Review: TransferWise for Business – May 2019

A low-fee alternative to the banks for your business's next money transfer.

Quick verdict

Good for
  • Competitive exchange rates
  • Transparent fees
  • Helpful features like Xero integration
  • Both small and large businesses
Not so great for
  • Transferring to less-popular currencies

Product NameTransferWise International Money Transfers
Min. Transfer AmountAUD 1
Max. Transfer AmountAUD 1,800,000
Transfer MethodsOnline, Bank Account to Bank Account
Transfer OptionsRegular payments, One off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Chat, Email
Available CurrenciesAED, 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 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

How much will my business pay to send money with TransferWise?

TransferWise's fees vary depending on the currency, but generally sit at about 0.4% of your transfer amount. There's also an extra fixed fee of a few dollars. The fees for business customers are the same as for individual customers and there are no additional account fees on top of this.

You can use the calculator below to see how much sending money with TransferWise might cost you.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 1 - 2 days AUD 45.00 0.688 USD
6,849
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

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.

TransferWise's exchange rates

TransferWise uses the mid-market rate, meaning you'll get the same exchange rate you see on Google or XE with no added margin. This is rare to find among money transfer services, with most banks and specialist companies adding a margin on top of the mid-market rate as a kind of hidden fee.

Available currencies

TransferWise offers more than 20 currencies, so your business will be able to make transfers to each of these from Australia. You can see a full list above, but some of the more popular currencies include:

  • BDT Bangladeshi taka
  • CNY Chinese yuan
  • EUR Euro
  • GBP British pound
  • HKD Hong Kong dollar
  • INR Indian rupee
  • PHP Philippine peso
  • USD United States dollar

Key features

To make it easier for businesses to send and receive money, TransferWise has built in several helpful features to its business product:

  • Xero integration. All your transactions can be automatically imported into Xero, making it easier to keep track of your payments. You can learn more about Xero's online accounting software in our guide.
  • Open API. With an open API, you can automate your payments and connect it to your business tools.
  • Batch payments. You're able to make up to 1,000 payments in one go by uploading a single payroll file.
  • Local bank details. You'll get bank account details in the UK, Europe, the USA, New Zealand and Australia. This means you can pay and receive money in these countries with no extra fees, like a normal domestic transfer. Keep in mind that if you want to transfer money out of these currencies, you'll be paying TransferWise's normal currency transfer fee.

Read more about TransferWise for personal use in our review

How do I make a business transfer with TransferWise?

To conduct your international business through TransferWise, you'll first need to:

  1. Register your business. Provide your business name and address, your registration number and your role in the company. TransferWise will verify your details before activating your account.
  2. Add your currencies and countries of interest. TransferWise provides you with a routing and account number for each country you conduct business in.
  3. Send or receive payments. Use your unique bank account details in place of your usual account to centralise payments to and from customers, clients, suppliers and more. You pay only when you convert this money to your native account or currency.

What do I need to make a business payment with TransferWise?

You'll first need to have a personal account with TransferWise – you can find more details about setting up this account in our review. The email address you use for this personal account needs to be the same as the one used for the business profile.

While the exact details depends on what kind of business you own, you'll generally need:

  • Proof of ID
  • Proof of business address
  • ACN, ABN or ARBN
  • Details of what your business does

In a nutshell

Pros
  • Uses the mid-market rate. No margin is added to the exchange rate.
  • Bank details for certain countries. You're able to send and receive money like a local.
  • Transparent fees. TransferWise is very up-front with what fees you'll be charged for each kind of transfer, so you won't be taken by surprise.
  • Integration with a leading online accounting software. This makes the tracking of your payments seamless.
Cons
  • Limited number of currencies. While TransferWise has some of the more popular currencies like CNY and INR, other business transfer companies like PayPal have a wider range.
  • Bank account transfers only. You can transfer to bank accounts only, so make sure your recipient has one.

How does TransferWise compare to other business transfer specialists?

See how TransferWise compares to other companies below. You can use the calculator to get a better idea of what your transfer could look like.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.685 USD
6,853
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.685 USD
6,853
Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.685 USD
6,853
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.688 USD
6,849
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 200 1 day AUD 0.00 0.685 USD
6,852
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.685 USD
6,845
Special offer: Pay zero fees on your first 5 transfers
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.685 USD
6,843
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 3,000 1 day AUD 0.00 0.685 USD
6,852
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 1 1 day AUD 0.00 0.685 USD
6,846
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.688 USD
6,846
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site Show details

Compare up to 4 providers

The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

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.

Frequently asked questions

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International Money Transfer Offers

Important Information*
Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

Logo for TransferWise International Money Transfers
TransferWise International Money Transfers

Make online transfers at the mid-market rate with transparent fees in 45+ currencies.

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