TransferWise Money Transfer Review

  • Company name: Transferwise LTD
  • Service description: Bank to bank international money transfers via online platform.
  • Website address: www.transferwise.com
  • Website Languages: English, French, Italian, German, Spanish, Polish, Portuguese, Hungarian, Russian and Japanese.
  • Review Summary: Transferwise was established to enable clients, especially expats and immigrants, to send their money home or buy properties abroad for cheap. In order to accommodate savings, they offered an affordable exchange rate and fees of only 0.5% of the money being transferred.
  • This has made the company incredibly appealing to customers while allowing them to break through the competition and become one of the top 10 startups in the world today. It comes off as highly recommended by everyone, clients and media alike, and we are no different – use this firm to maximise your savings.
  • Recommendation: Hot, new, exciting, and the pricing is straightforward. What a great way to send money online. Cheapest rates below £5,000 or equivalent in other currencies (view Transferwise exchange rates here).

TransferWise Video Review


TransferWise Fees:

Fee:ToFromMinimum feeThresholdNotes
HUF0.70%0.70%420 HUF60 000 HUF
INR0.7%**Except for payments from USD to INR, where the fee is 1.5% for amounts below $5000, and 1% for amounts above.
JPY0.5%+*0.5%+*1 000 JPY30,000 JPY*Sending to and from Japan is via SWIFT and carries a higher fee from our side of 1000 JPY as well as extra banking charges.
MAD1.50%30 MAD2 000 MAD
MXN1.50%32 MXN2130 MXN
MYR0.70%
NGN1.00%900 NGN90,000 NGN
NOK0.50%0.50%10 Kr2 000 Kr
NZD0.70%
PHP1.00%145 PHP14 500 PHP
PKR0.50%
PLN0.50%0.50%5 PLN1 000 PLN
RON1.00%1.00%10 RON1 000 RON
SEK0.50%0.50%10 Kr2 000 Kr
SGD0.50%
THB1.50%100 THB6,500 THB
TRY1.00%6 TRY600 TRY
UAH3.00%45 UAH1500 UAH
USD0.50%****Fees for transfers from USD are calculated slightly different. For more information, please see our USD specific FAQ here.
IDR1,5%1 IDR14,500 IDR

Here are some of their live rates for example on the most popular currencies:

Estimated rates Euro to Pound Sterling:

Amount Sent:
EUR 1,000.00
Amount Received:
GBP 878.80
Receive To:
Bank Account Only
SELECT
TransferWise Review

Estimated rates Pound Sterling to Euro:

Amount Sent:
GBP 1,000.00
Amount Received:
EUR 1,137.90
Receive To:
Bank Account Only
SELECT
TransferWise Review

Estimated rates Pound Sterling to US Dollar:

Amount Sent:
GBP 1,000.00
Amount Received:
USD 1,310.33
Receive To:
Bank Account Only
SELECT
TransferWise Review

Estimated rates US Dollar to Australian Dollar:

Amount Sent:
USD 1,000.00
Amount Received:
AUD 1,400.00
Receive To:
Bank Account Only
SELECT
TransferWise Review

 


TransferWise Supported Currencies:

Send/Receive

EUR – Euro

GBP – Pounds Sterling

USD – US Dollar

AUD – Australian Dollar

CHF – Swiss Franc

CAD – Canadian Dollar

PLN – Polish Z?oty

SEK – Swedish Krona

NOK – Norwegian Krone

DKK – Danish Krone

HUF – Hungarian Forint

CZK – Czech Koruna

BGN – Bulgarian Lev

RON – Romanian Leu

Send but no Receive

INR – Indian Rupee

SGD – Singapore Dollar

NZD – New Zealand Dollar

HKD – Hong Kong Dollar

MYR – Malaysian ringgit

PHP – Philippine Peso

BRL – Brazilian Real

NGN – Nigerian Naira

PKR – Pakistani Rupee

MAD – Moroccan Dirham

CLP – Chilean Peso

THB – Thai Baht

AED – Emirati Dirham

UAH – Ukranian Hryvna

IDR – Indonesian Rupiah

COP – Colombian Peso

GEL – Georgian Lari

TYR – Turkish Lira

Swift Only:

ZAR – South African Rand – TransferWise sends out ZAR via SWIFT international payment (They cannot currently receive ZAR).


Offices:

TransferWise is one of the newest FX companies to have a big impact in this disruptive trend in the money transfer market. As of today, they have 10 offices in London – UK, Tallinn – Estonia,  New York – USA, Tampa – USA, Budapest – Hungary, Cherkasy – Ukraine, Tokyo – Japan, Sydney – Australia, Singapore – Singapore, Kuala Lumpur – Malaysia. But as the company gets bigger and bigger, they will want to cover more and more countries, which will surely lead to the opening of more offices across the world. We will keep you updated if anything changes in the meantime.


Regulation:

TransferWise is a company regulated by the Financial Conduct Authority (FCA) so you can rest assured that your money is in good hands and that nobody will scam you. So please stop asking yourself if TransferWise is safe or if TransferWise is legit and reliable.

If you don’t know what the FCA does, here are their main three objectives:

  • Protect consumers
    They secure an appropriate degree of protection for consumers.
  • Protect financial markets
    They protect and enhance the integrity of the UK financial system.
  • Promote competition
    They promote effective competition in the interests of consumers.

Press:

Ever since they first entered the market, all the major finance media outlets have had only good words about TransferWise. Here I will list just a few of them:

Transferwise is essentially one of the most sought after companies in the money transfer industry, and possibly the most recognisable of them all in spite of relatively short time of existence. There is a genuine hype relating to everything about this firm! High end investors like Richard Branson, sexy design, incredible growth, $100m+ in investments, $1bn+ in valuation… nothing like anything this rather grey industry has ever seen before. With that being said, it doesn’t necessarily say Transferwise is a different product than any of its competitors. This is why we have conducted a few Transferwise Vs. Competitor comparisons for your enjoyment below.


TransferWise compared to other similar companies:


Registration Process:

With one of the friendliest platforms, the registration process with TransferWise is quick and easy. In just a few minutes you will be able to make money transfers to your desired location.
The whole process consists of just 5 simple steps:

1. Enter Currency Details

Enter how much money you want to send and in what currency. TransferWise will automatically show you how much the transfer will cost and how much money the receiver will get in the end. So there is no wondering about any hidden fees. What you see is what you get.

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2. Enter Personal Details

Enter your full name, address, phone number etc. Pretty straight forward.

3. Who are you sending money to

Enter the details of the beneficiary. This can be another person/company or even yourself, if you decide that you want to exchange your money for a different currency.

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4. Review your transfer details

Ensure that everything is in order one last time before making the transfer.

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5. Add the funds

Decide on the method of funding your account with TransferWise. You can choose from the 3 options listed bellow:

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I believe that most of you will use a credit card, in which case you will need to enter the card details – similar to any buying process online. And that’s it, you’re done.

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Support:

With Transferwise you have support readily available for you. You can approach the company online, through telephone or via email (in English, Spanish or French) during work hours Mon-Fri. But you also have am elaborated support centre with 99% of all potential queries addressed.

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Transferwise Review Summary

Transferwise is one of the cheapest solutions for low-value remittances

Transferwise has great rates and fees for everyone! This Transferwise review shows that you don’t have to transfer 100,000 pounds or dollars anywhere to be eligible to the same rates that small businesses get! Transferwise is a fair and ethical solution for overseas remittances, with a transparent fee structure and a highly intuitive money transfer system.

It’s true that the solution they provide isn’t as comprehensive as some other companies do (other remittances companies offer cash pick-ups and mobile top-ups, while other money transfer companies offer dedicated foreign exchange dealers and Forward contracts) — but it’s a great solution, perhaps the best of its kind for the company’s target audience.

Rating:  – Top Rated

Visit TransferWise - Get Up to Date Rates and Fees

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