Is TransferWise Really The Best Option For Sending Money Internationally?
TransferWise was founded back in 2011 in London and has since grown rapidly throughout the world. They now have over 1,300 employees through 11 offices around the globe.
TransferWise now has over 4 million customers and transacts over $4 billion per month.
The offer products to suit individuals, businesses and eCommerce, and now offer Receiving Accounts and the TransferWise Debit Mastercard.
They pride themselves on offering a near market exchange rate, and a low transparent fee structure. Claiming to do so by utilizing the peer-to-peer model, which tries to match FX transfers around the world with other people with an opposite trade. This means that they can potentially minimize having to physically transfer funds, and can basically do an accounting ledger movement instead – it’s confusing, and too much to go into for the sake of this article…. So let’s continue…
TransferWise Pros and Cons
Fees & Rates
TransferWise will usually charge a small base fee plus a percentage of amount fee. Fees that TransferWise charge change depending on the currency being transacted. For Example, if you send AUD$1,000 to GBP they will charge a $1 fee plus, 0.5%. Hence the fee will be AUD$5.97.
On the other hand, $1,000 using a wire transfer with TransferWise USD to INR would be a $5.34 wire transfer fee, plus a $6.15 fee from TransferWise, So the total fees would be USD$11.49 for a $1,000 US Dollar to Indian Rupee transfer.
You can see what fee you’ll be charged here.
TransferWise is one of the few FX brokers who give you close to or at the interbank rate. Instead, they disclose a transparent fee on each transfer.
Safety & Reputation
TransferWise has been operating consistently since 2011. They are regulated by the major regulating bodies such as ASIC, FinCEN and the FCA.
WorldFirst scores a 9.2/10 with Trustpilot.
Countries & Currencies
TransferWise support sending funds to over 50 countries. Some countries will have restrictions on how you send money or the amount. See the full list of supported countries here.
TransferWise can transact in most of the World’s major currencies. However there are some restrictions on on where they can send or receive certain currencies. You can see the full list of supported currencies here.
TransferWise Borderless Account Explained
Not long ago TransferWise released their Borderless account. Similar to the WorldFirst World Account, it gives you access to local receiving account in 5 different currencies:
TransferWise also allows you to hold and manage your money from your borderless account to prepare for FX movements or future transactions. You can hold and manage the following currencies:
- Argentine Peso
- Australian Dollar
- Bangladeshi Taka
- British Pound
- Bulgarian Lev
- Canadian Dollar
- Chilean Peso
- Chinese Yuan
- Croatian Kuna
- Czech Koruna
- Danish Krone
- Egyptian Pound
- Georgian Lari
- Hong Kong Dollar
- Hungarian Forint
- Indian Rupee
- Indonesian Rupiah
- Israeli Shekel
- Japanese Yen
- Kenyan Shilling
- Mexican Peso
- Moroccan Dirham
- Nepalese Rupee
- New Zealand Dollar
- Nigerian Naira
- Norwegian Krone
- Pakistani Rupee
- Peruvian Sol
- Philippine Peso
- Polish Zloty
- Romanian Leu
- Russian Ruble
- Singapore Dollar
- South African Rand
- Sri Lankan Rupee
- Swedish Krona
- Swiss Franc
- Thai Baht
- Turkish Lira
- Ukrainian Hryvnia
- United Arab Emirates Dirham
- US Dollar
- Vietnamese Dong
The TransferWise App is great for managing these currencies while on the move.
TransferWise Debit Mastercard
The TransferWise Debit Mastercard is available to Borderless Account holders in certain countries. You can see the list of countries here. They are apparently pretty close to offering it to the US and other countries soon.
So what does the Debit Mastercard mean for you? Well… it basically means that you have a personal bank card which can hold over 40 currencies! This means that you can use it to buy things online or in other countries without getting slugged with massive fees!
It’s free to pay with currencies in your account, and you get £200 of free ATM withdrawals per month!
How To Sign Up For A TransferWise Account Account
Follow the link to head to the TransferWise sign up page. Here you’ll have the option to enter your email address and choose a password or use your Facebook or Google accounts.
Type in the details of the transaction that you’d like to make.
input your or your recipient’s banking details.
Review your details. And you’re done!