Review: TransferWise money transfers – January 2020
Last updated:
AUD 1
Min. Transfer Amount
AUD 1,800,000
Max. Transfer Amount
1 - 2 days
Transfer Speed
Details
| Product Name | TransferWise International Money Transfers |
|---|---|
| Min. Transfer Amount | AUD 1 |
| Max. Transfer Amount | AUD 1,800,000 |
| Transfer Methods | Online, Bank Account to Bank Account |
| Transfer Options | Regular payments, One off payments |
| Transfer Speed Minimum transfer time | 1 - 2 days |
| Customer Service | Phone, Chat, Email |
| Available Currencies | AED, ARS, AUD, BDT, BGN, BRL, CAD, CHF, CLP, CNY, COP, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, UAH, USD, VND, ZAR |
| 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 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. You can see what your transfer would look like with TransferWise by using the calculator below, which offers real-time exchange rates and fees.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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.
- Offers a debit card and bank account details in five countries. TransferWise now has a travel money card that you can use around the world. You're able to withdraw up to AUD$350 for free at ATMs anywhere. Through the Borderless Account, TransferWise also gives you access to bank account details in the US, UK, Canada, Europe and New Zealand, meaning you can make transfers like a local in those countries.
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?
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
