TransferWise Review: All You Need to Know

TransferWise was founded in 2010 by friends looking for a better – and cheaper – way to send money overseas. Fast forward to today, and TransferWise has grown to offer international payments all over the world, as well as a multi-currency account and business payment services. Millions of customers use TransferWise, moving over GBP4 billion a month.

If you want to send a payment abroad to friends or family, or need to send money for your business, you’ll find the best deal available by doing some research. This review of TransferWise is the perfect way to start.

How does TransferWise work: A Review

TransferWise allows customers to send money all over the world. By using a network of local accounts in many different countries, TransferWise can move money quickly and without all the same fees applied by regular banks.

TransferWise is a digital service. You can arrange payments online which are then protected with bank level security. Currency exchange is carried out using the mid-market exchange rate, with a transparent fee per transaction to pay.

You can also use TransferWise to open a multi-currency account. You’ll be able to hold dozens of currencies, manage your money online, and send and receive payments globally. Let’s take a more detailed look at how TransferWise works.

How to send money with TransferWise

TransferWise offers online payments around the world. You can also open a free multi-currency account to hold your balance in dozens of currencies, and send and receive international transfers. Here’s how.

Send money with TransferWise

  • Create an account, or log in online or using the TransferWise app if you already have one
  • Enter details of the payment you want to make. You can either set the amount you want to send, or the amount you want your recipient to receive
  • Confirm if you are making a personal or business transfer
  • Follow the links on screen to enter your own, and your recipient’s details. If you don’t have your recipient’s full bank details available, you can enter their email address instead (available for most of the currencies). They will receive an email asking for the relevant bank details to receive the payment
  • Choose the way you’d like to pay for your transfer, to see the fees and how long the process will take
  • Click to confirm the payment

Send money with a TransferWise multi-currency account balance

  • Open a multi-currency account for free online – or log in if you already have one
  • Select the balance you want to make a transfer from
  • Click Send, and enter how much you’d like to transfer
  • Confirm the recipient and their details 
  • Click to confirm the payment

TransferWise fees

The fee you’ll pay with TransferWise depends on the amount you’re sending, and how you want to pay. The available payment methods vary from country to country – you may pay using a wire transfer, credit or debit card for example. You can also choose to use an existing balance from your TransferWise multi-currency account to fund your transfer.

Here’s an example of the different fee options when sending GBP 1,000 to a US dollar account:

Method of funding your payment TransferWise fee Exchange rate
Low cost transfer from your GBP account in the UK £4.44 Mid market rate
Fast and easy transfer from a credit or debit card £7.42 Mid market rate
Advanced transfer from a GBP account outside of the UK £4.44 – third party fees may apply Mid market rate
From your TransferWise multi-currency account balance £4.81 Mid market rate

 

It’s worth noting that the advanced transfer option means your money will be moved using the SWIFT network. This may mean that there are charges deducted by your own bank, or other third parties. 

Read here to know more about SWIFT payments.

How to receive money with TransferWise

You won’t need to do anything to receive a TransferWise payment into your regular bank account. The money will be deposited into your account when it has been processed.

You can also receive money into a TransferWise multi-currency account. When you set up your account you will get your own local bank details for the US, UK, euro area, Australia, New Zealand and Poland. You can then give these bank details to anyone who wants to make a payment from these regions, to get your money fee free.  

Is TransferWise safe?

TransferWise is registered and regulated in all the countries it operates in. In the US, TransferWise follows FinCen rules, and uses bank-level security to keep your money safe. Like regular banks, TransferWise also monitors transactions for evidence of fraud, and checks or blocks suspicious transfers.

TransferWise exchange rate

If you send money overseas with TransferWise, the payment will be processed using the mid-market exchange rate. That’s the one you’ll find with a Google search.

This is different from many traditional banks and currency specialists, which add a markup to the mid-market rate to create their own retail rate for customers.

There are lots of different ways to send money overseas. The features and fees of different services can vary widely, so researching your options in advance is the best way to get a good deal. Take a look at traditional choices like your normal bank, as well as modern alternatives like TransferWise to find the one that best suits your needs.


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