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 18,000,000|
|Transfer Options||One off payments|
Minimum transfer time
|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||0.50%|
|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 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.
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 service fee of 0.7% on amounts up to AUD$10,000 and 0.5% for amounts above this. As well as using the mid-market exchange rate, TransferWise does not slug customers with any hidden commissions or unexpected fees. Instead, the service fee 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 27 Jan 2017.
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 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 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?
- 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.
- 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
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?
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.
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.