days after the 9th, it showed as "refunded" on my transferwise account due to an incorrect receiver's bank account. I double checked it but I did not see any mistake, I then immediately contacted them via a message to see what I can do to fix the problem. Guess what nobody replied til this day. I then contacted them via email and again no one seems to care to respond. I also called multiple time before 8 pm. NOBODY was there answering the phone call. I needed to send money and expected it to be transferred on time, but transferwise just ruined it all! Frankly disappointed!!!

5 days ago
by Paul_London

1 stars

Never use service for large payments …

I am VERY disappointed about support and it’s service. It is the second time in a short span of time that transferwise didn’t process a...Read more

I am VERY disappointed about support and it’s service. It is the second time in a short span of time that transferwise didn’t process a transfer. I’ve sent a large payment as instructed by bank transfer but Transferwise has not done anything - no reply, no refund, nothing. It’s been 9 days! I would not recommend a business to make an important transfer via Transferwise. Money out of your account and supplier unhappy.

6 days ago
by Amritpal Singh

5 stars

Best service then anyother

Best service then wu, mg , world remit and any other

10/12/2017
by Roman Petrenko

2 stars

Fast rising transfer fees to Ukraine …

Fast rising transfer fees to Ukraine from 2% to 5% for new customers only, but not that fast in updating terms and conditions on their Web site as it is...Read more

Fast rising transfer fees to Ukraine from 2% to 5% for new customers only, but not that fast in updating terms and conditions on their Web site as it is still showing old fees.

10/12/2017
by Sally Bellis

1 stars

TOTALLY USELESS BE WARNED

TOTALLY USELESS - BE WARNED. They advertise international payments at good rates. To sign up you have to complete a detailed form with lots on...Read more

TOTALLY USELESS - BE WARNED. They advertise international payments at good rates. To sign up you have to complete a detailed form with lots on confidential business and personal information, fair enough. Once signed up you discover you can only transfer USD $ to America! Wake up Transferwise, the whole world trades in USD $. Basically you can not transfer USD to any country except America, they then advise you have to pay your Banks SWIFT costs, the receiving banks SWIFT cost and their charges - HELLO! why would anyone use you. Its simpler just going and using your own bank. Absolutely USELESS and POINTLESS system - they should point this KEY information out before taking all you confidential and personal info - BE WARNED!!!

10/12/2017
by Phillip Fieweger

5 stars

TransferWise is the BEST system for …

TransferWise is the BEST system for transferring money overseas! The rates are upfront, fair, and less than all their competitors. The exchange rates are...Read more

TransferWise is the BEST system for transferring money overseas! The rates are upfront, fair, and less than all their competitors. The exchange rates are the actual current market exchange rates unlike other companies that give less-than-actual exchange rates. This is a bank-to-bank transfer so you and your recepient never have to go somewhere to make a transfer. The only set back is that it could take up to a week to transfer because the banks holding the funds, not through any fault of TransferWise.

10/12/2017
by Adrien Domoison

5 stars

They saved the day so many times!

They saved the day so many times, love their service!

10/11/2017
by Marcus Norman

5 stars

Extremely good service

Extremely good service, very trustworthy and the exchange rates are second to none. I wholeheartedly recommend TransferWise over any banks to anyone...Read more

Extremely good service, very trustworthy and the exchange rates are second to none. I wholeheartedly recommend TransferWise over any banks to anyone sending money overseas.

10/11/2017
by Jose Marie Algas

1 stars

UNACCEPTABLE

UNACCEPTABLE! I do not mean to be racist, but their CSR is an Indian guy with a very poor accent . Guys I am telling you. These people will take money...Read more

UNACCEPTABLE! I do not mean to be racist, but their CSR is an Indian guy with a very poor accent . Guys I am telling you. These people will take money from your account and delay it up to 5 days without notice. No warnings, no nothing. So here's the story: My friend used Transferwise to pay me last Saturday, Oct. 6 2017. Now normally, when you are the receiver, you will get a notification via email that ______ has sent you _______ to your bank account ______. It did not happen. So benefit of the doubt, maybe since it was Saturday evening, it won't be processed until Monday. So I waited until Monday, still no email, no notification. Though I am a bit hesitant to ask my friend to call them since he is a busy guy, I did. Tuesday morning October 10, 2017, he called TW. Suddenly, the notification email that was supposed to be sent last Saturday arrived. It said the money is expected to arrive by Monday, October 9 2017, funny thing is that it's already Tuesday and nothing came to my account. Now, I tried to contact their chat support and even called them. They won't tell me anything. I'm not even asking for personal information, I just needed to know what happened and why there was an email delay. The Indian guy threatened me that he will hang up the phone just because I'm cursing. I'm not cursing at him, I'm cursing because of the delay and the INCONVENIENCE they have brought. Isn't it annoying that they won't tell ya why the email was delayed and treat you like that? He was NEVER polite throughout the call. Well, WE WILL NEVER USE TW AGAIN. I should have done a bit of research before using them.

10/10/2017
by ARTHUR.sammy sam

5 stars

this a great learning

this a great learning

10/10/2017
by John Miller

3 stars

Still not truthful details on the …

Still not truthful details on the landing page. It states no debit card fees on home page but when you get to the actual transfer page they load a £1.10...Read more

Still not truthful details on the landing page. It states no debit card fees on home page but when you get to the actual transfer page they load a £1.10 fee for debit card. I think I will have to look elsewhere for a more honest company to do my transfers. Why cant they be upfront and HONEST?

10/10/2017
by cybersecurity

1 stars

As a cybersecurity expert, I cannot recommend this company.

As a cybersecurity expert, I cannot recommend this company. Ones upon a time I read on the internet that I should not trust or believe everything I read...Read more

As a cybersecurity expert, I cannot recommend this company. Ones upon a time I read on the internet that I should not trust or believe everything I read on the internet! At first, (like most reviews I did read) I liked what I saw but after digging deeper and learned how this company operates, I mean, how many of the 5 stars reviewers did read their privacy policy before signing up? Or did they understand how this company can tread your personal information without telling where their servers are located (which countries), where they store copies of sensitive personal information such as a copy of users passports or which security measures they use to protect such amount of personal info! I did request this information from them and the answer was: TransferWise stores your data inside the European Economic Area, with strict security standards that comply with our exceed the requirements of our various regulatory bodies globally. This answer doesn't tell me anything nor does it answer my questions about the security measures they use. (Here is their PP policy) transferwise. com/privacy-policy (remove space) 1. How do we protect your personal information 1.1 We are serious about guarding the security of your personal information and use a secure server to store your personal information. All information you provide to us is stored on our secure servers. Any payment transactions will be encrypted using Transport Layer Security technology. Where we have given you (or where you have chosen) a password which enables you to access certain parts of our Services, you are responsible for keeping this password confidential. We ask you not to share this password with anyone else and not to use this password for other services or products. 1.2 As you will know, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data but we cannot guarantee the security of your data during transmission, any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access. (End of the PP policy) I don't care how other people live their lives or which steps they take to protect their identity on the WWW!! As you can see in 1.2 above "we cannot guarantee the security of your data during transmission, any transmission is at your own risk." Now it is my responsibility if using this service to protect my own privacy!!! When an email or online shop is hacked and your email address and payment details such as debit/credit card info fall into criminal hands, unlike your card info, you cannot cancel your Identity, do you? And to top it all, upon asking they refused to dele my account: "More so, your account cannot be deleted but we can deactivate the account if you choose not to use TransferWise again." ..and pointed to some laws legislation . gov. uk/uksi/2017/692/regulation/40/made (remove space) where a financial institution can keep their user's data - they are misinterpreting these laws, I created an account but didn't make any financial transfers which would require them to withhold my information You might agree or disagree with me and that is totally your freedom to choose whom you do trust for your privacy when storing your identity on the WWW!

10/10/2017
by Topher

2 stars

Compare TransferWise with CurrencyFair

I made a comparison of TransferWise (TW) and CurrencyFair (CF). CF was a little better, taking fees into account on both. The difference was 0.7%. But...Read more

I made a comparison of TransferWise (TW) and CurrencyFair (CF). CF was a little better, taking fees into account on both. The difference was 0.7%. But for £10,000 to Euros it would come to 70 € I don't know how easy to use TW is. But I have used CurrencyFair for many years and found it good. Telephone support is 24/7 May be at a different time of day it would be different. You should do the comparison before you exchange.

10/07/2017
by Nadia

5 stars

Great app

Great app. Have no critisim at the moment and will keep using. Thank you for creating a fair alternative to greedy bank transfers.

10/07/2017
by Graham Bradley

5 stars

Transferwise is superb all round

Transferwise is superb all round. I have been using this company for nearly 2 years with regular transfers in Euros to Latvia. Everything works...Read more

Transferwise is superb all round. I have been using this company for nearly 2 years with regular transfers in Euros to Latvia. Everything works smoothly and the funds can be received in say 3 hours if early morning transfer to a maximum of 24 hours if a late evening transfer.

10/06/2017
by Michael

2 stars

After close to a year of transferring …

After close to a year of transferring money with them to different countries including China, USA and India, I was asked to verify my identity and place...Read more

After close to a year of transferring money with them to different countries including China, USA and India, I was asked to verify my identity and place of residence. I uploaded my ID and address proof. At the same time I received a note from them that I am due a £15 credit to go towards any future transfer because they have taken too long to transfer my money. I took them up on that offer and submitted 2 transfer to my EXISTING recipients. They also asked me to explain to them what it was for. I told them the truth - one was a loan repayment and another was deposit for flat rental. After 3 days of waiting I had enough and contacted them to find out what is going on. The person on chat told me that they have no visibility of what is going but will forward my questions to the team that looks after it. By this time, the rate has fallen from original spot and I actually had a better deal locked in compared to what it was now. I was asked to send proof of my address again. And again I sent proof of scanned credit card statement that matched everything on my account. Within 15 minutes of my chat, I receive a note stating that my transfers are cancelled and the money I deposited was going to be refunded. I tried to log into my account and was told that the account has been suspended. I called their customer service (the number is not listed on their page) and they could not tell me anything about my account. They told me to send the email to appeals department but I tried to find out what I am appealing, they either were hiding it from me or did not know. Yes - it could be KYC roles, but after months of transfers??? And why now? I am very disappointed with them and strongly discourage you from using them. They seem disorganised and unresponsive when there is a problem. Please choose somewhere else. At this point I am not able to get the apartment I want because of their actions.

10/06/2017
by Jan

1 stars

I don't trust Transferwise

I don't trust Transferwise! There are some other companies who can give me better exchange rates and quicker transfers WITHOUT having to do false...Read more

I don't trust Transferwise! There are some other companies who can give me better exchange rates and quicker transfers WITHOUT having to do false advertising. I was encouraged to try Transferwise because I was told that everytime you invite 3 friends and they make the valid transfer, you will get a reward. Which appealed a lot to me as I have a few more friends to invite. But after I had friends/family members who made successful transfers, I was not given the reward that is due to me. They told me one of my referral was not qualified. So I complained that if one referral wouldn't qualify, will it disqualify my other valid referrals? Apparently they said yes, and even if I get to invite more friends with the link that I gave them, I wont get rewards anymore. Which for me is so unfair because that is how they sell themselves to give incentives if you make other people join the loop. But after what had happened to me, I will not encourage any friend and family member to join. Aside from they are not able to give you a guaranteed amount to b received by the receiver, they don't really do the things as promised. And very bad customer service when you send your complain. I know the invite program is not really the core and essence of your business but you should give the reward whenever it's due because you have advertised it as such.

10/05/2017
by Sowapa Chaiyarak (GoGoAmerica)

5 stars

It's better than wire transfer, Moneygram, Western union and Paypal

I’ve used transferwise service and have saved a fair amount of money doing so. It is designed by the people who created Skype. I’ve transferred $1000...Read more

I’ve used transferwise service and have saved a fair amount of money doing so. It is designed by the people who created Skype. I’ve transferred $1000 from the USA to Thailand and the speed was about the same as an international wire transfer(3-7 days), but I saved more than $20 compared to what my bank was going to charge. I recommend a lots of my friend using transferwise service cause it's fair, No hidden fee. It's better than wire transfer, Moneygram, Western union and Paypal

10/04/2017
by Jerome P. O'Mara

5 stars

There are no words to say how fantastic …

There are no words to say how fantastic Besides there rates that are right on the Fx market rates on line there fees are very low. For example...Read more

There are no words to say how fantastic Besides there rates that are right on the Fx market rates on line there fees are very low. For example transferring my pension and state pension from my U.S. bank to euros, before Transferwise besides a rate that was no where as good as TW I had to pay a $40 fee for the transfer. They can be trusted with any amount when we sold our home we transferred a large amount it was in our Euro account in 3 hours. There are other companies that do similar work but trust me for the average person try Transferwise and you will agree. I do not work for them I am retired .

10/04/2017
by David Jagtman

5 stars

Shocked at how well this works.

I was and still am shocked how quick, effective, cheap and easy using Transferwise is. On top of that their website interface is beautifully designed. I...Read more

I was and still am shocked how quick, effective, cheap and easy using Transferwise is. On top of that their website interface is beautifully designed. I used to get outraged at traditional banks because of how obscenely long international transfers would take knowing full-well that they often owned high-frequency trading companies that could literally conduct thousands of transactions globally within a fraction of a second; they clearly have the infrastructure. I could not recommend an international money transfer service more highly. It won't just save you money but is much more reliable and lightning-fast. I can see no downsides whatsoever.


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

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.


TransferWise – Are they that cheap or is it just (inaccurate) advertising?

A recent controversy around the unicorn start-up TransferWise Are you familiar with the cult movie “Enter the dragon”? It’s the best way to describe the buzz and publicity TransferWise was getting after their launch in 2011. It was a revolution!  If you live in the UK, there are big chances you might have seen one […]



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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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