TransferWise Review


Established: 2011.

International Clients: ✓ Widely Accepted

Currencies Offered: 38

Minimum Transfer: £1 (UK) / $1 (USA, Canada, Australia)

Trading via: Online Platform, Mobile Application, Chat, Email.

Offices In: UK, USA, Australia, Estonia, Ukraine, Hungary, Japan.

Regulation: ✓ Financial Conduct Authority (UK).

Fees: No fees from the UK. Variable fees elsewhere.

Aggregated Client Reviews: 32,000+ reviews, mainly on TrustPilot’s platform, with

Average Rating: 95%.

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

Pros and Cons


  • Highest Level of Transparency  – Clear Pricing
  • Large Trading Volumes
  • Very Safe and Credible
  • Client On-Boarding Online
  • Best Online Platform and App for 2017
  • Innovative and Exciting
  • High Client Satisfaction
  • Applicable for All Transfer Sizes
  • New! Transferwise Debit Card – Multi-Currency


  • No Dedicated Dealer Guidance
  • No Discounts For High Volumes
  • No FX Options Offered
  • Does Not Handle Checks

Our Rating: 86.8% 

View Rating Breakdown

Transferwise Editorial Review Summary: “Transferwise is the hottest startup in international payments bar none, and in just a few years, it has managed to become one of the most popular choices for expats and immigrants. It has one of the best online systems, transparent rate system, and small, fixed, margins on all transfers regardless of amount. Transferwise is indeed a Transfer Wise company for those who use it”.

Read More – Full Transferwise Review:

Is Transferwise Reliable? Is Transferwise Trustworthy?

Company overview:  

Transferwise is one of the hottest startups in the world right now, and it is considered a market leader in the Fintech sector, with a valuation of more than a billion dollars. It has grown at a staggering pace of more than 100% in sales each year for the past 4 years, and has recently reported that it is moving more than $500m every month for its clients. There are currently more than 700 employees working for Transferwise in 7 locations around the world.

Transferwise has definitely come a long way since its inception in 2010 (and launch in 2011).

It was established by two Estonian Fintech innovators, Taavet Hinrikus, (Skype’s first employee) and Kristo Käärmann, both of whom were working in the UK, and experiencing the high costs of bank-powered international money transfers. Quite early on in their journey to lower the costs of cross border remittances, they received a massive shot of encouragement in the form of two mega-investors who believed in the idea, and jumped on the Transferwise wagon. These two investors were PayPal’s co-founder, Peter Thiel, as well as Virgin’s founder Richard Branson.

Here is a complete overview of Transferwise’s investment rounds:

Series Amount Invested Investors
Pre-Seed $68,400 SeedCamp (VC)
Seed $1,300,000 Index Ventures (VC), IA Ventures (VC), The Accelerator Group (VC), Kima Ventures (BV), Seedcamp (VC), Max Levchin
Series A $6,000,000 SV Angel (VC), Valar Ventures (VC), Peter Thiel
Series B $25,000,000 Valar Ventures (VC), Peter Thiel, Richard Branson, Index Ventures (VC), IA Ventures (VC),
Series C $58,000,000 Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp (VC), Valar Ventures (VC)
Series D $26,000,000 Anderson Horowitz (VC), Valar Ventures (VC), Baillie Gifford (PLC Company)
Total to date $116,368,400 Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp (VC), Valar Ventures (VC), Peter Thiel, Richard Branson, The Accelerator Group (VC), Kima Ventures (BV), Seedcamp (VC), Max Levchin

Information from

October 2017 update: Transferwise raised another $280,000,000 making it one of the most funded startups ever with a total of $440,000,000.


The Transferwise Peer-to-Peer mechanism (How Does Transferwise Work?)

The concept behind Tranferwise is as follows – the platform tries to automatically match transfers from both ends of one currency pairing (for example: one client is buying Euros for Sterling, and another one is buying Sterling for his Euros). This approach enables the company to significantly drop remittances prices in many different corridors, and generally speaking, makes it one of the cheapest and most transparent payment providers in the world.

The entire process is performed below the surface, so transfers are executed instantaneously, and the margin is always fixed – whether Transferwise managed to match the trade using the peer-to-peer money transfer system, or whether it had to exchange the money itself. The user is completely unaware of what’s going on behind the scenes, and he honestly doesn’t mind as long as he is getting superior better rates than he would with other providers.

There are other companies using Peer-to-Peer technology, most notably Currencyfair. You cab view the following Transferwise VS Currencyfair comparison to learn more about the difference between these companies.

Transferwise’s advertising campaigns:

The company is advertising heavily on billboards (including in the London underground), as well as on television and online. It is constantly covered by financial and technology journalists around the world, and managed to get into the mainstream quicker than any other company in this industry.

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

Update: Transferwise has suffered additional obstacles 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 in such a rapid pace. As a Branson-backed company, it appreciates any form of attention – positive or negative, and it works out perfectly.

Regulated By: 

Financial Conduct Authority (UK)


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


Transferwise is probably the sexiest name in the whole money transfer industry. Established by notable entrepreneurs who became aware of a significant problem and sought to fix it, the company is taking an entirely different approach from the entire remittances industry.

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

Is Transferwise safe?

There is absolutely nothing to be concerned about when you use Transferwise to move money abroad. It has a sound financial structure, a solid business model, and it is the absolute epitome of client transparency. The company has moved more than $5bn this year alone, and serves thousands of clients from around the globe with an extremely high level of satisfaction. Transferwise is not a scam, although some people tend to think it is because of the ultra-friendly rates, while in fact, it is one of the most credible companies in this industry.

Credibility Rating

Do Clients Like Transferwise? Transferwise Reviews From Across The Web


There are 30,000+ Transferwise reviews (more than any other company in the foreign currency payments industry) available on TrustPilot, netting the company a 9.5 / 10 rating.

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

A small amount of the reviews seem to be placed by marketers who are promoting the service (trying to push their discount codes), but the amount is rather insignificant. Seemingly, Transferwise’s superb advertising campaigns have paid off and gained it such serious recognition.


Clients love the Transferwise concept. Why wouldn’t they? Here are the features users liked most:

  • Works “as expected” – no glitches
  • Easier to on-board with than other companies
  • Better rates than other companies and banks
  • Accurate and timely
  • Responsive and kind support
  • Polite and non-pushy approach

We have located fewer than 100 Transferwise compalints on the Internet, including one negative experience by one of our readers who responded below. These are some of the complaints dealt with:

  • Excessive requirements for documents in order to sign up
  • Some Debit and Credit Cards were not approved for use
  • Delayed transfers
  • Rude customer service
  • Some currencies are not available in the system


Clients are almost unanimously satisfied with every aspect of Transferwise’s service. Some students, expats, and immigrants have even said that this company has made a substantial change in their lives. 

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

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

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

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

The part dealing with unsupported currencies is somewhat justified, as Transferwise doesn’t support as many currencies as some of its competitors like Currencies Direct, but we can’t downgrade Transferwise’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 complain about this have simply failed to read the information that is readily available.

Overall, client feedback is incredibly positive.

User Rating

Read Enough?


Discover More Companies 

Transferwise’s Exchange Rates, Fees, and Markups


Fees: There are no fees with TransferWise from the UK now (previously, there was a £2 fee under £200, but that has now been rescinded). In addition, certain destinations require an additional £10 fee.

Exchange Rates: 

Here is the complete fee structure:

Destination  Transferwise Fee 2017
Australia 0.7% Of Amount Transferred
UAE 1.5% Of Amount Transferred (Min. 11 AED)
Brasil 2% Of Amount Transferred
Canada 0.5% Of Amount Transferred+ CA$10
Switzerland 0.5% Of Amount Transferred
China 1.5% Of Amount Transferred
Columbia 2.5% Of Amount Transferred
Czech Republic 0.7% Of Amount Transferred
Georgia 1% Of Amount Transferred
Denmark 0.5% Of Amount Transferred
Eurozone 0.5% Of Amount Transferred
Japan 1.5% Of Amount Transferred (Min. JPY 1,000)
India 0.7% Of Amount Transferred
New Zealand 0.7% Of Amount Transferred
Russia 1.5% of Amount Transferred (Min. RUB 200)
South Africa 0.7% Of Amount Transferred (+ ZAR 293)
Turkey 1% Of Amount Transferred
USA 0.5% of Amount Transferred Above $500

Compare Transferwise and Paypal Fees

As Transferwise is a completely “online” platform that enables people to send money abroad, it is often compared to Paypal, one the world’s largest online payment providers.

Here’s a simulation of the expected costs

USA 0.5% of Amount Transferred Above $500–

Destination  Real Exchange Rate Amount Received for £1,000 – Transferwise Amount Received £1,000 – Paypal
Australia 1 Pound is $AU1.73 AUD 1,707.33 AUD 1,650.30 AUD
UAE 1 Pound is 4.87 AED) 4,793.55 AED 4,647.56 AED
Canada 1 Pound is $CA1.71 CAD 1,682.04 CAD 1,630.82 CAD
Switzerland 1 Pound is CHF1.33 CHF 1,323.19 CHF 1,270.00 CHF
Eurozone 1 Pound is €1.14 EUR €1,135.16 EUR €1,089.53 EUR
Please note these are simulated prices and not the real rates and mistakes can occur in calculation or in our foreign currency exchange rate feed.

Exchange Rates Analysis

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

In some particular countries, Transferwise is cheaper (for example, the UK), while in Australia and NZ, it is great, but not as cheap as in other countries.

In some countries, like Russia or Columbia, it seems that Transferwise isn’t particularly competitive. These are currencies that are usually more expensive to transfer money to (“exotic”) but at 2.5% the offering is still sub-par.

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

The fact that Transferwise is transparent and straightforward is generally very positive, but it is the company’s disadvantage when it comes to high volume transfers. Due to the fact that other companies like Currencies Direct have flexible pricing models, if the transfer is over GBP 25,000 (or equivalent in another currency), it is likely that they could offer cheaper rates than Transferwise. However. it’s always recommended to use Transferwise as a benchmark before you approach other recommended companies and negotiate your price.

Also, newcomer Lebara Money Transfer has been beating Transferwise on the GBPEUR route for remittances – have a look at our review of Lebara Money Transfer.

Transferwise First Trade Free

Transferwise offers new clients the chance to conduct their first trade for free up to a certain cap (the purpose of this is to check how the system works rather than moving tens of thousands abroad without paying a dime).

Booking a Trade? Pay Attention Rate Limit

In order to secure the rate you see you’ll have to declare a rate limit. If you don’t the rate will be determined by the time the money arrives to Transferwise, and not when the transfer was initiated. That means that due to fluctuations you’ll possibly pay upwards of 1.5%, instead of the fixed 0.5% margin applied. Worse than that, payments could end up lower than the agreed sum, which will require a second transfer or cause a payment to be void.

Declaring a rate limit requires depositing additional 3% of the transfer amount via credit card. Then, you must set up the lowest possible rate at which you’d agree to transfer. The 3% deposit is sort of a cushion that allows Transferwise to end up sending the exact amount you requested; If a portion of it or all of it has not been consumed, then you will be refunded that amount on your card. If the limit is not hit within 5 days, money will be refunded. This is not recommended for urgent payments.


Limits: TransferWise has variable limits for each currency route.

Currency  Limitation
NZD NZD 85,000
AUD AUD 1,500,000
USD USD 1,500,000
EUR EUR 1,200,000
RON RON 5,300,000
JPY JPY 151,000,000
SEK SEK 1,000,000,000
CAD CAD 70,000


Transferwise is cheaper than almost any competitor when it comes to small or medium-sized transfers inside Europe. Its 0.5-0.6% margin with up to GBP 3 in fees represents an average saving of approximately 0.5%-1% against the average quote from other companies for small transfers.

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

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

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

Exchange Rates & Fees Rating

Global Reach & Service


  • Dedicated Dealer: No.
  • Offices: UK (Shoreditch, London), USA, Australia, Estonia, Ukraine, Japan, Hungary.
  • Ways to approach: Email, Chat or Telephone
  • Translations: Italian, French, Russian, German and Spanish.
  • Accepts clients: Listed Below.
  • Currencies Handled: 38.
  • Client reviews: Love the support team.


Transferwise has a great localised version of its website, and it’s truly refreshing to see the quality of their product, the FAQ’s they have, and of course the positive user experiences.
On the other hand, we are firm believers that large transactions should be executed with the help of a dedicated dealer who can provide assistance throughout the process.

Very few people would transfer tens of thousands, or hundreds or thousands, online, without speaking to a real person. In addition, a great amount of savings can be enjoyed when you have a currency expert recommending you on when to make the trade (especially with larger sums).

Transferwise operates with a different model in mind, and it absolutely rocks at what it does, but we cannot give them a perfect score without dedicated dealers.


  • Transferwise is now supporting the USD / MXN Corridor
  • Transferwise is now accepting Canadian clients
  • Transferwise has a new office in Australia (Sydney)

Clients accepted from:

Continent Countries
Europe Euro Zone, UK, Switzerland, Liechtenstein, Poland, Sweden, Norway, Denmark, Hungary, Czech Republic, Bulgaria, Ukraine, Georgia, Turkey, Northern Cyprus
America USA, Canada, Brazil, Colombia, Mexico
Australia and Oceania Australia, New Zealand
Asia Singapore, India, Hong Kong, Malaysia, Philippines, Pakistan, Thailand, UAE, Indonesia, Russia, South Korea, China, Sri Lanka, Bangladesh, Japan
Africa Morocco, South Africa
Global Reach Score

Additional Functionalities


  • None.

Spot contracts (instant currency exchange) only.

Transferwise Debit Card:

Transferwise has just launched its multi-currency debit card that enables you to take money abroad with you, loaded with a certain currency with Transferwise’s amazing exchange rates.

For Online Sellers and Freelancers:

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

Transferwise App:

Incredible, attractive app, which receives a 4.5 / 5 rating from over 4,000 users on Google Play. The app focuses on the actual functionality of sending money, and does so well, with very few bug reports.


The app is definitely ideal for immigrants and expats who are sending money constantly. However, using hedging tools such as forward contracts, and limit orders, is really problematic if you want to use Transferwise for a large transfer (or for your business).
There’s very little offered by Transferwise besides sending money using credit cards, or bank transfers.

Special Features Score




  1. Nathan

    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.

    Posted on July 16, 2015

      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 !

      Posted on May 10, 2018
  2. Concerned citizen

    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

    Posted on August 5, 2015
    • compare

      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?

      Posted on August 5, 2015
    • SimonM

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

      Posted on November 3, 2016
  3. John

    At the bottom of 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?

    Posted on August 11, 2015
    • compare

      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.

      Posted on August 11, 2015
  4. SERGE

    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)

    Posted on August 23, 2015
  5. SERGE

    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.

    Posted on September 17, 2015
  6. sergio

    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

    Posted on September 20, 2015
    • compare

      Dear Sergio stop spamming this website trying to sell your Vouchers for Transferwise.

      Posted on September 20, 2015
  7. Mrs K

    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.

    Posted on September 25, 2015
    • compare

      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.

      Posted on September 26, 2015
  8. Filipe

    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?

    Posted on November 3, 2015
    • compare

      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).

      Posted on November 3, 2015
  9. D

    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.

    Posted on November 6, 2015
    • compare

      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).

      Posted on November 6, 2015
      • olah

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

        Posted on September 10, 2016
        • compare

          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.

          Posted on September 10, 2016
        • SimonM

          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 . . .

          Posted on November 3, 2016
        • TransferWise

          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!

          Posted on November 22, 2016
  10. alexal

    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….

    Posted on November 19, 2015
    • compare

      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.

      Posted on November 19, 2015
  11. MARIA

    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.

    Posted on December 15, 2015
  12. MARIA

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

    Posted on December 15, 2015
  13. Mp

    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


    Posted on December 18, 2015
    • compare

      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.

      Posted on December 23, 2015
  14. Martin


    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.

    Posted on December 22, 2015
    • compare

      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).

      Posted on December 23, 2015
  15. Shannon

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

    Posted on December 26, 2015
    • compare

      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.

      Posted on December 26, 2015
  16. Peter

    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.

    Posted on January 19, 2016
    • compare

      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.

      Posted on January 19, 2016
      • Peter

        Thanks very much that sounds like a win win situation.

        Regards Peter

        Posted on January 19, 2016
        • compare

          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.

          Posted on January 20, 2016
  17. Craig

    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.


    Posted on February 1, 2016
    • compare

      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.

      Posted on February 2, 2016
  18. Entrepreneur


    “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”

    Posted on February 2, 2016
  19. Angila

    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

    Posted on February 14, 2016
    • compare

      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).

      Posted on February 14, 2016
    • SimonM

      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????

      Posted on November 3, 2016
      • compare

        Thanks for that SimonM, that’s true, but 4 days just sounds a bit harsh. She simply did not have the time to verify her identity.

        Posted on November 3, 2016
    • TransferWise

      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!

      Posted on November 24, 2016
  20. Scott

    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.

    Posted on February 25, 2016
    • compare

      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?

      Posted on February 25, 2016
      • Scott

        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.

        Posted on February 26, 2016
        • compare

          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.

          Posted on February 26, 2016
          • Scott Chace

            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.

            Posted on February 27, 2016
          • compare

            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.

            Posted on February 28, 2016
  21. P Mills


    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.


    Posted on April 26, 2016
    • compare

      Philip thank you for your feedback. I’ll ask Transferwise to send a representative to come here and respond.

      Posted on April 26, 2016
  22. Mohammed

    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 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.

    Posted on April 27, 2016
    • compare

      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?

      Posted on April 27, 2016
  23. kushal

    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.


    Posted on May 4, 2016
    • compare

      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!

      Posted on May 4, 2016
  24. Ankit Tanna

    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!

    Posted on May 7, 2016
    • compare

      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!

      Posted on May 7, 2016
  25. Hugo Pereira

    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?

    Posted on May 11, 2016
    • compare

      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!

      Posted on May 11, 2016
  26. Ahmed Sallam

    Thats good one

    Posted on June 25, 2016
  27. Max


    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.


    Posted on June 26, 2016
    • compare

      Thank you Max! Did you check the “Fix Rate” box upon transfer? This is the first time we hear something like this.

      Posted on June 27, 2016
  28. Concerned

    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.

    Posted on July 13, 2016
    • compare

      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.

      Posted on July 13, 2016
      • Concerned

        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!

        Posted on July 13, 2016
        • Very concerned

          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.

          Posted on December 28, 2016
          • Compare - MTC Admin

            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+.

            Posted on December 28, 2016
          • FXer

            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.

            Posted on February 10, 2017
          • Compare - MTC Admin

            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.

            Posted on February 14, 2017
  29. finanzfluss


    I like this comparison. Thanks a lot!

    Posted on July 18, 2016
    • compare

      You welcome! Thank you for the heartwarming compliment.

      Posted on July 18, 2016
  30. Paula


    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!

    Posted on July 29, 2016
    • compare

      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.

      Posted on August 1, 2016
      • Sam

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

        Posted on August 9, 2016
        • compare

          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.

          Posted on August 9, 2016
        • TransferWise

          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

          Posted on September 6, 2016
  31. Christopher Brick

    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.

    Posted on August 15, 2016
    • compare

      Thank you so much for your valuable feedback! We appreciate the time you took to write this comment. Cheers!

      Posted on August 15, 2016
  32. Unhappy

    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.

    Posted on August 17, 2016
    • compare

      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.

      Posted on August 17, 2016
    • TransferWise

      Thank you so much for taking the time