Transferwise Review - Exchange Rates & Fees Calculator and FXcompared’s score

TransferWise

Rating based on expert reviews by FXcompared

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Rating based on expert reviews by FXcompared

Fees and exchange rate ^ 3.1

Ease of use ^ 5.0

Mobile product ^ 5.0

Credibility & Security ^ 4.8

Business product offering ^ 2.9

Product Coverage & Service ^ 4.0

Customer Feedback & Satisfaction ^ 5.0

Customer Support ^ 4.0

Transparency ^ 4.4

Written by

Daniel Webber
Founder & CEO

Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Last updated | January 29th, 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.

Amount Received £ 10,000.00

£ 0.00 Average money saved. Saving vs. Banks

EURn/a

USDn/a

CADn/a

AUDn/a

What we like about
TransferWise

Make transferring on the go simple, with their new TransferWise bot available through Facebook Messenger

Offers the ability to carry out batch payments to up to 1000 recipients – useful for regular payments to self-employed contractors or freelancers.

The main website is available in: English, French, German, Italian, Japanese, Hungarian, Polish, Portuguese, Russian and Spanish.

What we didn’t like about
TransferWise

Difficult to compare easily to other providers due to the fees, but does make them transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Transferwise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

TransferWise Fees and exchange rate

TransferWise

Rating based on expert reviews by FXcompared

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TransferWise Fees and exchange rate

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.

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global payments with 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

Ease of use

TransferWise

Rating based on expert reviews by FXcompared

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Ease of use

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.

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.

Mobile product

TransferWise

Rating based on expert reviews by FXcompared

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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.

Credibility & Security

TransferWise

Rating based on expert reviews by FXcompared

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Credibility & Security

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

TransferWise

Rating based on expert reviews by FXcompared

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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

TransferWise

Rating based on expert reviews by FXcompared

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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

TransferWise

Rating based on expert reviews by FXcompared

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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 Support

TransferWise

Rating based on expert reviews by FXcompared

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Customer Support

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.

Transparency

TransferWise

Rating based on expert reviews by FXcompared

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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)

Compare Other Currency Rates

Amount Received

USD $11,957.62

No saving vs. banks

START YOUR
TRANSFER NOW!

Fee:No Fee ?

Exchange Rate:1.1958 ?

Speed:1-2 days ?

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.

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.

TransferWise

Rating based on expert reviews by FXcompared

Daniel WebberFounder & CEO

About Transferwise

TransferWise

Rating based on expert reviews by FXcompared

Amount Received £ 10,000.00

What we like about TransferWise

What we didn’t like about TransferWise

TransferWise Fees and exchange rate

TransferWise

TransferWise Fees and exchange rate

TransferWise will offer you

Ease of use

TransferWise

Ease of use

TransferWise mobile app

Mobile product

TransferWise

Mobile product

Credibility & Security

TransferWise

Credibility & Security

Business product offering

TransferWise

Business product offering

Product Coverage & Service

TransferWise

Product Coverage & Service

Customer Feedback & Satisfaction

TransferWise

Customer Feedback & Satisfaction

Customer Support

TransferWise

Customer Support

Transparency

TransferWise

Transparency

Alternatives to TransferWise

TorFX

WorldFirst

OFX (UK)

Compare Other Currency Rates

Other International Money Transfer Quotes

Global Reach (formerly FC Exchange)

Est. 2005

OFX (UK)

Est. 1998

Currencies Direct

Est. 1996

Moneycorp

Est. 1979

TorFX

Est. 2004

RationalFX

Est. 2005

WorldFirst

Est. 2004

Western Union Business Solutions

Est. 2009

Currency Solutions

Est. 2003

Smart Currency Exchange

Est. 2004

Rates From The Average UK High Street Bank

Est. 1934

PayPal

Est. 1998

Where does TransferWise work?

How does TransferWise make money?

Can I transfer the same currency using TransferWise?

Is my money safe with TransferWise?

Why you can trust FXcompared's reviews

Daniel Webber
Founder & CEO

What we like about
TransferWise

What we didn’t like about
TransferWise