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


23 hours ago
by Parminder Singh Palahi

5 stars

Best way to transfer money.

Best way to transfer money.

23 hours ago
by Miraz Zaidi

5 stars

Very fast

Very fast, transparent and simple.

23 hours ago
by Karim Sakhibgareev

5 stars

TransferWise works great for me

TransferWise works great for me, was sending and converting USD from US bank to EUR in European bank.


More reviews

23 hours ago
by Kim

1 stars

Lost 7% of my transfer

On December 22nd I transferred euro 1000 from my HSBS Hong Kong account to a friend in Germany. I supposedly followed the instructions provided by...Read more

On December 22nd I transferred euro 1000 from my HSBS Hong Kong account to a friend in Germany. I supposedly followed the instructions provided by Transferwise for transfer to Deutsche Bank and they would forward the money to my friend. The money never arrived to my friend, and the people at Transferwise claimed I had used SWIFT instead of another method. After several days of getting the run around with no help I'm certain part of my m only is lost here. Transferwise should design a system that does not allow customers to make such mistakes (if it indeed was a mistake and not a scam). Just like Google search helps people spell right instead of returning no result due to a spelling mistake. Long story short the staff was of no help. And I lost 7% of my money due to extreme high fee's charged by Deutsche Bank and HSBC when part of the cash finally was returned to me. You can be in for a rough loss off your cash with this service :-(

23 hours ago
by Simon Gottipalli

5 stars

Good service

Good service. Quick transfers without a lot of hassle

23 hours ago
by Abiodun Samuel

1 stars

Terrible service, zero efficiency and shady operation

This is a terrible and unacceptable service delivery. Money transfer should not be a headache in this age and time. I paid with a debit card and #500 USD...Read more

This is a terrible and unacceptable service delivery. Money transfer should not be a headache in this age and time. I paid with a debit card and #500 USD was debited immediately from my account. The following day my account was deactivated without prior notice and for no reason. Why rake people's fund and then deactivate their account. They should verify account first before allowing customer to initiate account. And please dont reply to this review with your technical jargons. Point is clear, your operation is not transparent and efficient. Potential customer: try another transfer service and STAY AWAY FROM THESE CRAPPY COMPANY. up till now my $500USD is still not accessible

1 day ago
by Isaac

1 stars

Never was able to fully activate …

Never was able to fully activate account, mine was suspended for an undisclosed reason, after 7 emails back and forth with CS, never received an answer....Read more

Never was able to fully activate account, mine was suspended for an undisclosed reason, after 7 emails back and forth with CS, never received an answer. They were very robotic and unapologetic... Huge waste of time.

1 day ago
by Ali Haider

5 stars

Lives in pakistan

Lives in pakistan, makes personal and business transfers

1 day ago
by Diptesh Pawa

5 stars

Feedback

Quick, easy and reliable money transfer service.

1 day ago
by Parvesh Bansal

4 stars

Good rates, but not the fastest transaction processing

I use two platforms to remit money, depending upon the best conversion rate. In total of 6 transactions, 2 were done through transferwise. One of them...Read more

I use two platforms to remit money, depending upon the best conversion rate. In total of 6 transactions, 2 were done through transferwise. One of them went smooth, the other took 2 more days than what was promised while making the transfer. Even though I had transferred the money to transfer wise account immediately. The other platform has consistently completed the transactions in less time they say during transaction.

1 day ago
by Duncan

5 stars

This is a brilliant and economical way …

This is a brilliant and economical way of transferring money. I have been very impressed with the simplicity and straightforwardness of the website.

2 days ago
by David Carter

5 stars

Easy transfer

Easy transfer, reasonable charges

2 days ago
by wealthychef

2 stars

So far not so good.

So far, I have transferred $2500 into my account and it is stuck there. I can't send it to any recipients due to the glitches on their website using...Read more

So far, I have transferred $2500 into my account and it is stuck there. I can't send it to any recipients due to the glitches on their website using Chrome, Safari, and on iOS. It blocks every move I make. Even funding my account required a trip to tech support. This site needs a lot of work. I would have given up a long time ago if my friend hadn't asked me to pay him through them. I'm now in support limbo. It's been more than a week I've been trying to pay my friend.

2 days ago
by DorthyYates

5 stars

Thanks again for all of your hard work …

Thanks again for all of your hard work and dedication to your house and I have a few questions regarding my business account direct deposit information...Read more

Thanks again for all of your hard work and dedication to your house and I have a few questions regarding my business account direct deposit information 6220083603546

3 days ago
by Cedric B

5 stars

Great service

Great service, the borderless accounts are amazing. And their support is one of the best I've ever dealt with.

3 days ago
by geya

1 stars

I transfered my money on 9th January …

I transfered my money on 9th January and its 13th today and still the recipient hasnt received the money, they said it would be there by 12th january. Ref...Read more

I transfered my money on 9th January and its 13th today and still the recipient hasnt received the money, they said it would be there by 12th january. Ref number: #28339398

4 days ago
by George Brodbeck

5 stars

Give the Banks the flick for currency transfers

To join TransferWise and take advantage of their lower exchange rates and multi-currency Borderless account is the best move I ever made.

4 days ago
by Ioana Lavric

1 stars

There are more than 24 hours and I …

There are more than 24 hours and I didnt get the money in my account. Would be possible to know why?

4 days ago
by Adrian Sewell

5 stars

TransferWise Easy Fast Cheap Fair

TransferWise Easy Fast Cheap Fair I transfer regularly between UK and Oz. The TransferWise set up was a tad confusing at first with emails at wrong time...Read more

TransferWise Easy Fast Cheap Fair I transfer regularly between UK and Oz. The TransferWise set up was a tad confusing at first with emails at wrong time etc. but I think this was the early days of transfer operation between the countries. I now use it all the time. It's superb. Easy. Fast. Cheap. Fair. Don't use anyone else.

4 days ago
by Anthony Tayoun

5 stars

Excellent overall experience.

Excellent overall experience. Value proposition already justifies using the service, and customer support team is fantastic.

4 days ago
by Maruti

1 stars

After going through many websites and …

After going through many websites and reading reviews I selected transfer wise for my money transfer and realized it was not wise decision. I transferred...Read more

After going through many websites and reading reviews I selected transfer wise for my money transfer and realized it was not wise decision. I transferred money yesterday itself and to their account and waited. Today I called my bank and they said money transfer to transfer wise was successful and it reached them today around 10 am but my money has been not yet transferred to my other country account. I am waiting for more than 2 days and my bank also confirmed that money is already with Transfer wise but when I call customer care they say money not yet received and I need to wait. I told customer service guy that my bank has confirmed that its with Transfer wise can u check but still like a radio they keep saying the same statement wait till we receive funds etc. I am totally unsatisfied

4 days ago
by SA - London

5 stars

Borderless bank account

An open, easy to use, wonderful user interface backed up by excellent customer support. The border less bank account is a real innovation.

4 days ago
by Supriya Porwal

5 stars

very quick service

very quick service

4 days ago
by Somanath

4 stars

Exchange Rate

The real time Exchange rate showing in the system is not getting reflecting in the TW account

4 days ago
by elaine s

4 stars

Pros and

Pros 1 Easy and fast approval of the account. 2 Competitive rates (one of the best there is). 3 Fastest internet to bank transfers of 24 hours or less. An...Read more

Pros 1 Easy and fast approval of the account. 2 Competitive rates (one of the best there is). 3 Fastest internet to bank transfers of 24 hours or less. An option for even faster transactions in minutes using debit/credit card for emergency needs. 4 More available currencies compared to others, and user friendly website. Cons 1 Rates are not the cheapest at 1%, competitors would charge as low as 0.5% down to 0.25% 2 Additional fees for debit/credit card users upto 2.5% depending on which country. 3 Weekly and daily limits to some countries 4 Not ideal for huge amount of transfer. Eg. Sending 10,000$ from Japan using your debit card will cost you 350$, 1% for the transfer fee and 2.5% debit card fee. 5 Other online remittance service gives a free or discounted 1st transaction upto 10$. Transferwise doesn't. Verdict After finding out the rates of other remittance services, I will just use transferwise for more urgent money transfers. Definitely not for bigger money transfers.— edited and added more star after I tried using the counter part company, I guess transfer is more expensive but you get what you pay for. Cheaper money transfers are slowwwww sloooww so slow- it couldn’t get any clearer than this.

5 days ago
by Christian M Buchholz

1 stars

Fees are a joke 1.80 for $10 transfer

Fees are a joke 1.80 for $10 transfer

5 days ago
by cj apes

2 stars

Deactivated my account on someone else request.

They deactivated my account because someone else asked them to. They didn't run enough security checks to ensure that the person requesting this was...Read more

They deactivated my account because someone else asked them to. They didn't run enough security checks to ensure that the person requesting this was indeed me. And they took several days to respond to my emails after sending me the first email saying that they disabled my account.

5 days ago
by Karuppasamy

5 stars

Fastest transfer ever

Fastest transfer ever

5 days ago
by Asaraf Melakath

5 stars

Good service

Good service

5 days ago
by Jack

4 stars

Cheap fast international transfer

Cheaper and faster international transfers. 4 stars because website still has remnants of a "request money" feature which no longer exists....Read more

Cheaper and faster international transfers. 4 stars because website still has remnants of a "request money" feature which no longer exists. Would be good to have that feature, but also website was a little inconsistent about it. But TransferWise still seems to be the best option for fast and cheap international money transfers.


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