CR's Review of TransferWise

Overall - 4.6 / 5

 

Build money without borders

 

TransferWise is made for people who live global lives. The company wants to give you the lowest rate possible every time you send or receive money internationally to 75+ countries. The company is helping people send $5 billion every month and is saving businesses $4 million in hidden fees every day. Unlike banks, TransferWise doesn’t charge an exchange rate mark up on its transfers. It targets the midmarket rate, which fluctuates minute-to-minute. 

 

 

Trustworthiness - 5 / 5                      

The company is delivering the promise of sending money overseas up to 8 times cheaper than the regular bank. Over 8 million people around the world are using TransferWise to send money with a low upfront fee and zero mark-up on the mid-market exchange rate. 

In the Apple App store, TransferWise has a rating count of 4.7 out of 5. In the Google Play store, it is rated 4.2 out of 5. Customers rate TransferWise for some of the best exchange rates you can find. Upfront fees tend to be the lowest, typically 1% of the transfer amount. For sending $10,000 or more, you may find a better deal elsewhere. 

 

 

Ease of use - 4.5 / 5

Both the app and web are easy to use providing a cost calculator to make transfers more personal and convenient. Once you set up the free multi-currency account, you can invest in 40 currencies. Feel free to hold them or convert between one currency to another at the real rate whenever you want. If you are an international traveler, you can also spend funds around the world with a TransferWise debit card. Customers can also send money to the UK, USA, Eurozone, and Australia with zero fees. 

 

 

Transfer time - 4 / 5

Bank transfers tend to take days, but same-day delivery is possible. A transfer using debit or credit card is the fastest as funds can arrive within minutes, while a transfer using a bank account can take approximately one to three business days, depending on the destination.

 

 

 

 

 

 

Transfer details - 4 / 5

The rates offered by TransferWise are very competitive and upfront fees tend to be among the lowest if you use a bank account. 

  1. TransferWise gives you fixed cost to many countries which is a combination of a flat amount around $1 and a percentage (approximately 1%) of the transfer amount.
  2. Credit card fees are higher.
  3. Using an ACH transfer from your bank account or a debit card tends to be cheaper.
  4. If you pay with a wire transfer to TransferWise, your bank will probably charge you a fee. Not always the best deal for larger size transfers.

Payment options include bank account (ACH or wire transfer), debit card, credit card, and Apple Pay. There are also some cash pickup locations to make it easier for recipients who do not have a bank account. There are no minimum limits. Maximum limit is $15,000 for the first transfer using ACH and $20,000 after that. You can also send up to $1 million when funded with a bank wire transfer.

 

Customer support - 4.5 / 5

The highly rated mobile app and website provide helpful information for making transfers convenient. Customer support is by phone only from 8 am to 8 pm on all days including weekends.

 

 

 

 

 

 

 

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