TransferWise - Independent review

All you need to know before sending money with TransferWise

Mid-market exchange rates Competitive and transparent fees Excellent user experience

8.30/10 Very good
Learn more

TransferWise review by Monito

TransferWise acts as a secure intermediary in an international bank to bank money transfer. They charge a low and transparent transfer fee and convert your money at the true mid-market exchange rate. You can pay with a bank transfer, debit and credit card, or even with Apple Pay with the TransferWise iOS app in the UK. In most cases, the money will arrive within 1-4 working days on your recipient’s bank account.

TransferWise is a top choice for international money transfers between bank accounts, as evidenced by the dozens of thousands of excellent TransferWise reviews on Trustpilot. They can send 38 different currencies to 72 countries, and are one of the very few companies who can offer the true mid-market rate. Their low and transparent transfer fees make them extremely competitive.

The cherry on the cake? The TransferWise website and mobile apps offer a spectacularly great user experience, which make everything from signup to transfer simple and efficient.


PROS
  • You get the true mid-market rate
  • Low and transparent transfer fees
  • Fantastic user experience
  • Excellent customer reviews on Trustpilot
CONS
  • Limited number of supported countries
  • Transfer time can be a bit long depending on where you’re sending to
  • You can only send to a bank account



Reviews powered by

32,767 customer reviews on TransferWise on Trustpilot


20 hours ago
by Chetan Anand

4 stars

I used to transfer GBP to rupee

I used to transfer GBP to rupee, initially was not confident on the site but it works very well, i was able to get the money in merely 1 hour. I would...Read more

I used to transfer GBP to rupee, initially was not confident on the site but it works very well, i was able to get the money in merely 1 hour. I would have given 5 stars but only thing bothering is the charges, its close to 7pound for every 1000pound, which seems to little expensive and more over there is no benefit if we do higher amount transfer.

20 hours ago
by Alex Higgins

5 stars

Makes life so much easier

Makes life so much easier. As someone who lives in Spain but works remotely for a British company being paid in the UK, i regularly have to transfer...Read more

Makes life so much easier. As someone who lives in Spain but works remotely for a British company being paid in the UK, i regularly have to transfer money between my Spanish and UK accounts. Using TransferWise and their borderless account makes this whole process so easy, and straightforward. On a couple of occasions I have had to contact their customer support and they have always been so efficient and professional while also being personable and human! I think customer service in general is sadly lacking these days, so its important to recognise it when you receive it and I feel TransferWise genuinely do look after their customers.

2 days ago
by Ethan vW

5 stars

Trustworthy, Fast, Cheap

I use Transferwise to fund my studies in the UK from the Netherlands, which involves a euro conversion. Transferwise completely beats using regular banks...Read more

I use Transferwise to fund my studies in the UK from the Netherlands, which involves a euro conversion. Transferwise completely beats using regular banks for the following reasons: -Transparency, the exact figures quoted are always payed in and out. Banks do not tell you how much arrives. -Converting GBP to EUR only incurs a 0.5% transaction fee and this is very cheap compared to banks, who make money disappear. -Speed, transfers can take days, whereas using the correct payment method Transferwise can transfer within seconds. Once a payment arrived within 10 seconds of confirmation! It never takes more than a few hours in the worst case. I have used Transferwise on many occasions transferring thousands in total and would thoroughly recommend it to anyone over international bank transfers.


More reviews

3 days ago
by Bruce Esinem

5 stars

Very happy

Very happy. Used whenever I can. Still a few restrictions on what currency can be sent where.

3 days ago
by Miss Nikki Zabel

1 stars

Awful experience

Moving abroad, agreed with the agency to pay the first few months of rent upfront. Decided to use TransferWise, because it seemed like a nice initiative....Read more

Moving abroad, agreed with the agency to pay the first few months of rent upfront. Decided to use TransferWise, because it seemed like a nice initiative. Put the money in, received an email one day later that the transfer had been cancelled, no reason given. Called their support phone number, which actually puts you on the phone with some Indian callcentre, where the people don't have the will, knowlegde, or authority to help, but they follow some sort of very simple script. People beyond that first level, such as managers, are not available to talk to. All they could tell me was that my transfer was cancelled and my account deactivated because of "security reasons". If I wanted more information I should send an email. The response to that email basically was that according to the terms and conditions they have the right to cancel your transfer and deactivate your account if they feel they should, and they couldn't tell me why. All they could tell me is that they won't reactivate my account and I can never use their "service" again in my life. All emails were brief, rude, and automated. I am a hardworking person trying to pay my rent, but by TransferWise I am treated like I'm some sort of criminal. The worst part is that it takes 2-10 working days before the money is back in my account, and I don't have enough money to make the transfer again, which means that I won't be able to pay my rent before my appointment to pick up the key. Which is a little stressful, especially if you are emigrating. Long story short I am in deep trouble because of TransferWise, and I can't even begin to tell how ridiculous and unacceptable the way I am treated by them is, simply for trying to use their business the way it was meant to. I would not trust this company with large sums of money, especially not if it is the first time you use them. P.S. TransferWise please don't bother to respond to this message. It is a REVIEW page, not a support page. I have asked for support multiple times in various ways, and nobody could help me, so no need to pretend you're trying to help out here.

3 days ago
by Qian Cheng

5 stars

ZERO Incoming Transfer Fees In Addition to Amazing Rates!

I am very happy with my last transfer. Although it was slightly slower than typical bank transfers, the rates were much better and saved me more than a...Read more

I am very happy with my last transfer. Although it was slightly slower than typical bank transfers, the rates were much better and saved me more than a hundred dollars. A side observation is that there wasn't any incoming transfer fee. My banker at Chase initially thought that there was a system error, but he later discovered that TransferWise used ACH (automatic clearing house) and thus no incoming transfer fee was charged. As most banks today offer zero outgoing fees but still charge a hefty incoming fee, this could really be a strong selling point in addition to the amazing exchange rates. However, I don't see this being advertised and I really think TransferWise should! You can use the link below to get your first transfer up to $500 free transferwise(dot)com/u/qianchengx

3 days ago
by Jack Marcham

5 stars

Cheap, Fast, Easy, Convenient, Secure

Excellent excellent product, whats not to like? Its cheap, its fast, its easy, its convenient, it's secure.

3 days ago
by Pedro Antunes

1 stars

IF TRANSFERWISE IS NOT PROCEEDING WITH THE TRANSFER I´VE ALREADY PAID, AT LEAST RETURN MY MONEY

I´m extremely disappointed with the service that Transferwise provides after this problem I´m having. I have 8 successful past money transfers from my...Read more

I´m extremely disappointed with the service that Transferwise provides after this problem I´m having. I have 8 successful past money transfers from my account in Brazil to my account in Canada, and my mother has many other successful money transfers. On the last one, Transferwise asked me to send address proof and an income tax document, I uploaded them and then I was able by the website to send the money from my account in Brazil. Then today, AFTER SENDING THE MONEY I receive a message that they would not proceed with my transfer until I send a document proving that my income is higher than R$25.000/year. This badly designed website shouldn´t allow me to send money AT FIRST. After I send the documents, the website ALLOWED ME TO SEND MONEY, and then, AFTER I SEND THE MONEY, the website ask me to send additional documents AND DON´T LET ME RECEIVE MY MONEY. I don’t have this document. So if I’m not able to receive the money in my account in Canada, I DEMAND THAT YOU RETURN MY MONEY THE SOON AS POSSIBLE TO MY ACCOUNT IN BRAZIL. I’ve already asked this by replying the e-mail I received in the morning and I did not receive any answer. ------------------------------ EDIT: Transferwise contacted me today Sep 22th, saying that they will return my money. When I see the money in my account, I'll modify my review.

4 days ago
by Madison Gierloff

5 stars

Truely great transfer company

Truely great transfer company. Needed to send money from the USA to Ireland and my bank, US bank, was very difficult. But transferwise was able to work...Read more

Truely great transfer company. Needed to send money from the USA to Ireland and my bank, US bank, was very difficult. But transferwise was able to work using microdesposits to verify the account. Also their fee was very low and resonable, especially compared to alternatives like Wells Fargo who has a truly awful exchange rate.

4 days ago
by Harry max

5 stars

best place to buy …!

This has to be the best place to buy online clothing, had a great experience. Really superb material quality and their customer service are awesome. Loved...Read more

This has to be the best place to buy online clothing, had a great experience. Really superb material quality and their customer service are awesome. Loved doing shopping EvaTrends..... :) Very smooth and fast delivery of my love items....!

4 days ago
by J.W.P

5 stars

Very smooth and fast

Very smooth and fast, I made a test by transfer a small amount to my account in Thailand and the day after it left denmark, I had it on my account in...Read more

Very smooth and fast, I made a test by transfer a small amount to my account in Thailand and the day after it left denmark, I had it on my account in Thailand

4 days ago
by Vivek R

5 stars

I really appreciate the service …

I really appreciate the service provided by Customer support, especially teh support engineer Maris Mandre. She helpmed me to sort the issue over the call...Read more

I really appreciate the service provided by Customer support, especially teh support engineer Maris Mandre. She helpmed me to sort the issue over the call in a very subtle and efficient way. I just love trasfwerwise and been using it for a year now :)

4 days ago
by IGOR CINDRIC

1 stars

Support and help desk anwered more then …

Support and help desk anwered more then 24 hours , so if you have some issue it can t be solved on time. Help desk reply with no sense! You need to be...Read more

Support and help desk anwered more then 24 hours , so if you have some issue it can t be solved on time. Help desk reply with no sense! You need to be very careful becouse there is no real support if some thing go wrong! I make transfer of money and they transfered money on same account from they get money ! Take fee and back smaller amount of money! Chat no working at anytime and no phone contact ! igor

4 days ago
by Himaja kotturu

5 stars

good .i used this app.

good .i used this app.

5 days ago
by Ramesh

5 stars

This has to be the best place to …

This has to be the best place to transfer money. Really easy to do and it tells you each process along the way and an estimate on when the funds will...Read more

This has to be the best place to transfer money. Really easy to do and it tells you each process along the way and an estimate on when the funds will arrive to receipient. Don't get ripped of by your banks

5 days ago
by Davide Penazzi

5 stars

Easy

Easy, fast and cheap!

5 days ago
by vippraja

5 stars

Excellent Service

Super fast transaction process at very low service fee ! (As compared with XE money transfer) 5 stars ⋆⋆⋆⋆⋆

6 days ago
by George

5 stars

Very good

Very good. Fast transfers. And of course cheap. Use them to many times.

6 days ago
by Scott J

5 stars

Great Experience All Around (Speed. Ease of Use. Fees.)

Quite simply it was an amazing experience. They have clearly done their homework to anticipate the varied needs of their customers... I have used it for...Read more

Quite simply it was an amazing experience. They have clearly done their homework to anticipate the varied needs of their customers... I have used it for both Euro to USD conversions and also for business payments to contractors outside the US (USD to whatever currency is needed). Elegant and intuitive - along with responsive customer service and oh yeah "more money in my pocket".

1 week ago
by Bavelyn Marciano Abacan

1 stars

This is totally insane

This is totally insane! can some one help with this? my boyfriend and I try this app cause we saw it in google all good feedback so we didn't doubt to use...Read more

This is totally insane! can some one help with this? my boyfriend and I try this app cause we saw it in google all good feedback so we didn't doubt to use this. so my boyfriend sent mo 105$ including the 5$ charge,from America to Phlippines. Transferwise says the recipients will receive it on Septemeber 19,2017 we've waited 3 days and then my Boyfriend got an email from them that the transfer got refunded. and his acct from transferwise got deactivated by them. But the money is not yet reflecting back on my boyfriends account. I try to open my account in transfer wise too and it says my account is deactivated too!! omygod! can you help me with this. We're so stressed to get the money back.

1 week ago
by john walder

5 stars

fast

fast, cheap easy.....!!

1 week ago
by Stephanie M.

5 stars

Reliable, trustworthy, fast, cheap!

I love transferwise - it's by far the cheapest option for sending money. I've been using it for a couple of years now, transferring hundreds of EUR into...Read more

I love transferwise - it's by far the cheapest option for sending money. I've been using it for a couple of years now, transferring hundreds of EUR into my UK bank account or GBP into my German bank account. I've never had a problem - in fact sometimes my money has come through faster than the confirmation email! Would recommend without reservation.

1 week ago
by Jérémy Gabriele

1 stars

Poor support

Poor support, does not contact you until the "your support is $&@!" keyword is sent by email.

1 week ago
by thien pham

1 stars

You'd better call the service TransferWhy

If you live outside US and want to receive USD from senders, there's no way to do it. They will block you there, and don't allow converting the money to...Read more

If you live outside US and want to receive USD from senders, there's no way to do it. They will block you there, and don't allow converting the money to local currency. Then if you want to get support from their team ? waiting 24h for an email, then ask and continue to wait 24h for another email and so on ... They're going to TRANSFER the WHY back to you until you get the story and handle it yourself.

09/17/2017
by Milja

5 stars

Fantastic service

My partner and I have both used TransferWise several times to transfer money between our eurozone and UK accounts, and we have both always been very happy...Read more

My partner and I have both used TransferWise several times to transfer money between our eurozone and UK accounts, and we have both always been very happy with the service. The rates are very transparent (they tell you beforehand exactly how much you'll get for your money), and the fees are low. The transaction is also super fast if you use a debit card (I've never used any other method so can't comment on those), literally within minutes, compared to several days with my own bank. Would highly recommend to anyone who regularly needs to transfer money from overseas accounts.

09/16/2017
by Tom verey

5 stars

Great service

Great service, I have used multiple times, after going through security checks it was so worth it. I save a fortune in transferring money now. The app is...Read more

Great service, I have used multiple times, after going through security checks it was so worth it. I save a fortune in transferring money now. The app is really easy to use and the processing is really quick.

09/16/2017
by M

1 stars

Recently made a transfer and cancelled …

Recently made a transfer and cancelled it the very same day. 2 days later they debit my account despite me cancelling the transfer and have not received...Read more

Recently made a transfer and cancelled it the very same day. 2 days later they debit my account despite me cancelling the transfer and have not received no refund from them yet. Transfer 22479839 Please can you sort this out and refund my money back!!

09/15/2017
by Yogender Singh

1 stars

Fraudulent company

Doesn't even deserve one star. Please read carefully. I have been using this for around a year to send money home and recently got to see the true nature...Read more

Doesn't even deserve one star. Please read carefully. I have been using this for around a year to send money home and recently got to see the true nature of TransferWise. I had initiated a transfer and chose to pay in via my bank account. It took me some time but when they payment was complete and I clicked on 'I have transferred the money' these fraudsters lower the exchange rate! I noticed it and sent an email to the customer support requesting them to look into it and cancel the transfer if there was some technical error. To my surprise, instead of looking into my isse these fraudsters rushed to complete my transfer in next half an hour an left me with no option. Transfer ended up £20 less and another £50 which I could have gained had they had cancelled my transfer. Don't choose TransferWise over similar apps. You pay more fees and even then they dont care and give a damn about their customers. I am going to ellas this to all my friends so that they can protect themselves from these fraudsters. A very disappointed customer

09/15/2017
by John Miller

4 stars

Transfer fees.

Transfer fees on the home page do not match those when you actually login and send money..... disappointing. Other than that the service is...Read more

Transfer fees on the home page do not match those when you actually login and send money..... disappointing. Other than that the service is quick...sometimes the money sent arriving in receiving bank the same day.

09/15/2017
by Marie Ragusa

1 stars

Waste Time Waste Money my Account $50 Loss

Hi My account is deactived I am no Any Unusal Activity Made My Account I am Already Verified My Account. Tryed Customer Care But Not response Currently...Read more

Hi My account is deactived I am no Any Unusal Activity Made My Account I am Already Verified My Account. Tryed Customer Care But Not response Currently My Account Boardless Account Balance is $50 But Not Withdrawal My Account is Loss My Money and My Time is waste...


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 […]



Ask questions or share your comments on TransferWise




Compare all the options before your next money transfer Compare now

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


Find the best provider for your next transfer

The cost of sending money depends on the amount of money sent, the countries you're sending between, and the type of transfer. Make sure to compare before each of your transfers as costs also vary through time.

Read reviews on money transfer companies

Get independent information about money transfer companies, read customer reviews, step-by-step guides, security information, and frequently asked questions.



Proudly made in Switzerland

Global Impact Finance Ltd
Rue Etraz 4
1003 Lausanne
Switzerland


Mobile Analytics