Bypass bank fees and transfer money quickly and conveniently with peer-to-peer online money transfer service and app, TransferWise.
Transferring money overseas can come with a host of fees that end up costing you a lot of money. To combat this, TransferWise has found a way for people to transfer money at the live exchange rate using peer-to-peer technology.
This has resulted in an easy-to-use online money transfer service and app where fees are stated upfront, cutting the cost of transferring money overseas at up to eight times compared to banks.
|Product Name||TransferWise International Money Transfers|
|Min. Transfer Amount||AUD 1|
|Max. Transfer Amount||AUD 1,800,000|
|Transfer Options||One off payments|
Minimum transfer time
|1 - 2 days|
|Customer Service||Phone, Email|
|Available Currencies||AED, AUD, BDT, BGN, BRL, CAD, CHF, CNY, COP, CZK, DKK, EUR, GBP, GEL, HKD, HUF, IDR, INR, JPY, KRW, LKR, MAD, MXN, MYR, NOK, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, UAH, USD, ZAR|
|Online Transfer Fee||0.70%|
|Exchange Rate Updates||Real time|
- No minimum transfer amount
- No hidden commissions or unexpected fees
- Uses the mid-market exchange rate to give you the best possible deal
- Not all currencies supported
TransferWise international money transfers
TransferWise is an online money transfer service and app that uses peer-to-peer technology to bypass bank fees and other associated costs of international money transfers.
When you transfer money overseas with TransferWise, you can save up to 90% on the fees you would be charged by your bank. This works by matching users looking to send and receive the same currency. For example, if a user wants to send AUD to GBP, TransferWise will look for a user sending GBP and use this towards the transfer. This means you won't be charged the cost of converting currencies, which is how TransferWise can offer the real exchange rate.
Note: TransferWise can only send JPY and ZAR via SWIFT – customers are encouraged to contact TransferWise Customer Support so that it is enabled for them.
How much does it cost to transfer money?
TransferWise charges a combination of a fixed fee and a percentage of the total value of your transfer. The fixed and percentage components vary according to the country you are transferring funds to. See the table below for an indication of the transfer fees for sending money to various countries.
|Route (AUD to)||Pricing|
|USD||$1.50 fixed fee and 0.45% of the amount you send|
|EUR||$1.00 fixed fee and 0.45% of the amount you send|
|GBP||$1.00 fixed fee and 0.5% of the amount you send|
|CAD||$1.00 fixed fee and 0.5% of the amount you send|
|JPY||$3.00 fixed fee and 0.6% of the amount you send|
|INR||$1.20 fixed fee and 0.6% of the amount you send|
|HKD||$2.00 fixed fee and 0.65% of the amount you send|
|BDT||$3.00 fixed fee and 1.2% of the amount you send|
|CNY||$10.00 fixed fee and 0.75% of the amount you send|
|IDR||$2.00 fixed fee and 0.65% of the amount you send|
|KES||$3.50 fixed fee and 0.8% of the amount you send|
|MYR||$3.25 fixed fee and 0.8% of the amount you send|
|NZD||$1.00 fixed fee and 0.5% of the amount you send|
|PHP||$4.00 fixed fee and 0.6% of the amount you send|
|THB||$4.50 fixed fee and 0.6% of the amount you send|
For the full list of currencies supported by TransferWise and their associated transfer fees, please visit TransferWise's website.
As well as using the mid-market exchange rate (the real exchange rate), TransferWise does not slug customers with any hidden commissions or unexpected fees. Instead, the transfer fee is shown upfront.
TransferWise foreign exchange rates
TransferWise uses the mid-market exchange rate when transferring money between countries. Also known as the interbank rate or spot rate, the mid-market rate is the mid-point between the buy and sell rates on global currency markets. This is the rate you’ll find if you do a Google search for exchange rates, not the rate that your bank will offer you when you transfer money. Banks hide commissions into the exchange rates they offer consumers.
TransferWise offers a best rate guarantee to all customers and promises to match any rate you find elsewhere. Transfers are conducted via a peer-to-peer system and while customers are never locked in to a particular exchange rate, they can set a rate limit.
The below rates are correct as of 1 March 2018.
Minimum transfer amount and available countries
The minimum amount you can transfer is 1 of the currency you're sending from. For example, £1, $1 or €1.
The registration and transfer process
The transfer process with TransferWise is simple to manage. All you have to do is enter the amount you want to send, a destination and whether you want a debit card or bank transfer (Poli pay is also available). Then you can fill in your details and upload your money. You can also send money to an email address.
Once that’s done, TransferWise converts the funds to your currency of choice using the mid-market exchange rate. The money is then paid to the recipient in your nominated currency, with the whole process taking just one to four working days.
Why should I choose TransferWise?
TransferWise offers a cheap and affordable way to send money overseas. Instead of struggling with the high fees charged by banks, some of which can amount to a massive 5% of the funds you are transferring, TransferWise offers a basic 0.7% fee on the transfer amount (or 0.5% for transfers over AUD $10,000) and no commissions. The structure of any charges is fully explained upfront so there are no unwelcome surprises.
Using the mid-market exchange rate enables TransferWise to offer great rates to its customers. It’s quick and easy to transfer money, and the whole process is designed to be as user-friendly as possible.
What are the pros and cons of an international money transfer with TransferWise?
- Minimal fees. You’ll be charged 0.7% of your transfer amount. All fees are explained upfront so you know exactly how much your transfer will cost.
- Exchange rate. TransferWise uses the mid-market exchange rate to give customers the best possible deal. There are no commissions hidden in the exchange rate, unlike the banks.
- Simple. Transferring money overseas with TransferWise is quick and easy.
- Not all currencies supported. A number of currencies around the world are not yet supported, so you may need to use an alternative provider if you're sending a more exotic currency.
Frequently asked questions
What is the mid-market exchange rate?
Also known as the spot rate or the interbank rate, this is the mid-point between the buy and sell rates on global currency markets.
How much will TransferWise charge me?
TransferWise will charge a transaction fee of 0.7%. For larger transactions over AUD$10,000 the fee is 0.5%. There are no hidden commissions.
How long does it take for my money to arrive?
Your money should arrive to your nominated recipient within one to four business days.
In 2011, Taavet Hinrikus and Kristo Käärmann were two Estonian expats living in London. Though he lived in London, Taavet was getting paid in Euros for work he’d done in Estonia. Meanwhile, Kristo lived in London but had a mortgage in Euros back in Estonia. Frustrated by hidden bank fees and fluctuating global currencies, the two friends devised a scheme to transfer funds overseas without losing any of their money. From these humble beginnings, TransferWise was created.