TransferWise

Rating
(2 reviews)

TransferWise Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Good
  • Transfer speed: Good
  • Safety and reliability: Good
  • Customer satisfaction: Very Good

Advantages

  • Variety of available exchange pairs and currencies
  • Faster transaction times than with regular bank wire
  • Easy to use, well-designed and convenient App
  • Legal and regulated

Disadvantages

  • Frequent delays
  • Account problems, deactivations, lack of communication with frozen funds
  • High fees with larger payments

1 users would recommend it

1 users wouldn’t recommend it

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What is Transferwise?

They provide money transfer services, which allows you to exchange and send money all over the world.

Transferwise Borderless Account

The user gets a full experience of a banking account with a special Mastercard debit card.

The main features include low fees and money transfers significantly cheaper compared to the regular and mainstream bank costs. Moreover, there is also a possibility to store and exchange more than 40 currencies, which can be a great solution for small international businesses. The user can cheaply manage and swap his funds between banks in different countries.

“I use it to transfer sales from US stocks to a US bank account, and then I use TransferWise to transfer it to my UK bank account.” - One of Reddit's users writes in his TransferWise Borderless Account review.

Transferwise Transaction Time

In theory, many of the money transactions should be fully processed in a matter of minutes, while the rest should be delivered within 24 hours. However, users report that the platform often experience delays. Some of the payments go through regular SWIFT network, which generates additional fees and takes up to 3 working days. The overall transaction time to transfer the money depends on the currency pairs, hours of bank operation all of the world, and other local procedures.

How Does Transferwise Work?

After you have registered, you can use the service to send and exchange money in more than 40 currencies to countries all over the world. There are multiple ways to deposit the funds on the account. You can also add money from your regular bank account.

Transferwise Fees and Costs

The fee system charges a certain percentage of your transfer amount plus additional pre-set fee based on the currency exchange pair. The larger your transaction is, the more expensive it will be.

Sending and exchanging 100USD to EUR would cost only $1.71 in all fees. $0.20 is for processing your bank wire, and $1.51 is the Transferwise operational fee. 1000USD transfer will cost $20 to cover bank fees and $7.54 for the platform.

It’s important to remember that different payment methods cost different amounts. The cheapest option is to pay via a regular bank wire or with your debit card. The most expensive is credit card payment, which can increase the fees to $32.88 for a $1000 transfer.

It seems that the transfers using GBP currency are the cheapest, as it costs 3.95GBP to send 1000GBP and exchange it, for example, to EUR.

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Transferwise Exchange Rate

One of the core rules of the company is to provide official exchange rates so that it matches the ones you can find on Google, XE, or Yahoo. The user can pay for his money transfer with a debit or credit card.

To make sure that you know how much the transfer will cost, they provide an easy to use and neatly designed calculator. Just type how much money you are planning to send, and you will immediately see transparently all of the fees.

For example, currently, if you'd wanted to send abroad 1000GBP, you need to pay a 3.95GBP fee, and the remaining amount will be sent with the latest official exchange rates. You can choose from most of the known fiat currencies from Kenyan Shillings to Polish Zlotys and Indian Rupees, just to name a few. GBP, USD, EUR, AUD, and CAD are all available. The company supports more than 750 currency routes.

Transferwise Limits

There is a limit of a maximum $1 million per transaction. Local banks and regulations have also impact on the potential limits, as you may not be able to send particular amounts to certain countries. So check your local laws before making any transactions. For example, the limits for sending money out of the US will vary a little depending on how you pay for your transfer and which state you’re based in.

Transferwise compared to wire transfer and banks

The total costs of sending, withdrawing, and spending the money win against all of the mainstream banks and financial institutions. After brief calculations, a potential customer might save up to eight times more compared to the offers from top banks, when it comes to some remittance destinations.

How to use Transferwise?

To use the service, you need to create an account.

How to sign up?

You can create a new account on their website or connect through your Google or Facebook accounts.

The process is rather simple. However, it includes a verification which may prolong the registration time. As part of the authentication process, TransferWise will send you a text with a security code and an email.

Transferwise Verification

As with any other legal financial service, you need to provide your information and upload images of your ID for the identity verification. You need to scan it, or you can simply take photos with your smartphone and upload it to their site. Sometimes, you have to take a photo of you holding the documents so that they know it’s really you. The process is very similar to a regular bank registration, but in that case, it all happens online.

The verification can take 2 to 3 days. However, in many cases, it is ready within few minutes.

Is Transferwise safe and reliable?

There are no proofs that Transferwise scams their users, so the service should be considered legit. Some customers reported that the platform suspended their accounts suddenly. On the other hand, the majority of users are enjoying their experience.

Security

The company cooperates closely with the financial authorities of many countries and makes sure it meets all of the legal demands. It is authorized as an Electronic Money Institution (EMI) by the UK Financial Conduct Authority. In the USA, it is licensed as a money transmitter and is registered with the Financial Crimes Enforcement Network (FinCEN).

To prevent potential frauds or money laundering, like any large bank or financial institution, they need to verify their users and clients. They store the funds in multiple accounts, while 2-step login and verification procedures secure the user private information. Moreover, the mobile app includes also biometric checks. There haven't been any notable security breaches or server problems yet.

Public Reception

The project has been named as one of "East London's 20 hottest tech startups" by The Guardian. It was recognized by many as one of the "most promising financial start-ups." And the overall approach towards the project by many users and investors is rather positive.

One of the PayPal co-founders, former Betfair CEO and Wonga.com co-founder, invested in the platform.

Few years ago, leading slogan that "you save up to 90% against banks" was considered misleading by the Advertising Standards Authority. However, the company still on average provided their services almost 80% cheaper than regular banks in some cases.

Comments

After researching people's comments, reviews and opinions, one can say that the service is legit and rather reliable as many had successfully sent money. However, there are numbers of cases with money transfer delays or accounts problems.

You can read our users comments and reviews here and you can leave your own thoughts to help others find the best financial services and avoid potential scams!

"Use it all the time, it's not a scam and have been very impressed with the speed in which money is sent. Just set up an account and all the options on how to send are there. You can use your card or bank transfer." ~SnowWomble on Reddit

"It’s the only thing I always used since I moved from Spain. Super easy to use and fast... On top of that, the cheapest ones out there in terms of fees. They always apply the current exchange when transferring the money." ~sercosan on Reddit

There are also some Transferwise negative reviews and problems:

"I had a borderless account with TransferWise and they deactivate my account for some reasons and from last one month I'm waiting to know the reasons and still waiting for my refund. I've already contact to customer service so many times but they just say they can't help me with this and I have to email them." ~Pitanjal on ConsumerAffairs

"I have been using Transfer Wise for a little more than a year now. I was initially very satisfied - transfers were often faster than promised, and fees were low. [...] But recently fees have increased significantly, which has reduced TransferWise's advantage over services." ~ Jill on ConsumerAffairs

Customer Support

Apart from regular customer support, there is a well-developed Help section. In most cases, you can find answers for most of the frequent and essential questions. For example: “How to set up an account?”, "What countries can I send to?" or "When will my money arrive?" There is also a section with articles and tutorials that help to get started with the service.

One can also contact the team directly. You can call the Transferwise phone number. However, many people find it hard to reach them that way. Therefore, the preferable method to contact Transferwise is through email or chat

The support team seems to be very responsive. They are present on various reviewing platforms and social media. The team responds to any issues, feedback, and comments that people are making. You can find them on Facebook, Twitter, or Instagram.

Final Thoughts

Transferwise Review

The overall design of the site and mobile apps is very neat and seems easy to use. The final costs are, in most cases, still cheaper than with regular mainstream banks. Many users are satisfied with the services. However, there are also some negative feedback and reports of frozen and lost funds. The project is very well funded and is still gaining interest among many investors and supporters.

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Our users comments

This app is really confusing and frustrating, I made 2 transactions through TW last week and the recipient haven't received any payment until now and after the recipient bank tracked the money it truly tells no money coming TW. It happened early this week when I decided to use transferwise again because I needed to wire money to a sister abroad in order to pay for her bills with the some of $20 and it was pretty good because she got her payment in some minutes and im happy but it happened again when I transferred through TW yesterday morning for business and the moment I transferred the big amount they deactivated my account after my money has been debited and yet no money is sitting on the recipient account from there I realised it only small amount it worked on this app but the moment you sent big money it will be nowhere to be found. Please I can't let $1400 go and I will appreciate it if this can be resolve

~ Kaposy

I used this service and it works good.

~ Adam

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