Wise Review 2022 (Transferwise) – Is Wise Safe? Is Wise Legit?

Alon Rajic
Alon Rajic is the managing director of Finofin, the company behind Money Transfer Comparison. He was previously a senior manager for XLMedia PLC (LON:XLM). His financial commentary could be found on INC, Forbes, Entrepreneur, The Motley Fool, Nasdaq.com, Yahoo! Finance and more.
Read more about Alon Rajic
Last Edited Dec 01, 2022

Should I use Wise?


  • There are better rated alternatives on MoneyTransferComparison
  • Not optimal for large transfers - no dedicated currency dealer, no flexibility in margins, no hedging and no guidance
  • We have doubts about the long term business model - prices increased 2020 -> 2021 -> 2022 and we believe will continue rising
  • Wise CEO Kristo Kaarmann is currently being investigated by the FCA for tax default
  • Currently only guarantees exchange rates for 2 hours
  • It costs money to hold Euros in your Wise account (2022 update)


  • Really good online system with a strong UI
  • Very usable money transfer app (rated 4.1 / 5 on Google Play, 4.6 / 5 on Apple Store)
  • A strong multi-currency account and multi-currency card for travel offering
  • Transparent exchange rates / fees, clear to know what you are paying

What is Wise (ex-TransferWise)

Transfer Money to a Bank Account Abroad (Or Another Wise Account)  + 5

Official Website:

Wise Review: Executive Summary

Wise, formerly TransferWise, is currently the largest money transfer company in the UK boasting £6bn 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 (but there could be better options depending on your needs). Wise.com 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 of the firm in this Wise review, focused on whether Wise is safe and legit.

Click here to visit Wise (TransferWise).

Overall rating86.6%
  • star-100
  • star-100
  • star-100
  • star-100
  • star-0
Updated on Dec 01, 2022

Current Rates?

🏆 5 Industry Awards (2013-2019)

Where is Wise Available?

Is a Wise account the best choice for me?

We believe that Wise is one of the best, and safest, options for

  • Transferring smaller amounts of money abroad online.
  • Multi-currency bank accounts to receive and hold money (other than Euros which incur a holding fee).
  • Multi-currency bank account with a multi-currency debit for travel.
Minimum transfer:

At the same time, we believe Wise (Transferwise) may not be the optimal choice for transferring large amounts of money, and the reason is that its pure “online” journey is lacking in comparison to currency broker who provide a far better guidance along the way. As per our industry knowledge and speaking to prospective and current customers in this space, clients feel SAFER when using a broker and speaking to a currency dealer than using Wise which is all online service, with no dedicated dealer function.

We have listed the top Wise alternatives below.

3 Best Wise Alternatives & Competitors

Below you can find Wise alternatives that we rated with a higher score than Wise, a subset of our selection of best international money transfer services. These Wise competitors have a more close-up-and-personal type of touch for customers moving larger volumes of money, business clients, financial professionals and those wanting to hedge fx risks (use a Forward Contract for example).

  • Min Transfer: £/€/$ 250
  • Currencies Supported: 120
  • Offices : UK, EU, USA, HK, and UAE.
  • Our Rating : 92.8% 🌟Best for Large Transfers🌟
  • Business Oriented, Many High Profile Business Customers

    Industry Veteran since 1979

    Safest and Most Geared Towards Large Amounts

    Up Close and Personal Service by Professionals

    Fix Today's Rates for Up to 2 Years with a Forward Contract
  • Min Transfer: £/€ 1,000
  • Currencies Supported: 138
  • Offices : UK, Europe.
  • Our Rating : 90.6%
    TrustPilot Rating : 4.3 / 5
  • Very Quick to Respond in a Friendly Manner

    Competitive Rates and No Wire Fees

    Very High Customer Satisfaction

    Operating from Cornwall, Less Operating Costs Rolled Over to Customers

    Directors Have Dozens of Years of Industry Experience

… does the fact we have higher rated providers mean that Wise is unsafe or a scam? of course not. Money Transfer Comparison has determined that Wise is safe to use, and there’s a legit company behind it – read below.

Is Wise.com Safe? Is Wise Legit?

Company overview:

Wise, formerly TransferWise, has been one of the hottest startups to emerge over the last ten years and is considered a market leader in the Fintech sector, with a valuation of $11billion dollars. It has grown at a staggering pace, seeing its value soar by billions of dollars between each funding round it has completed, resulting in an $11billion valuation following Wise’s direct listing on the London Stock Exchange in July 2021. In its latest quarterly trading report, Wise reported moving £20bn in transfer volumes between Oct – Dec 2021 (an average of circa £6.6bn per month)  . There are currently more than 2200 employees working for Wise.com in numerous offices across 4 continents around the world.

Note: This Wise review for 2022 was updated to reflect the company’s new brand, Wise Money Transfers, and its new fee scheme since going public via direct listing in the London Stock Exchange in July of 2021.

Wise, previously known as TransferWise, has definitely come a long way since its inception in 2010 (launched 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 Wise 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 then- TransferWise’s investment rounds, prior to going public in 2021:


Amount Invested




SeedCamp (VC)



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

Series A


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

Series B


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

Series C


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

Series D


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

Series E


Andreessen Horowitz and Mitsui & Co.

Total to date


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

Secondary Share Sales

In May 2019 Wise announced it raised an additional $292 million through a secondary share sale – at the time valuing the company at $3.5 billion.e. This took the total funding in the company to a mammoth $689 million.

In July 2020 Wise money transfers confirmed a new $319 million secondary share sale, valuing the company at $5 billion dollars. Making it the second most valuable FinTech in Europe.

Direct Listing on the LSE – July 2021

In what was perhaps an understated move for a listing of this size, Wise went public in July 2021 via a direct listing. The move means no new shares were created for the firm and only existing shares kicked off trading on the LSE. Making Wise the largest company to perform a direct listing on the LSE that isn’t already traded on another stock exchange.

The listing, which was said to be driven by Boris Johnson and Rishi Sunak in order to boost the UK economy, shows the increasing importance Fintechs are gaining in the market against traditional banks.

Wise shares opened at £8 a share, giving the company a market value of £8 billion ($11 billion), Twice the valuation it had received from private investors in 2020. By September2021, Wise shares were valued at £11.50, representing a 30% increase in value over its first two months being public. However, this gain was short lived and as of June 2022 the share price has slumped to £3.60. This raises an important question – will Wise continue to honour its low fee model or will users be in for a shock if the firm seeks to boost its return for investors? More on this in our fee section below.

From TransferWise to Wise

Transferwise rebranded itself to Wise (wise.com) just prior to the IPO in order to better reflect the full range of financial services it provides – much more than just Wise money transfers.. For example, they offer wise bank accounts which are used by over 10 million people to live, work, travel, and do business around the world (accompanied by the Wise debit card).

Co-founder and CEO of Wise Kristo Käärmann had this to say on the announcement, “Today our name catches up with who we’re already building for — a community of people and businesses with multi-currency lives… Wise is for all of us who live, work, travel, or support family around the world. It’s for those of us who want to cut out the middlemen that hold us back from being truly borderless.”

At MoneyTransferComparison our review will continue to focus primarily on TransferWise/Wise international money transfers. We also take a look at the Wise multi-currency account  (formerly Wise borderless account) as this plays a central role in making and receiving money transfers.

CEO Kristo Kaarmann Faces FCA Investigation After Tax Breach

In July 2022 it was announced CEO Kristo Kaarmann is being investigated by U.K. regulators after tax authorities found he failed to pay a tax bill worth over £720,000. Kristo Kaarmann has already been fined £365,651 by HMRC for defaulting on the tax bill in 2018. The FCA is now looking into whether Kaarmann failed to meet regulatory obligations and standards. The investigation could have significant ramifications for Wise and its chief executive Kaarmann who could be forced to step down and cease working in the industry if regulators deem he fails the “fit and proper” test. The investigation remains ongoing and advisory group Glass Lewis warned investors that any regulatory investigations into directors should be a cause for concern and legal proceedings could dent the valuation of Wise.

How Wise Works - TransferWise "Peer to Peer Money Exchange"

In its earlier days, the then Wise marketed itself by saying it was the world’s first and only Peer to Peer money transfer provider. The logic was simple – Wise would be 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 savings would be immense.

What they didn’t take into consideration is how volatile the market is and the fact people normally want to trade money instantly. Similarly, if there are large payments that Wise customers wish to make or there are significant flows into certain currencies (say EUR for example), it is difficult or even impossible to match those flows in the opposite direction. Long story short, Wise dumped this way of marketing themselves, and over recent years has made no reference on their website to the terms “peer to peer money transfer” or “peer to peer currency exchange”. The sheer volume Wise transacts these days (at least £6billion a month) means it will access cheap liquidity from its banking partners.

That doesn’t mean there aren’t peer to peer money transfer companies out there! Competitors Currencyfair (appearing on this page under “Wise vs Currencyfair”) is definitely putting the idea into practice. Using the Currencyfair money transfer , clients have the choice to either make a normal transfer for a rate provided to you by Currencyfair, or try to find a match and only trade if the peer-to-peer model is successful and currency flows in the opposite direction to yours (in which you will pay as little as 0.15% of your transfer).

TransferWise advertising campaigns:
The company has advertised 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
Authority, following complaints from these banks.

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 such a rapid pace. As a Branson-backed company, it appreciates any form of attention – positive or negative, and it works out perfectly.

You can’t knock Wise for their transparency either – sure they can be rather punchy with their marketing campaigns but there’s an obvious reason why Wise are happy to publicise their exchange rates and fees online but mainstream banks aren’t. Wise has nothing to hide – no wide spreads or sneaky payment fees.

Mozo Experts Choice Awards – Australia’s Best International Money Transfer Provider, 2019

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

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
Wise(ex-TransferWise) is probably the hottest 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 rest of the remittances industry. Wise is safe and legit.

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. 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 a Wise account to move money abroad. Wise is as safe as can be. It has a sound financial structure, a solid business model, and it is the absolute epitome of client transparency. After many years of focusing on client acquisition and growth it has turned profit for the last three years and investors are more keen than ever to get on board. The company is now available in more than 71 countries and moved £20bn in the last three months alone, with millions of clients from around the globe and an extremely high level of satisfaction.

Wise 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 Wise opening an office in Belgium. The firm took the pro-active decision to gain a European licence in Belgium so even in the event of a no-deal Brexit, where UK financial services firms would lose their ‘EU passporting’ rights, they could continue to offer the same great service. In the end, whilst a deal was made the UK/EU trade deal did not cover financial services, so it was a safe and very smart move indeed.

We are concerned about CEO Kristo Kaarmann’s current investigation by the Financial Conduct Authority. Whilst we’re well aware of finance magnates managing their finances offshore, it’s not very often they fail to meet their UK tax obligations. It certainly seems an unusual case and one we’ll have to follow closely.

90% Credibility Score.

Do Clients Like Wise? Wise & Transferwise Reviews
from Across The Web


There are 158,000+ Wise/ Transferwise reviews (more than any other company in the foreign currency payments industry) available on TrustPilot, netting the company a 4.5 / 5 rating as of June 2022. Slightly lower than the 4.7 / 5 rating the firm scored at the end of 2020.

Less than 6% of these reviews are complaints, and 94% of them are 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, Wise’s advertising campaigns have paid off and gained it serious recognition.

Advantages +7
  • 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
  • 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

Clients seem to be almost unanimously satisfied with every aspect of Wise’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 Wise (Transferwise)  for clients, even more than the fair and transparent 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 words that keep popping up in client reviews are ‘quick’, ‘efficient’ and ‘painless’. The smaller number of complaints we have encountered do appear to contradict the very things most clients praise about the service.

For example, some are complaining about the rudeness of the customer service. There are however thousands of reviews that support how kind and respectful the support was. Given the sheer growth of the company it is possible some staff are not as well trained as others. It must also be considered that the support team are not foreign exchange specialists – they can guide you through the Wise platform but won’t discuss external factors that could impact the rate you achieve – if you’re looking for this then you should consider  Currencies Direct or WorldFirst.

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. The most common reason it looks like these payments are being delayed is for compliance purposes as more information about the payment is required. This is certainly not an issue individual to Wise and is common across both banks and other money transfer providers.

Whether it’s for proof of payment or for opening an account, 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 are required, it is simply because the local regulator for the required jurisdiction (such as the FCA) demands that from the firm. Similarly if you’re required to send supporting documentation for a payment (this is usually quite rare) then it is simply the firm ensuring they are not facilitating an illegal transaction.

The critics that complain of unsupported currencies are justified, as Wise doesn’t support as many currencies as some of its competitors like Currencies Direct, but we can’t downgrade Wise’s 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.

 Wise Review by our reader Wasim Chamma, submitted May 22, 2021

“4 years of experience, a summary review. Here’s my review of Wise (previously known as Transferwise) after 4 years of experience with them, so it’s not a shallow, neither haters nor excited person’s review.

To start, I joined Wise before they had their local support in my country and I had all contacts via overseas, even  had their debit cards sent to me from overseas, and I was all excited to start this neiche P2P exchange. started by adding funds to the account by directing few payments from overseas to it and I’m all happy with the exchange rate, the speed of transfers and ease of use. Soon after I was so happy to start recommending it to friends, local businesses and family.

Some of whome already joined and started exchanging and transferring through them thanking me for it. It’s all good and happy land while using the account occasionally.

And now when I started using the account seriously (when I decided to direct my BnB (Bed & Breakfast) share of private work to them) and they started blocking incoming payments till I ask my clients for their private details (D.o.B & residency details). I was uneased about it but continued working, to find out few days later (with no warning, no notice of any breach) all of the sudden when I was using the app I got the notice “your account was deactivated contact the appeals team”. which was all weird. I thought it was a mistake till I saw the same on mobile browser and on laptop too. 4 days later (after my email to appeals team trying to find out and being proactive about any details that might mistakenly triggering any AI to alert my account) they came back to me saying that they’re reserving their reasoning and will block my account. So now a week with no access to my money nor ability to trade summarises services through your network.

Summary: it’s all nice and happy till someone in the accounts team decides to deactivate your account, and they’ll do it with no hesitation nor explanation or reasoning, while breaking your access to your assets and stopping your operation.
I feel sorry to all the reffers I did previously as these people will suffer just like I did.”

95% Client Feedback Score.

Wise Fees and Wise Exchange Rates


Fees:Wise regularly updates its pricing model in line with the costs it experiences. In each update, some currency corridors become cheaper whilst some corridors increase in price. In recent years, a decision was made by the firm that prices would be based purely on the costs incurred which were relevant to the particular currency/country that were involved in your payment. Rather than subsidising certain routes with income made from other currencies.

So any cost savings Wise / 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 Wise but they are as low as under 1 Euro for most destinations from Europe, and less than £1 for transfers from the UK. Payments from the USA are slightly higher at a cost of $4.77, though the US is notorious for having high payment fees – whether you pay by ACH or wire transfer. 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, Wise also alters their payment fee depending on where your destination of payment is. So any cheaper payout method the firm can employ, Wise can then pass this saving onto the consumer too.

As of November 2022, Wise was even able to remove fees for same-currency transfers of Sterling, Euro, Hungarian Forint and Singapore Dollar. Interestingly, the reasoning provided by Wise as to why they were able to make the move was due to the higher rate of return they had been receiving on the customer deposit balances that they had been investing.

Lars Trunin, UK head of product at Wise, said: “We’re happy to be in a position to pass on the economic benefits from the balances customers are holding with us through these new prices”. In this sense, Wise very much  goes against the grain in the industry and is the only known provider to invest its customers’ deposits, as opposed to simply holding these funds in segregated accounts at major banking institutions. Wise is completely transparent with regards to the banks it holds customer deposits with and the investments it makes and Wise has invested customer deposits into what it regards as low-risk assets – UK and US Government bonds. All information is available from wise.com but it’s something for you to decide if you’re happy with it.

Exchange Rates: Here is the complete fee structure for payments sent in the currency specified below and converted to GBP (note payment fees and spreads can vary slightly depending on where money is being sent so be sure to use Wise.com’s online calculator first):

Currency Sent

Wise.com Fee October 2022 Updated


0.32% – 0.45%, depending on amount sent + $ 0.66 AUD fixed payment fee.

2.07-2.14%, depending on the amount sent + R$ 4.26 BRL fixed payment fee.


0.37% – 0.53%, depending on the amount sent + $ 3.47 CAD fixed payment fee.


0.28% – 0.42%, depending on the amount sentr + 0.75 CHF fixed payment fee.


0.34% – 0.47%, depending on the amount sent + Kč 7.39 CZK fixed payment fee.


0.36% – 0.49%, depending on the amount sent + kr 2.67 DKK

0.31% – 0.47%, depending on the amount sent + € 0.46 EUR fixed payment fee.


0.72% of the amount that’s converted + ¥ 91.00 JPY fixed payment fee.


0.35% – 0.45%, depending on the amount sent + $ 0.41 NZD fixed payment fee.


1.03% Fee + ₺ 21.78 TRY fixed payment fee.


0.31% – 0.47%, depending on the amount sent + $4.25 USD fixed payment fee.

Compare Wise Money Transfer and Paypal Fees

As Wise, formerly 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.


Real Exchange Rate

Amount Received for £1,000:


1 Pound is $AU1.73 AUD

1,707.33 AUD

1,650.30 AUD


1 Pound is 4.87 AED

4,793.55 AED

4,647.56 AED


1 Pound is $CA1.71 CAD

1,682.04 CAD

1,630.82 CAD


1 Pound is CHF1.33 CHF

1,323.19 CHF

1,270.00 CHF


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

Wise Fees 2021, 2022 vs TransferWise Fees 2020
Currency SentTransferWise Fee 2020Wise Fee Q1 2021Wise Fee October 2022
AUD0.31% – 0.41% + 1.14 AUD0.32% – 0.45% + 0.6 AUD0.32% – 0.45% + 0.66 AUD
BRL2.51% + 2.40 BRL2.55% – 2.6% + 1.48 BRL2.07% – 2.14% + 4.26BRL
CAD0.49% – 0.59% + 0.87 CAD0.46% – 0.59% + 1.77 CAD0.37% – 0.53% + 3.47 CAD
CHF0.22% – 0.32% + 0.64 CHF0.3% – 0.43% + 0.58 CHF0.28% – 0.42% + 0.75 CHF
CZK0.3% – 0.4% + 11.84 CZK0.33% – 0.45% + 6.50 CZK0.34% – 0.47% + 7.39 CZK
DKK0.26% – 0.36% + 5.29 DKK0.31% – 0.44% + 2.32 DKK0.36% – 0.49% + 2.67 DKK
EUR0.23% – 0.33% + 0.67 EUR0.28% – 0.41% + 0.50 EUR0.31% – 0.47% + 0.46 EUR
JPN0.63% + 185 JPY0.63% + 63 JPY0.72% + 91JPY
NZD0.27% – 0.37% + 2.12 NZD0.35% – 0.49% + 2.05 NZD0.35% – 0.45% + 0.41 NZD
TRY0.4% + 7.46 TRY0.66% + 10.57 TRY1.03% + 21.78 TRY
USD0.27% – 0.37% + 1.23 USD0.31% – 0.41% + 6.25 USD0.31% – 0.47% + 4.25 USD

The Wise pricing update in 2021 looked to have increased variable fees for a number of currencies when being converted to GBP. The fixed payment fees  came down slightly vs 2020 but it’s the variable fee (processed as a %) which has a much larger impact on the price you have to pay for your transfer.

Compared to 2020, USD saw an increase in both the variable fee/spread and the fixed payment fee. The best rate possible on a USD transfer used to be 0.27% but , in 2021, it moved to 0.31%. The fixed fee of $6.25 was much higher compared to the $1.23 fee in 2020, though it is still some way short of the $40+ US banks charge for international payments and this fixed fee has come back down to $4.25 in the October 2022 update.The 2022 update for Wise money transfers hasn’t seen a huge change to pricing but it has impacted some important corridors. Payments sent from GBP and EUR have become more expensive and bearing in mind a large majority of Wise’s 6 million customers are based in the UK & Europe, this is likely to have a big impact. A payment from EUR to GBP used to be capped at 0.41% but is now capped at 0.47%. A payment from GBP to EUR used to be capped at 0.35% but could now be up to 0.41%.

There has been a notable increase in fees for sending money from TRY, a variable fee of 1.03% replaces the old fee of 0.66% and the fixed payment fee increases from 10.57 TRY to 21.78 TRY.

Despite the changing nature of fees over the last couple of years, the exchange rates offered by Wise currency transfers are among the best in the business, and in no way comparable to other remittance companies (i.e. companies with low minimum transfers used by overseas workers to transfer money abroad to families). For instance Ria Money Transfer and Transfast’s margins are around the 2-3% mark! Their commitment to passing on savings is even shown by the small micro changes they make to payment fees, such as when sending money from EUR where the fixed fee has moved from 0.50 to 0.46. Many firms would not bother with small amendments to fees like this at all.

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

In some countries, like Brazil, Wise is making strides to reduce the overall cost of transfers but we’re sure Wise hasn’t been able to reduce fees by as much as it would like. These are currencies that are usually more expensive to transfer money from anyway (“exotic”) and at 2.14% the offering from Wise is a little below the 2.5% average in the market. As always Wise tries to give you savings where possible though – a payment from the UK (GBP to BRL) attracts a spread of 1.18%, whereas flip this and make a payment from Brazil (BRL to GBP) and you’ll see a spread of 2.14%. That’s why it’s always worth using the Wise free pricing calculator so you’ll know exactly how much you’ll need to pay.

Q3 2022 – Another Price Hike

Wise has recently raised prices again on the 1st October 2022 when you send money from USD, CHF, CAD, JPY, HUF, MYR, TRY, INR, SEK, PLN, CZK, DKK, NOK and RON to any other currency and when you send money to USD, INR, THB, PHP, IDR, MYR, MXN, PLN, PKR, KRW, VND, MAD and HUF from any other currency.

The reasoning provided by Wise was twofold; firstly, they explain that foreign exchange markets have been more volatile in recent times and that this has made it more expensive for them to buy and sell currencies. Secondly, the increase is required so they can continue to sustainably invest in their payment infrastructure to offer a faster and more convenient service.

Can Wise Continue to Honour its Low-fee Approach now its Publicly Traded?

The reasoning provided by Wise for its price hikes to GBP and EUR in June 2022 was that they themselves were starting to incur higher transfer costs from banks and other providers in these regions. Whilst we have no reason to doubt this, we can’t help but wonder if the company will soon start to come under pressure to boost its returns now that it is publicly traded. Since its listing in July 2021 the Wise share price has fallen by more than 50%. Originally trading at 880p, the share price peaked at 1150p a couple of months after launch, before it gradually slumped to 311p in June 2022. Since then, it’s been better news for Wise as their FY2022 financials reported big YoY increases in trading volumes, turnover, gross profit and EBITDA. Seeing their share price rebound to 680p by October 2022. However, this still remains around 25% down on its opening price.  Wise CEO and co-founder Kristo Käärmann has always had a steadfast commitment to drive the cost down for the end consumer but 2022/23 could prove his toughest test of nerve to date.

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

The fact that Wise 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 Wise. However, it’s always recommended to use Wise as a benchmark before you approach other recommended companies and negotiate your price. Conducting a cheap money transfer comes down to a number of factors and to have all bases covered, it’s best to see our guide to the cheapest way to transfer money internationally.

Wise First Trade Free

If you’ve been invited by an existing customer then Wise 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).

Limits: Wise.com has variable limits for each currency route.




NZD 85,000


AUD 1,500,000


USD 1,500,000


EUR 1,200,000


RON 5,300,000


SEK 1,000,000,000


CAD 70,000


Wise, formerly TransferWise, is cheaper than almost any competitor when it comes to small or medium-sized transfers inside Europe. Its 0.3%-0.5% margin on major currencies, 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 Wise (or sending it in several instalments).

To summarise, this is a very good choice for remittances and small transfers. The company specialises in European

97% Fees, Exchange Rates.

Global Reach & Service

Dedicated Dealer: No.
Offices: UK (2
Belgium USA Australia Estonia Hungary Japan UAE Brazil Ukraine Malaysia Singapore

Ways to approach: Email, Chat or Telephone

Translations:  Italian, French, Russian, German, Spanish, Portuguese, Polish, Hungarian, Romanian,
Turkish, Japanese.

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.


Wise has a very unique model when it comes to international money transfers. Other companies are usually more oriented towards a dedicated service and appeal mostly to clients who want to transfer £5,000+, and specifically focus on clients who need to move tens or hundreds of thousands of pounds. Wise, however, provides sharp margins to everyone and encourages 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 Wise Money Transfers 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 wants to move big volumes is happy to do the entire transaction online.

New on Wise:

  • Wise is now supporting the USD / MXN Corridor
  • Wise is now accepting Canadian clients
  • Wise launches local CAD Wise bank accounts (Feb 2021)
  • Wise accepts Interac e-Transfers to fund deals from Canada (2022)
  • Wise launches Wise debit card in Canada + Brazil (2022)
  • Wise multi-currency account launched in Malaysia (2022)
  • Send money to Touch n Go and BigPay eWallets in Malaysia (2022)
  • Some more from Indonesia – previously 315m IDR, now 1.39bn (2022)
  • Link UK bank account and transfer directly within Wise app (2022)
  • Send money to bank cards and Alipay wallet in China (2022)

Clients accepted from:

EuropeAustria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia,
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


None. Spot contracts (instant currency exchange) only.

Wise Debit Card:

The Wise debit card is available to both private and corporate clients, for use online and in-person at any
accepting merchant around the world. Simply preload funds into your wise bank account and spend anywhere in the
with the wise debit card.

Wise Multi-Currency Account (formerly Wise Borderless Account)

The wise account allows clients to both make and receive payments and hold balances in over 40 currencies. In 10 countries, the Wise bank account is held in-country. For example a EUR account is held in Europe and includes a European IBAN account number, a USD account is held in the USA and comes complete with a US routing number and a GBP account has a UK account number and sort code. This makes it easy to make payments like a local and avoid excessive international transfer fees. The other 40 or so Wise bank accounts, which are not held locally, have a UK account number format and IBAN and are based in London. The Wise multi-currency

Below is a recap provided to us by Wise/Transferwise explaining the entire functionality offered by the Wise multi-currency account:

  • Make international payments up to 19x cheaper than PayPal and up to 8x cheaper than regular
  • Receive payments into a Wise bank account from overseas without high recipient or conversion
    – including platforms like Amazon and Stripe
  • Get unique account details for UK (including UK account number and sort code), Europe, US
    (including US routing number), Canada, Singapore, Australia, New Zealand, Hungary & Turkey
  • Hold and convert between 50+ currencies all through one Wise account
  • Use the wise debit card globally to spend from your Wise balances
  • Make & handle payments via desktop or mobile app on Android & iOS
For Online Sellers and Freelancers:

“Request Money” functionality – an option to send a payment request through the Wise system that auto-generates a link enabling the person/company sending the payment to move money via Wise.com easily into your Wise bank account,
similar to Payoneer’s receive money system.

Wise Business Account:

The Wise Business Account allows SMEs to hold funds and make/receive payments without the high rates, hidden charges and monthly fees that SMEs have come accustomed to. Key features include:

  • Pay invoices and suppliers, buy inventory, handle payroll, in 70+ countries
  • Make up to 1000 payments in one go via a batch CSV file or automate payments via API
  • Send USD, EUR & GBP payments to recipients all over the world eg. USD payments to Chinese suppliers
  • Synch your Wise accounts with Xero, QuickBooks & FreeAgent
  • Settle up to 80 bills in one process with QuickBooks
  • Allow your team to spend online and in-store with the Wise business debit card
  • Add team members to help with reporting and payments via multi-user access
  • Support CVS, XML and PDF for statement downloads
Rate Alerts:

“Request Money” functionality – an option to send a payment request through the Wise system that auto-generates a link enabling the person/company sending the payment to move money via Wise.com easily into your Wise bank account, similar to Payoneer’s receive money system.

Wise.com App:

An intuitive and attractive app, which receives a 4.5 / 5 rating from over 108,000 user reviews on Google Play. The app focuses on the actual functionality of sending money, and does so well, with very few bug reports. Customers can also view their Wise account balances and convert currencies between their different Wise bank accounts.

Mobile Transfers in Australia:

Connect your Wise USD account details to 6,000+ apps in the US with Plaid. Making it easy to move money between Wise and a number of popular finance apps like Venmo, Robinhood, Mercury, Chime and many more. This means customers no longer have to move money to a legacy US bank before using any of these apps, making it easier to side-step the cumbersome and expensive traditional banks.

Mobile Transfers in America:

Connect your Wise USD account details to 6,000+ apps in the US with Plaid. Making it easy to move money between Wise and a number of popular finance apps like Venmo, Robinhood, Mercury, Chime and many more. This means customers no longer have to move money to a legacy US bank before using any of these apps, making it easier to side-step the cumbersome and expensive traditional banks.

Payroll Partnership with Deel:

Wise has had a multi-year partnership with global payroll provider Deel, allowing Deel customers to make payroll payments in AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HUF, JPY, MYR, NOK, NZD, PLN, RON, SEK, SGD, TRY, USD. Recently, they even expanded the offering to allow Deel customers to make payroll payments just by using the employees’ email address. This raises a good point about much of Wise’s additional functionalities – they may not necessarily be available directly on the Wise platform and other businesses integrate with Wise technology via API in order to improve the offering of their fintech business.

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 Wise for a large transfer(or for your business). There’s very little offered by Wise.com besides sending money using credit cards, or bank transfers.

67% Added Values Score


Wise vs OFX vs WorldFirst vs Currencyfair vs Revolut

Wise vs OFX

OFX had been in the business for twelve years when TransferWise emerged, and until the Wise era they were considered the hip cross between financials and tech (not yet to be named FinTech back then). OFX prides itself in a great online system and registration process, much like Wise.com, but also has a team of dedicated support staff who are available locally to each country in which they operate. These are foreign exchange experts who can provide an update

Wise (TransferWise)OFX
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 20 years. Australian
headquartered and listed on the Australian Stock Exchange.
FeesRanging between 0.24% for CHF transfers to 2.14% for BRL (Brazilian Real). On average it
is about 0.5% – 0.6%.
The rate varies depending on the size of payment, but based onour data averages at
approximately 0.5% to 0.6%. Clients who move larger volumes should negotiate an improved rate with
OFX vs Wise.
Dedicated DealerNo. You will get all the support for system issues/help 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 them exclusively. They will escort you through trades.

Wise  vs WorldFirst (business clients and online sellers)

Behind Wise, WorldFirst is arguably the second largest money transfer company to emerge from the UK. Originating in 2004, it’s also been around for seven years longer. Whereas Wise launched with the idea it would be built around a slick, online offering, WorldFirst began as a traditional currency brokerage and steadily built its tech solutions to be one of the leading payment providers for online sellers and SMEs. The WordFirst tech may not be quite as slick as Wise but a number of positive traits have continued from their original launch – customer service is paramount, FX forwards are possible and SMEs transferring enough volume will be assigned their own dedicated dealer to discuss a tailored currency strategy, unique to the requirements of their business.

Wise (Wise Account)WorldFirst (Global Account)
Type of ClientsAll clients, all transfer sizes. Business, online sellers, and private customers are
Only business and online seller clients. Private customers are not welcomed.
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 0.24% for CHF transfers to 2.01% for CLP (Chilean Peso). On average 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 for system issues/help 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 them exclusively. They will escort you through trades.

Wise vs Currencyfair

Similar to Wise, Currencyfair is another company we think highly of. When you look at Wise vs Currencyfair you will notice many similarities. Two innovative companies which are constantly gaining market-share and offering tremendous rates. View the comparison below.

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 the Central Bank of Ireland as well as by
several other regulators. Transferred over £1bn since inception.
FeesRanging between 0.31% for USD transfers above $135,000 to 2.6%
for BRL transfers. 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.

Wise vs Revolut

Revolut and Wise have crossover on two of their most popular products – online money transfers and multi-currency accounts (Revolut has its own version of the Wise multi-currency account and Wise debit card). They are two of the most successful Fintechs to have launched in the UK and both boast many millions of customers. Wise launched with money transfers and expanded into digital banking, whereas Revolut began with digital banking (and an international currency card) and then expanded into online cross-border money transfers. Nowadays, it looks like each of these tech companies is looking to expand and disrupt into different areas of financial services.

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 the FCA as well as in the US, Australia and
many more countries. Again, transfers billions each year.
FeesRanging between 0.31% for USD transfers above $135,000 to 2.6%
for BRL transfers. On average, for popular routes, it is about 0.5%.
0% to other Revolut users. No fee on FX transfers if under your
rather low £1k limit. 0.5% for international transfers above this.
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.

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

Wise Review Summary

Wise, previously Transferwise, is a behemoth in the international money transfer space and that’s due to unprecedented level of transparency coupled with a very powerful online trading system and mobile app. Wise Account enables customers from all over the world to make payments for cheap as well as receive foreign exchange payments into their Wise.com account. Wise money transfers is an excellent “do it yourself” solution for individuals and businesses alike and the user experience is potentially the best you can find in the money transfer space.

With that being said, the Wise (Transferwise) money transfer experience is not for everyone. Based on customer surveys, there is a significant amount of customers who don’t feel safe about DIY methods when it comes to transferring large amounts of money abroad (or receiving it). They want a designated account manager with expertise in foreign currency who is able to assist at any point, with payment procedure or guidance on trading, and they want it readily available by a local professional — and that’s what Wise doesn’t offer. Wise is an online money transfer system and is not a currency broker, and hence we believe is less apt for large volume money transfers.

232 thoughts on “Wise Review 2022 (Transferwise) – Is Wise Safe? Is Wise Legit?

  • July 16, 2015 at 10:16 pm

    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.

    • May 10, 2018 at 6:45 pm

      my first transaction has been cancelled
      and my account deactivated,
      And i have NOT had my £400 returned !
      i hope you have a better service then me !

  • August 5, 2015 at 5:58 pm

    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

    • August 5, 2015 at 10:18 pm

      Very interesting information. We appreciate the feedback, and it’s interesting to know about it and perhaps cover it. We would be glad to receive more information. How do you reckon will it affect them in the UK, and Europe, where they mainly operate?

    • November 3, 2016 at 11:59 am

      So now that over a year has passed since your ridiculous statement, and Transferwise is still booming, are you starting to feel silly yet?

  • August 11, 2015 at 4:58 pm

    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?

    • August 11, 2015 at 6:04 pm

      Hello John, thank you for your comment! We would be very happy to assist you with understanding the TransferWise model.
      In regards to your question – Transferwise is nothing like Paypal. It’s not an eWallet but rather a company that helps with bank-to-bank transfers, and does so quite efficiently. If you are looking for a smaller international transfer, you can also load your account with a debit card, and then commence a transfer (but it will arrive a the recipient’s bank account, rather than his “Transferwise account”).

      We would be glad to hear if it eventually worked out for you, how easy it was to sign up, etc. We do our utmost efforts to provide accurate information based on clients’ experiences. Your experience can help people with making the right decisions.

  • August 23, 2015 at 8:28 am

    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)

  • September 17, 2015 at 3:53 pm

    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.

  • September 20, 2015 at 7:43 am

    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’ve made three transfers so far and it’s very easy, super fast and secure

  • September 25, 2015 at 7:19 pm

    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.

    • September 26, 2015 at 12:30 am

      Mrs K, Thank you so much for sharing your experience with us. Many of our readers are anxious as you were before trying Transferwise, and other companies reviewed on our website.
      This sort of feedback help them take the extra step, and once and for all get done with their banks’ unproportional fees on money transfers and foreign exchange.

      If you could publish how much you ended up paying in fees, and whether the exchange rate was truly mid-market exchange rate as advertised, it would help. Cheers.

  • November 3, 2015 at 4:03 am

    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 to transfer MYR to Europe? Am I missing anything?

    • November 3, 2015 at 12:16 pm

      Hi. To address your question – Transferwise will deal with MYR. They can send money to Malaysia but unable to take on Malaysian clients who want to send money out of the country. I hope this clarifies what you needed to know. I’m afraid very few companies will take on Malaysian client (unless they are expats who currently leave in Malaysia).

      • February 5, 2022 at 4:37 am

        hello, I am actually an expat living in Malaysia, and leaving soon. I want to transfer my savings (MYR) to Europe/Spain (Euros) to my bank account there. Is wise a possible/good option to do so? Are there any better options you would advise? thanks in advance

        • February 6, 2022 at 12:59 pm

          Hi Christopher thank you for your inquiry. Wise does support MYR to EUR transfers and offer a better rate / fee structure than competitors like Remitly which are very prominent in this corridor. So yes, this is a great option for you.

          • May 1, 2022 at 12:20 pm

            Thank you for your answer. One more question, I hope you do not mind. I am planning on doing transfers every month of 2000 euros from Malaysia (around 10000 MYR) to Spain (around 2000 euros) . I have read in your article that with smaller amounts Wise might not be the best option. Do you still recommend WISE for these kind of situation or would you recommend me check something else? Thank you. If you recommend WISE do you think if I do it regularly every month WISE might close my account? I have read some really bad comments in this feed. I am a bit worried. Thank you.

          • May 4, 2022 at 7:15 am

            Wise would be optimal for your needs. I don’t see why they would shut down your account unless you don’t meet their KYC requirements.

  • November 6, 2015 at 4:43 pm

    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.

    • November 6, 2015 at 6:09 pm

      Hello, thank you for your inquiry. Transferwise doesn’t accept Jamaican clients (nor Indian clients). Other Foreign Exchange firms we have reviewed won’t either. I’m assuming you’ll have to use local remittances services. I mean, Jamaica is a huge remittances corridor but usually the other way around, money is being sent into Jamaica (and that you can easily do with companies like World First).

      • September 10, 2016 at 9:31 am

        worst website ever to transfer the money ,, hold the funds for ages ,rude customer care services

        • September 10, 2016 at 11:45 am

          Hello Olah, and thank you for your comment. To get a specific reply from Transferwise we would like you to send more details about yourself and the transaction you made. If you are uncomfortable publishing them, find this contact form on our about us page.

        • November 3, 2016 at 12:03 pm

          Look around you, every single other review of Transferwise is a 5 star one.

          So either you’re doing it wrong, or everyone else in the world is wrong and you are right.

          I know which one my money is on . . .

        • November 22, 2016 at 2:58 pm

          Hi Olah!

          We´re sorry for any inconvenience. Don´t hesitate to contact us on [email protected]. We would be more than happy to have a closer look and get it sorted.

          Best regards!

  • November 19, 2015 at 6:06 pm

    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….

    • November 19, 2015 at 6:11 pm

      They are obviously liable to any transfer conducted by them. This is very weird, and we appreciate if you keep us updated. We have not encountered similar complaints throughout our extensive research of the company.

  • December 15, 2015 at 10:25 pm

    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.

  • December 15, 2015 at 10:27 pm

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

  • December 18, 2015 at 8:07 pm

    Just adding onto the question from Filipe above

    How does transferwise match p2p payments to Malaysia if they are not present in Malaysia and cannot accept Malaysian currency


    • December 23, 2015 at 12:29 am

      They way I understand it they do have a bank account in Malaysia. They are able to deal with the currency. So if you need to send money to Malaysia, you send money domestically in the UK to their UK bank account, and they would send funds from their bank account in Malaysia to your destination in Ringgit. The fact they not able to take on local clients is a whole separated topic – it requires regulation, risk assessment, a designated staff, etc.

  • December 22, 2015 at 5:42 am


    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 standard swift transfer is much better.

    • December 23, 2015 at 12:21 am

      Martin, thank you for your feedback. You should look into other services recommended on our website, as banks usually charge high spreads on the GBPRUB pair. Using a service like World First should be much more cost efficient for you (as would Transferwise, but you were not satisfied with their service, doesn’t say others wouldn’t be better).

  • December 26, 2015 at 9:29 pm

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

    • December 26, 2015 at 10:54 pm

      That is definitely possible for a fixed rate of 0.7% above 285AUD with additional AUD10 to SWIFT destination. Overall it’s a good choice. If that helped you use our “Get Your Free Quote” button. Cheers.

  • January 19, 2016 at 10:45 am

    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.

    • January 19, 2016 at 11:50 am

      Hi Peter, thank you for your comment. Yes you should be much better with Transferwise than you are with your bank. Banks LOVE to prey on people who don’t even know what’s the exchange rate they are getting. With Transferwise the exchange rates would always be 0.5% on Pound to Euro. The problem is that you cannot do this automatically as Transferwise do no support regular transfers. You can deposit your pension in your UK bank and manually transfer it every month (it’s online, and after verifying your details it will take you less than 5 minutes to do so every month).

      Alternatively, you can contact companies like Currencies Direct that enable regular transfers. You can have your pension deposited directly into your segregated client accounts (in the UK) and transferred automatically to your Spanish banks in Euros. We are certain they will demonstrate saving of upwards of 50% in comparison to your bank.

      • January 19, 2016 at 2:43 pm

        Thanks very much that sounds like a win win situation.

        Regards Peter

        • January 20, 2016 at 7:49 pm

          If you would eventually use Currencies Direct or Transferwise, or both, please come back here to share your experience (on the relevant review page). It can help others if who are in similar positions.

          Also if you do choose Currencies Direct be sure to ask for the nearest office – they have 18 spread all over Spain so there must be something fairly close. It makes the experience so much better – knowing your dealer in person.

  • February 1, 2016 at 5:21 pm

    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.


    • February 2, 2016 at 12:46 am

      Hello Craig, thank you for your question.

      1. Transferwise is completely safe. As noted on our review it is reporting trading volumes of £500m per month at the moment, so £100,000 is nothing they can’t handle, to say at the least.
      2. Indeed the limit on NZD transfers is $85,000 nzd, regardless of the bank account you use to fund the transfer. That means 3 separate transfers as you indicated.
      3. Is Transferwise the best company for you to make this transaction considering the limitations? Possibly, but it’s always great to shop around. Other firms will not limit you on the money you can transfer in one go (they might break the transfer down to 3 separate payments, but it will be a seamless process to you). High rated companies on our website include World First, Currencies Direct,
      and TorFX. There a reasonable chance they could beat Transferwise’s 0.7% fixed margin on a transfer of more than 100,000.

  • February 2, 2016 at 6:04 pm


    “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”

  • February 14, 2016 at 1:43 am

    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

    • February 14, 2016 at 10:37 am

      Hey Angila, thank you for sharing your experience with them. Definitely sounds like closing an account within 4 days is too soon. Could be growing pains for the U.S office. Have you tried using other companies? World First and Currencies Direct are extremely U.S oriented and regulated on vast majority of states (and operating there for years already, unlike Transferwise).

    • November 3, 2016 at 1:09 pm

      It’s quite simple.
      It is standard practice for TransferWise to verify the identity of all its customers sending money with them.

      It is clearly explained in the FAQ’s and in the emails that you receive during the sign up process, that everyone needs to go through this, before they can send any money. They therefore have a feature for you to pre-complete this process , ahead of any future transactions.

      Clearly, you hadn’t done this, not only that, but the very first transaction you try to do is from a country that you don’t live in, and you wonder why it didn’t work????

    • November 24, 2016 at 8:50 pm

      Hi Angila!

      Thank you for the feedback, it´s appreciated as we´re always trying to improve. We´re very sorry for the inconvenience. Please contact us on [email protected], so we can have a closer look on the case.

      Best regards!

  • February 25, 2016 at 5:13 pm

    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.

    • February 25, 2016 at 8:20 pm

      Hello Scott, Thank you for your reply. Their USD exchange rate markups are a bit wider than the Pound and Euro, but still saving against bank should have been very noticeable.
      Could you share what was their markup in comparison to the inter-bank price, and which currencies were transferred?

      • February 26, 2016 at 6:11 pm

        Currencies transferred were US dollar to Indian Rupee. I did a test. I took 1000 Rs from my Chase bank and Capital 1 bank accounts at a local ATM. Chase Bank charged me $15.06 (Rupee 1000.00 X 0.01462000 (EXCHG RTE) + 0.44 (EXCHG RTE ADJ).

        Capital One charged 14.60 (I guess there is a significant difference between these two so forget about Chase bank in this equation}

        TransferWise was advertising a rate of 68.70 per dollar on this day (2/25) which is slightly better than Capital One, but if you were to take the TransferWise fee into account, Capital one would have had the better deal.

        • February 26, 2016 at 11:30 pm

          Thank you Scott! Useful information.

          – The services are non-comparable. Debit card foreign exchange withdrawal charges in comparison to an international money transfer between banks. Sending money from Chase or Capital One via wire to India would have costed you $15-$30 per transaction on top of the FX margins.

          – You happened to use the most expensive currency pairing at Transferwise. For Indian Rupee transfers Transferwise is as 3 times more expensive than its cheapest currency pairings. You can view the complete fee overview on our review.

          – The exchange rate changes rapidly throughout the day. Feb 25 is a great example for that as USD/INR started at 68.42 and peaked to about 68.88! Quite a difference. So in order to truly compare you need to do it at the exact same moment (or at least within 30 mins from each other).

          – Services we cover are more suitable for $x,xxx transfers (in Transferwise’s case), or $xx,xxx-$x,xxx,xxx transfers (other recommended companies). In such transfers even a slightly cheaper rate is very meaningful.

          Hope that helped you, cheers.

          • February 27, 2016 at 6:03 am

            Well I disagree. They are comparable in the sense that my outcome is to get the least expensive exchange rate whether that be through ATM withdrawal or Wire transfer. Yes, the ATM transfer is limited to $300, but still, in the case of Capital One, on this one occasion anyway, it had a slightly better rate than TransferWise. So I guess for smaller amounts I will go with the ATM, and for larger amounts I will use TransferWise into my Indian Bank. If you find fault with my logic please let me know.

          • February 28, 2016 at 11:40 am

            Hi Scott, thank you for your continued participation. We really appreciate that. Of course that in YOUR case, as an expatriate living in India you can definitely compare between the two and choose the one that fits you better. What we meant to say is that this comparison is not applicable for most people as they use services like Transferwise to make payments abroad.

            Your conclusion is definitely reasonable to us. We suggest you compare other services for your larger transfers, because as we mentioned Transferwise aren’t the cheapest when it comes to INR. Currencies Direct for instance, will allow you to fix current rates using a forward contracts so you won’t have to worry at all about the rate’s fluctuations. The thing about FX companies is that you can lay out your requirements to them and they can suggest the best course of action (their guidance is free of charge). Feel free to browse further through our site and learn more about the services they offer.

  • April 26, 2016 at 7:37 pm


    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 payment which is with you at the moment. I have sent my bank statement which was used to send money to you along with my ID proof to you.

    Kindly look into the matter and reactivate my account so I can transfer more and can check my account status. Don’t play with your customer for god sake. I will be very much thankful to you.


  • April 27, 2016 at 2:20 pm

    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 seemed fair to be charged £10.74 to transfer £628.63 ($900) especially after Paypal was charging £40. I also checked out my local MoneyShop and they were charging £25. So obviously, after knowing that TW would only charge £10.74 I decided to go with them.

    On a side note, their exchange rate was pretty decent when compared online with XE.com and with Google.

    Another thing I loved about them is their “app”. Brilliant it is. So much information on the app. Tells you exactly what is happening with your money, ie. being converted, being sent etc. The best thing I liked about it was how it stored the previous recipients details and in a few clicks, I sent my second transfer with so much ease. All I had to do was tap in the security code on the back of my card and that was it.

    Will I use TransferWise again? you bet ya I would. Would I tell my friends about this app? Is that a question to ask? I’ve already told them! ha!

    Thanks TransferWise. Keep up the good work.

    PS. I did’nt really have a “free” period as claimed by some of the earlier posts. It might have stopped now. Nevertheless, I would still use them.

    • April 27, 2016 at 2:31 pm

      Mohammed, thank you for the elaborated feedback, we genuinely appreciate it. Did you experience with any other commercial foreign exchange companies that you can compare your experience to?

  • May 4, 2016 at 12:47 pm

    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.


    • May 4, 2016 at 1:36 pm

      Hi Kushal and thank you for your review. Many of the companies reviewed on this website handle the GBPINR pairing. Currencies Direct have a local office and bank settlement in India, for example, and also a very low transfer minimum of £100. World First also handles the INR and has a best price guarantee for UK-based clients, meaning that if you approach them with a lower price they should match – the only problem is that they won’t transfer anything below £1,000.

      The very best way to conduct a thorough research is browse through the reviews and sign up with 3-4 to your liking; then, you can compare their real-time rates and negotiate the pricing, and only then, make a decision on the matter. Good luck!

  • May 7, 2016 at 1:48 am

    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!

    • May 7, 2016 at 6:22 am

      Hi Ankit, you welcome, happy you enjoyed this review. Ineed Transferwise supports the GBPINR corridor and many of its clients use it for remittances to Asia. The rate markup is slightly worse than sending Pounds to Euro (0.7% as opposed to 0.5% on routes like GBP to Euro), but still is a very effective mean of transfer. Please do give it a go and let us know your thoughts on the service. Cheers!

  • May 11, 2016 at 7:12 am

    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?

    • May 11, 2016 at 8:52 am

      Hi Hugo, good question. If you are European you would be able to use Transferwise but we assume they won’t have a local settlement in Brazil. That means you would have to send money from Brazil in Real to a bank account in the USA / Europe, pay the full wire fees (probably 30-50 dollars), and get Transferwise to exchange these funds and move them forward to their final destination.
      For a transfer of 1,000 or 2,000 it won’t be worth it. For larger transfers it might. Be sure to read about Currency Solutions that have a local trading partner in Brazil (but they won’t deal with you if it’s a small transfer). Good luck!

  • June 26, 2016 at 10:41 pm


    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 the transfer after I had already deposited my money.


  • July 13, 2016 at 8:32 am

    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 one ever asked for my internet banking password. TransferWise poses a huge security risk. Let’s give them the benefit of the doubt and say they’re not crooks harvesting bank account login details with the purpose of stealing money. Still, they have to store this information somewhere. What a beautiful target for hackers! Ashely Madison, LinkedIn, Vodafone, Gmail, Tumblr all had user data and passwords stolen by hackers. Heck, even the FBI and the IRS (USA’s tax bureau) have been hacked. The day hackers will crack into TransferWise’s database and empty your account, your bank won’t cover the loss, because you will have breached the contract.

    • July 13, 2016 at 12:11 pm

      This is the first time I ever heard about Transferwise or any other company asking for a client’s banking details, and I am not sure they are permitted to ask that due to the reasons you have stated above.
      If it’s true, it is indeed a concerning issue. Let me try to get their response on that.

      • July 13, 2016 at 10:17 pm

        I’ve contacted them and their response was:

        Our company originates in Europe where the banking industry is much more secure. Though normally in the States, all someone would need is your routing number and account number to deduct money from your account, we wanted to make things more secure for our customers. By you entering your username & password to your online banking, we consider that verification that it is actually you​ authorizing the money be sent to us. Your electronic signature, of sorts. As, without it, literally anyone on the street could input the information printed on the bottom of your checks and deduct money from your bank account.

        You are actually welcome change your online banking password and/or username immediately before or after your enter it into our system for your peace of mind

        I don’t quote follow their logic. Because any company with my account number can take money in my account pretending that I’ve authorized direct debit, it will be more secure if they have my account number and my password? Um, no it won’t!

        • December 28, 2016 at 2:44 am

          The need to give them my internet banking password was a complete show-stopper for me in Canada. I contacted my bank about it and they confirmed that giving them my login details would violate the terms and conditions on my bank account, and they said they did not approve of the TransferWise approach. This make TransferWise expensive in Canada, as the only other option to send them money is a Swift wire transfer.

          • December 28, 2016 at 9:17 am

            This absolutely sounds unreasonable. I never heard of any company requiring the internet banking password from anyone. The cost of sending them the funds via wire wouldn’t make serious dent in the overall cost if you are sending $10,000+.

          • February 10, 2017 at 2:16 pm

            Actually, I just did a couple of TransferWise transfers to Canada, and your information seems to be incomplete. They also offer direct deposit into bank accounts: all you need is standard bank account info that you can get from a cheque–that’s what I used. I certainly agree with you about not giving them your bank login details: I don’t know why they would even offer such a ludicrously insecure option. However, Swift is certainly not their only other option.

          • February 14, 2017 at 2:51 am

            Hi FXer, thank you so much for your feedback. This is definitely the standard procedure – to send money domestically to a segregated bank account. This is also what we know.

  • July 18, 2016 at 12:53 pm


    I like this comparison. Thanks a lot!

  • July 29, 2016 at 4:08 pm


    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!

    • August 1, 2016 at 11:21 am

      I am unable to assist you but request a Transferwise rep to go on-board, and hopefully they will be able to do so. Please let us know how it went through.

      • August 9, 2016 at 8:44 am

        DO NOT USE THIS SERVICE. They quote one rate and then use a different rate. I would not trust them.

        • August 9, 2016 at 2:49 pm

          Hi Sam could you elaborate on that more?
          Have a look at our review if you haven’t. You can SECURE your right when you book the order, if you don’t – they will choose the rate upon receiving your funds.
          IF you did secure your rate and it was the one you booked, then we would like to know about it.

        • September 6, 2016 at 11:02 am

          Dear Sam.

          Thanks for leaving your feedback and our apologies for any misunderstanding or if the information wasn’t clear enough since the beginning.

          We always use the mid-market rate to convert your money and there are no extra fees for your recipient.

          At the beginning of the payment process we show an approximate amount the recipient will get and will convert your money using the mid-market rate at the moment the conversion is done.

          For certain currency routes we can offer a guaranteed exchange rate, although this only happens for payments from GBP, USD, EUR and AUD, only for specific routes and if we receive your money during a specific time frame.

          There’s also the possibility to make Specific Amount Payments, so that your recipient will get an exact amount (this also applies to certain routes and currencies). You can read more about it on our FAQ (help) section of the site.

          In any case, you’re more than welcome to contact us directly so we can help you with any payment.

          All the best
          The TransferWise Support Team

  • August 15, 2016 at 3:38 pm

    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 lot of money in charges and transfer rates.

    Overall I’m very impressed and would recommend to anyone.

  • August 17, 2016 at 6:04 pm

    Transferwise Is a Scam in terms of time since they claim that their given time is an “estimate”, I gave them a test run with 5 dolars from Canada to Mexico, took them 2 days to get the money from my bank account to theirs (in 2016 when an electronic transfer would take tops 2 hours and a payment with my debit card would be instantaeous), then, contrary to what I would have expected told me that the transfer in order to be completed would take 6 days (natural days of course, because in their own words, they do work with financial institutions monday through friday and no holidays), still, tried to get a smarter answer other than this corporate bullshit, even stated a few long stablished competitors and they sticked to their same poor answers. If you search for reliability on dates DO NOT ENTRUST TRANSFERWISE, THEY DO NOT STICK TO WHAT THEY OFFER!, yeah they might give a slighlty better exchange rate but how good is that if a money transfer overal (including the excuses) would take 7-9 days to actually have moved the money from one country bank account to another???, yeah, some others rate is terrible and expensive but at least they stick to their word and transfer the funds from one country to another in 2 hours, So it would cost me 15 USD to transfer 500 USD from Canada to Mexico in an Hour, and about 8 USD to transfer from Canada to Mexico in 7-9 Days, are 12 dollars really worth the wait? I’ll just leave that question open.

    • August 17, 2016 at 6:24 pm

      Thank you for your opinion. Money transfer companies are not people who require the quickest possible service. Obviously since they use banks to wire funds across the globe, interacting directly with banks would always be slightly faster (and a whole cheaper). I can tell you what I think happened in your case – you sent through only *5* dollars from Canada to Mexico – so they probably waited on a larger transfer to come through using the same currencies, and made the two transfers in one go (to minimize their costs). If they would have not done this – the fee they charge on a measly 5 buck transfer would not even cover their own payment costs!

      You are absolutely wrong on the fees you paid with Transferwise in comparison to banks. Have a look at RBC’s site. Min. $20 wire fee per transfer, which does not include their exchange rate. We’re talking about x10 the fees using banks on small transfers… and about 80% saving against the banks. For 500 CAD to MXN you would probably pay 1.5% i.e. 12.5 CAD and with banks probably 4% margin + wire fees = $CA 50. Quite a difference, don’t you think?

      To summarize, this service is geared towards people who are interested in saving. They will usually get a fast service of 24h to any destination when they are sending at least several hundreds of dollars. If you need to send 5 dollars abroad and you need the quickest possible mean of doing that you can use Paypal or a bank wire and pay a lot more, but your use case is quite unique.

    • September 5, 2016 at 2:25 pm

      Thank you so much for taking the time to give us your feedback, and we want to extend our apologies if the information didn’t seem to be clear since the beginning.

      When sending money from certain currencies, such as USD or CAD, customers have the choice to make the payment using ACH Bank Debit. This method is the cheapest one, but it may take a few working days for us to receive the money.

      With Direct Debit, the money is taken by your bank and sent to us, but the time frame may vary from 1 and up to 4 working days (it can take a bit longer if a weekend gets in between). Once we receive the money, we can do the conversion and proceed with sending the payment to the recipient.

      I fully understand this might seem too long, especially if you’re just sending 5 dollars, but due to the nature of the ACH Direct Debit, then we’re unable to speed up this process. This process is a bit long, but it’s definitely the cheapest one.

      We’re working on adding new and faster payment methods to our platform, and hopefully this process will be much faster.

      Once again, we want to apologize if the information wasn’t clear since the beginning or if this time frame wasn’t clearly explained in the payment flow.

      Please, don’t hesitate contacting us on [email protected] so we can help you and make your experience much easier.

      Best wishes
      Juan from TransferWise Support

  • August 22, 2016 at 2:22 pm

    They kept my money for 16 days, and they still owe me.

    I live temporarily in another country, and use to transfer money at least twice per month. I found Transferwise a great solution to do that, but my experience was totally different.
    I paid the max amount allowed to transfer, after few days I received an email form the Transferwise regarding some problem in my transaction, I did the adjusts to continue and they didn’t. Immediately I canceled the process and asked for refund, then all my nightmare started.
    Everytime that I started to talk with “support”, nobody recognised my case, most of them said that I never paid the Transferwise. I almost had a colapse….
    After tons of proofs and tons of emails with all “support team”, they “FOUND” my case and decided to refound my money.
    But for my suprise, they return an incorrect value, with a couple bucks less…..
    I’m still fighting with Transferwise to return all my money.

    In resume, Transferwise:
    – No support.
    – Nobody knows what’s happening with the clients.
    – They keep your money as they wish.
    – Strange methods

    • August 27, 2016 at 8:59 am

      Hello Eduardo could you provide more details about your case? I’ll ask a Transferwise rep to join on-board, and will try to pace things up for you to get refunded as soon as possible. Help me get to the bottom of this by providing all the necessary details. If you don’t want to publish them publicly shoot us an email via the contact form on our About Us page.

    • September 5, 2016 at 11:25 am

      Dear Eduardo

      Thank you so much for your feedback.

      We are very sorry for the inconvenience and hassle you have faced. Our aim is to make the transfers as smooth and easy as possible.

      Unfortunately sometimes there are still some unexpected difficulties and we need some documents to solve them. We are working hard to avoid that kind of trouble in the future.

      Our support team sent you an email with further information about your refund. Refunds to some currencies (e.g. BRL) take some time due to the way banks are regulated and can also carry a fee (charged by the bank) which unfortunately we cannot avoid, but we’re doing the best we can to improve this situation.

      In the meanwhile, if you have any questions, don´t hesitate to contact us on [email protected], we would be happy to help.

      With best regards,
      TransferWise Support

      • November 3, 2016 at 2:05 pm

        You response to Eduardo is inadequate. You advertise a crystal clear transparent system with no ‘hidden fees’. You have not kept to those terms. Further, if payment does not complete there should be a 100% refund, no quibbling, no excuses.

  • August 23, 2016 at 6:50 am

    Hi there,

    The system seems to be great, but I would need to transfer Euros from a Spanish account to USDs in a Zambian account. Is this feasible? The geographical coverage of the service is not quite clear to me.

    Thanks in advance for your explanations!

    • August 27, 2016 at 9:02 am

      Thank you for your inquiry Cristina. Of course Transferwise does handle the EURUSD corridor but they would not be able to transfer your funds to Zambia. I suggest you do use them but get the money in USD back into your Spanish bank account. Then transfer the funds to Zambia in the same currency which should not be that expensive.

    • September 5, 2016 at 11:36 am

      Hey Cristina.

      Thanks for your message.

      At the moment we can only send payments in USD to bank accounts located inside the USA.

      We hope to expand this service in the future and to be able to send USD to different places around the world, although there’s no ETA yet for it.

      The way we manage to reduce costs around the world is by sending money in the local currency using the local banking system. We hope to offer a more varied and flexible offer to our customers, but the process may be longer than expected for it to happen. We’ll make sure to let everyone know about it once we can offer this kind of services.

      Please, don’t hesitate contacting us via [email protected]se.com in case you have any doubts or if you require any additional information. Always happy to help.

      Best wishes,

  • September 16, 2016 at 7:58 pm

    very good company analysis!

  • November 3, 2016 at 12:21 pm

    I have been using Transferwise now for over a year now, I have done many transactions to My own account in Spain, and to other private individuals and businesses in Spain.

    Every single time, it has been a fast, efficient service, the process has been smooth and simple, the funds have always arrived on time.

    Once you have the details of your recipients set up, along with whatever different payment sources you wish to use, it literally takes a few clicks and less than a minute to send money to a regular recipient.

  • November 3, 2016 at 2:00 pm

    This review seems disproportionately positive. For a British company a 5% or even a 3% complaint rate is quite high.

    Further many of the complaints made are quite substantial. I found them to be intrusive, rude and quite arrogant.

    They also cancelled my transfer with no explanation whatsoever.

    • November 3, 2016 at 3:37 pm

      Hi Brian. We feel the review has been very balanced pointing out the good and bad things about Transferwise, and even highly recommending other companies for larger transactions.

      In terms of service, we hardly found any complaints online. In your opinion 3-5% complaints out of overall review count is much, but we feel we have a better ground for comparison, after reviewing more than 30 companies on this website and carefully reading almost any money transfer experience/review we could get our hands on online. No other company boasts as nearly as many reviews as they have, and the 3-5% complaints among them are in the same lines as with other fx companies. So Transferwise is definitely top 10% in the ratio of good versus bad reviews. In addition to the above, we sent through a mystery shopper who was very happy with the experience and rates, and we have collected a substantial number of comments on this page, most of which are positive. Also, the company has been extremely responsive to us. They are one of few companies who bothered responding to clients on this website.

      If you are able to contact us with more details about your specific transaction we would be more than happy to send a representative from Transferwise over here to address it.

  • November 3, 2016 at 2:32 pm

    Personally I think that any problems that people have experienced, have been self inflicted, due to the user either not reading Transferwise ‘s terms and policy, or not understanding how international monetary transactions, can be affected by where the money is going from and to.

    Every financial institution has a responsibility and obligations to limit and prevent the possibility of money laundering.

    Many countries around the world, are associated with money laundering, fraud, or the funding of terrorism, and therefore will be subject to either extended controls, partial-sanctions or even full sanctions.

    So, if for example, you want to suddenly set up a recipeint in Mexico, and then send $3,000 there . . . .

    Mexico is the drug-trafficking and people trafficking capital of the world.
    OF COURSE this is going to be problematic and difficult, it isn’t TW’s fault, it’s the users fault.

    India and Africa, are responsible for more than half of all fraud committed online.

    Obviously again, sending money to or from these destinations is going to be difficult.

    Most of the middle-east is sanctioned due to the involvement in , or the funding of terrorism.

    In a Nutshell , if you’re going to send money to:

    India and other small Asian countries.
    The Middle-East.
    South America

    Then don’t be surprised when you end up with issues or delays , especially with your first transactions to a particular recipient.

    Every sending and receiving country has its rules and regulations.
    Every money transfer company has it’s own rules and policies.
    Every sending and receiving bank, has its own rules and policies.

    If you haven’t checked what can and can’t be done, then it’s your own problem.

    You cannot hold TransferWise responsible for your own mistakes.

    You only have to look at how polarised the opinions presented here are, to see, that many people use TransferWise regularly with no problems whatsoever, contrasted by people whose only complaint is deletes or refusals, due to the source or destination concerned.

    TransferWise is a brilliant service for those who use use correctly.

    Unfortunately, having common sense, is not a prerequisite, to opening an account.

  • November 18, 2016 at 12:45 pm

    Hi so you might be aware that recently in India 500 and 1000 INR notes are no longer legal tender and because of the backlash of this change, a lot of ATMs are running out of money really fast. Aquiring cash is extremely difficult at the moment and causing a lot of problems for tourists such as myself… I am from the US and have a Chase Bank account. I am staying at a hotel that doesn’t normally accept credit card payments but due to the difficulties with getting cash right now they said I can try and transfer money online to one of the staff’s Indian bank accounts. Essentially I will be trying to transfer less than 100 USD to an Indian account but I’ll be doing this from my iphone while I am here at the hotel in India. Do you expect this to work out without too many problems?

    • November 19, 2016 at 6:56 pm

      Hi Mark. In all honesty, the answer is no. Indeed an unfortunate situation in India, and bank wires seem like a good way to pay for your hotel, but signing up with Transferwise from the USA isn’t as easy as the UK. Not worthy of the time and trouble for the measly amount saved in the process. It is also very possible you would have to send some document scans through, which is impossible from your hotel in India through your mobile. If I were you, I would just send the funds directly from Chase, and forget about the $30 wire fees they would charge.

    • November 22, 2016 at 1:43 pm

      Hi Mark!

      Sorry to hear about the hassle you are facing. As mentioned, due to the way we are regulated in the USA, we need to verify before you are able to make the transfer. However, if you have Social Security Number, the verification process is rather simple and you won´t need to upload any documents. You can read more about it here http://bit.ly/2gcioCd and if you have any questions, let us know on [email protected], we´re happy to help.

      Best regards!

  • December 1, 2016 at 6:46 am

    I woke up this morning to a message from TransferWise that my transfer to my Philippine bank account has been completed. I logged in to find out that THERE IS NO MONEY THERE. I used the service before and am extremely disappointed. How can they mark a transfer completed when it is NOT? Plus, they changed the rate when I do not know whose fault it is that “The transfer took longer than expected.” Now I have been waiting for 2 hours for their customer support line to open.

    SO SO SO SO SO DISTRESSING. I am not sure I will use the service again, to think that I even recommended it to a friend who is now using the service.

    • December 1, 2016 at 8:37 am

      Hi Jewellyn. Since Transferwise’s representatives are onboard, I will let them respond directly but I have two notes.

      a. Sometimes it takes an extra day for your local branch to receive an inbound payment from abroad.
      b. Securing the rate is definitely possible. Read through our review and see how. The gist of it is that you need to tick the box that says “fix rate” and pay a small deposit with your debit card. If you don’t do that, Transferwise’s service might become a lot more expensive.

  • December 13, 2016 at 1:29 am

    Firtsly first, I have good experience with TransferWise account before. They prompt in business. Since then, after we receive thousands of EUR payment from our clients for month, they start holding the payment. Decline client payment, and start asking ID card for our customers.

    They have reason, that we must make “BUSINESS ACCOUNT” to receive payment for business purpose. BUT, we already contact Their customer service, and they said “You no need make any business account, if you receive average under EUR 1000 per payment”. And yes, our average sale under EUR 300 per customers. We already prepare all the document to make business account. But, as their suggestion, we no need any bussines account to receive money abroad.

    They start asking our business detail, our detail about everything, threating us like someone who steal their money. We refuse to give them our details. And they have no right for anything about our documents and privacy. Even, my bank have no right to ask this.

    And, they give us SURPRISE by closing our account, and decide not to do business with us next days. After thousands of EUR transfer. And they taking fees from each transaction.

    Now, we remove all our promotional banner and flyers on our small shop. And stop giving any recomendation to all our tourist client about TransferWise. They start practicing like PayPal. And start suck our blood with their greedy business. Ignoring their client participation and effort to promoting their service, get new client, and invitation. They just, dump you like a trash, for “misleading information” they made.

    • December 13, 2016 at 5:14 am

      Hi Bunda. I will let them respond but from my perspective you clearly are not familiar with AML rules (please read here); In a gist – Transferwise and other similar providers must undergo very deep scrutinization of their business and thus they can ask for details and documents just to comply with that. If you refuse to provide sufficient documentation then it is only sensible they closed your account down. Any other money transfer provider would, as well.

  • December 15, 2016 at 7:42 am

    Just used transfer wise for first time ,every thing ok with transfer,after reading your reviews you have not asked me for photo I’d,will this be a problem in the future

    • December 15, 2016 at 7:50 am

      Great to hear about your positive experience Barry. Where do you live? Transferwise can verify your identity based on the information you have provided without the need for a photo ID, if you live in the UK or the EU (and possibly, Australia and USA – depending on your precise location).

      • December 19, 2016 at 10:29 am

        In that case, could someone from Transferwise please explain exactly what kind of ID is required to sign up from Italy in order to receive occasional payments from the US? Having to send one’s SIGNATURE into the ether is ridiculous to my mind – I don’t think anybody can guarantee protection of data that sensitive at this point in time.
        Thank you.

        • December 19, 2016 at 12:13 pm

          Hi Jane, I will send this inquiry over to TW’s people. Most companies can auto-verify EU-based accounts based on data without requiring any documents.

          • December 19, 2016 at 12:58 pm

            Thanks, that’s great! Would you mind asking whether the same is true for US residents? I might then be able to convince a customer to sign up.

          • December 19, 2016 at 2:23 pm

            Hi, the Transferwise representative will come here and address your questions fully (I hope!).
            USA is a bit different than other destinations and it will probably depend on state law rather than federal law. In any case since, there shouldn’t be any particular issues signing up with Transferwise from there.
            You can send your prospective client over to this page to read more about the company. Thank you!

        • December 20, 2016 at 12:05 pm

          Hi Jane,

          Thank you for reaching out to us! Due to the way we are regulated, we need to verify all of our customers. However, if you would be the recipient and would like to only to receive the money and not to send, you don´t even need to sign up and therefore we wouldn´t need any documents from you.

          If the person is sending USD from US, we will ask for the ​SSN verification. SSN check is required due to the way we are regulated in the US. If the SSN is not accepted, then they will also have an option to verify yourself via ID document. SSN verification is done automatically through the relevant page on our website and is completely secure.

          You can read more about the verification procedures here http://bit.ly/2eXz6Es We hope that you and your client can give us a try. Please don´t hesitate to contact us on [email protected] if you have any questions, we´re happy to help.

          With best regards,
          Laura from TransferWise Support

          • December 20, 2016 at 2:30 pm

            Hi Laura

            Thanks for getting back to me! I’ll talk about it with my client and hopefully we’ll both sign up. If I’ve understood correctly from the link to your site, with a bit of luck I should be able to have my identity and personal info verified without having to upload any documents. As I said at the outset, it’s the signature that worries me, all the rest should already be in the databases.

            Many thanks, to you and to moneytransfercomparison.

            Best regards

  • December 19, 2016 at 2:36 pm

    Thanks, you do a great job. It’s been very illuminating reading through all the reviews.

  • February 3, 2017 at 7:14 pm

    I want to leave a very positive review about them. I have used Transferwise now over 10 times in the last month to make money transfers to Mexico. All I can say is that they have been flawless in their execution from customer service to the speed of the transfer. When I ran into some problems at the beginning for not being able to verify my account, they were always able to help me along the way by using the chat function with direct and live customer support. After that initial hiccup all my transfers have been completed in a matter of 2 days. Their rates are extremely competitive and their transfers are happening from a local Mexican bank which avoids some of the issues with account restrictions in Mexico e.g. having a freeze for 6 months of money transfers from abroad. I definitely recommend them to others, especially for money transfers to Mexico.

    • February 4, 2017 at 9:23 am

      Very happy to hear that, Ariel. USA/Mexico is one of the largest remittance corridors in the world, and it is also heavily abused based on information from the World Bank; We are happy to hear Transferwise can accommodate that needs easily and fairly.

  • February 9, 2017 at 4:42 pm

    I was wondering if I could get some more details about how to would work sending money from my Canadian bank account to my Dutch bank account. What fees will be taken? Do I just give them my Canadian and Dutch bank info and they handle everything? Thank you!

    • February 14, 2017 at 3:03 am

      Hi Jessica! Thank you for your feedback. It will cost you exactly 1% of the lump sum sent (minimum CA$3), up to CAD 9,500. Anything above that amount will be 0.7%. Not precisely as cheap as GBPEUR (0.5% for all amounts) but still a really good pricing as the North American currency corridors tend to be more expensive.

  • May 11, 2017 at 3:18 am

    Just to say thanks for the very good comments and responses, its great to have this when using a new application or system and nervous. Been using ozforex for a few years now and very happy with their service but curious if can get better rates. I just created an account with transferwise, id authenticated within minutes and made a transfer $100 AUD->NZD. Deposited funds to TW and waiting now on the payment to go through. The only thing I don’t really like is that I can’t ‘lock in’ the exchange rate as with all other dedicated fx traders who give you a spot price guaranteed, but I understand this is a different way of operating using TW so I’ll see how this transfer goes and i set a rate limit to 1% as today AUD/NZD has been volitile so it could swing quite a bit in the next 24 hrs. Thanks again, CJ

    • May 12, 2017 at 7:34 am

      Hi CJ, thank you for your feedback. There is a way to look the rate upon making a transfer. It is mentioned through this review, have a look. It is indeed very important to do so.

  • May 11, 2017 at 8:50 pm

    The transfer was made 7 business days ago and still hasn’t arrived. The recipient’s bank in Russia is saying they are unaware of any funds coming into the account or pending to be cleared and Transferwise support team was very unhelpful saying there is nothing they can do. They haven’t even tried to investigate what happened with the money.

    • May 12, 2017 at 7:33 am

      Really problematic destination, but please do supply more information about the transfer. Transferwise’s representatives are around and can have a second look.

  • May 15, 2017 at 6:59 am

    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.

    • May 15, 2017 at 11:05 am

      John, please provide more details about the transfer. It sounds very weird. Transferwise is anything but a “failed FX broker” and the chances of you losing your money are very slim in our opinion.

  • May 24, 2017 at 6:18 pm

    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.

    • May 24, 2017 at 7:27 pm

      What do you mean by “DailyFX”? That’s an informational site.

      Could you share more details about your situation with Transferwise? We have representatives of theirs on board every once in a while to help prospective and existing clients.

  • May 26, 2017 at 1:42 am

    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.

    • May 27, 2017 at 8:17 am

      Could you provide details of your transfer? It is very unlikely that if you SECURED a rate and they have failed to grant it. On the other hand you might have NOT FOLLOWED on our guide, could this be the case, Ahmed?

  • June 3, 2017 at 4:28 pm

    I’m trying to make a transfer to Mex but it does not ask me for all the basic information. Like the name of the bank or account number of the person to receive this money. Not sure how they are going to be able to send this to the right person and bank? would you please assist with this? Is the first time I use your services.

    Kind regards,

  • June 23, 2017 at 10:57 am

    They are one of the few fair alternatives to money transfer internationally.
    The most of other services available are loan sharks.

    I have appreciated a lot the low fees and the great, friendly and prompt customer support.

    We have to support TransferWise because those guys are doing a great service to all of us, with not so much money, that need to transfer and are often victim of this crazy speculative bank system.


  • July 25, 2017 at 12:37 am

    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, please avoid it for important transfer.

    • July 25, 2017 at 2:11 pm

      Very different from the average experience… I went through literally 10,000 Transferwise reviews online and haven’t seen anything about money being lost or delayed by 10 days. Please keep us posted.

      • July 28, 2017 at 3:55 am

        My case is finally closed. This was how it happened:

        10/7 – I initiated the transfer, provided documents, transmitted USD fund to TransferWise.
        11/7 – Transaction status changed to “Completed”, eta 14/7. All seemed perfect.

        20/7 – Early morning, recipient informed me on the missing fund. I contacted TransferWise support immediately.
        21/7 – No news from the team, I submitted another inquiry through website.
        22/7 – No news from the team, I posted on TransferWise Facebook page. 10 hours after FB post, i got a response indicating some progress.
        24/7 – Received payment slip from TransferWise support, dated 18/7 and status is ‘compliance approved’. I forwarded it to my recipient, raised the question on the status.
        25/7 – The fund reach the recipient’s account. Meanwhile, the Malaysian bank found a failed USD telegraph on 11/7, with the exact amount agreed between me and TransferWise.

        During the course, TransferWise Facebook respondent is very helpful, I’m thankful for that.
        Nevertheless, I have no idea what actually happened on the fund between 11/7 to 25/7.
        Despite questions raised, all TransferWise support team did was asking prove from my recipient. This level of transparency and support quality is very troubling.

        Did the fund safely reach designated account? Yes.
        Am I going to use their service again? Probably not.

        • July 28, 2017 at 9:10 am

          Thank you for keeping us updated. I can understand why you would not want to use Transferwise anymore, but I haven’t come across too many of such cases.

  • August 7, 2017 at 10:51 pm

    After using WU for years, it was a total pleasure using. Decent exchange rate, fair charges and quick bank transfer. Means I can take of my loved ones reliably, on time and securely. Impressed indeed.

    • August 8, 2017 at 7:47 am

      Thank you for your positive experience. Could you provide some live examples for our readers showing the differences in rates between your WU online platform and Transferwise? Cheers.

  • August 8, 2017 at 3:58 pm

    Is it fully secure…meaning uploading passport for instance!

    • August 8, 2017 at 10:11 pm

      They comply to high security standards but of course uploading documents always has an inherited risk. Similarly to providing your private documents to banks etc.

  • August 21, 2017 at 1:49 pm

    Service is absolutely appealing STAY AWAY, unhelpful and under trained customer service representatives.

    I have spend over an hour speaking to transverse today, no help at all. They are currently holding my 637 pounds with no intention to make the transfer. They promise to deliver within 7 hours and one of the transfers has not yet been completed and it has been 5 days. I have send a lot of money via this service but recently it has been unacceptable, hours pass by and no information is provided to me

  • September 4, 2017 at 11:56 am

    I am an extremely satisfied Transferwise user.
    It is by far the best way to transfer money in a fast, reliable way and with really low fees. I have tried lots of different ways in the past and I can say that is the best service of this type you can find in the market.

  • October 27, 2017 at 3:13 pm

    Can your service be use as a payment service…for example….I am setting up an internet based company offering English language exams…the payment method would be in US dollars worlwide….we are based in Mexico….??
    Ian Pankhurst

  • November 25, 2017 at 5:01 pm

    Horrendous & draconian company. Despite using them for several years, and having my two accounts specifically approved by them, Transferwise deactivated my account for no reason, without any intimation or notice. No emails. No calls. No SMS. NOTHING! Just pfffft – “account closed”.

    Arrogant support staff only respond with pre-formatted copy-paste emails, that explained the reason for deactivation as “Please note based on our Terms of Use Agreement agreement TransferWise has reserved the right to refuse or to accept any new user or any transaction at its own discretion.”.

    In my 15 years of doing business, thats the lamest excuse of a response I have ever heard. “We are shutting you down because you agreed to let us shut you down!”. hahaha.

    Pathethic joke of a company. They even removed my post on their facebook wall, when I posted about my experience.

    Zero transparency, and draconian attitude from a company that claims to be transparent.

    They are worse than banks. No bank will ever shut down your account after years of usage, without giving you a valid reason for doing so.

    Dont ever work with them, unless you are ready to be shut down abruptly, for no reason, and no explanation. I do not even have access to my transaction history for tax purposes, because of these unprofessional incompetent jokers.

  • December 10, 2017 at 5:07 am

    After doing several hours of research about this company’s new wonderous exchange rates, it seems that they just use one’s money for several days by delaying payments on purpose to make money rather than caring about their customers.

    Their system to send money to their bank account seemed to be weird from the first place, but I gave it a chance. Yet the many major complaints by customers “loosing” their money is just scary.

    Money transfer should be reliable at first. This is not what you get by using this service. I’m really none of the PayPal fan boys, and their exchance rate is terrible, but why excactly should I use this new service?

    • December 14, 2017 at 11:18 am

      Thomas, good points, but if you look at the Transferwise reviews by clients (I have personally read thousands over forums and various platforms including dozens here on this review) they are generally very positive. Yes, delays can happen in the same fashion as they do with banks, but it’s overall very reliable. If you are looking for the next level of reliability you can use other recommended services on this website that offer dedicated dealers that will escort you through each and every trade and you could call them during working hours to verify exactly what’s going on with the transfer.

      Now, comparing Transferwise to Paypal is like comparing watermelons to assault rifles. The difference in fees is so vast. If you are going to transfer substantial amounts via Paypal you have to be a madman! If you are talking about the occasional hundreds of pounds here and there then it’s up to you entirely.

  • February 22, 2018 at 10:48 am

    I chose TRANSFERWISE (prior to transaction a very extensive homework has been done)over Worlds First, Currencies Direct,TorFX, and Moneycorp,( though I am still registered with all these companies!!)because of the highest level of TRANSPARENCY, NO HIDDEN FEES,VERY CLEAR PRICING -ABSOLUTELY NO MISUNDERSTANDING OF WHAT YOU GETTING CLEAR TO YOUR BANK ACCOUNT !!

      • February 22, 2018 at 7:03 pm

        Well, they have definetely offered the best deal by AUD 3,400.00 !! ompared to TorFX !! I was a fool at the beginning thought that the Giant Four will offer me the best value for money deal but NO !!
        They asked me relentlessly to transfer my money to their Barklays HUF account and will offer me a good deal ! I knew that if I transfer money to the segrageted HUF account they can charge me 5% per cent or over easily !! And that is what almost happened ! I was smart enough to say NO to them !! You se they wont produce anything themselves its easy money just a touch of a button all from one office computer !! And.. NO risk whatsoever !! Our duty is to look after our hard earned dollar / Forint because no else will ! Watch out a lot of sharks out there !! AVOID THEM AT ALL COSTS !! Cheers and thank you for your very intuitive website !! Andrew Sarudy

        • February 22, 2018 at 7:30 pm

          Well I would say Transferwise is definitely up there in the top 4 in terms of volumes. Regarding TorFX we have sent plenty of clients there who were generally very satisfied, and we think highly of the company. It surprises us to believe they would charge 5% on any deal, let alone a large transfer. It’s also weird they have not provided you with a quote to begin with, but rather asked you to transfer your funds over to them and only then quoted you. This is not the (or their) normal course of business.

  • March 7, 2018 at 9:57 am



  • March 26, 2018 at 6:08 pm

    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 profiles burdensome and does not include USD. Some question of legality in asking for the documentation upload for the borderless account. 4) Unfortunately, many complaints about “lost” money or deactivated accounts that make it impossible to get back the money transferred. Seems untrustworthy, and perhaps opens up users to identity or account theft, as apparently there is no indication that the transfer or process is insured. So, if they “lose” your money, you have no recourse to get it back.

    • March 28, 2018 at 12:03 pm

      We have removed the link you attached. We don’t trust this website and won’t base our review based on the few client reviews to be found there. The other information you have provided is helpful.

  • April 10, 2018 at 7:16 am

    Hello, recently I have been using this service due to so many positive reviews. So in the first step, I registered to their service and verify my ID and ADDRESS. This process took 2 days to complete. After that I activate USD in borderless account. After all of that set up, I initiated transfer from Upwork to my Transferwise Borderless Account. It took 4 days until the money arrives in my Transferwise Borderless account. Then I transfered the money to my Indonesian Bank Account, then it took another 4 days until the money really arrived in my Indonesian Bank Account.

    This service is not really fast, but to my experience they did keep the exchange rate, and really transfer your money. Since I transfer a substantially large amount of money, I had a nightmare due to slow transfer time.

  • July 3, 2018 at 12:22 pm

    Awesome service. Working as a freelancer, I receive most of the payments by Paypal. And did so for many years as it was the easiest option on the market. 2 years ago, a new client of mine asked me if I use Transferwise so he can send me the money. It was quite a big payment and I didn’t want to “shake” the deal in any way so I went ahead and created a new account and all that. That was the best decision ever!

    Because I get so much out of the better currency exchange rates, when compared with Paypal, plus no sending fees, I end up recommending it to all of my regular clients. Now my payments are more than half made through Transferwise and if I could, I would kick Paypal to the curb for good :)

    If you are a freelancer or work remote or a similar setup, be sure to check them up and try it for 1 transfer. You will see a big difference when compared to Paypal.

    Hope this will help someone!

  • August 16, 2018 at 9:27 am

    I recently started using their service and their mobile app. Everything is going smooth and easy, no need to talk at the phone for hours like other companies and very good prices.

    Like Connor above, I stopped using Paypal for bigger transfers and I get to save a lot more money now.

  • August 25, 2018 at 9:07 pm

    I am Canadian and involved in a dispute with TransferWise. Not happy at all. On July 3, I used them to transfer USD to Costa Rica, two transfers sent the same day. One was returned within three days because of a wrong account name. The other one, for USD600, is missing. I confirmed that the central bank of Costa Rica sent it back too. But TransferWise says they haven’t received it. Every time I ask about it, they tell me the same thing: SWIFT transactions can take up to 6 months. They refuse to investigate and even told me that money in their system is never declared lost. So no responsibility at all. I’m thinking of taking legal action. This is unacceptable.

    • August 27, 2018 at 11:37 pm

      On August 6 requested to transfer about 1000.00 CAD to a bank account in Pakistan.I am still waiting the amount to be transferred in to receiver account.I have discussed with them problem and provided them all the details.Initially they were responding to my emails and now not even responding to multiple reminders.

      • September 19, 2018 at 7:04 pm

        I located their head office in Canada and sent them a letter. Their help desk lied and said they had no office in Canada but I found one: Transferwise Canada Inc.
        99 Bank Street
        Suite 1420
        Ottawa, ON K1P 1H4

        ATTN Andrea Johnson, director

        • April 17, 2019 at 7:18 pm

          And What happened with the Canadians?

    • April 18, 2019 at 1:35 pm

      I feel this may give people the wrong impression of Transferwise. So to make it fair I will comment the following – a) there are some tens of thousands of customer reviews that we have manually processed and there aren’t many similar complaints b) if a payment is lost due to wrong account name it will take as long to restore it as with any bank or other money transfer company. I’m not saying their customer service’s response was adequate or helpful but I’m saying that knowing the industry as a whole this is standard practice (so when you do transfer money try to not send it to the wrong account).

  • August 28, 2018 at 10:14 am

    very good website and easy to use
    i still choose world first, better rates than local bank in germany and it was better than transferwise on euro transfers to dollar on 28/8/2018

  • September 19, 2018 at 6:46 pm

    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.

  • October 17, 2018 at 9:48 am

    How long does a transfer take?

  • October 17, 2018 at 2:47 pm

    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.

    • October 17, 2018 at 6:28 pm

      Are you implying that Transferwise stole your £22? the company is moving just over a billion pounds monthly. 95% of that, I estimate, are recurring customers.

  • November 8, 2018 at 7:13 am

    As a freelancer Transferwise saved me so much money compared to Paypal and Skrill. The only problem is that not all of the clients know about it and have to explain it to them. From now on, I will just send them the link to this page. Thanks.

  • November 20, 2018 at 10:10 pm

    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 my bank account immediately, they said they received the funds too late (at this time the exchange rate was no longer guaranteed and the new one was more expensive!) and then start the exchange currency and transfer process. So I had no choice but to accept the new rate, as I really needed that money.
    But the transfer never occurred! It was stuck in their bank account in Germany (as it was an Euro conversion).
    After that, they told me the transfer was being reviewed (this begs the question of why they wouldn’t review it before debiting the money) and that they needed further information and documents to start the process. But the documents had all been sent at the beginning of the transaction!
    2 DAYS after they received my money, I received a first request “Please provide your bank statements” as we need to check the origin of your money. I did it straight away, then 2 DAYS later another request ” please provide another bank statement” to know where my money came from, and then 2 days after that “please provide 10 years of your payslips” as we need to check the origin of your money…(after I had provided them with several bank statements, certificate with name of the life insurance company where I took my personal saving funds…)
    This was ridiculous!
    I contacted them many times by mail and received replies from at least 7 different persons, all asking for different documents that had already been sent at least twice before; then no reply or a reply asking for more checking information. I also tried the online chat room which never opened or tried to phone ( an Estonian number) but nobody ever answered except an answering machine…They claimed they attempted to phone me but could not reach my number (?). However I received several calls from Estonia, disconnected at once whenever I picked up… The last person I had contact with through e-mail absolutely wanted to contact me directly by phone to get “some documents needed”, because he said he couldn’t ask for them in writing! it was such a piece of joke !!! of course, finally he said he couldn’t phone me because his phone couldn’t reach an overseas number ! So I asked for skype, whatsapp, without success, then his phone number (which was in fact, after several tries, connected to a machine!)
    After 10 days without any transfer, I managed to cancel the transaction after threatening legal action and waited for my money for 5 days, not knowing if I would ever see it again! But fortunately I got it back.
    Their “customer service” consists of blaming the customer, asking for endless and ridiculous documents and information, impossible to provide. The messages you receive are vague, misleading or not true.
    Warning: DO NOT USE TRANSFERWISE. They will take the money you have transferred to them and keep it so that they can earn benefits from your money but your transaction will never be completed!
    Like a lot of people, I had read lots of positive testimonies, I’m sure they were fake, or they were very lucky people !! The greatest risk is that TransferWise will go bankrupt disappearing with the unlucky customers’ money, So I hope my experience will serve people.

    • November 21, 2018 at 11:21 am

      Sorry to hear about your experience but a lot of what you said is simply untrue. Let’s start with the conclusion of not using Transferwise or risk if the company collapses, there is not such risk. Client funds are in a segregated account unaffected by Transferwise’s situation. Secondly, it’s the fact that all Transferwise reviews online are fake. Some may be, I don’t know, but the truth of the matter is that the firm is moving £1bn a month and serving at least 100,000 customers (I think likely they are closer or over 1 million customers). So people do manage to transfer money abroad with Transferwise. Then, you have the additional aspect – tracing the source of money and verifying your documents is what Transferwise is required to, legally. They cannot go through with transfer with it.

      With that being said it sounds like the Transferwise service was up to the expectations and that the money was kept for too long. But you seriously have to know the industry and how it works before making conclusions.

      All the best!

  • November 27, 2018 at 3:24 pm

    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!

  • January 17, 2019 at 9:03 am

    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 website had recognised that I already had an account and took me straight to a transfer screen, bypassing some critical steps to setting up an account along the way.

    With that fixed I then tried to send some money to the USA, but they withheld the transfer and couldn’t be bothered notifying me of the problem, which turned out to be that they needed my passport scan (a reasonable request, I thought). BUT, if I had not logged into their website I would never have known there was an issue! So, as is good security practice, I inserted text across my passport scan that it was “for verification by TransferWise only”, which their system accepted whenI uploaded it. Then, when the transfer STILL didn’t happen, and after sending more email I was told that I can’t put a disclaimer on my passport copy! Why not? It’s an accepted practice worldwide, including at other banks, to avoid identity theft! The story rolls on, but the kicker was when I received an eventual answer to TWO emails I’d had to send then, with a support muppet saying to me “As you know phone calls/chats are the fastest way to answer your query.” YET TRANSFERWISE APPARENTLY DON’T KNOW HOW TO MAKE CALLS THEMSELVES! Sorry, but I would NEVER trust this company with a clean scan of my passport – there’s something really wrong with their management, and though their rates might be good, you pay more with the pain they inflict on you in the process!

    Stay away from TransferWise – your life will be so much easier!

  • January 18, 2019 at 10:02 pm

    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 am also out the $50! I called them (888) 908-3833, and their only remedy was to offer me a free future transfer, but I am afraid that I will get ripped off again. They need to rethink their business model, so that this can’t happen to people. Good thing I wasn’t sending a larger amount. There should be some way to retract the funds in order to guarantee sender safety. They basically took no responsibility.

    • January 20, 2019 at 10:02 am

      Hello Marin. I think you are not fully aware of how bank wire withdrawals work. If you want to have a fund protection scheme then you can use Paypal, and pay not less than 4.5% on the currency transfer. With bank wires it reversal don’t go this way, in the same fashion that you cannot cancel a cheque based on your own discretion. Transferwise facilitates bank transactions and hence once money has been received they have no recourse. I think they should have had explained you this part better (I suspect they did) and I think you should further educate yourself on how overseas transactions work before you start buying from abroad. There are hundreds of comments here about Transferwise – some good, some bad, and I’m happy to learn from these comments, but yours is just unfair towards them.

  • January 22, 2019 at 1:05 pm

    If you make such an easy to do mistake as you enter your receiving bank account even just one digit wrong, your money will be gone! I was looking for a quick way to transfer a considerable amount of money (9000€ is considerable to me) from my bank account in Sweden to my bank account in Vietnam. Decided, most unfortunately, to try TransferWise. I was tired and in bad light I entered one digit wrong in my bank account. When I discovered it later I was sure the money would just bounce back. But no. Apparently TransferWise doesn’t make such a simple check as matching the customer name and bank account. So all I got from them is that they said the receiving bank accepted the money and the account holder has withdrawn the money. Somebody got lucky.
    No responsibility from TransferWise. I believe a financial operator shouldn’t be allowed to be on the market if they don’t provide such a basic security to their customers! Extremely bad!

  • February 2, 2019 at 10:04 am

    Brilliant service, my money was moved fast and delivered safety. Good alternative to the banks and their high extortionate fees. I used a friends invite and got my first £500 for free. Please use my link below to your first £500 transfer for free too.

  • February 20, 2019 at 3:49 am

    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 where it is?

  • February 25, 2019 at 9:16 am

    I used Transferwise several times last year. It is very easy and safe.

  • March 6, 2019 at 6:42 pm

    @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???

    • March 7, 2019 at 3:52 pm

      Alex, have you heard about the new complaint about Revolut? Google it and read recent news. If this is indeed the case that they have simply lost your money, you have every incentive to make an official complaint to the Financial Ombudsman. They are not “just stealing people’s money” that I can tell you for sure but if even one person was treated unreasonably then that person have every reason to complain.

  • March 13, 2019 at 6:48 am

    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 of the problem and really help to solve misunderstanding if it is so.
    Re-phrasing Transferwise’ slogan “We say goodbye to Transfewise and say hello to the World!”.
    Be aware of this TransferWise “service”. They don’t care about people – they only care about their system.
    Opening accounts in Transferwise you have a huge risk to loose your accounts having no explanations.

  • March 16, 2019 at 1:42 pm

    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.


    Thank you :)

  • March 22, 2019 at 10:54 am

    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.

    • March 23, 2019 at 6:38 pm

      I am sorry to hear that. Could you write in more detail about why you were put on the suspicious list or how many times you had interactions with the customer service to resolve it?

  • May 3, 2019 at 10:21 am

    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 been truly appalling so far – different agents have told me different things about whether or not the money was sent, when it was sent and what they can see on the system. It would appear that they are simply making things up to make me go away.

    Every time I’m being reminded that as a financial institution TW are required to conduct due diligence on their transactions, which is fair enough, and for which I provided them all the requested details on 15th April. However, they conveniently avoid talking about TW’s accountability in ensuring transfers are either completed or rolled back with a reasonable time frame.

    Due to this delay my supplier is unable to produce the goods I need, I’m at the risk of stocking out and potentially losing 1-2 weeks of sales.

    I still haven’t been told how long am I supposed to wait for this ‘due diligence’ to complete – a week, two weeks, a month?

    And the status shown in their app and website is completely pointless – in my case it’s been showing completed since 15th April when its not.

    I will steer clear of this company and will advise anyone who doesn’t want their funds stuck in limbo to do the same.

  • May 28, 2019 at 1:33 pm


    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 my account is deactivated, gave me the list of general reasons for accounts deactivation (none of them applicable in my case) and that I should contact Appeals department which I did. Appeals department replied that decision is final and my account is permanently deactivated. After few more exchanged emails I still did not receive answer why they deactivated my account.
    Both Support and Appeals department confirmed that my remaining balance at TrasnferWise will be refunded to my personal account in my home country but it is not refunded yet and it is 2 weeks since they should have issued refund. I have contacted both Support and Appeals department last week to check when they will issue refund but both departments are not replying on my emails any longer.

    I just spoke with my lawyer, we will be reporting TransferWise to UK Financial Conduct Authority, to The Information Commissioner’s Office in UK (as I am denied access to my personal data on my TransferWise profile etc.) and other relevant EU’s authorities. Also, anyone who have similar problem and who is interested into joint lawsuit against TransferWise please feel to contact me

    • January 7, 2022 at 9:19 pm

      Did you get the money back, I’d like to use your lawyer as they deactivated my account too with a huge amount. No refund yet for 2weeks

  • August 7, 2019 at 6:09 pm

    Used them for a transfer to purchase a small property in Canada. First time using a service like this. Verification was quick and support helped me through step by step. Might be looking for another vacation home in Europe next year and would use them again if I find one.

  • August 13, 2019 at 7:46 am

    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.


  • September 9, 2019 at 5:41 pm

    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.

  • November 8, 2019 at 11:16 pm

    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 again , so made a call to customer service again , as i was on the phone they deactivated my account ( with over £20000 in it ).they asked me to appeal which i did( for what?? but did anyway) now 3 weeks later no news from appeal or where my money is or on what bases they deactivated my account??

    Do not use these guys, I have also told our account department not to allow any of our employees use this company ( we have over 50 people using transfer wise)

    Extremely disappointed and annoyed they way the handle this

  • January 21, 2020 at 1:05 pm

    I used it only for money transfers the last 3 years but now I decided to use it as my everyday account. Best exchange rate and transfers sometimes immediate to other country. I have 13 bank accounts, the latest are Monese, N26, Starling. But I have issues with them suspending account for weeks and asking for further documents and than nothing. That’s crazy.
    I even sent £30000 to Spain and had no issues with TransferWise. I wouldn’t trust any other money exchange company to send this much.

  • July 4, 2020 at 6:14 pm

    Transferwise Scammers !!! #transferwisefraud

    Partner made a transfer to my European bank – a corporate account through this system, and my Bank account was closed and the bank no longer serves it, more than 2 weeks passed and funds did not return to the sender. And their support rides the sender beautifully. I think if next week there will be no result to file a complaint to the FCA, the Financial Ombudsman Service and the regulators, since this is the only way to get the money back, the amount is not 100 and not 5,000 euros, but more than 15,000 euros hang up and no one knows where they are, the payment says that they didn’t go back to their account and refuse to provide evidence, because with an official request for tracking a transaction, the bank will give them just that the funds were returned to Transferwise bank account.

    I will be glad if this helps someone to avoid these scammers, because I really don’t know how will my issue be resolved with these frauds

  • January 22, 2021 at 6:46 pm

    I made a large amount wire payment to Transferwise on 14 Jan, on 22 Jan 2020 I am still asked to wait as Transferwise has not yet received my money. I checked with my banker saying that funds was released on 14 Jan 2020 and it takes 1 to 2 days to reach Transferwise. I chatted with Transferwise staff online, they said they have not yet received my wire payment. I showed them my wire payment document in PDF, I also asked Transferwise staff whether data on my PDF are good enough for wire to their company, they said YES. My daughter in Germany urgently need that money . I am so upset for their efficiency and do not know where is my money now. I live in Canada, hope manager has follow up my case. This is the first time for me to made wire payment thru Transferwise, but it makes me stay back. Hope Transferwise can make improvement for clients.

  • March 9, 2021 at 7:58 am

    I have an account made with Transferwise 3 years ago on which I have only 1 transfer made. With this new transition to Wise.com, do I need to make a new account or the login details remain the same?

  • March 17, 2021 at 2:49 pm

    TERRIBLE company. Thousands of pounds stolen. DO NOT USE TRANSFERWISE

  • March 18, 2021 at 9:38 am

    I see that Wise.com provides a debit card. My question is how much are they charging to get money at the ATM? Is it better to use them or something like Revolut? Do they also have a worse exchange rate on weekends as Revolut does?

    • March 19, 2021 at 11:30 am

      Hi Kristian, Withdrawal: it depends on whether your card is issued in UK, Australia or USA. It’s two free withdrawals and then 1.75%-2.00% depending on your location. TransferWise’s FX rates are generally better than Revolut’s.

  • March 31, 2021 at 8:39 am


  • April 16, 2021 at 9:03 am

    Short story: I wanted to send a larger than usual amount of money and being paranoid, I wanted to ask some questions. That’s how I’ve found out that the Transferwise support is non-existent.

  • April 19, 2021 at 11:36 am

    I’ve been a customer for some time now but in the last few months their service is worse and worse. The support wasn’t top notch since the beginning but now it’s awful. The new support staff don’t even fully know how their own service is working.

    I’m out and going somewhere else for sure. Maybe it wasn’t Wise to make this whole change :)

  • April 22, 2021 at 12:32 pm

    Create an account after they bombarded me with ads on Youtube. Verdict: disappointed. The transfers are not done “immediately” as they like to tell you. It took almost 3 days for the money to arrive.

    I think I’m gonna keep using Revolut for small money transfers for friends and stuff like that.

  • May 22, 2021 at 6:14 am

    4 years of experience, a summary review.

    Here’s my review of Wise (previously known as Transferwise) after 4 years of experience with them, so it’s not a shallow, neither haters nor excited person’s review.

    To start, I joined Wise before they had their local support in my country and I had all contacts via overseas, even had their debit cards sent to me from overseas, and I was all excited to start this neiche P2P exchange.
    started by adding funds to the account by directing few payments from overseas to it and I’m all happy with the exchange rate, the speed of transfers and ease of use.
    Soon after I was so happy to start recommending it to friends, local businesses and family.

    Some of whome already joined and started exchanging and transferring through them thanking me for it.

    It’s all good and happy land while using the account occasionally.

    And now when I started using the account seriously (when I decided to direct my BnB (Bed & Breakfast) share of private work to them) and they started blocking incoming payments till I ask my clients for their private details (D.o.B & residency details).
    I was uneased about it but continued working, to find out few days later (with no warning, no notice of any breach) all of the suddent when I was using the app I got the notice “your account was deactivated contact the appeals team”. which was all weird.
    I thought it was a mistake till I saw the same on mobile browser and on laptop too.

    4 days later (after my email to appeals team trying to find out and being proactive about any details that might mistakenly triggering any AI to alert my account) they came back to me saying that they’re reserving their reasoning and will block my account.
    So now a week with no access to my money nor ability to trade summarises services through your network.

    Summary: it’s all nice and happy till someone in the accounts team decides to deactivate your account, and they’ll do it with no hesitation nor explaination or reasoning, while breaking your access to your assets and stopping your operation.
    I feel sorry to all the reffers I did previously as these people will suffer just like I did.

  • June 29, 2021 at 6:06 am

    The worst company ever. I am not sure on what basis this website makes any positive evaluation of Wise. The Wise practice is to ask you to transfer your money to their account. In a couple of days they will find a reason to not transfer your money and after nearly week they gibe you your money back. Perfect way to invest someones money and make a fortune. Maybe it is wise for them but definitely not wise for you to trust them.
    In my case they refused to transfer money from Brazil asking the proof of brazilian income (salary) knowing that I am not able to provide it. Another company made a transfer in 1 day.

  • July 22, 2021 at 8:49 am

    Have used this service plenty of times in the past and will continue to do so in the future. Transfers are tracked and updated, which gives you a sense of security. Maybe it’s not the fastest at times but you have full visibility of your rates and commission.

  • September 15, 2021 at 10:08 am

    Simple to use website and app. Does exactly what they say. Except for the next day transfers – those are more of a hit and miss. Sometimes it’s super quick, sometimes it requires a few days.

    Word of advice, don’t send money close to the weekend because you will receive it on Monday or Tuesday.

  • September 20, 2021 at 11:41 pm

    Please stay away from this company as much as possible. I have been trading with them for 6 months and I lost about $75,000.00 with them. The account manager assigned to me was constantly manipulating me and advising me to make bad trade choices so I lose money only for me to find out that my losses were beneficial to my account manager and the company. I still didn’t mind then until they finally closed my account and restricted me from withdrawals after I made a very huge deposit. It was really devasting and heartless losing all my fortune to this company during this trading period. I couldn’t bear the loss so I had to search for a way to get my money back at least I found this recovering expert {editorially omitted} who assisted me in sorting my ordeals with this broker. I expose this broker as much as I can so I can help other victims or intending victims out there.

    • September 22, 2021 at 10:43 am

      That sounds unlikely. Account managers advising on trades? currency exchanges for pure speculation? Please provide more details or this comment will be removed.

  • September 28, 2021 at 8:41 pm

    I was a “customer” at the “bank” for over two years. In addition to my private account, there were also 3 business accounts and 2 club accounts. 

    These were no longer accessible from one moment to the next. The customer service is stupid and silent. Besides the hassle of chasing your property, it is remarkable that Wise manages to remove the boundaries between individuals and legal entities. You have a corporate account for your limited liability company? No matter, if you are not wanted as a customer, the money is gone for at least the next 60 days and you have to see how you can get it back. 

    After more than 2 years the account cancellation did not bother me, but the ignorance of Wise to assign legal entities to me and to cancel the account from one minute to the next. This shows that Wise is still far from being taken seriously as a new bank. 

    My conclusion: Give Wise a wide berth or push max. very low amounts. 

  • October 20, 2021 at 9:46 am

    Simple to use and very fast. You have everything you need in their phone app. 4-5 clicks and the money is sent. Simple as that.

  • November 3, 2021 at 10:26 am

    A brilliant company to work with. It’s super easy to use and a great value for money exchange. I have used Wise for several years. A very happy customer right here.

  • November 9, 2021 at 9:05 am

    Used to be good as Transferwise, but business customer service now awful. We had over £100k that Wise wouldn’t release because we’d missed an email asking for our website address. The payment requests just kept getting declined with no explanation. No communication about this until an aggressive email threatened to shut the account within 2 days. We then had to go through numerous hoops to reply for the email account they expected for ‘security’. There’s nothing secure about the ‘from’ field in an email!

    • November 11, 2021 at 12:32 pm

      Thank you for your feedback. That’s why our preference towards large accounts is using a brokerage that assign you with a dedicated currency dealer and is readily available for you 24-7. Going through hoops is just easier this way.

  • February 1, 2022 at 9:27 am

    Your transfers, debit card, and currency exchanges can all be done in one place at an extremely low cost. It is the most valuable service of all, as it has eliminated any need for costumer interaction and phone calls.

    The only disadvantage I know of is that they don’t deal with certain currencies at all. Every time you suggest a new one, they are simply lying to you saying that they are adding support for the currency you have suggested. I have suggested one, over and over, for some time, to no avail.

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  • July 7, 2022 at 8:46 am

    Customer payed me bigger money and it stuck for a month. You cant get help or get returning money.Horror. Simply avoid this ponzi

  • August 26, 2022 at 2:26 am

    Wise is not a secure means of sending money as their website claims, so you should never send more money with them than you are willing to lose. 
    The problem is that Wise can only prove that they have sent the money, and not that the money has been deposited in the recipient’s account. This is problematic because if you are paying upfront for goods or services, the recipient of the transfer can just state that they never received the money and there is nothing Wise can do to prove otherwise. 
    Further, even if the money genuinely didn’t arrive, Wise will not reimburse you because you can’t prove that the money didn’t arrive. Good luck with trying to get wise to do anything about it. If you google “consumeraffairs/finance/transferwise” you will see what a nightmare their customer service department is.

  • September 26, 2022 at 7:51 am

    Exchange prices are better, yet there are some others like Revolut that are better and cheaper. The fees for adding money from a debit card are high, along with the fees that come with exchanging currency.


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