What does Transferwise do?
Transferwise offers low-cost international money transfers for small to medium international payments. Transferwise conversions and transfers are done online by its peer-to-peer online platform. However, Transferwise only offers international payments and does not offer features such as currency forward contracts of currency options.
How much does Transferwise cost?
Transferwise offers fixed price mark-ups on international money transfers. TransferWise transparently displays its fee upfront and deducts it before conversion. TransferWise then uses the mid-market rate, independently provided by Reuters without any markup. The exchange rate is guaranteed as long as TransferWise receives your money within 24 hours.
Is Transferwise a good money transfer provider?
Good Money Guide rates Transferwise as a five-star money transfer provider as they are one of the few providers that display discounted and transparent rates with a clear fee explanation. Whilst Transferwise does not provide personalised service for high net worth individuals for market timing and currency hedging they are a very good choice for small, regular international money transers.
What do clients think of Transferwise?
The below data is taken from the average weighted scores of over 500 currency transfer clients who completed our Good Money Guide Awards survey in which currency brokers asked their clients to rank their services against peers.
Transferwise Customer Reviews:
Submit your review
Appalling! No matter if you are a long time customer, their verification methods are a joke! They've been holding a transfer for over 3 days after taking my money, because they can't read the passport in the selfie they request as verification. If your doc is small or laminated, you don't stand a chance to be verified. My mortgage payment is at risk of default because Transferwise is holding my money, which is an illegal practice. I requested cancellation of the transfer and they said it is going to take 2 days to get it back. Which makes it a week without being able to access my own money. DO NOT USE TRANSFERWISE. Their customer service is appalling, treating long time customers as potential criminals, after they've been profiting from my money for years. STAY AWAY FROM THEM!!!
Great app, great rates, super fast.
Best exchange rates in the market, updated in near real time, with a stable and intuitive digital platform. The free international Bank accounts are handy, also. Would never consider using anything else for exchanging currency, this is the best value there is.
Online Platform: 5/5
Customer Service: 5/5
Fees & Pricing: 5/5
Simple and easy to use for any FX.
Online Platform 5/5
Customer Service 5/5
Fees & Pricing 5/5