TransferWise Review
Since its launch in London in 2011, TransferWise has focused on making international money transfers cheaper and more transparent. By charging extremely low fees compared with high street banks and other online payment providers and using the real exchange rate when converting currencies, TransferWise has quickly become a top choice for both personal and business international bank transfers.
With over 4 million customers worldwide, TransferWise moves around $4 billion each month in over 50 different currencies. While it lacks some traditional bank features, it has launched various accounts to service both business and personal finance.
TransferWise licenses and security
Is TransferWise safe? Financial institutions must match strict regulatory requirements to be licensed. As an Authorised Electronic Money Institution, TransferWise is regulated by the FCA and HMRC in the UK, where it is based, and other jurisdictions it operates. TransferWise reviews were done by Forbes, Nerdwallet, the Telegraph, and Sitepoint, among many others. It was also reviewed by more than 78,000 customers on TrustPilot, with an average rating of 4.6 out of 5. These all mean that it matches a high standard of safety as a financial company.
Using a two-step login process and other verification procedures, Transferwise follows international security standards and is trusted by millions to send large amounts of money around the globe.
TransferWise accounts
TransferWise bank account isn’t the correct expression. As written above in this TransferWise review, technically, it is the Electronic Money Institution. It holds clients money in the best international banks.
There is a range of different accounts offered by TransferWise. All are free to set up, with no monthly subscription payments, and come with a free TransferWise card. It takes minutes to apply for a TransferWise account online.
TransferWise Borderless account
Ideal for regular travelers, digital nomads, and those spending time abroad, the Transferwise Borderless account allows you to hold over 50 different currencies in your account and convert them using the real exchange rate.
Plus, you can add money in 18 different currencies and receive money in six different currencies (AUD, EUR, GBP, NZD, PLN, USD).
It comes with a TransferWise debit card that is accepted wherever the Mastercard logo is displayed. It also perfectly works for withdrawing cash from ATMs with a great exchange rate.
TransferWise Freelancer account
Designed to help freelancers deal with international invoicing and multiple currencies, the free Transferwise Freelancer account comes with specialized financial management software Xero to make the money side work with different clients less complicated. There’s also a free debit TransferWise Mastercard with this account.
You can invoice using local bank details in different countries and receive payments for free. Using the Freelancer account for payments is purportedly 19 times cheaper than using PayPal.
TransferWise E-commerce account
Quick to capitalize on the explosion of new online business, TransferWise launched the E-commerce account, making it simpler and cheaper to pay clients worldwide and receive free payments via Amazon and Stripe.
You can get bank account details for various countries without needing a local address, and sign up takes minutes. The TransferWise account comes with integrated invoicing software and a free debit MasterCard designed to make managing the finances for your e-commerce enterprise easier.
TransferWise Enterprise account
The Enterprise account is a payouts platform that can handle quick and cheap payouts to every part of your business, from customers, employees, and freelancers to suppliers and investors, wherever they’re based in the world.
It comes with a handy batch payment tool, enabling you to send multiple payments as one international transfer. You can also automate payments for your business using the Transferwise open API.
TransferWise coverage and speed
You can currently send money to 56 different countries using TransferWise. Only personal payments may be made for a few countries, not business payments, so it may be worth double-checking before signup if you’re planning to make international business transactions.
You can expect your TransferWise payments from the UK and Europe to arrive in the majority of cases within 24 hours, which is a massive improvement on the 3-7 day wait usually demanded by high street banks. A quarter of all transfers made from the UK and Europe are actually completed within seconds.
TransferWise fees
Known as the ‘Robin Hood’ of international payment providers, TransferWise has lower the cost of sending money worldwide and has achieved this.
Sending money from your Transferwise bank account is the cheapest method, and currently incurs a fee of around 0.4% of the amount you’re sending. To use your TransferWise debit card to send money is slightly more pricey, but not much, at about 0.7% of the amount you send.
A small fee is charged for converting currencies you don’t hold in your account, set at a low 0.33%-3.56%.
There’s also no margin added to the exchange rate, so you get a cheaper rate than offered by traditional banks and money exchanges. Plus, the same rates and fees apply to all customers.
With Transferwise, all fees are presented upfront and explained clearly, so there are no unexpected charges or markups that are unfortunately common to users of other online payment providers.
TranserWise customer support
Despite lacking physical branches like traditional banks, Transferwise offers good customer support via a range of methods.
There is live chat, email and phone support, and a reasonably comprehensive FAQ and help pages on the Transferwise website.
TransferWise FAQ
What is TransferWise?
TransferWise is an online money transfer service founded in 2011 by Kristo Käärmann and Taavet Hinrikus and headquartered in London. The company provides multi-currency accounts and supports more than 750 currency routes.
Who owns TransferWise?
TransferWise is owned by a group of investors and managed by its founders Kristo Käärmann and Taavet Hinrikus. Among TransferWise investors are IA Ventures, Index Ventures, IJNR Ventures, NYPPE, Andreessen Horowitz, Old Mutual Global Investors, IVP, Sapphire Ventures, Japanese Mitsui & Co, as well as notable individual investors such as Max Levchin, David Yu, Errol Damelin, Richard Branson.
How does TransferWise work?
TransferWise work as an Electronic Money Institution licensed in the UK and other jurisdictions it operates. For its operations, TransferWise partners with the best and biggest banks worldwide.
How to use TransferWise?
TransferWise account or TransferWise business account can be opened 100% online. It is accessible via the website or mobile application. Together with the account, clients can order a TransferWise debit card.
How does TransferWise debit card work?
TransferWise debit card works like any other MasterCard debit card. It is accepted online or at any store offline where is MasterCard accepted.
How long does TransferWise take?
Due to its advanced technologies, average TransferWise money transfer takes much less time than usual bank transfer. Transfers between TransferWise accounts are instant, and transfers to other bank accounts often take hours.