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Transferwise Review - Money Transfer Costs and FXcompared’s rating

4.2/5
Outstanding
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise
Rating based on expert reviews by FXcompared
Last updated | July 23rd, 2020

About Transferwise

TransferWise is a private, UK-based peer-to-peer online money transfer company, which launched in 2011. Headquartered in London, with additional offices in Sweden and the United States, the firm offers money transfer services to over 70 countries. TransferWise can also act as a ‘borderless bank account’, providing the ability to accept, send and hold funds in multiple currencies, and it issues a debit card for international use.

TransferWise is an online-only provider and does not have any physical branches. The main website is available in 12 languages, including English, French, German, Italian, Japanese, Hungarian, Polish, Portuguese, Russian and Spanish. The company is registered as a money service business and is authorized to trade by the Financial Conduct Authority (FCA) in the UK and other regulatory bodies across the globe including FinCEN in the US.

4.2/5
Outstanding
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise
Rating based on expert reviews by FXcompared

TransferWise Transfer Fees and Costs

2.5/5
Acceptable
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise

TransferWise Transfer Fees and Costs

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
TransferWise may not be the cheapest option for low-value transfers, as there is a fixed fee
4/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
For medium-sized transactions, the mid-market exchange rate can make transfers very reasonable
4/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
TransferWise is considered to be competitively priced for larger transactions given reasonable fees and a good exchange rate
2/5
Does FXcompared have direct access to the pricing
FXcompared receives pricing direct from TransferWise
1/2
Is it possible to lock in future exchange rates
It is not possible to lock in exchange rates for future transactions
0/1

TransferWise focuses on making transfers more affordable by charging low fees and offering a true mid-market exchange rate, with a zero mark-up. There is a fixed fee, dependent on how you will send the money: from your bank account, with a debit or credit card, or from an international account outside the UK. The website displays these fees clearly when you start to set up a transfer online. This is different from most banks who will charge an above-market exchange rate, often with the margin bundled in with fees which they are not always transparent about. Transfers by credit card (and debit card for some currencies) will incur an extra fee.

Go to TransferWise

TransferWise will offer you

  • Fast, convenient money transfers
  • Low, transparent fees
  • A true mid-market exchange rate
  • The ability to send funds to over 70 countries, in 49 currencies

Usability

5.0/5
Exceptional
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise

Usability

Easy to understand website
Website is easy to navigate and clearly laid out
2/2
Simple sign up process (number of steps)
Simply register online in minutes - can use Facebook or Google if preferred
2/2
Easy to setup a transfer once registered
TransferWise makes it simple to set up a transfer
2/2
Provider offers a service that our users often sign up to
TransferWise’s product is often selected by FXcompared users
2/2
Mobile notifications available on completed transfers
You will get push notifications or email updates on all transfers
2/2

The TransferWise website, with its clean and simple interface, is easy to navigate. It is quick and easy to register with the option of registering through Google or Facebook if you prefer. It is also quick and easy to set up your first transfer. Push notifications in the app, or email notifications if you specify them, will alert you to the status of your transfer. You can manage your notifications in your settings tab once registered.

TransferWiseScreenshotMobile.png

TransferWise mobile app

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five-star customer service.

Download for iOS

Mobile product

5.0/5
Exceptional
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise

Mobile product

Easy to use mobile website
The website is well optimised for mobile use
2/2
Easy to use mobile app
Apps very high quality and easy to use
2/2
Can transact in the app
All transactions can be made via the app if necessary
2/2
Range of in-app product offering
All the website functionality is available in the app
2/2
App store rating
An Apple Store rating of 4.8 and Google Play rating of 4.5
2/2

TransferWise offers excellent, high-quality apps for both iOS and Android mobile devices. The apps are available to download free from the App Store and the Google Play store. They are well-rated by customers and are very popular. The TransferWise app has a rating of 4.5/5 on Google Play, with over 67,000 ratings, and 4.8/5 on the App Store, with over 35,000 ratings. Most reviewers report that the apps are very convenient and easy to use.

Trustworthiness & Reliability

4.5/5
Exceptional
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise

Trustworthiness & Reliability

Fully licensed and authorised
Globally including the FCA and FinCEN
4/4
Total amount transferred for their customers
Around £4bn per month
3/3
Business revenue
£179m to March 2019
3/3
Year on year growth
50% 2018 to 2019
1/1
Number of employees
1700 employees
1/1
Head office location
London, UK
1/1
Branded search performance
One of the leading brands in money transfer
1/1
How long has the company been a partner of FXcompared
Around 5 years
2/2
How long has the company been established?
Since 2009
3/3
Quality of financial backers
Leading venture capital firms such as A16Z and Sir Richard Branson
2/2
Private or public company
Private
0/1

TransferWise is regulated in the UK by the Financial Conduct Authority (FCA) as an Authorised Electronic Money Institution. TransferWise segregates client funds so that in the event of insolvency, clients will be able to claim their funds back. In the UK, assets are segregated in accounts held at Barclays Bank. Millions of customers trust TransferWise for making money transfers, with over GBP 4 billion passing through the company each month.

Business product offering

2.7/5
Acceptable
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise

Business product offering

Distinct offering for business
TransferWise offers a variety of services aimed at businesses, including freelancers and contractors
2/4
Broader product set for business
TransferWise provides useful business services, such as worldwide invoicing in local currencies
2/3
Specialised team to support businesses
Yes, there is specialised support for business account holders
2/2
Receivables product options
There is no receivables offering from TransferWise
0/1
Marketplace seller product offering
Yes, there are facilities for marketplace sellers
1/2

TransferWise customers can access a free TransferWise account to make business payments overseas. The transaction process works in the same way it does for retail transfers, and customers transferring money for business purposes receive the same locked-in foreign exchange rate as they would if a retail customer. Business payments do require documentation attesting to the legality of the business to ensure that money is being transferred legally and within the guidelines set by financial regulatory agencies. TransferWise is popular with freelancers, allowing them to invoice clients around the world in their local currency, and to receive multiple currencies into their TransferWise account.

Product Coverage & Service

4.1/5
Outstanding
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise

Product Coverage & Service

Number of sending and receiving countries
TransferWise services 43 send countries and 71 receive countries
3/4
Number of available languages
The website is available in 12 different languages
2/2
Pay in options
Bank transfer, plus credit/debit cards, SOFORT, Apple Pay or Google Pay for some currencies
3/4
Pay out options
To bank accounts, or withdraw via your TransferWise card
1/2
Additional services
Business accounts, borderless account holding multiple currencies, debit card
1/2
Minimum send amount
TransferWise has no minimum send amount
2/2
Maximum send amount
Very high-value payments are possible, up to $1 million per transfer when sending money to the US
2/2
Speed and options for speed of transfer
Varies, but generally no more than two working days
2/2

TransferWise states that the speed of your transfer depends on various factors such as the countries you’re sending from and to, how you pay and when you complete your transfer (if it’s out of normal banking hours it won’t be processed immediately). Some card payments are instant, but bank transfers can take two working days. TransferWise provides a transfer calculator on the website to allow you to estimate your transfer speed. If you have a TransferWise digital borderless account, it acts in a similar way to a regular current account, so you can withdraw money into another account by transfer or use your card to withdraw cash. TransferWise can facilitate transfers of up to $1 million when sending money to the US, but there will be different transfer limits depending on send and receive countries.

Customer Feedback & Satisfaction

5.0/5
Exceptional
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise

Customer Feedback & Satisfaction

Customer help including onboarding
Accounts are easy to set up and customer support is helpful with onboarding
2/2
Ease of transfer
It is very quick and easy to make a transfer
2/2
Exchange rates
Exchange rates are considered reasonable
2/2
Fees
TransferWise fees are very competitive
2/2
Solving issues
Agents are knowledgeable, polite and helpful
2/2
Online/mobile experience
Online reviews for the website and app are very positive
2/2
Customer service
Customer Service is considered friendly and professional
2/2
Overall experience
Over 77,000 reviews on Trustpilot gave the company an overall rating of Excellent
2/2

TransferWise is highly rated in customer reviews, with most users expressing a high level of satisfaction with the service, security, and convenience of using TransferWise. Reviews mention that the service is user-friendly, quick, and secure and that the system is easy to understand. Customers are generally happy with the app and the website, and the ease of getting registered and set up to make transfers.

Customer Help & Assistance

4.3/5
Outstanding
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise

Customer Help & Assistance

How good is the help section on the website?
There is a large FAQ section on the website
2/2
Is there live online support?
Yes, live chat is available to all on the website
1/1
Is there email support - and to customers and non customers?
Email support is available when logged in, so hard for non-customers to reach
1/1
Is there phone support ?
Phone support line is also only available when logged in to your account
2/2
Is the company easy to contact?
Yes, via phone, email and live chat, but you will need to make a free account
1/1
Are FAQs and support available in more than one language?
FAQs are available in 12 languages
1/1
Is there an FX dealer to support customers
TransferWise does not provide an FX dealer
0/2

Most online reviews suggest that TransferWise has excellent customer support. Clients generally have a good experience with customer service, with reviews mentioning that they are quick and helpful, and issues are addressed promptly. You will need to log in to access support but that simply involves a quick and free online registration. You do not need to be an active customer to access support. Customer reviews often rate the customer support team at TransferWise as being good or excellent.

Pricing Transparency

4.4/5
Outstanding
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise

Pricing Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
The exchange rate margin is displayed as part of the cost of the transfer
1/2
Are the fees easy to understand?
Fees vary depending on various factors but are transparent and reasonably easy to understand
2/2
Does the company combine fees and exchange rate or clearly broken out?
Fees are always made clear and are quoted separately from exchange rates
2/2
Is a real time quote available without registering?
You can get a quote without registering
2/2

TransferWise is highly transparent when it comes to transaction costs. Charges and exchange rates are listed. They do vary, depending on the amount to be transferred, the countries and currencies involved, and the payment methods used. However, TransferWise does disclose all these variables clearly in advance and there are no ‘hidden’ fees. Fees are quoted separately from exchange rates, which are generally favourable due to using the mid-market rate, with no added mark-up.

Alternatives to TransferWise

Below are a number of other leading money transfer companies to consider using

TorFX
Rating based on expert reviews by FXcompared
Go to TorFX
WorldFirst
Rating based on expert reviews by FXcompared
Go to WorldFirst
OFX (UK)
Rating based on expert reviews by FXcompared
Go to OFX (UK)

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Other International Money Transfer Quotes

Azimo

Est. 2012

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

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FXcompared Rating
4.0/5
Outstanding
Amount Received
USD $273.56
GBP £16.83
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.3678 ?
Speed:1 Day ?

OFX (UK)

Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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FXcompared Rating
4.5/5
Exceptional
Amount Received
USD $270.99
GBP £14.95
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.355 ?
Speed:1-3 days ?

WorldRemit

Est. 2010

Use the code '3FREE' and pay no fees on your first three money transfers

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

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FXcompared Rating
4.2/5
Outstanding
Amount Received
USD $268.08
GBP £12.82
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.3404 ?
Speed:Next working day ?

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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FXcompared Rating
3.8/5
Very Good
Amount Received
USD $257.44
GBP £5.05
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:£10.00 ?
Exchange Rate:1.2872 ?
Speed:1-3 days ?

MoneyGram

Est. 1940

MoneyGram is a leading remittance provider serving countries across the globe.

 

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FXcompared Rating
3.6/5
Very Good
Amount Received
USD $260.00
GBP £6.92
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.3 ?
Speed:minutes ?

Western Union

Est. 1851

The Western Union Company is a financial services and communications company based in the United States.

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FXcompared Rating
3.9/5
Very Good
Amount Received
USD $270.26
GBP £14.41
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.3513 ?
Speed:1 Business days ?

Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
USD $252.38
GBP £1.35
saved vs. banks
REQUEST A FREE QUOTE
Fee:£9.50 ?
Exchange Rate:1.2619 ?
Speed:1-5 days ?

PayPal

Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

More InfoLess Info
FXcompared Rating
3.9/5
Very Good
Amount Received
USD $263.47
GBP £9.45
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.3173 ?
Speed: ?

Where does TransferWise work?

You can send money from 43 countries to over 70 countries with TransferWise. Currently supported are international transfers to India, Canada, Nigeria and China, among many others.

How does TransferWise make money?

TransferWise earns money through its very reasonable transfer fees that are clearly laid out on the website. They do not take an extra mark-up on exchange rates, as do many banks and transfer services.

Can I transfer the same currency using TransferWise?

Yes, you can make regular transfers, moving the same currency from one country to another, such as USD to USD, or GBP to GBP. You can also hold multiple currencies in your TransferWise borderless account.

Is my money safe with TransferWise?

TransferWise is a safe, legitimate, reliable, and trustworthy money transfer service. It is authorised and regulated by the Financial Conduct Authority (FCA) in the UK, FinCEN in theUS, FinTRAC in Canada, ASIC in Australia and other regulators in each of the key territories it operates in. It is trusted by millions of customers worldwide.

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Why you can trust FXcompared's reviews

FXcompared's goal is to help you find the best money transfer provider for your needs. 

We have been comparing money transfer companies longer than anyone else (over 10 years) and work with the leading money transfer providers across the globe.

We have deep knowledge of the money transfer sector including our own data and intelligence arm allowing us to provide the level of in-depth reviews and analysis we have offered here.

We have had a relationship with TransferWise for a number of years which allows us to access their exchange rate and fees information and we have many checks in place to ensure this is accurate. Partnerships with providers like TransferWise help us provide our site and services free of charge to our users.

© FX Compared Ltd 2021

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.