TransferWise International Money Transfers

Information verified correct on October 25th, 2016

A completely new way to move money, based on peer to peer technology.

Anyone who has ever transferred money overseas knows that you will have to put up with hidden fees that end up costing you a lot of money. To combat this, TransferWise offers a new alternative for customers who want to transfer funds abroad and pay less for the privilege than ever before.

Just like Skype has made international communication cheaper, TransferWise uses the internet to make it cheaper to transfer money. It’s fast and simple to do and the company only charges a fee of 0.7% on amounts up to AUD$10,000 and 0.5% from there on.

Product NameTransferWise International Money Transfers
Min. Transfer AmountAUD 1
Max. Transfer AmountAUD 18,000,000
Transfer MethodsOnline
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 day
Banking PartnerTransferWise
Customer ServicePhone, Email
Online Transfer Fee0.50%
Exchange Rate UpdatesReal 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

Transfer money overseas and save up to 90% on the fees you would be charged by your bank.

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.

You'll also enjoy other benefits:

  • Minimal fees
  • Quick and easy
  • More than £1 billion moved

How much does it cost to transfer money?

For example, if you’re transferring less than £200 from GBP to EUR, you’ll pay a £1 fee. Transfer more than that and you’ll be charged 0.5% of the transfer amount.As well as using the mid-market exchange rate, Transferwise does not slug customers with any hidden commissions or unexpected fees. There is a service fee on all transfers but this is shown upfront. You’ll be charged a nominal flat fee when transferring smaller amounts, but if your transfer exceeds a certain threshold you’ll be charged a fee of 0.5% of the transfer amount.

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.

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 up to 21 Oct 2015. 


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. 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 one to four working days.

Why 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 amount to a massive 5% of the funds you are transferring, Transferwise offers either a nominal flat fee or a 0.5% fee. 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?

The pros

  • Minimal fees. You’ll be charged either a nominal flat fee or 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.
  • Simple. Transferring money overseas with Transferwise is quick and easy.

The cons

  • Not all currencies supported. As Transferwise is still a reasonably new company, a number of currencies around the world are not yet supported.

Frequently asked questions

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.

This depends on the amount you send. Below a certain threshold, you’ll have to pay a small fee, such as a €1 fee if you send less than €200. Above that threshold, a fee of 0.5% of the amount you are transferring will apply.

Your money should arrive to your nominated recipient within one to four business days.

A bit about the history of Transferwise

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.

Rates last updated October 25th, 2016
Description Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TransferWise International Money Transfers
TransferWise International Money Transfers
Make online transfers with transparent exchange rates, low fees and low minimum amounts. AUD 1 1 day Online Go to site More
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International Money Transfer Offers

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Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.

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Exclusive offer: 3 Free transfers (after your first transfer).
A peer-to-peer transfer service with a large range of currencies on offer.

Exclusive: OFX (Ozforex) International Money Transfers

Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering exclusive exchange rates and $0 transfer fee on all transfers.

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30 Responses to TransferWise International Money Transfers

  1. Default Gravatar
    Kim | September 29, 2016

    I’m in Australia and I’d like to send either USD or Ukrainian currency to my friend in Ukraine. What are my options please?

    • Staff
      Clarizza | September 29, 2016

      Hi Kim,

      Thanks for your question.

      If you’re considering using TransferWise to send money to Ukraine, you would be sending money online. You can use the calculator and table on this page to find out the exchange rate. Or you can explore other services and compare exchange rates on our Money Transfers page. There is also a form that you can complete to speak to a foreign exchange expert should you want to discuss your situation in further detail.


  2. Default Gravatar
    Kim | September 29, 2016


    I’m in Australia and I’d like to transfer USD to a friend in Ukraine. Or if I can’t do that, would it be possible to send him the Ukrainian currency?.


    • Staff
      Anndy | October 5, 2016

      Hi Kim,

      Thanks for your question.

      With TransferWise, you should be able to send money from Australia to Ukraine. You can also visit this page to check your other options. Your friend should be able to claim the money in the currency of the country where it is received.


  3. Default Gravatar
    Tony | June 17, 2016

    My friend in Shanghai wants to send AUD $60 ( RMB 292 ) to me here in Queensland, how much will it cost her in a fee.

    • Staff
      Clarizza | June 27, 2016

      Hi Tony,

      Thanks for your question.

      Unfortunately, RMB is not yet listed or available to transfer with TransferWise. However, they are expanding the currencies available to transfer. You can find out more direct on their site.

      You might also find our international money transfers page useful – here, you can compare services or use the form at the bottom of this page to speak to an expert.

      Hope this helps.


  4. Default Gravatar
    Wan | May 14, 2016

    does the recipient pay any fees to receive money I’ve transferred?

    • Staff
      Shirley | May 16, 2016

      Hi Wan,

      Thanks for your question.

      This will depend on the bank account your recipient has and whether they work with any intermediary banks. Please ask your recipient to check with his or her bank directly.

  5. Default Gravatar
    Can | March 29, 2016

    How much the going to charge mi for 500 aud to sender to chile

    • Staff
      Shirley | March 29, 2016

      Hi there,

      Thanks for your question.

      Unfortunately in this current point in time, transfers to the Chilean Peso aren’t supported by Transferwise.

  6. Default Gravatar
    Joe | February 14, 2016

    I have a trading account in the USA, I want to return money back to Australia. My Credit Union does not have a swift account, can you recommend how to complete this transaction ie do I need to open a Bank Account in Australia that has a swift account?


    • Staff
      Shirley | February 15, 2016

      Hi Joe,

      Thanks for your question.

      I can confirm My Credit Union doesn’t have a SWIFT number and can’t receive international money transfers. You may want to consider opening a fee-free bank account to receive the funds, and do an electronic transfer to your My Credit Union account.

      Hope this helps.

  7. Default Gravatar
    viresh | January 5, 2016

    is it possible by transfer wise that i send money from India to Myanmar

    • Staff
      Shirley | January 5, 2016

      Hi Viresh,

      Thanks for your question.

      Unfortunately it’s not possible to send money from India to Myanmar via Transferwise. You may want to consider alternatives such as HSBC, MoneyGram, Western Union or Xoom.


  8. Default Gravatar
    tarapal | December 23, 2015

    Hi there, does Transferwise have a travel card that can be uploaded for overseas travel ?

    • Staff
      Shirley | December 24, 2015

      Hi Tarapal,

      Thanks for your question.

      Unfortunately Transferwise doesn’t provide a travel card. Alternatively you can compare your options on this page.


  9. Default Gravatar
    tass | December 2, 2015

    I live in australia but have an bank account in the u.k. with pound sterling. How do i transfer money from my uk account to my australian account so that i receive money in australian dollars

    • Staff
      Shirley | December 2, 2015

      Hi Tass,

      Thanks for your question.

      You can use an international money transfer service, such as Transferwise, to do this. Once you’ve set up an account with Transferwise you can enter the details of the recipient account to complete the transfer.


  10. Default Gravatar
    Zarko | November 29, 2015

    Can I send Euros from Australia to Serbia

    • Staff
      Shirley | December 1, 2015

      Hi Zarko,

      Thanks for your question.

      Unfortunately this is not possible with Transferwise. You may want to choose a country close to its proximity on our A – Z page for more options.


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