Wise (TransferWise) review 2021 | Fees and safety | Finder

Review: Wise (TransferWise) money transfers

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Save money with the mid-market rate and a transparent fee structure.

  • Good for transparent fees and no margin on the exchange rate.
  • Not so great if you need to transfer to less-popular currencies.

4.6 ★★★★★ (13 reviews)


Min. Transfer Amount

AUD 1,800,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

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Product NameWise (TransferWise) 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
Exchange Rate UpdatesReal time

Must read: TransferWise has rebranded to Wise

As TransferWise has expanded beyond international money transfers, the company has changed its name to Wise. As a user, not much will change for you – you'll be redirected to Wise and can still access your account the same way as normal.

Why should I consider Wise?

  • Easy to use. We were able to sign up for an account and initiate a transfer through the website in less than three minutes.
  • Affordability. When compared to a bank, Wise's fees and exchange rates will almost always be better.
  • Access to the mid-market rate. Wise offers the mid-market rate on all transfers sent through its network. All you have to think about are fees when comparing transfers.
  • High daily sending limits. A cap of $1,000,000 per transfer is in place, but some sending methods and locations may lower that limit.
  • Multiple payment options. Pay with a debit card, credit card or bank account with ACH or wire transfers. When using the Wise mobile app, you can also pay with Google Pay and Apple Pay.

What to be aware of

  • Bank account transfers only. Funds must be sent to the recipient's bank account; there is no option for cash pickup.
  • Two-step process. You'll first send the money to Wise, and then Wise will deposit the money into your recipient's bank account. This extra step can sometimes add time to your transfer.
  • Requires ID verification. You'll have to provide your photo ID, proof of address, and/or a picture of you holding your ID before sending your first transfer through Wise.
  • Fees. Because Wise offers the mid-market rate, it relies on fees to make a profit.

Wise's fees and exchange rates

As long as you are sending Australian dollars, Wise's fees are the same no matter what country you are sending to from the US. Fees are determined by the following:

  • Amount. The more money you send, the higher your fees will be. This is because the fees are based on a preset percentage. Each currency uses its own percentage.
  • Payment method. You can pay by bank transfer, debit card or credit card — each uses its own fee based on the amount you are sending, but the percent will typically be the same no matter how much you send.

Wise fees explained

Wise's total fees depend on the payment method chosen. A fixed fee and variable fee makes up the total fees charged.

To give this more context, here is what sending $1,000 to the UK through Wise looks like on 6 November 2020:

Wise fee
Direct debit $5.14
Debit card$17.62
Credit card$10

Wise exchange rates explained

Wise uses the mid-market rate for transfers and also allows you to lock in a rate for a day or more to complete your transfer. When we checked Wise's rates against the mid-market rate on Google and XE, they were similar. Wise's rates update multiple times a day.

Calculate your transfer with Wise

Choose your currency and desired transfer amount. Exchange rates change frequently, so visit Wise's site to get a final quote.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 1 - 2 days AUD 45.00 0.775 USD
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Check if there are any Wise promo codes available

How long does a Wise money transfer take?

Wise transfer speeds are dependent on how much you are willing to pay in fees and when you send your transfer.

  • Fastest option — instant
    When using a credit or debit card, you'll pay more in fees, but your money can arrive instantly in your recipient's bank account. Your credit card might charge you an additional cash advance fee, further increasing the cost of your total transfer.
  • Cheapest option — up to four business days
    Making a direct debit to pay for your transfer is typically the cheapest way to send money through Wise, but it's almost always the slowest. It typically takes two days for Wise to receive your money and an additional two days to transfer the funds to your recipient's bank account.

What currencies can I send with Wise?

Wise offers money transfers to over 50 different currencies from Australia. You can check out the full list of the currencies above, but the following are some of the more popular ones:

  • CNY Chinese yuan
  • EUR Euro
  • GBP British pound
  • INR Indian rupee
  • MXN Mexican peso
  • LKR Sri Lankan rupee
  • PHP Philippine peso
  • VND Vietnamese dong

Must read: Temporary sending limit to Mexico

As of 20 Jan 2021, a temporary limit of US$980 (or the same amount in Mexican pesos) has been placed on transfers to Mexico by Wise. We'll update this information once the limit has been lifted.

Case study: Katia's experience

Katia Iervasi profile photo
Katia Iervasi

I began using Wise when I moved to the US from Australia a few years ago. I tested a few money transfer services and Wise was — and still is — my favourite for a couple of reasons:

  • It's transparent. As soon as you enter the amount of money you want to send, you'll see the real, mid-market exchange rate as well as Wise's fees. The rate changes so much that if I get distracted and come back to the site a few minutes later, it may have already changed. That's how I know it's current.
  • The fee is small. Especially compared to the traditional banks — as someone who regularly transfers money between two continents, I appreciate this. The funds usually appear in my account in 24 hours, but it can take longer if I hit send just before the weekend.

Is Wise safe?

Wise was founded in 2010 and serves millions of customers a year. Wise is fully registered and accredited by many global agencies, using the following global standards to protect your money:

  • Follows strict rules set by regulatory agencies. In every country where Wise operates, it is registered with the appropriate regulatory agencies when necessary.
  • Bank-level data security. Encryption and data storage at Wise is handled in the same way as your bank.
  • Two-factor authentication. Protect your account with 2FA, with optional biometric locks on the Wise mobile app.
  • In-house 24/7 digital security team. A security team works around the clock to monitor transactions for suspicious activity and accounts for fraudulent logins.

Wise reviews and complaints

As of October 2020, Wise's reviews are moderately positive overall, with 86% of reviews on Trustpilot ranking it as Excellent, which is better than many competing money transfer companies. Overall, Wise's clear fee structure and transparent rates make it easy to trust, but that doesn't mean it is perfect. Customers often complain about slow customer service and turnaround times as well as the fact that missing a dash in your transfer account number can heavily delay your transfer.

How can I pay for my Wise transfer?

Australian customers can pay using the following methods:

  • Debit or credit card. These payments are processed immediately.
  • Direct debit. You'll need to allow several business days for your funds to reach Wise.
  • POLi transfer. Instant bank transfer but at a higher fee than a standard direct debit.
  • Google Pay and Apple Pay. These services can be used through the Wise mobile app and are processed straightaway.
  • A connected Wise borderless account. For more information on this account, read our review that includes pros, cons and overall tips on this product.

The funds are deposited directly into your recipient's bank account once Wise receives your payment. Wise allows you to make secure one-off transfers to a range of destinations around the globe. However, there currently is no option to set up recurring transfers.

How do I send money through Wise?

Follow these six steps to have money sent in as little as a few minutes:

  1. Register. Create your free account online or through the mobile app.
  2. Enter your sending amount. Look at the fees and delivery time.
  3. Add recipient's bank account information. Make sure to include the account number and international identifier (Eg, SWIFT or IBAN code).
  4. Verify your identity. Have your passport or valid driver's license ready.
  5. Pay. Enter your bank account, debit, credit card or digital wallet details to pay.
  6. Track your transfer. Check the status online or in the mobile app.

How do I reach Wise's customer service?

Wise offers support in two ways:

By email

To contact Wise by email, visit the Contact Us page and enter your email address, select the topic of the question and provide as much detail as possible about your problem.

By phone

Wise provides phone support in 12 regions, including Australia. Both standard users and Wise Business users can contact support during business hours.

  • Customer service +61 2 8046 6244

Does Wise have a mobile app?

Screenshot of TransferWise's app

Wise has a mobile app on both the Google Play and Apple App stores. The app makes it possible to do the following:

  • Quickly repeat a transfer. See a complete list of past money transfers and send to past recipients in a few taps.
  • Log in with biometrics. On phones that support face scanning and thumbprint reading, use these features to lock your Wise account.
  • Get rate updates. Waiting for the perfect exchange rate? Set up rate tracking to get updates when the price is in your favor.
  • Increase your payment methods. Pay for your Wise transfer with Apple Pay and Google Pay while using the mobile app.
Ratings accurate as of April 13, 2020
Google Play Store4.4 out of 5 — based on 76,666 customer ratings
Apple App Store4.7 out of 5 — based on 19,100 customer ratings

More on the best money transfer apps

Compare Wise to other transfer services

See how Wise stacks up against the competition by entering the amount you want to send, selecting your destination and clicking Calculate.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 0 1 - 2 days AUD 0.00 0.77 USD
Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.772 USD
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.773 USD
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends 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 0.772 USD
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.772 USD
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 1 1 day AUD 52.00 0.771 USD
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 10 Within an hour AUD 2.99 0.767 USD
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 1 Same day AUD 0.00 0.771 USD
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.774 USD
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.767 USD
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Same day AUD 3.99 0.766 USD
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.775 USD
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Find out other alternatives to Wise

Want to compare Wise with other services side-by-side?

Bottom line

Wise is a straightforward company that presents fees and exchange rates alongside your transfer. Given that you can lock-in your transfer rate for many hours after first seeing it, it's worth checking Wise's prices first before exploring the competition. If you are ready to make your transfer with Wise now, head on over to get started by creating your free account.

Frequently asked questions

Can I use Wise for business payments?

Yes. Set up a business profile with Wise to begin saving on business payments. If you're interested in Wise for your e-commerce store, read our review on the features on offer.

Does Wise have a debit card?

Yes, Wise has a debit card in Australia. With it, you can spend any currency on your card and use it to withdraw money across the world for free (up to EUR€250 a month). You can find out more about our experience with it in the video below.

How can I cancel my Wise transfer?

In your account, navigate to the pending transfer and there'll be a button called Cancel transfer. This will work if the money is still being sent to Wise or if it's being converted. However, once Wise pays your recipient, there's no way to get it back. If the details are incorrect, the money will usually bounce. Wise will let you know in this case, so you'll have the opportunity to update the details or cancel the transaction entirely.

Always make sure you trust the business or person you're sending a money transfer to.

International Money Transfer Offers

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

Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

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

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

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

Logo for Send International Money Transfers
Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

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Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.


    Default Gravatar
    March 4, 2020

    Can I send Euros from a German bank to an Australian bank?

      Default Gravatar
      March 5, 2020

      Hi Werner,

      Thanks for contacting Finder. I hope you are doing well.

      To answer your question about sending euros using a German bank to an AU bank, yes, you may send EUR using Transferwise as EUR is one of its acceptable currencies. You can transfer money via Online, Bank Account to Bank Account.

      Just a quick reminder when sending money – read through the transfer process of the provider such as transfer fees, transfer options and transfer speed to set expectations for the receiver. Take note of any reference or tracking numbers should any transaction delays come up during the transit. Also, it’s important to check the exchange rate beforehand to maximize the funds to be exchanged.

      Kindly note that exchange rates vary on a daily basis, the rate today may differ from the rate tomorrow. Observe the fluctuations of exchange rates more frequently days before you exchange your money.

      I hope this helps and feel free to reach out to us again for further assistance.


    Default Gravatar
    July 15, 2019

    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.

      Default Gravatar
      July 17, 2019

      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 if you want to send or receive money in EUR, AUD, USD, and GBP.

      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.


    Default Gravatar

    September 5, 2018

    Can you send money to Ghana?

      Avatarfinder Customer Care
      September 5, 2018


      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.


    Default Gravatar
    February 12, 2018

    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

      Avatarfinder Customer Care
      March 4, 2018

      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 other money transfer service options that you can compare to send money to Thailand. Use our comparison to help narrow down your options. Make sure to enter the amount you’d like to send and press “Calculate”. When you are ready, press the “Go to site” button to be redirected to the provider’s website where you can proceed with your transfer.

      Best regards,

    Default Gravatar
    December 12, 2017

    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.?

      Avatarfinder Customer Care
      December 13, 2017

      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.


    Default Gravatar
    July 27, 2017

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

      Avatarfinder Customer Care
      July 28, 2017

      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.


    Default Gravatar
    July 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?

      Default Gravatar
      July 9, 2017

      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.


    Default Gravatar
    November 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

      Avatarfinder Customer Care
      November 21, 2016

      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.


    Default Gravatar
    November 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+


      Avatarfinder Customer Care
      November 11, 2016

      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. check our TransferWise review and select 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.


    Default Gravatar
    September 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?

      Avatarfinder Customer Care
      September 29, 2016

      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.


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