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.