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TransferWise Money Transfers Summary

Feature Explained
Number of currencies 40+ View all
Time to complete money transfer 1-3 days
Fund account with Bank account transfer, PayPal
Minimum and maximum money transfer

£40
£1000000

Personal Money Transfers Yes View comparison
Business Money Transfers Yes View comparison
Small Money Transfers (below £1,000) Yes View comparison
Travel Money No View providers
Transfer money online Yes Sign up for a FREE account
Transfer money using app Yes Read about apps
Transfer money on telephone Yes
24/7 Support No
Currency provider information Popular worldwide for small transactions
Regulated by: FCA
Risk management tools No View Providers

Potential alternatives to TransferWise

We rate TransferWise number 1 for Small Money Transfers however there are some reasons for considering other money transfer companys:

moneycorp offers travel money and multicurrency accounts with prepaid travel money cards. Large money transfers exchange rates are also more competitive than TransferWise. Also offers currency market risk control tools

Currencies Direct are better suited and more competitive for large money transfers where you can save more money compared with TransferWise. Also offers currency market risk control tools

Fair FX offers travel money cards and also larger currency transfers where TransferWise exchange rates will not be as competitive.

TransferWise TransferWise Explained:

TransferWise is very clear upfront about the TransferWise fees that they charge. TransferWise also use mid-market exchange rates, independently provided by Reuters without any mark-up. This makes their money transfers very cheap when you are transferring small amounts. Compared with other money transfer companies TransferWise exchange rates will likely be more competitive if you are transferring below £10,000. Many customers also transfer more than £10,000 but you may get better exchange rates from moneycorp, CurrencyFair, XE or other money transfer company if you are transferring a large amount such as buying a property abroad.

Transfer fees fee 0.35% of amount that's converter + £0.80 (see below for example of the TransferWise Borderless Account. The fixed fee can also vary depending on the currency being transferred).

Example of TransferWise Fee fees for popular exchange rates

AUD EUR 0.45%
AUD GBP 0.5%
AUD USD 0.45%
CHF EUR 0.35%
EUR GBP 0.3%
EUR INR 0.45%
EUR USD 0.35%
EUR AUD 0.35%
GBP AUD 0.45%
GBP EUR 0.35%
GBP INR 0.55%
GBP USD 0.4%
USD EUR 0.6%
USD INR 0.65%

TransferWise charges upto 2% to convert some currencies (please check for your specific exchange rate).

Time for TransferWise Money Transfers

90% of TransferWise money transfers from the UK to Europe are completed within 1 business day.

£2 billion every month globally is transferred using TransferWise

TransferWise Regulation

TransferWise is independently regulated by the Financial Conduct Authority (FCA) in the United Kingdom.

TransferWise Borderless account

Firstly, it is FREE to open a TransferWise Borderless Account

Send money and receive money worldwide with zero fees from over 30 countries around the world.

You can hold over 40 currencies in a TransferWise borderless account.

Transferwise Fee examples

With the TransferWise Borderless account here are some examples of TransferWise fees (the fees will be displayed in your TransferWise account too):

from GBP to EUR 0.35%
from GBP to INR 0.55%
from EUR to GBP 0.3%
from EUR to USD 0.35%
from USD to GBP 0.6%
from USD to EUR 0.6%
from AUD to GBP 0.5%
from AUD to USD 0.45%

With the TransferWise Borderless Account you will get:

- Australian account number and BSB code
- British account number and sort code
- European IBAN
- US account number and routing number

These are you personal TransferWise details to receive money from the UK, the US, Australia and any country in the Eurozone and no-one pays any fees.

Get low conversion fees and zero transaction fees and it is free to pay with currencies in your account.

When you transfer money you will pay a fee as a percentage of the amount being transferred (typically between 0.35% and 2%). You can automatically convert money at the real exchange rate.

TransferWise debit Mastercard

The TransferWise debit card can be used anywhere in the world that accepts Mastercard.

Business Money Transfers with TransferWise

Cross-border payments are becoming very cheap and for small amounts TransferWise is often the best option but with fees to pay as a percentage of the amount being transferred you are likely to find a better deal for larger amounts (over £10,000). You may like to to see our money transfer comparison page.