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TransferWise Reviewed

TransferWise have been making waves in the global money transfer market since they came on the scene back in 2011.


TransferWise – Reviewed by Best Exchange Rates

They are the latest venture from some ex Skype engineers and have expanded from the London HQ to an increasing number of overseas locations including Australia and the USA.

Their publicity is famous for both bank-bashing and showing scantily clad devotees to represent their stated desire for transparency when it comes to fees and exchange rates…well that’s the excuse anyhow!
TransferWise 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 {
Customer Service 4
Ease of Use ;

Transferwise Foreign Transfer Rates & Fees - Compared

The below live Foreign Transfer comparison table shows how much you could save on your next foreign transfer by using a broker such as Transferwise rather than your bank. Note the margins are compared to the current mid-rate. You can change the currencies and send or receive amount with our full Foreign Transfer calculator.

 

Compare AUD to USD Foreign Transfers vs TransferWise TransferWise logo

ProvidersAmount USDExchange RateFee AUDTotal CostTransfer SpeedTransfer ServicesReviewsDeal Links
OFX logoOFX
$7156.00 USD0.71560^0.86%1-2 daysOnline, Bank Account to Bank Account
 
TorFX  logoTorFX
$7160.00 USD0.71600.8%1-2 daysOnline, Bank Account to Bank Account
 
TransferWise logoTransferWise
Your amount above the TransferWise AUD5000 maximum1 dayOnline, Bank Account to Bank Account
 
BankSA logoBankSA
$6951.06 USD0.696520.013.7%2-3 daysOnline, Branch, Bank Account to Bank Account
Bank of Melbourne logoBank of Melbourne
$6950.37 USD0.6965213.71%2-3 daysOnline, Branch, Bank Account to Bank Account
Bank of Queensland logoBank of Queensland
$6944.11 USD0.6965303.79%2-3 daysOnline, Branch, Bank Account to Bank Account
 
ANZ Bank logoANZ Bank
$6911.54 USD0.6924184.25%2-3 daysOnline, Branch, Bank Account to Bank Account
 
NAB logoNAB
$6894.80 USD0.691224.48%2-3 daysOnline, Branch, Bank Account to Bank Account
 
Banks - Average Rate
NAB logo Westpac logo ANZ Bank logo CommBank logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo
$6877.21 USD0.6891154.72%2-3 daysOnline, Branch, Bank Account to Bank Account
CommBank logoCommBank
$6829.90 USD0.68346 5.38%2-3 daysOnline, Branch, Bank Account to Bank Account
 
St George Bank logoSt George Bank
$6813.35 USD0.6827205.61%2-3 daysOnline, Branch, Bank Account to Bank Account
 
Westpac logoWestpac
$6722.53 USD0.6736206.86%2-3 daysOnline, Branch, Bank Account to Bank Account
 
 
OFX: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:0^ - No fees for BestExchangeRates users (normally $15 for transfers over $10K)
Exchange Rate:0.7156 (0.86% from mid-rate)
USD amount:$7156.00 USD
Total Cost:0.86%
Time:
Rate Fetched: Mon Dec 10 2018 08:00:05 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Online, Bank Account to Bank Account
Rating:
 
: 4.8/5.0
Reviews:
TorFX : Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:0
Exchange Rate:0.7160 (0.8% from mid-rate)
USD amount:$7160.00 USD
Total Cost:0.8%
Difference:
$USD4 USD more than using OFX
Time:8:45 Local
Transfer Speed:1-2 days
Services:Online, Bank Account to Bank Account
Rating:
 
: 4.7/5.0
Reviews:
TransferWise: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:
Transfer Speed:1 day
Services:Online, Bank Account to Bank Account
Rating:
 
: 4.6/5.0
Reviews:
BankSA: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20.01
Exchange Rate:0.6965 (3.51% from mid-rate)
USD amount:$6951.06 USD
Total Cost:3.7%
Difference:
$USD205 USD less than using OFX
Time:
Rate Fetched: website - 8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
Bank of Melbourne: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:21
Exchange Rate:0.6965 (3.51% from mid-rate)
USD amount:$6950.37 USD
Total Cost:3.71%
Difference:
$USD206 USD less than using OFX
Time:
Rate Fetched: website - 8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
Bank of Queensland: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:30
Exchange Rate:0.6965 (3.51% from mid-rate)
USD amount:$6944.11 USD
Total Cost:3.79%
Difference:
$USD212 USD less than using OFX
Time:
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
 
: 3/5.0
Reviews:
ANZ Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:18
Exchange Rate:0.6924 (4.07% from mid-rate)
USD amount:$6911.54 USD
Total Cost:4.25%
Difference:
$USD244 USD less than using OFX
Time:
Rate Fetched: website - Mon Dec 10 2018 08:03:05 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
 
: 3/5.0
Reviews:
 
NAB: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:22
Exchange Rate:0.6910 (4.27% from mid-rate)
USD amount:$6894.80 USD
Total Cost:4.48%
Difference:
$USD261 USD less than using OFX
Time:
Rate Fetched: website - Mon Dec 10 2018 08:05:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
 
: 2.1/5.0
Reviews:
 

Banks - Average Rate
NAB logo Westpac logo ANZ Bank logo CommBank logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo

Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:15
Exchange Rate:0.7095 (1.7% from mid-rate)
USD amount:$6877.21 USD
Total Cost:4.72%
Difference:
$USD279 USD less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
CommBank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:6
Exchange Rate:0.6834 (5.32% from mid-rate)
USD amount:$6829.90 USD
Total Cost:5.38%
Difference:
$USD326 USD less than using OFX
Time:
Rate Fetched: website - Mon Dec 10 2018 08:02:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
 
: 1.2/5.0
Reviews:
St George Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6827 (5.42% from mid-rate)
USD amount:$6813.35 USD
Total Cost:5.61%
Difference:
$USD343 USD less than using OFX
Time:
Rate Fetched: website - 8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
 
: 1/5.0
Reviews:
Westpac: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6736 (6.68% from mid-rate)
USD amount:$6722.53 USD
Total Cost:6.86%
Difference:
$USD433 USD less than using OFX
Time:
Rate Fetched: website - Mon Dec 10 2018 08:04:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
 
: 2/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers Get Quotes
Total Cost = provider fees + exchange rate margin vs AUD/USD mid-rate: 0.7218
Rates @ 12/10/2018
 

Exchange Rates

TransferWise makes reasonable efforts to match transactions at exchange rates aligned to the mid-market rate at the global currency markets.

Unless the exchange rate is locked-in pursuant to the section below, TransferWise converts your transaction amount by matching it with a number of different counterparties.

TransferWise Smart Global Transfers

Visit TransferWise and Save

Transferwise changes Eurozone fee structure

In late June 2018, Transferwise introduced a new fee structure for Eurozone foreign transfers (from EUR) … and as always with Transferwise its complicated so we will break it down for you! More expensive for Card payments In most European countries your bank takes 0.20% from your payment as debit card interchange. Add scheme fees […]

2 Jul, 2018 by BER Team

Transferwise changes UK fee structure

In October 2017, Transferwise introduced a new fee structure for foreign transfers from the UK … its complicated so we will break it down for you! Percentage fee The first part of your fee is expressed as a percentage of the amount you’re sending. Transferwise has cut this percentage fee on all but three routes […]

2 Jul, 2018 by BER Team

Related Posts

Reviews - Average Rating: 4.5

4 Reviews for “TransferWise Reviewed”

  1. Estefania Diaz Clavijo says:

    5 star customer service and service. Thanks for revolutionizing worldwide bank transfers! 😀

    Exchange Rates 5
    Customer Service 4
    Ease of Use 5
  2. gg says:

    Great experience !! Quick and easy to use !!!

    Exchange Rates 5
    Customer Service 4
    Ease of Use 4
  3. Sue S says:

    If you want to transfer funds from one country to another, this service is great – and much easier and much better value than having a normal bank do it. And when I have needed help the staff on the Chat function and on the phone have been super-helpful.

    Exchange Rates 4
    Customer Service 4
    Ease of Use 4
  4. BER Team says:

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

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