TransferWise Review 2020 – Is TransferWise Safe?

TransferWise is currently the biggest money transfer company in the UK boasting £4bn in monthly turnover. It is completely safe to use the company’s services, like millions of other Brits, Europeans, Australians and Americans do every month.

TransferWise pride themselves on a transparent fee structure and excellent exchange rates. The online system is easy to use, and users are almost unanimously satisfied. Read more about all aspects on this TransferWise review.
86.8% Editorial rating.
32.000+
Aggregated reviews
95%
Level of Satisfaction
4
Industry Awards
2013-2015
TransferWise Fees / Exchange Rates
Currency Sent
TransferWise Fee 2020
AUD

0.41% Fee on initial $ 180,000.00 AUD, 0.31% on anything over + $ 1.14 AUD

BRL

2.51% of the amount that’s converted + R$ 2.40 BRL

CAD

0.59% Fee on initial $ 175,000.00 CAD, 0.49% on anything over + $ 0.87 CAD

CHF

0.32% Fee on initial CHF 150,000.00 CHF, 0.22% on anything over + CHF 0.64 CHF

CZK

0.4% Fee on initial Kč 3,000,000.00 CZK, 0.3% on anything over + Kč 11.84 CZK

DKK

0.36% Fee on initial kr 1,000,000.00 DKK, 0.26% on anything over + kr 5.29 DKK

EUR

0.33% Fee on initial € 115,000.00 EUR, 0.23% on anything over + € 0.61 EUR

JPN

0.63% of the amount that’s converted + ¥ 185.00 JPY

NZD

0.37% Fee on initial $ 200,000.00 NZD, 0.27% on anything over + $ 2.12 NZD

TRY

0.4% Fee + ₺ 7.46 TRY

USD

0.37% Fee on initial $ 135,000.00 USD, 0.27% on anything over + $ 1.23 USD

Top TransferWise Competitors

Although TransferWise is a groundbreaking currency transfer company, and is completely safe to use, Money Transfer Comparison rated several companies with higher scores because we believes they provide a better solution for larger trades. Below you can find some of the more prominent Transferwise competitors we have reviewed:
Currencies Direct
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 39
  • Offices : UK, EU, USA, India, South Africa.
  • Our Rating : 97.8%
  • Most Global Offices and Reach

    No Fees from Anywhere

    96% Client Satisfaction
World First
  • Min Transfer: £/€ 1,000
  • Currencies Supported: 121
  • Offices : UK, EU, Australia, HK, Singapore. USA-based clients not accepted
  • Our Rating : 95.4%
  • Easiest Sign Up Process

    Great Online Sellers Offering

    Transparent Exchange Rates
moneycorp
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, Australia, USA, HK, UAE, and South America
  • Our Rating : 92.8%
  • Friendly, Professional Service

    Discounted Rates

    No Transfer FeesDiscounted rates exclusively for our readers - great offer for large transfers

TransferWise vs WorldFirst

As an example for our selection above, we have decided to delve into TransferWise vs WorldFirst. WorldFirst has been in the business for several years when TransferWise emerged, and until TransferWise era they were considered the hip cross between financials and tech (not yet to be named FinTech back then). WorldFirst prides itself in a great online system and registration process, much like TransferWise’s, and has recently decided to offer new pricing for all FX transfers.
TransferWiseWorldFirst
Safe?Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients.Yes, regulated by FCA and many more regulatory bodies. Transfers billions in foreign exchange each year, servicing millions of clients, and doing so for more than 15 years.
FeesRanging between 0.27% for USD transfers above $135,000 to 2.31% for the BRL. On average for popular routes it is about 0.5%.0.5% flat rate for transfers of all sizes above £1,000. Clients who move larger volumes can get 0.15%-0.25% margins.
Dedicated DealerNo. You will get all the support you require but currency guidance is not offered.Yes. You will be matched with one person taking care of your FX needs and you will be dealing with him exclusively. He will escort you through trades.
WebsiteTransferwise.comWorldfirst.com

TransferWise vs Currencyfair

Currencyfair is another company we think highly of, similarly to Transferwise. When you look at Transferwise vs Currencyfair you will notice many similarities. Two startupish companies which are constantly getting market-share and offer tremendous rates. View the comparison below.
TransferWiseCurrencyfair
Safe?Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients.Yes, regulated by Central Bank of Ireland as well as by several other regulators. Transferred over £1bn since inception.
FeesRanging between 0.27% for USD transfers above $135,000 to 2.31% for the BRL. On average for popular routes it is about 0.5%.As low as 0.15% FX margin if a transfer is matched through the online platform. If not, then reportedly 0.4% average margin of transfers of all sizes.
Dedicated DealerNo. You will get all the support you require but currency guidance is not offered.No. You will get all the support you require but currency guidance is not offered.
WebsiteTransferwise.comCurrencyfair.com

More TransferWise Review Information

Minimum transfer:
£1
€1
$1
CA$1
AU$1
Fees & Rates: Information available above. Generally speaking 0.5% is the average margin.
MTC-WF
REGULATION: Financial Conduct Authority Financial Transactions and Reports Analysis Centre Australian Securities and Investments Commission Customs and Excise Department FinCEN Reserve Bank of India Kanto Local Financial Bureau Japan Department of Internal Affairs New Zealand

Is TransferWise Safe? Is TransferWise reliable?

Company overview:
TransferWise is one of the hottest startups in the world right now, and it is considered a market leader in the Fintech sector, with a valuation of 1.6billion dollars. It has grown at a staggering pace of more than 100% in sales each year for the past 4 years, and has recently reported that it is moving more than £3bn every month for its clients. There are now currently more than 1300 employees working for TransferWise in 11 offices across 4 continents around the world.TransferWise team winning an awardTransferWise has definitely come a long way since its inception in 2010 (and launch in 2011).It was established by two Estonian Fintech innovators, Taavet Hinrikus, (Skype’s first employee) and Kristo Käärmann, both of whom were working in the UK, and experiencing the high costs of bank-powered international money transfers. Quite early on in their journey to lower the costs of cross border remittances, they received a massive shot of encouragement in the form of two mega-investors who believed in the idea, and jumped on the TransferWise wagon. These two investors were PayPal’s co-founder, Peter Thiel, as well as Virgin’s founder Richard Branson.

Here is a complete overview of TransferWise’s investment rounds:
Series
Amount Invested
Investors
Pre-speed$68,400

SeedCamp (VC)

Seed$1,300,000

Index Ventures (VC), IA Ventures (VC), The Accelerator Group (VC), Kima Ventures (BV), Seedcamp (VC), Max Levchin

Series A$6,000,000

SV Angel (VC), Valar Ventures (VC), Peter Thiel

Series B$25,000,000

Valar Ventures (VC), Peter Thiel, Richard Branson, Index Ventures (VC), IA Ventures (VC)

Series C$58,000,000

Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp (VC), Valar Ventures (VC)

Series D$26,000,000

Anderson Horowitz (VC), Valar Ventures (VC), Baillie Gifford (PLC Company)

Series E$280,000,000

Andreessen Horowitz and Mitsui & Co.

Total to date$396,368,400

Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp (VC), Valar Ventures (VC), Peter Thiel, Richard Branson, The Accelerator Group (VC), Kima Ventures (BV), Seedcamp (VC), Max Levchin, Mitsui & Co.

Information from Angel.co

October 2017 update: TransferWise raised another $280,000,000 making it one of the most funded startups ever with a total of $440,000,000.
How TransferWise Works - TransferWise "Peer to Peer Money Exchange" System
In its earlier days, TransferWise used to market itself saying it the world’s first and only Peer to Peer money transfer provider. The logic was simple – TransferWise is able to beat the banks by finding two clients who need to transfer money in opposite directions (say, one client is transferring Pound to Euro, and the other one is exchanging Euros for Pounds). This way, they claimed, the saving will be immense.

What they didn’t take into considerations is how volatile the market is and the fact people want normally to trade money instantly. If they don’t they may be doing a large money transfer, and it will be difficult or impossible to match those. Long story short, TransferWise dumped this way of marketing themselves, and over the recent years didn’t mention on their website the term “peer to peer money transfer” or “peer to peer currency exchange”.

That doesn’t mean there aren’t peer to peer money transfer companies out there! Competitors Currencyfair (appearing on this page under “TransferWise vs Currencyfair”) is definitely putting the idea into practice. Using the Currencyfair money transfer platform, you can make a normal transfer for a rate provided to you by Currencyfair, or try to find a match (in which you will pay as little as 0.15% of your transfer).
TransferWise advertising campaigns:
The company is advertising heavily on billboards (including in the London underground), as well as on television and online. It is constantly covered by financial and technology journalists around the world, and has managed to get into the mainstream quicker than any other company in the money transfer industry.

Its campaigns were so effective, and so memorable, that even large banks began noticing them. The old slogan “YOUR BANK IS SECRETLY OVERCHARGING YOU ON INTERNATIONAL MONEY TRANSFER” was adjudicated by The Advertising Standard Authority, following complaints from these banks.

Update: TransferWise has suffered additional obstacles as a result of its advertising campaigns. In May 2016, the advertising watchdog commanded TransferWise to be more specific about the savings it offers in each route, in comparison to banks, rather than saying that it helps clients save 90% of transfer costs. TransferWise has also been mocked by the AmericanBanker magazine, as the company is now seeking bank funding. Our take on this? TransferWise is catching fire because it is growing at in such a rapid pace. As a Branson-backed company, it appreciates any form of attention – positive or negative, and it works out perfectly.

Our take on this? TransferWise is catching fire because it is growing in such a rapid pace. As a Branson-backed company, it appreciates any form of attention – positive or negative, and it works out perfectly.
Awards
WEF Tech Pioneer in 2015
EY Entrepreneur Of The Year UK 2015
FT’s Boldness in Business Award, 2014
Best European Startup, Europas European Tech Startup Awards, 2013
Regulated by: Financial Conduct Authority Financial Transactions and Reports Analysis Centre Australian Securities and Investments Commission Customs and Excise Department FinCEN Reserve Bank of India Kanto Local Financial Bureau Japan Department of Internal Affairs New Zealand
Conclusion
TransferWise is probably the sexiest name in the whole money transfer industry. Established by notable entrepreneurs who became aware of a significant problem and sought to fix it, the company is taking an entirely different approach from the entire remittances industry.

Its low rates, transparency, great on-boarding process, and mind-blowing advertising campaigns have gained it a status as one of the largest payment providers in the world, as early as 5 years from its launch. This is a “startup” that is already moving billions across the globe and fighting with industry giants like Western Union and Moneycorp.


There is absolutely nothing to be concerned about when you use TransferWise to move money abroad. TransferWise is safe as can be.It has a sound financial structure, a solid business model, and it is the absolute epitome of client transparency. The company is now available in more than 71 countries and is on track to move £36bn this year alone, with thousands of clients from around the globe with an extremely high level of satisfaction.

TransferWise is not a scam, although some people tend to think it is because of the ultra-friendly rates, while in fact, it is one of the most credible companies in this industry.

More recently you may have spotted TransferWise has opened an office in Belgium. The firm took the pro-active decision to gain a European license in Belgium so even in the event of a no-deal Brexit, where UK financial services firms lose their ‘EU passporting’ rights, they can continue to offer the same great service they do today.
90% Credibility Score.

Do Clients Like TransferWise ? TransferWise Reviews from Across The Web

Research
There are 60,000+ TransferWise reviews (more than any other company in the foreign currency payments industry) available on TrustPilot, netting the company a 5/5 rating.

Less than 3% of these reviews are complaints, and 95% of them are glowingly positive.

A small amount of the reviews seem to be placed by marketers who are promoting the service (trying to push their discount codes), but the amount is rather insignificant. Seemingly, TransferWise’s superb advertising campaigns have paid off and gained it such serious recognition.
Advantages +7
Clients love the TransferWise concept. Why wouldn’t they? Here are the features users liked most:
  • Works “as expected” – no glitches
  • Easier to on-board with than other companies
  • Better rates than other companies and banks
  • Accurate and timely
  • Responsive and kind support
  • Polite and non-pushy approach
  • Easy to learn how to use
Disadvantages -5
We have located fewer than 100 TransferWise complaints on the Internet, including one negative experience by one of our readers who responded below. These are some of the complaints dealt with:
  • Excessive requirements for documents in order to sign up
  • Some Debit and Credit Cards were not approved for use
  • Delayed transfers
  • Rude customer service
  • Some currencies are not available in the system
Conclusion
Clients are almost unanimously satisfied with every aspect of TransferWise’s service. Some students, expats, and immigrants have even said that this company has made a substantial change in their lives. 

It appears that the main appeal of TransferWise for clients, even more than the superb exchange rates it offers, is the smoothness of the entire experience. An automated online on-boarding process is a huge advantage for the younger generation, and they have become avid users.

The relatively few complaints we have encountered don’t make much sense.

Those who are complaining about the rudeness of the customer service and making accusations are completely contradicting thousands of reviews that are glorifying how kind and respectful the support was. The same goes for the unpopular opinion that transfers are often delayed – this seems to be related to a specific problem at a specific time for a specific client, rather than an across-the-board problem.

Those complaining about excessive documentation appear to be unaware of the strict Anti-Money Laundering regulations that these sorts of companies must comply with. If additional documents were required, it is simply because the local regulator for the required jurisdiction (such as the FCA) demands that from the firm.

The part dealing with unsupported currencies is somewhat justified, as TransferWise doesn’t support as many currencies as some of its competitors like Currencies Direct, but we can’t downgrade TransferWise score based on that, as it’s very clearly stated on their website which currencies are handled and which ones are not. Clients who are complaining about this have simply failed to read the information that is readily available.
95% Client Feedback Score.

TransferWise Fees

Research
Fees: TransferWise has recently conducted a major overhaul on its pricing model in an aim to continually lower the cost for consumers. Some currency corridors have become even cheaper whilst some corridors have increased in price. We are told by TransferWise however that this is a revenue neutral change.

Meaning that overall, TransferWise won’t make any more or less on fees than it did before. The cost is just spread around differently. And most importantly prices are based purely on the costs incurred in that country rather than subsidising certain routes with income made from other currencies.

So any cost savings TransferWise can make in Australia for example can be passed onto savings for consumers purchasing AUD. Transferring money from around the world incurs variable fees with TransferWise but they are as low as under 1 Euro for most destinations from Europe, and less than $2 for anywhere from USA. Just be sure to fully understand the pricing structure for your currency corridor, particularly if you are trading any exotics.

The pricing is so carefully modelled that not only is the size and speed of payment considered, TransferWise also alter their payment fee depending on where your destination of payment is. So any cheaper payout method the firm can employ, TransferWise can then pass this saving onto the consumer too.

Exchange Rates: Here is the complete fee structure for payments converted to GBP and sent to the UK (note payment fees and spreads can vary very slightly depending on where money is being sent so be sure to use TransferWise’s online calculator first):
Currency Sent
TransferWise Fee 2020
AUD

0.41% Fee on initial $ 180,000.00 AUD, 0.31% on anything over + $ 1.14 AUD

BRL

2.51% of the amount that’s converted + R$ 2.40 BRL

CAD

0.59% Fee on initial $ 175,000.00 CAD, 0.49% on anything over + $ 0.87 CAD

CHF

0.32% Fee on initial CHF 150,000.00 CHF, 0.22% on anything over + CHF 0.64 CHF

CZK

0.4% Fee on initial Kč 3,000,000.00 CZK, 0.3% on anything over + Kč 11.84 CZK

DKK

0.36% Fee on initial kr 1,000,000.00 DKK, 0.26% on anything over + kr 5.29 DKK

EUR

0.33% Fee on initial € 115,000.00 EUR, 0.23% on anything over + € 0.61 EUR

JPN

0.63% of the amount that’s converted + ¥ 185.00 JPY

NZD

0.37% Fee on initial $ 200,000.00 NZD, 0.27% on anything over + $ 2.12 NZD

TRY

0.4% Fee + ₺ 7.46 TRY

USD

0.37% Fee on initial $ 135,000.00 USD, 0.27% on anything over + $ 1.23 USD

Compare TransferWise and Paypal Fees
As TransferWise is a completely “online” platform that enables people to send money abroad, it is often compared to Paypal, one the world’s largest online payment providers.
Destination
Real Exchange Rate
Amount Received for £1,000:
Australia

1 Pound is $AU1.73 AUD

1,707.33 AUD

1,650.30 AUD

UAE

1 Pound is 4.87 AED

4,793.55 AED

4,647.56 AED

Canada

1 Pound is $CA1.71 CAD

1,682.04 CAD

1,630.82 CAD

Switzerland

1 Pound is CHF1.33 CHF

1,323.19 CHF

1,270.00 CHF

Eurozone

1 Pound is €1.14 EUR

€1,135.16 EUR

€1,089.53 EUR


Please note these are simulated prices and not the real rates and mistakes can occur in calculation or in our foreign currency exchange rate feed
Euro Exchange Rates
Transferwise now offers new rates for Euro transfers! Have a look at the recent update they have made to their Euro fees:
From Euro to
Before March 2019
After March 2019
Impact (5000 Euro)
GBR, £

0.3% + 0.8 Euro Fixed Fees

0.33% of amount transferred + 0.61 euro fixed fee

+8%

USA, $

0.35% + 0.7 Euro Fixed Fees

0.34% of amount transferred + 0.84 euro fixed fee

-2%

INR,

0.45% + 0.7 Euro Fixed Fees

0.45% of amount transferred +0.68 euro fixed fee

+0.3%

AUD, Au$

0.35% + 0.6 Euro Fixed Fees

0.35% of amount transferred + 0.63 euro fixed fee

-0.2%

CHF,

0.3% + 1.3 Euro Fixed Fees

0.34% of amount transferred + 0.64 euro fixed fee

+8%

Exchange Rates Analysis
The exchange rates offered by the TransferWise currency transfers are among the best in the business, and in no way comparable to other remittances companies (i.e., companies with low minimum transfers used by overseas workers to transfer money abroad to facilities). For instance Ria Money Transfer and Transfast’s margins are at around the 2-3% mark!

In some particular countries, TransferWise is cheaper (for example, the UK), while in Australia and NZ, it is great, but not as cheap as in other countries. TransferWise is a good option for sending money to some traditionally difficult markets for remittance, such as India and Brazil where brokers will traditionally charge you a much higher fee.

In some countries, like Brazil however, it seems that TransferWise isn’t particularly competitive to send money from. These are currencies that are usually more expensive to transfer money from (“exotic”) and at 2.5% the offering is pretty much in line with the market.

Is it possible to beat TransferWise’s rates with popular currencies like Euro, USD, AUD?

The fact that TransferWise is transparent and straightforward is generally very positive, but it is the company’s disadvantage when it comes to high volume transfers. Due to the fact that other companies like Currencies Direct have flexible pricing models, if the transfer is over GBP 25,000 (or equivalent in another currency), it is likely that they could offer cheaper rates than TransferWise. However. it’s always recommended to use TransferWise as a benchmark before you approach other recommended companies and negotiate your price.
TransferWise First Trade FreeTransferWise offers new clients the chance to conduct their first trade for free up to a certain cap (the purpose of this is to check how the system works rather than moving tens of thousands abroad without paying a dime).

Booking a Trade? Pay Attention to the Exchange Rate Lock

TransferWise does offer a guaranteed rate for all of its transfers and will guarantee a clients rate for 24 hours for every currency except: AUD, BGN, BRL, CAD, CHF, EUR, HKD, HRK, JPY, RON, and SGD, where the rate is guaranteed for 48 hours. And as long as TransferWise receives your money within that period, you’ll get the guaranteed rate.

Sometimes, however, it’s important for the recipient of a transfer to know exactly how much money they will receive even if you pay after the expiry of the guaranteed rate.

In order to secure the rate you see you’ll have to ensure the amount lock icon is displayed on TransferWise’s online platform and pay a 3% deposit of the total value of the transfer. If you don’t the rate will be determined by the time the money arrives to TransferWise , and not when the transfer was initiated. That means that due to fluctuations (and TransferWise is not even benefiting in this situation either) you could l possibly pay up to 3% of the transfer, instead of the fixed 0.5% margin applied. Worse than that, payments could end up lower than the agreed sum, which will require a second transfer or cause a payment to be void.

On the flipside, if the rate improves during this time, TransferWise will refund the 3% deposit and possibly even more depending on how much the rate has changed.
 Limits: TransferWise has variable limits for each currency route.
Currency
Limitation
NZD

NZD 85,000

AUD

AUD 1,500,000

USD

USD 1,500,000

EUR

EUR 1,200,000

RON

RON 5,300,000

SEK

SEK 1,000,000,000

CAD

CAD 70,000

Conclusion:
TransferWise is cheaper than almost any competitor when it comes to small or medium-sized transfers inside Europe. Its 0.3-0.5% margin with small payment fees represents an average saving of approximately 0.5%-1% against the average quote from other companies for small transfers.

With some destinations, it is not necessarily the cheapest even for smaller transfers, but as long as the margin is at 1% or less, it will be around what other companies are offering.

For large transfers their pricing system is definitely beatable by traditional FX institutions, such as Moneycorp. Furthermore, some destinations like Canada, Australia or New Zealand have transfer limitations that prevent sending large amounts with TransferWise (or sending it in several instalments).

To summarise, this is a very good choice for remittances and small transfers. The company specialises in European corridors.
97% Fees, Exchange Rates.

Global Reach & Service

Research:
Dedicated Dealer: No.
Offices: UK(2 Offices) Belgium USA Australia Estonia Hungary Japan UAE
Ways to approach: Email, Chat or Telephone
Translations: Italian, French, Russian, German and Spanish.
Accepts Clients: Listed Below.
Currencies Handled:  49 – 21 you can both BUY and SELL + an additional 28 currencies BUY ONLY (i.e. send money to)
Client Reviews: Love the support team.
Conclusion:
TransferWise has a very unique model when it comes to international money transfers. While other companies are more oriented towards a dedicated service and appeal mostly to clients who want to transfer £5,000 or equivalent, with a specific focus on clients who need to move tens of thousands or hundreds of thousands. TransferWise applies the same razor-sharp margins to everyone and encourage clients of all sizes to use their system, while not offering dedicated dealers, hedging or any of the “complicated” options for large private clients or business clients.

That creates a situation in which TransferWise is a great solution for people who want to conduct smaller transfers and is a valid solution for those who need to move large amounts abroad – but not every person who want to move big volumes is happy to do the entire transaction online.

New on TransferWise :
  • TransferWise is now supporting the USD / MXN Corridor
  • TransferWise is now accepting Canadian clients
  • TransferWise has a new office in Australia (Sydney)
  • TransferWise has a new office in Brussels (Belgium)
  • TransferWise has a new pricing model
Clients accepted from:
ContinentCountries
EuropeAustria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey and the UK
AmericaAll US states except Hawaii and Nevada, Brazil, Canada
Australia and OceaniaAustralia, New Zealand
AsiaHong Kong, Japan, Malaysia, Singapore, UAE
AfricaMorocco, South Africa
 
85% Global Reach, Availability, Service Score

Additional Functionalities

Hedging:
None. Spot contracts (instant currency exchange) only.
TransferWise Debit Card:
TransferWise has just launched its multi-currency debit card that enables you to take money abroad with you, loaded with a certain currency with TransferWise’s amazing exchange rates.
Transferwise border-less account:
One portal for clients to both make and receive payments and hold balances in over 40 currencies including a European IBAN account number, US routing number and a UK bank account and sort code. Enables to transfer money from PayPal directly to TransferWise.
For Online Sellers and Freelancers:
“Request Money” functionality – an option to send a payment request through TransferWise system that auto-generates a link enabling the person/company sending the payment to move money via TransferWise easily, similar to the Payoneer’s receive money system.
Rate Alerts:
Although you can’t book a forward contract with TransferWise you can set up rate alerts to understand when the market has hit certain parameters. Just remember the onus is then on the client to book a trade through the system at the desired rate.
TransferWise App:
Incredible, attractive app, which receives a 4.5 / 5 rating from over 4,000 users on Google Play. The app focuses on the actual functionality of sending money, and does so well, with very few bug reports.
Conclusion:
The app is definitely ideal for immigrants and expats who are sending money constantly. However, using hedging tools such as forward contracts, and limit orders, is really problematic if you want to use TransferWise for a large transfer (or for your business).There’s very little offered by TransferWise besides sending money using credit cards, or bank transfers.
67% Added Values Score

TransferWise Review Summary
87%
87 of 100 1 review
  • Credibility Score - 90%
    90%
  • Client Feedback - 95%
    95%
  • Fees, Exchange Rates - 97%
    97%
  • Global Reach, Availability, Service - 85%
    85%
  • Added Values - 67%
    67%

Bottom Line

TransferWise is a large money transfer provider which started less than 10 years ago as a fresh startup and took over the UK and the world by a storm. It is one of the highest valued UK startups, and for a good reason – it has taken a big chunk of marketshare from banks and competitors – £4bn a month worth of business!

As a large and respectable company that has been funded by PayPal’s co-founder, Peter Thiel, it is completely safe to use. The benefits are clear – much lower fees starting at 0.27% for large USD transfers and average at about 0.5% for GBP transfers, in addition to a smooth online system and app.

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Adi Upreti
1 year ago

Terrible company – I wish I hadn’t fallen for all the great reviews. If you are a small business thinking about using TransferWise I hope my experience will help you reconsider. I made a USD transfer from my UK account on 9th April and almost a month on it still hasn’t reached the recipient. This was supposed to be a simple transfer that I’ve made with many other payment providers in the past, namely Revolut, Payoneer and Starling Bank, and in all such cases its never taken more than 4 working days. The response from their customer services team has… Read more »

Concerned
3 years ago

I signed up with TransferWise and tried to send money from my CAD account to my EUR account. To set up direct debit in my CAD account, TransferWise asked for my internet banking login and password. That is, they asked me for full, unrestricted access to my bank account. Every bank in the world has a clause in their contract that forbids the customer to reveal their password to anyone. Providing my password to TranserWise would immediately void the protection I get from my bank against fraud. I’ve set up direct debit with several businesses in the past, and no… Read more »

SERGE
4 years ago

Send money abroad with TRANSFERWISE,they charge only a small fee compared to the banks,the exchange rate is excellent and you can get your first transfer for free(no fee charged)

SERGE
4 years ago

I’ve been using TransferWise to send money abroad. Really easy and a lot cheaper than the bank! Sign up now and get your first transfer up to £3000 for free.

I made 2 transfers so far and very good service overall

Really easy, secure and super fast.

MARIA
4 years ago

I wish I have discovered this company earlier. I would have safe hundred of pounds. Thank you. So happy honestly.

Martin
4 years ago

Hi, I have used the service to transfer to Russia from UK, and I should say that I am completely dissatisfied. The transfer gets delayed without any explanation (except standard security checks) for over 2 days. I know there is always the a “reason” behind it, but you are never informed beforehand about such delays, even more, the initial screen says you that you will receive within a day but it has been more than 2 days the money has not even left transferwise and afterwards it will take extra 3 days to arrive. Very dissatisfied, Unistream or the banks… Read more »

Entrepreneur
4 years ago

EDIT FROM EDITOR: THIS IS A FAKE REVIEW FROM SOMEONE WHO TRIES TO PUSH HIS AFFILIATE CODE FOR TRANSFERWISE.
A GOOD EXAMPLE HOW SOME CLIENT REVIEWS FOUND ONLINE COULD BE DISHONEST.

“Great Rates and First Transfer Free

TransferWise has the best exchange rates and lowest fees I have seen for both personal and business transfers. I have already saved so much money by using TransferWise, and I have never had any problems with them. Transfers are secure and fast.

Get your first transfer completely free up to $4500/£3000/4000 Euro by using this link”

John James
3 years ago

Transferwise is not reliable or trustworthy. They are holding $10K Australian of mine or JPY Y829443 for more than 2 weeks now. The money has not arrived even 1 week later after they said transfer completed. Probably be very lucky if I don’t lose the lot with another failed Forex broker. Reminds me of MX Global.

Richard London
3 years ago

Can safely say one of the worse FX companies that I have come across. Will be using DailyFX from now. Customer service standards are shambolic. After spending an hour to them on the phone they completely ignored the problem. The matter is now being raised to the FCA, ICO and Financial Ombudsman.

Ahmed
3 years ago

Paid lesser than they guaranteed.

I used TransferWise and they have paid me lesser amount than they have promised. Liars !!
I am never coming back here again.

Yap
2 years ago

It was fantastic first, then nightmare began for my $10.000 transaction to Malaysia. 10 days had passed since the promised date, yet nothing received. Waited 3 days to get response from support, I got a very vague statement. Appearantly printed from their internal system, there is not a hint for me to trace the transaction. I had to ask my accountant friend and deduce from the ‘status’ that it might still under processing. Now my only hope is the money eventually get there somehow. The ETA on their APP is obviously misleading and just a wild estimation. Very unreliable company,… Read more »

lars
2 years ago

Your review is either not current or faulty. My experience: In the pastI have used Transferwise for several years and had no problem with small amounts received and sent until last year. I have also recommended Trasnferwise to all my colleagues and international contacts. Now, the main problems: 1) the Receive money option that is reviewed in this report does not exist anymore. 2) the customer service number for the US just rings and rings and rings. No answer after the initial voicemail greeting. I had to call business support to get an answer. 3) the Borderless accounts process and… Read more »

John Miller
1 year ago

Do not use this company, and do not believe the “expert” analysis above. It is not safe. It failed to deliver my 600 USD and is not giving me good answers, saying I may have to wait up to 6 months for it to make its way back into their system. What if it doesn’t show up? I have asked them four times. No answer. Until my money is safely returned I will post negative reviews on this and other sites.

Inno
1 year ago

I opened an account, sent money (just £22) and it says the money will get to the receiver in 37 minutes, after I submitted the transfer, it now says the receiver will get the money in 2 working days. The next day, my account was deactivated. Avoid this company like a plaque, search online and you will find better options for money transfer in minutes. Most positive reviews you see here are fake and false. Be warned.

laurent
1 year ago

TransferWise is an Estonian developed and UK-based money transfer service. The concept is to match transfers with other people and then have a small commission while using the official exchange rate, unlike traditional currency transfers where there are buy and sell rates and the broker takes the difference between the two. In my situation, in order to avoid delay, all documents had previously been sent and checked to be sure everything would be fine. But they said that in order to process my transfer they needed further information to check the origin of my money. And although the funds left… Read more »

Drew
1 year ago

Transferwise service is horrible. It took them a week and a half to complete a transfer, not the 3-4 days they advertise. Their customer service is atrocious as well. Do yourself a favor and stay away from transferwise. They are pathetic!

Colin
1 year ago

There is NOTHING good about TransferWise! Firstly, I started to setup an account and got as far as giving them my GMail account details but then changed my mind and closed the browser window. TransferWise, being a shonky operation, then grabbed my email details, referred to Google and then populated their database with all my other details (name, address etc) without even asking me, thereby setting up an account without me ever clicking “OK”. When I eventually wanted to setup an account my name was already taken….by them! I eventually had to phone them to sort that out, after their… Read more »

Martin M, USA
1 year ago

RISKY. No protections for sender of funds. Transferwise is not set up in a responsible manner to safeguard the sender of funds. My experience using them one time basically caused me to lose $50. Details: I sent money to a recipient in Indonesia, however, the recipient claims to never have received the transfer. Transferwise says it was sent. I don’t know who to believe, but Transferwise DOES NOT HAVE A MECHANISM to withdraw or take back the funds, and they also refuse to contact the recipient. So, I didn’t get the items I ordered from the Indonesian seller, and I… Read more »

Libby
1 year ago

Money was sent to my bank acc between countries on Friday, its now Wed and nothing. They told me it will arrive on Monday. They cant tell me anything, i’m about to loose my house over this. They said they don’t know why it’s not there. I’ve been waiting for a receipt and proof of them sending it to my acc for 2 days now and i’ve called them many times and emailed them too and nothing. How can they take people’s money and then mark it as sent and received when it’s not, then just say they don’t know… Read more »

Alex
1 year ago

@TransferWise I tried to send $2500 using transfer wise, but got an email that my account was deactivated for no reason and the transaction was cancelled. However I did not receive the $2500 back toy bank account. It’s been about 2 months now. I’ve been trying to call and email the customer support, but they keep saying they cannot give me any information and I have to wait more, every time I contact them I hear the same thing. Are they just stealing people’s money???

Ruah Group
1 year ago

Our accounts were unreasonable closed with no explanations or any details. Arguing with tech-support during a weeks, we’ve got so long-awaited answer. Briefly – they said “We don’t like you, because we don’t like you”. All our activity was absolutely transparent and clear. We were ready to provide any needed (or additional) documents to prove our transparency, but had no reaction it all. In public space Transferwise declares liberalism; “say goodbye to banks”; “say no to banks’ bureaucracy” and other attracting things. But in reality what they do is worse than most banks do. Banks at least provide the details… Read more »

Chris
1 year ago

I think it’s a brilliant service, used it several times now to move money internationally and it’s always been done fast and safely. No more ridiculous fees that the banks like to charge – saving money is earning money! Customer service was helpful too when I messaged them a question first. Also a nice bonus to get my first £500 free because I used a friend’s invite. If you are going to join, please feel free to use my link and you will get your first £500 (or equivalent) transfer for free too.

https://transferwise.com/u/christopherd59

Thank you 🙂

Noma Bill
1 year ago

It provided me with good services but as I was using it for a long time they put me in the suspicious list and now all my transactions take weeks to process. The customer service is useless. They are not based in UK. Now I am asking my friends and family members to switch to some UK some based company. So bad experience.

V Djurovich
1 year ago

[EDITED BY ADMIN FOR STRONG LANGUAGE] STAY AWAY! I have sent all requested documents and info and got my account verified. After that I got two payments for legally and hardworking earned money from well-known company that have impeccable reputation. TransferWise simply deactivated my account without any warning, question or explanation and stolen 680$ that I had on my account. I literary did nothing illegal, nothing wrong or against their T&C or anything that could have resulted in account deactivation. I emailed support believing that it was due to some mistake. Support replied that they do not have information why… Read more »

Michael Pilgrim
9 months ago

Awful Company. They’re nothing but thieves. Here’s why I hate transferwise. The customer service is a joke the payments are not instant, they take a few days. There is no help or explanation from customer service or on their website about why payments are not instant or when they will go through They charge you to withdraw money to your own bank account They closed my account with no explanation or even notification. Once they closed my account they made it very difficult to get my money back off them. I still haven’t received it! They are thieves. AVOID THIS… Read more »

David Hecht
8 months ago

Transferwise is very clear: “Recipient will get exactly 3,300 USD”. “Fee 16.30 EUR” But the recipient only got 3,255 USD. No where did Transferwise say that the recipient would be charged $45. Transferwise customer support says there is nothing they can do about it. Now I have to transfer the recipient another $45. I will not be using Transferwise ever again.

peyman
6 months ago

Transfer wise was recommended by one of my colleagues.I opened an border less account with them back in August 2019 as my salary is in Us dollar. first salary went in and i exchanged it to British pound and send it to my bank in UK in seconds. Second salary came in in October tried sending money to the same British account( in my name) , it kept saying in process sorry it is taking longer than usual. after number of phone calls, had an email asking for more documents which i send promptly. then nothing for a few days… Read more »

Nathan
4 years ago

I’ve used this service and have saved a fair amount of money doing so. It is designed by the people who created Skype. I’ve transferred $8000 from the USA to the UK and the speed was about the same as an international wire transfer, but I saved $185 compared to what my bank was going to charge.

You can also get your first wire transfer for FREE , up to $4500 or £3000.

Concerned citizen
4 years ago

Looks like this group (Transferwise) has taken idea from a Patent filed the USA.

There is a lot of talk in the FX community that they will be hit with a major law suit that will shut them down in the USA.

Citing Patent Filing date Publication date Applicant Title
US8121923 Mar 10, 2011 Feb 21, 2012 Automated fulfilling of currency exchange requests over a computer network
US8301533 Feb 15, 2012 Oct 30, 2012 Automated fulfilling of currency exchange requests over a computer network

John
4 years ago

At the bottom of TransferWise.com home page there is a video called “How TransferWise Works” yet the video does not explain anything how actually TW works… Also, can I or can I not send money by email (like Paypal does) using TW? More clarity would be useful?

Mrs K
4 years ago

Saw the advert in Facebook. A bit anxious to transfer £1,000 to Republic of Ireland. On my first attempt it didn’t went through because my bank block the transfer. I email them, have a reply the next day. Really helpful. So I try again and it went through. Only take a day to transfer through to Ireland. Really please with the service and its rate. Only regards is not knowing it earlier. Will definitely used it again in the future. Will update the next transfer if it’s as good as the first. So far I’m upsolutelymover the moon.

Filipe
4 years ago

There’s something I’m still not clear. I understood TransferWise will match 2 people in 2 different countries, each wanting to send money to the other country. I understood too that TransferWise only operates in USA and Europe. I noticed that it seems to be possible to transfer / exchange EUR in MYR (or, at least, this pair of currencies is available to match in TransferWise). How does this work then? If this service is not available in Malaysia how can money be transferred / exchanged into MYR? Isn’t it needed a customer with a bank account in Malaysia and willing… Read more »

D
4 years ago

I am trying to use transferwise from Jamaica to send to India and I’m unbale to do so. Could you please explain how do I go about using transferwise because I am very interested.

alexal
4 years ago

I sent a not really big amount of money to test how the service works and do some transfers with it and for my surprise they lost my money or it what seems.It was already few days ago and noone of the parts has recived nothing.They said is bank fault and bank says I must speak with them….

MARIA
4 years ago

I have used Transferwise for moths and have done it many times and I can say that I am so happy with this company Sometimes the money gets into my account in the same day. Never problems. I will continue using Transferwise. Very good rate and simple to use. So happy.

Shannon
4 years ago

Just wondering if you can use TW to send money from Australia to the US?

Peter
4 years ago

No comments seen up to now for expats living in Spain. At the present time my pension is paid direct to my Spanish bank. My main concern is the exchange rate, never knowing what it is at the time of payment. If I instructed the Pension service to pay in to my UK bank then transferred to me by yourselves, would I be much better.

Craig
4 years ago

Do you think it safe to send a large amount, over £100,000, from the UK to New Zealand using Transferwise?

Also. In the help section they mention a limit of $85,000 nzd (£38500 gbp) per transaction when sending to a New Zealand account.

This would mean making 3 separate transactions. Is this true and also is this the case when sending from my own UK bank.

Thanks.

Angila
4 years ago

Bad experience. I signed up and transfer $3,000 from us to my sister in Scotland. they wouldn’t deduct money asking me to send photo of my id beside my face. i did but the computer will not accept, before i came back from 4 days business trip to Canada my TW account has been closed. that was too fast and not too accurate of TW

Scott
4 years ago

TransferWise works fine. However I have discovered there is very little difference in the exchange rates between the overseas funds withdrawn from my Chase bank and Capital One debit card accounts, and having the funds sent direct to my overseas banks through Transferwise. I think they overestimate the projected savings quite a bit. For me the savings have been miniscule.

P Mills
4 years ago

Hi, My name is Phillip Victor Mills from Australia. I deposited AUD 1400 yesterday to send it to India but I see my account is deactivated. Why did you deactivate my account and when will my recipient get that fund? I just saw your mail that you received my money and since then, I couldn’t access to my account. Is that how you guys work? I was using Orbit Remit and thought to give you a try seeing your great currency conversion rate. I want you to give me a valid reason for my account deactivation and status about my… Read more »

Mohammed
4 years ago

I used TransferWise for the first time last week. Personally, I have only positive things to say. I wanted to test it out first, just to ensure that my money doesn’t get lost anywhere. So I decided to transfer £36.90 (which was equivalent to $50) to an indonesian bank account and was charged £2. The money was sent on the 2nd business working day. I then sent £591.73 (which was equivalent to $850) and was charged £8.74. I’m new to transferring money abroad and I wouldn’t know if I was getting a fair deal or not but to me it… Read more »

kushal
4 years ago

Hello,
I gone through most of the reviews and their respective replies.

Thanks to Scott, as he found out more cheaper way to transfer $ to INR. (under special circumstances)

My question is I want to transfer £ to INR, would still TW is the best option you suggest or I need to do more surfing to get the best deals.

Regards
Kushal

Ankit Tanna
4 years ago

Hi guys, great job on this review & the comments have helped a lot. I haven’t tried out this service yet but I intend to. I need it primarily to send money to the UK from India. Does TW handle those transactions? I’m sure my bank charges me a bomb & hence if I could use this service, it’d be really helpful since I can always transfer anytime, anywhere. Do give your inputs. Thanks!

Hugo Pereira
4 years ago

Hello, i want to join transferwise, but since i’ve found that i need to be a European client, i have a doubt:
I’m european, but i have money in Brazil which is under my wifes account (shes brazilian).
On the site it says that i can transfer money from BRL reals to Euros. Is it possible to make this transfer from my wifes acccount in brazil to my account (in portugal) using transferwise?

Ahmed Sallam
3 years ago

Thats good one

Max
3 years ago

DO NOT TRUST TRANSFERWISE! I tried to use them and was given a “guaranteed” exchange rate… After I deposited money for the transfer, they did not give the recipient the option to accept and then decided to change the exchange rate they had just “guaranteed” for the transaction. Instead of honouring our “guaranteed” agreement and keeping up their end of the transfer, TransferWise then tried to cancel my initial transfer and charge me a significantly higher amount than the one promised. Still in shock that they would “guarantee” an exchange rate and change their mind/ charge me much more for… Read more »

finanzfluss
3 years ago

Hi,

I like this comparison. Thanks a lot!

Paula
3 years ago

Hi!

I recently send £500 to my account in the Philippines and expected to receive today 29 July but until now has not been credited to my account as I have an online account from the Phils in which I am updated. Kindly assist. Thank you!

Christopher Brick
3 years ago

I recently done a years working holiday in Australia I used TransferWise to send my Australian Dollars back to the UK twice whilst I was there and once when I arrived back just to get the last bits of my cash. The process was very very simple to do using the app for my iPhone I never had any issues which great as this can be scary to put your trust into a company and not just use banks. They also stayed in contact with me via email throughout which was reassuring. I’m glad I used TransferWise and saved a… Read more »