Save money with the mid-market rate and a transparent fee structure.
Quick verdict
Good for
- Fair exchange rates
- Transparent fees
- Low minimum transfer amount
- Fast registration and verification
- Easy to use
Not so great for
- Large transfers
- If the receiver is unbanked
- Paying by cash
Learn more about:
TransferWise exchange rates and fees
TransferWise is one of the few services that offers its customers the mid-market rate. This is the rate you can see on Google or Reuters and it's what your money's actually worth on the global market, compared to another currency.
While you might see that the quoted exchange rate from other money transfer services is different to the mid-market rate, this won't happen with TransferWise. Other services make their money from this margin added on to the exchange rate, but TransferWise only charges a fee.
TransferWise's fee is usually a combination of a percentage and a fixed flat-fee of a few dollars.
See if there are any TransferWise promo codes available at the moment.
Available currencies
TransferWise offers money transfers to over 45 different currencies. You can check out the full list of the currencies above, but some of the more popular ones include:
- CNY Chinese yuan
- EUR Euro
- GBP British pound
- INR Indian rupee
- LKR Sri Lankan rupee
- PHP Philippine peso
- USD US dollar
- VND Vietnamese dong
What types of transfers can you make with TransferWise?
With TransferWise, you'll only be able to make transfers to a bank account, so you can't send to a cash pick-up location or mobile wallet just yet.
TransferWise also doesn't offer some of the forex products its competitors do, like forwards contracts and limit orders, but there is a service specifically for business. You can read more about it in our full review.
Which payment methods does TransferWise accept?
You can pay for your transfer a few ways, including:
- Bank transfer
- Debit card
- Credit card
- Apple or Android Pay
Keep in mind that a bank transfer will usually cost you the least. Paying by credit card ends up adding a percentage fee on top.
How long does a transfer with TransferWise take?
Transfer time depends on what currency you're sending.
As a general rule, it'll be anywhere between one and two business days. But if you're sending to the UK, for example, your money should arrive in minutes.
On the other hand, sending to USD will take around two business days.
Transfers typically take
1 - 2 days
Is TransferWise safe to use?
- Security and regulation: Government-regulated, two-factor authentication (2FA)
- Established: 2011
- Number of customers: Over 4 million*.
- Reviews: TrustPilot gives TransferWise a score of 9.2 out of 10, based on over 55,000 reviews*
- Investors: Virgin Group, JP Morgan, LHV Ventures, NatWest Bank
According to TransferWise and Trustpilot on 16 January 2019.
TransferWise uses 2FA, meaning that when you log in, you'll need to go through two levels of verification to access your account. This gives you extra protection for your account. Since TransferWise is government-regulated, it keeps its clients' money separate from its own funds. This means if TransferWise runs into financial hardship, your money will be safe.
How to register an account and send your first transfer
What is TransferWise?
TransferWise was founded in 2011 when two friends, Taavet Hinrikus and Kristo Käärmann, devised a way to transfer funds overseas without losing any of their money. TransferWise now has 11 offices, including the headquarters in London and other offices in New York, Sydney and Singapore.
In a nutshell
Pros
- Offers the mid-market rate. This is the fairest exchange rate you'll be able to find.
- Transparent fee structure. You can find out exactly what fees you'll be paying without having to sign up for an account.
- Fast registration. The verification process is incredibly quick, so you can sign up and make your first transfer within 10 minutes.
- Very low minimum transfer limit.The smallest amount you can send is $1, making it super accessible.
Cons
- Fees can add up. Since most of the fees come from a percentage of the transaction, you'll find they may add up if you're sending a lot of money. Compare your other options for large transfers.
- Receiver has to have a bank account. You won't be able to send to a cash pick-up location or mobile wallet.
How does TransferWise compare to other services?
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
If an expat sends money from a Vietnam to Australia do i need to know the bank swift code. I am trying to work out how this works. So i would from a Vietnamese bank account transfer money in to a Transferwise account and then on send that money to an australian account.
Hi Tammy,
Thanks for getting in touch!
A bank’s swift code is needed when a sender transfers money to the receiver’s bank account. TransferWise offers a multi-currency account where you can hold over 25 currencies. You’ll also get local bank account details for if you want to send or receive money in EUR, AUD, USD and GBP. You can find out more about it in our review page here.
Now, when you are sending money to an Australian bank account, you would need a bank swift code to send the funds to Australia.
Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.
Best,
Nikki
Can you send money to Ghana?
Hello,
Thank you for your comment.
Yes, TransferWise can let you send money to Ghana. To start, just click the Go to Site button above to be redirected to their website and start the sending process.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Hi, I want to send 1000 AUD to my friend who lives in Thailand into her bank account. Do I have to know the SWIFT code of the recipient bank? Or just straightforward the way we transfer money in Australia in between two bank account? Thank you
Hi Raf,
Thank you for your inquiry.
With TransferWise, there’s no need for SWIFT code to transfer money to Thailand. You can transfer money to the recipient’s bank directly.
You will only need to use SWIFT code if you will send JPY or ZAR using TransferWise.
Alternatively, you can also check this page for other money transfer service options that you can compare to send money to Thailand.
Best regards,
Rench
Hi I would like to send AUD to USA. The account I will be transferring to has an Account Number and a CHASUS** number. Is this ok.?
HI Margaret,
Thanks for your inquiry. Please note that we are not affiliated with TransferWise or any company we feature on our site and so we can only offer you general advice.
If you are referring to TransferWise, 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.
Please click on the green ‘Go to Site’ button on this page to direct you to TransferWise official site.
Cheers,
Rench
hi, i want to transfer +10K to Thailand. ( 1 bank acc to another ) are there any tax implications ?
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
Is a transfer of 400 000 Canadian to Australia possible
And do I have to let government authorities know I am transferring money?
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
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
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
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
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
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?
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
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.
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