Transferwise Review

Learn whether Transferwise is a good option for making international money and currency transfers.

 

Valued at over 1.5 billion dollars, TransferWise is the fastest growing global money transfer company. With a host of high-profile owners including Richard Branson, they recently landed in Australia, building from their European head office.

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What this article covers

We’re most interested in how safe Transferwise is, how they work and when you should use them. In this article, we’ll explore:

 

 Pros and Cons

 Is Transferwise a good option to transfer money overseas?

 Transferwise fees and charges

 

Related Link: Click here to visit Transferwise Logo

 


 

Pros

  • Offers a very clear and simple fee structure

  • Less risk - with certainty on what exchange rate you will receive

  • Online convenience

  • Ability to pay funds using various payment options (including payment via credit cards and debit cards in many cases)

  • It's new feature Transferwise Borderless Account

     

 Cons

 

 

  • Cannot pay via cash or cheque

  • Because TransferWise is still a fairly new addition to the foreign exchange market, there are currently a number of global currencies they do not currently support. That may change in the future.

 

 

 

 

 

Is Transferwise a good option to tranfer money overseas?

If you want to avoid paying high fees and you want to get the best exchange rate, then yes, Transferwise is a fantastic way to transfer money overseas.

 

The Currency Shop says:

  • Transferwise is cheap, reliable and their service is fairly quick.

  • Their exchange rates are unbeatable - this is because they offer the mid market exchange rate (which is the rate you see on google or xe.com).

  • Use our comparison table to compare foreign exchange rates, fees and services of other providers.

  • You can read our step by step guide on how to transfer money with Transferwise, here

 

Related Link: Click here to visit the Transferwise website 

 

 

 
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Transferwise fees and charges

 

Transferwise charge in 2 ways - a transfer fee plus an exchange rate margin

1. Transfer Fee   2. Exchange Rate Margin 

TransferWise charge a $2 minimum fee; otherwise, the fee is 0.7% of the amount converted up to $10,000 and 0.5% for amounts over $10,000 (with the 0.7% still applying to the first $10,000). For more information click here

TransferWise are famous for using the exact same rate that you see on Google. This is called the mid-market rate and is the rate that currency is bought and sold around the world. TransferWise is the only provider on the market to use the real rate.

 


Visit Transferwise to Learn More

 

Go to Transferwise

 


 

 

Frequently asked questions (FAQs)

TransferWise sends over one and a half billion dollars a month for over a million customers worldwide. In Australia, TransferWise is regulated by ASIC and their Australian Financial Service Licence is 456295.

TransferWise has an office on Martin Place in Sydney and is registered as TransferWise Limited in the United Kingdom. TransferWise is not publicly traded but its investors include Virgin Group’s Richard Branson and leading investment firm Andreessen Horowitz.

To transfer any money overseas using TransferWise, simply visit their website and create an account. Your account is completely free and set up is easy. You can also read this step by step guide that goes through how to sign up and use Transferwise.

In order to send your money overseas, you simply send your money to TransferWise’s local bank account. From there, they send the funds to your recipient from their local account in the country you want to send money. You can send funds in a number of different ways such as a bank transfer, POLI transfer, or using a debit or credit card. 

TransferWise charge a $2 minimum fee; otherwise, the fee is 0.7% of the amount converted up to $10,000 and 0.5% for amounts over $10,000 (with the 0.7% still applying to the first $10,000). For more information click here.

TransferWise currently accepts credit card payments for sending money from GBP, EUR, AUD, NZD, CHF, PLN, NOK, SEK and DKK.

The maximum amount for credit card payments to TransferWise from each available currency are listed here: 2000 GBP, 2500 EUR, 3500 AUD, 4000 NZD, 3500 CHF, 10,000 PLN, 20,000 NOK, 20,000 SEK and 20,000 DKK.

Be aware that, although it seems convenient, paying your funds to TransferWise using a credit card does carry an additional handling fee of 0.3% for GBP, DKK, NOK and SEK, 0.4% for EUR, 0.5% for PLN, as well as 2% for both AUD and NZD.

Check with your bank about any additional fees for using credit card payments as a cash withdrawal.

TransferWise do accept credit card payments via Visa and MasterCard.

Be aware that the name on your credit card must be identical to the name on your TransferWise account. If the name does not match, the transfer will be delayed and may even be cancelled.

United Kingdom (GBP), Euro (EUR). United States (USD), Australia (AUD), Brazil (BRL) , Bulgaria (BGN), Canada (CAD), Croatia (HRK), Czechia (CZK), Denmark (DKK), Hong Kong (HKD), Hungary (HUF), Japan (JPY), New Zealand (NZD), Norway (NOK), Poland (PLN), Romania (RON), Singapore (SGD), Sweden (SEK), Switzerland (CHF), Bangladesh (BDT), Chile (CLP), China (CNY), Colombia (COP), Georgia (GEL), Indonesia (IDR), India (INR), Israel (ILS), Malaysia (MYR), Mexico (MXN), Morocco (MAD), Pakistan (PKR), Peru (PEN), Philippines (PHP), Russia (RUB), South Africa (ZAR), South Korea (KRW), Sri Lanka (LKR), Thailand (THB), Turkey (TRY), United Arab Emirates (AED), Ukraine (UAH), Vietnam (VND)

 

 

Related Link: Click here to visit the Transferwise website


 

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