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TransferWise – Customer Feedback

Categories: Partner Reviews

logotransferwiseTransferWise is a private, peer-to-peer online money transfer company, which launched in 2011. Headquartered in London, the firm offers money transfer services to and from 17 countries, with the ability to send money to an additional nine countries.

Exchange Rates

TransferWise makes reasonable efforts to match transactions at exchange rates aligned to the mid-market rate at the global currency markets. TransferWise relies on aggregated third party information sources (including exchange rates under licence from XE.COM INC (“XE”, http://ww.xe.com), and we do not guarantee that the rates match any particular benchmark source at any given time. TransferWise is not liable in any way if the target currency after the exchange is less than anticipated as a result of changes in the global currency markets.

Unless the exchange rate is locked-in pursuant to the section below, TransferWise converts your transaction amount (or any proportion thereof) by matching it with a number of different counterparties. Every such match is conducted at the mid-market rate at the time of the relevant match. The final effective rate (the “Effective Rate”) for your transaction is then a weighted average of the rates across all applied matches.

TransferWise does not take any margin or spread on the exchange rate, hence there are no buy and sell rates. The rate that you get is exactly the same rate as your counterparty.

We may specify the exchange rate applicable to your transaction at the time you initiate your payment. This exchange rate will be locked-in (the “Locked-In Exchange Rate”) for a period which we show you in the payment flow and that period may vary for different currencies (the “Specified Period”).

We will convert the transaction amount at the Locked-In Exchange Rate provided that the transaction amount reaches our relevant bank account within the Specified Period. Unless you cancel your transaction through our website before the transaction amount is converted, we will convert your transaction amount using the Locked-In Exchange Rate even if the mid-market rate at the time of the conversion would be better or worse for you than the Locked-In Exchange rate.

In the event that the transaction amount reaches our bank account after the Specified Period, then the Locked-In Exchange Rate will no longer apply. We will instead apply the Effective Rate in order to convert the transaction amount in accordance with the provisions set out above.

In order to protect you from negative volatility in the global foreign exchange markets, TransferWise automatically applies a 3% rate limit (the “Automatic Rate Limit”) to all transactions in any currency other than the currencies where we lock the rate according to the section above.

This means that in the event that the conversion rate moves negatively against you beyond the Automatic Rate Limit, then TransferWise will temporarily stop any further conversions until market conditions improve.

We will notify you should the situation not improve for more than 24 hours. You may manually adjust this rate limit to below 3% (eg. 2%, 1% or 0.5% etc) by logging into your TransferWise account. TransferWise will always pass on any improvements in exchange rates. Any rate limits will only apply to limit negative rate movements.

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Fees

Fee: To From Minimum fee Threshold Notes
AUD 0.5% 0.5% A$1.5 A$300  
AED 1.5%* 11 AED* 749 AED *The minimum fee is 11 AED calculated at the mid market rate into the currency you’re sending from when sending to AED
BGN 0.7% 0.7% 2.80 BGN 400 BGN  
BRL 2%* 10 BRL* 500 BRL* *The minimum fee is 10 BRL. Both the threshold and the minimum fee are calculated at the mid market rate into the currency you’re sending from
CAD 0.5% 0.5%+* C$10 C$300/C$370* Sending from Canada is via SWIFT and carries an additional charge of C$10 as well as extra banking charges. For payments from CAD the threshold is C$300, for payments to CAD the threshold is the equivalent of C$370
CHF 0.5% 0.5% 1.5 CHF 300 CHF  
CZK 0.7% 0.7% 42 CZK 6 000 CZK  
DKK 0.5% 0.5% 10 Kr 2 000 Kr  
EUR 0.5% 0.5% €1 €200  
GBP 0.5% 0.5% £1 £200  
GEL 0.5% 0.5% 2 GEL 500 GEL  
HKD 0.5%  
HUF 0.7% 0.7% 420 HUF 60 000 HUF  
INR 0.7%* *Except for payments from USD to INR, where the fee is 1.5% for amounts below $5000, and 1% for amounts above.
JPY 0.5%+* 0.5%+* 1 000 JPY 30,000 JPY *Sending to and from Japan is via SWIFT and carries a higher fee from our side of 1000 JPY as well as extra banking charges.
MAD 1.5% 30 MAD 2 000 MAD  
MYR 0.7%  
NGN 1% 580 NGN* *The minimum fee when sending to NGN is 2 GBP, which is approx 580 NGN, and is calculated at the mid market rate into the currency you’re sending from
NOK 0.5% 0.5% 10 Kr 2 000 Kr  
NZD 0.7%  
PHP 1%* 145 PHP* *The minimum fee is 145 PHP calculated at the mid market rate into the currency you’re sending from
PKR 0.5%  
PLN 0.5% 0.5% 5 PLN 1 000 PLN  
RON 1%* 1%* 10 RON* 1 000 RON *The minimum fee is 10RON calculated at the mid market rate into the currency you’re sending from when sending to RON. When sending from RON, it’s simply 10RON
SEK 0.5% 0.5% 10 Kr 2 000 Kr  
SGD 0.5%  
THB 1.5%* 100 THB* 6,500 THB *The minimum fee is 100 THB calculated at the mid market rate into the currency you’re sending from when sending to THB.
TRY 1%* –  6 TRY 600 TRY *The minimum fee is 6 TRY calculated at the mid market rate into the currency you’re sending from when sending to TRY.
UAH 3% 45 UAH 1500 UAH *The minimum fee is 45 UAH calculated at the mid market rate into the currency you’re sending from when sending to UAH.
USD 0.5% * * * *Fees for transfers from USD are calculated slightly different. See below

Pricing for transfers from USD

TransferWise Pricing for All USD Deposit Methods:

Transfers from USD have a slightly different pricing structure, compared to regular TransferWise payments. Note:The below fees do not include charges that your bank (or intermediate banks in the case of SWIFT payments) may levy.

For USD transfers to 0.5% and 0.7% currencies (except INR see below) (e.g. GBP, EUR, CHF, NZD, CZK etc.), the pricing is as follows.

For transfers up to $300, our fee is a flat $3.
For transfers up to $5000, our fee is 1% of the amount sent (so up to $50).
And on any amount over the initial $5000, our fee is 0.7%.

So, for a $6000 transfer, our fee would be 1% for the first $5000. Then for the additional $1000, the fee would be 0.7%. This means our entire take would be 57USD (50 + 7).

For USD transfers to INR For payments from USD to INR the fee is 1.5% for amounts up to $5,000, then 1% for any additional amount over $5,000. The minimum fee is $4.50.

For USD transfers to 1% currencies (RON, TRY, etc.), the fee is 1% for transfers over $3. The minimum fee is $3.

For USD transfers to SWIFT currencies (e.g. JPY), there’s a slightly larger minimum fee to take into account SWIFT transfer costs. It’s as follows:

The minimum fee is $3 + 1000JPY in USD at the current mid-market rate when setting up the transfer.

Then it’s as before- for transfers up to $5000, our fee is 1% of the amount sent (so up to $50). Over that and our fee is 0.7%.

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Average Rating out of 5

1 Review for “TransferWise – Customer Feedback”

  1. BER Team says:

    Quick, easy and straightforward . Great for sending smaller amounts quickly

    5

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