Transferwise Review

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User Rating 5 (1 vote)

Who is Transferwise?

Growing at an astonishing pace, Transferwise is taking on the world’s financial institutions in style.

Turning an industry on its head, with an innovative approach to global transactions, the brand is wooing customers with its low charges and speedy money transfers. The brainchild of two Estonians, Taavet Hinrikus and Kristo Käärmann, Transferwise has attracted the investment from two household names. Richard Branson (Virgin founder) and Peter Thiel (Paypal founder) have backed the brand with some big bucks, helping Transferwise grow exponentially. 2 million customers and 700 employees later, and the brand is sending around $500m around the world every month.

Transferwise hit the headlines in December 2017, when the brand was named as Britain’s fastest-growing privately owned company.

Is Transferwise reliable?

Trusting a new start up can be tricky – especially when you’re handing over your money. But with big name investors backing Transferwise, you’re already going to feel in safe hands. Knowing it is regulated and authorised by the Financial Conduct Authority in the UK adds another level of safety for wary consumers.

It may have only been trading for 6 years, but in that time Transferwise has grown large enough to take on established players in the market place. And largely, they’ve done that by being a trusted and reliable service.

How much does Transferwise charge?

Prices at Transferwise will vary depending on a number of factors, including the amount you’re sending, how you’re paying, and the exchange rate/currency. One thing to note is that there are no set fees, Transferwise currently takes a percentage of the amount you’re sending. As an example, if you wanted to send £100 to the US, Transferwise take 0.4% plus £0.80. That totals a fee of £1.20. Each currency is different. Sounds complicated? Thankfully there’s a handy conversion and fee tool on the website, which shows you all the fees, currency conversion amounts, and what the recipient will receive.

How easy is Transferwise to use?

The online fees and pricing tool makes everything transparent at Transferwise. This means you can concentrate on making the transaction instead of tackling complicated sums. Transferwise also uses the mid-market rate for any given currency. Independently provided by Reuters, it uses this without any markup – so you’ll know exactly how much you’re paying in fees. With the ability to transfer money to 45 countries online, or via the Transferwise app, your transfer can be completed quickly, efficiently, and on the move.

How do you send money with Transferwise?

how transferwise works

What do the Transferwise reviews say?

They may be one of the newest currency brokers on the block, but Transferwise is certainly making a name for itself. One standout area is the brand’s customer service. Even with a huge number of Trustpilot reviews, 40,950 and counting, it’s achieved a solid 5 out of 5 star performance. Those kind of stats will make you sit up and take notice. Common themes in the reviews show that, from a customer point of view, the service is quick, simple and reliable. Better still, when the odd negative review does crop up, Transferwise’s customer service team is quick to respond and offer further assistance for any frustrated customers.

On TrustPilot, Transferwise has an impressive average score of 5/5, with customer quotes including:

‘I’m very impressed by this service. I’ve been looking for something like this service for a long time and Transferwise have finally gone and built it.’

‘I transferred money to India to my mother. And it’s quite easy and faster to transfer money across cross countries than I anticipated. I would definitely recommend anyone use it.’

‘I’ve been using Transferwise regularly for a couple of years. I have never had any problems with them. Currency has been converted at a MUCH better rate than the banks, and transactions have been completed efficiently.’

Has Transferwise won any awards?

It may be one of the newest players in the money moving game, but Transferwise is already picking up awards across the board. From tech awards to industry benchmark nods, the brand is certainly making waves in the finance industry. The most recent addition to the trophy shelf was the award from Finder.com. The UK comparison site named them the overall winner in their Money Transfer Awards 2017.

Anything else to know about Transferwise?

As well as an efficient app and online service, Transferwise’s standout offering is the Borderless account. As the brand points out, old-fashioned bank accounts only work in one country and one currency – Transferwise’s account has 4 sets of international bank details where you can hold money in up to 28 currencies, and, of course, send money internationally. Available to businesses and freelancers, it’s a timely innovation for today’s increasingly global market.

Transferwise knows its customer base. This is made even more evident on the Partnerwise page. It offers customers the chance to be a Transferwise affiliate. Essentially, promote the service and earn commission. With the ever-increasing number of people blogging, earning money from social media and other online portals, this is an ideal way for the brand, and its customers to flourish together.

Michael Foote

Quote Goat's founder and money-saving enthusiast.

Transferwise Review

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