TransferWise International Money Transfers
More info
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 Methods | Online |
| Transfer Options | One off payments |
| Transfer Speed Minimum transfer time | 1 - 2 days |
| Banking Partner | TransferWise |
| 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 |
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, 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 transaction 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 (the real exchange rate), TransferWise does not slug customers with any hidden commissions or unexpected fees. Instead, the service 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 19 September 2017.
| AUD | EUR | GBP | INR | USD | AED | BGN | BRL | CAD |
|---|---|---|---|---|---|---|---|---|
| To | 0.66555 | 0.59022 | 51.25814 | 0.79860 | 2.93110 | 1.30110 | 2.50273 | 0.98150 |
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?
The pros
- 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.
The cons
- 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.
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.
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
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.
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
does the recipient pay any fees to receive money I’ve transferred?
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.
How much the going to charge mi for 500 aud to sender to chile
Hi there,
Thanks for your question.
Unfortunately in this current point in time, transfers to the Chilean Peso aren’t supported by Transferwise.
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
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.