TransferWise is an international money transfer company with a purpose to serve individuals and businesses with quick, low-priced and direct money transfer services. This review will determine the quality of service that the company provides, their pros and cons. We also focus on other significant factors that you need to know about this company.
In This Guide...
Company Information
Corresponding to other banks and other online money transfer services, TransferWise remains to impose no margin in its exchange rates. The company holds 53 currencies cater transferring to 59 countries.
Exchange Rates and Fees
TransferWise is a brand that is transparent to the fees and rate it offeers. They have a transfer widget that tells how much you’ll be billed to initiate the transfer.
Transfer Fees
The transfers is classified to three different aspects such as:
- Fast transfers charge the highest fees. You pay for your transfer using a debit or credit card.
- Easy transfers sit at the middle in transfer fees. Here you pay for your transfer from the bank with online payment.
- Low-cost transfers charge the lowest fees and allow you to pay through your bank account.
Generally, TransferWise offer lower fees than what you can get from high street banks. Save for a few remittance corridors where they charge a flat fee, Besides, the company normally charges a percentage of the funds that you will send. Hence, your currency pair will distinguish how much you’ll be billed.
For instance, when sending from Euro to GBP, you will pay 0.5% of the amount being transferred and a flat fee of 2 euros.
Exchange Rates
TransferWise uses the mid-market rate or interbank rate with no margin added. To make their exchange rate feature even more attractive, they offer you a guaranteed rate of up to 48 hours. You can lock in an exchange rate and transfer within that window to help you manage currency exchange rate fluctuations.
Banks charge about 3-7% while Paypal charges 6-8% in exchange rate margins. When you compare and average the costs other international money transfer services charge, you’ll come up with a figure of between 0.5%-1.8%
Additional Fees
Apart from debit and credit card fees with often range from 0.15%-2% and SWIFT charges by receiving banks, there are no added fees. When using local accounts to pay for your transfers and receive funds, you won’t be charged any fees. On the same routes, banks can charge anything between $25 and $50 in total transfer charges.
If you’re just getting started with international money transfers, we’ve prepared a simple guide to help you find the cheapest ways to send money abroad.
Pros and Cons
Pros
- Most currecy destination only has 0.5% FX Margin
- Accepts clients from Brazil
- Same FX Margin for Transfers of All Sizes
- Clear and Professional Offering
- Client Satifaction is high
- Trustworthy and Safe – Largest Money Transfer Company Today
- Smooth Online System for Client Onboarding
- Top 10 Best Online Website and App for 2020
- Innovative and Exciting
- TransferWise Debit Card – Multi-Currency
- Send and Receive Money only with Mobile Number which is only available in Australia
Cons
- No Dedicated Dealer Guidance
- No Discounts For High Volumes
- Does Not Handle Cheques
- No FX Options Offered
- There are Cheaper Options for Large Transfers
Available Payment Methods
The payment method to use varies with the currency you are sending to or from. That being said, the following are the main ways you can pay for your transfer.
- Credit card
- Bank transfer
- Debit card
- ACH direct debit
Apple Pay or Google Pay are available as payment methods in select countries.
Reasons To Use TransferWise
TransferWise offers great services for both private and business customers. The following are some of the common TransferWise use cases.
Personal Transfers
- Repatriating income and earnings to your home country
- Buying property abroad
- Sending Money Home
Business Transfers
- Paying Overseas Staff
- Paying vendor invoices
- Buying inventory
- Receiving payments from customers abroad
Sending and Receiving Money With TransferWise
- Register to create an account through their website. You can use your Facebook or Google account.
- Account Verification: The verification is direct and simple. TransferWise will send you a security code and clickable email link. Once you click the link and enter the security code, your account is verified and ready to transact.
- Setting Up the Transfer : When you enter the amount you want to transfer, choose the currency pair and mode of payment, you’ll see the total cost and estimated time of transfer arrival. You’ll also see a guaranteed rate you can lock in for the next 24 or 48 hours.
- Bank Details-Enter the bank details of the recipient
- Identity Verification- You’ll be required to upload images of your government-issued ID to verify your identity. It is usually an instantaneous process though there is a provision of up to 3 days.
- Make Payment and Track progress -When you confirm the transfer details for accuracy, you’ll be asked to choose how to pay for your transfer. Once that is complete, you can send the money and begin tracking your transfer.
Clients Feedback
Looking at the social media platforms and the 76,213 reviews on Trustpilot, customers have been heaping praises on the company in several areas such as:
- Best Exchange Rates -The fast that TransferWise charges $0 margin on exchange rates has made it attractive to most customers.
- Easy to Use- TransferWise has a friendly interface both on the website and on the mobile application. Customers find it interactive.
- Transparency- Every cost you may possibly incur is displayed upfront on the transfer widget for you to see and make an informed decision.
Money Transfer Providers To Check
You can check more of the money transfer companies HERE.
TorFX
TorFX allows you to register as in individual or business. It offers no fees for personal transfers and can provide scheduled transfers, stop-loss orders, forward contracts and limit orders. They are great to travel money solutions offered in the UK. They do not have cash pickups and multilingual website.
TransferWise
They serve individuals, businesses and online sellers. You can take advantage of their Borderless Account to hold funds in up to 27 currencies. The cost of a transfer depends on the currencies concerned, the transfer amount, and the payment mode.
CurrencyFair
You can register as an individual or a business. They allow scheduled transfers and offers a low transfer amount of €8. The transfer fee includes €3 plus 0.35% of the transfer amount
WorldRemit
WorldRemit allows you to transfer money to the cash pickup location or bank accounts. Their website is available in several languages with a low minimum transfer amounting to £1.
Frontierpay
The company provides scheduled transfers, market orders, and forward contracts. Their personal transfers are free of charge with the minimum amount you can transfer is at £500.
XE
XE is one of the big brands in terms of money transfers. They do not impose charges on personal transfers and hedge funds using limit orders.
