TransferWise International Money Transfers

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 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
Available CurrenciesAED, 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 Fee0.50%
Exchange Rate UpdatesReal time

Pros

  • No minimum transfer amount
  • No hidden commissions or unexpected fees
  • Uses the mid-market exchange rate to give you the best possible deal

Cons

  • 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.

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 25 May 2017. 

AUDEURGBPINRUSDAEDBGNBRLCAD
To0.6660.57648.3310.7492.7511.3032.4541.003

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 can 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.


About 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 August 20th, 2017
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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38 Responses

  1. Default Gravatar
    steveJuly 27, 2017

    hi, i want to transfer +10K to Thailand. ( 1 bank acc to another ) are there any tax implications ?

    • Staff
      HaroldJuly 28, 2017Staff

      Hi Steve,

      Thank you for your inquiry.

      TransferWise does not levy any tax on its transfer fee. This means you will not be charged Value Added Tax (VAT), Goods and Services Tax (GST) or any other indirect tax. TransferWise will pay out the agreed amount to the recipient and will not withhold any taxes on money transferred. Depending on the nature of a transfer the payee and/or the recipient may have their own obligation to declare and pay tax. TransferWise cannot advise whether tax applies to your transfer and recommends you ask a financial advisor and/or the relevant tax authority.

      I hope this information has helped.

      Cheers,
      Harold

  2. Default Gravatar
    RobJuly 8, 2017

    Is a transfer of 400 000 Canadian to Australia possible

    And do I have to let government authorities know I am transferring money?

    • Staff
      ArnoldJuly 9, 2017Staff

      Hi Rob,

      Thanks for your inquiry.

      Yes, the transfer is possible and there is no need to inform authorities regarding the transfer as well. Please note that the transfer may last 1-4 banking days.

      Hope this information helped.

      Cheers,
      Arnold

  3. Default Gravatar
    RamNovember 20, 2016

    How long does it takes…is this 24/7 online service…if I send money now to Philippines how much time do they need to wait? Cheers

    • Staff
      AnndyNovember 21, 2016Staff

      Hi there,

      Thanks for reaching out.

      If you are transferring money through TransferWise, the whole process could take 1-4 working days to be completed. This depends on the currencies involved, the payment method you chose as well as bank holidays and non-working days in both the sending and receiving countries.

      Please Note that TransferWise can only send or receive your money during regular banking hours.

      Cheers,
      Anndy

  4. Default Gravatar
    jorgeNovember 10, 2016

    Hi there,

    Wanna send aud to gbp

    What need to get verified?

    What need to get verified gbp to eur?

    Talking amounts $10,000+

    Thanks

    • Staff
      HaroldNovember 11, 2016Staff

      Hello Jorge,

      Thank you for your question.

      There are 5 Things you need to know before transferring and these are:
      1. Send money from your own bank account or card
      2. Sending your money
      3. Account verification
      4. Use correct details in your profile
      5. No cash or cheque

      To view the full details please follow this process
      1. On this page click the “go to site” button.
      2. Now click the “Help” tab at the upper right part of their platform.
      3. Using the search box please type-in “5 Things to Know Before Transferring”
      4. Then click the link and it will redirect you to the full details of the article.

      I hope this has helped.

      Cheers,
      Harold

  5. Default Gravatar
    KimSeptember 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
      ClarizzaSeptember 29, 2016Staff

      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.

      Regards
      Clarizza

  6. Default Gravatar
    KimSeptember 29, 2016

    Hi,

    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?.

    Thanks.

    • Staff
      AnndyOctober 5, 2016Staff

      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.

      Cheers,
      Anndy

  7. Default Gravatar
    TonyJune 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
      ClarizzaJune 27, 2016Staff

      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.

      Clarizza

  8. Default Gravatar
    WanMay 14, 2016

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

    • Staff
      ShirleyMay 16, 2016Staff

      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.

  9. Default Gravatar
    CanMarch 29, 2016

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

    • Staff
      ShirleyMarch 29, 2016Staff

      Hi there,

      Thanks for your question.

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

  10. Default Gravatar
    JoeFebruary 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?

    Thanks

    • Staff
      ShirleyFebruary 15, 2016Staff

      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.

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