TransferWise is an international money transfer service provider that facilitates and supports the transfer of money to 71 countries. The main focus of TransferWise is on making money transfers via banks more affordable than traditional banks. This money transfer company covers more than 1000 routes across 49 currencies.
TransferWise was founded in 2011. It has 5 million customers worldwide and processes USD 5 billion worth of money orders every month. Funding in the company stands at USD 689 million, making it one of the most valuable fintech startups in Europe.
Services offered by TransferWise
TransferWise offers one option for most currencies that it supports: online money transfer from one country to another. For some currencies, debit and credit cards can be used for payment. The mode of payment influences the cost of sending money. If you are using a credit card to send money, CompareRemit has everything you need to know about sending money with a credit card.
There is also a SOFORT transfer option. Apple Pay and Android Pay are also available through TransferWise’s iOS and Android apps. The recipients normally get the money within one to two business days.
- TransferWise Borderless Account offers a modern banking alternative. It is like having local accounts all over the world. A multi-currency account, TransferWise Borderless Account lets you keep money in 40 + currencies and convert them at the real exchange rate whenever required. There is no subscription fee and it's free to sign up. Personal account number and bank details for GBP, Euro, AUD, NZD, and USD are available. Money can be sent from your balances to a bank account at any point in time. A fixed fee is charged for this facility and a conversion fee when you remit to a different currency.
- TransferWise Borderless Accounts for Business is a great solution for E-Commerce businesses and online sellers to make and receive frequent International payments. Features are similar to that of TransferWise Borderless Account.
- TransferWise Debit Card Europe based personal customers can apply for a TransferWise debit MasterCard linked to the TransferWise Borderless Account. It is is a smart contactless card that lets you spend anywhere in the world at the real exchange rate. If you pay with the currency you hold in your account it's free. In case you want to convert your money to a different currency, it can be done with a low conversion fee and zero transaction fee. Thanks to the smart, built-in auto conversion technology, it automatically converts the balance with the lowest fee. It can also be used to make ATM withdrawals in the chosen currency. These withdrawals are free up to GBP 200 a month.
- TransferWise USA - Debit Card Transferwise launched a debit card in the US in June 2019. This card works in multiple currencies at once. The TransferWise debit card enables US-based customers to send money overseas as if they were locals. This is the first fintech startup in the cross-border industry to offer multi-currency banking to its customers. TransferWise charges 0.45% to 3% to convert currencies and 0.2% to add money to an account via direct debit. The rates are significantly less expensive than the existing options in the market.
- The TransferWise App The TransferWise mobile app is for IOS and Android devices and tracks and transfers money for the user. Transferring money through this app is easy, fast and secure. It has great reviews on both Apple and Google Play stores.
What are the different ways of transferring money through TransferWise?
You can use your online account to directly connect to TransferWise. This method is the most convenient and comes at no extra fees. Through a direct debit, you can send up to USD 10000. For more than USD 10000, you would require a local wire transfer. Here, your bank will wire the money from your account to TransferWise. CompareRemit has more ways to remit a large amounts of money
Methods of Transferring Money through TransferWise
Making transfers through Transferwise is easy. Simply follow the steps below:
- Visit the Transferwise website
- Type in the details of both the sender and recipient
- Enter the amount you need to transfer
- Select your payment method
- Click on send
Voila! Your money is on its way. The speed of transfer depends on a few factors, make sure you review speed of transfer before sending your money globally.
The Benefits of Using TransferWise
- Inexpensive: It is cheaper than the traditional ways of sending money.
- Transparent transfer fees: No hidden fees from both the sender and receiver’s end. The sender bears the fees and the money is sent directly to the recipient’s bank
- Competitive exchange rates: Offers one of the highest exchange rates
- Convenience: Online transfers allows you to use their services anytime from anywhere.
TransferWise Limits & Fees
Low and transparent transfer fees make it a very popular money transfer provider. They convert money at the true mid-market exchange rate. This means that there are zero markups on the exchange rate. Banks usually charge an above-market rate wherein the margin is part of the fee. TransferWise is one of the few companies offering the true mid-market rate. Follow us on Twitter for daily updates on exchange rates @CompareRemit.
The fees for sending money overseas vary depending on how much money you are sending and where you are sending it to. The fee consists of:-
- A percent of the transfer amount
- A small fixed fee
The fees are transparent and visible when you are calculating or making a transfer. Transfer limits vary with the currency. More details on limits, fees and offers here.
Rewards & Loyalty Programs
Every friend you invite to TransferWise will get a discount on their first transfer. They offer various reward programs for spreading their word. Details are assigned on an automated basis.
TransferWise Customer Service
With over 70,000 reviews, TransferWise not only provides speedy transfers, but it is also the top choice for international money transfers because of the great customer service they provide.
For more information on how TransferWise will suit your next money transfer, check out CompareRemit’s review page