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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 logoTransferWise

Send AUD $10,000 → USD Settings - Currency/Amount

ProvidersAmount USDExchange RateCostReviewsDeals Links
OFX logoOFX
$7217.00 USD0.72170.4%
 
TransferWise logoTransferWise
Your amount above the TransferWise AUD5000 maximum
 
ANZ Bank logoANZ Bank
$7027.33 USD0.7043.02%
 
HSBC logoHSBC
$7014.00 USD0.70143.2%
BankSA logoBankSA
$6978.01 USD0.69923.7%
Bank of Melbourne logoBank of Melbourne
$6977.32 USD0.69923.71%
Bank of Queensland logoBank of Queensland
$6971.02 USD0.69923.79%
 
NAB logoNAB
$6941.69 USD0.69574.2%
 
Banks - Average Rate
NAB logo Westpac logo ANZ Bank logo Commonwealth Bank logo St George Bank logo Citibank logo Bank of Queensland logo HSBC logo Bank of Melbourne logo BankSA logo
$6914.19 USD0.69264.58%
Commonwealth Bank logoCommonwealth Bank
$6875.87 USD0.6885.11%
 
St George Bank logoSt George Bank
$6859.25 USD0.68735.34%
 
Citibank logoCitibank
$6774.86 USD0.67836.5%
Westpac logoWestpac
$6722.53 USD0.67367.22%
 
 
OFX fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:$0 for BER users (normally $15)
Exchange Rate:0.7217 (0.4% from mid-rate)
USD amount:$7217.00 USD
Total Cost:0.4%
Time:
Rate Fetched: 16:45 Local
Rating:
 
: 4.8/5.0
Reviews:
TransferWise fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:Your amount above the TransferWise AUD5000 maximum
Rating:
 
: 4.6/5.0
Reviews:
ANZ Bank fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:$18
Exchange Rate:0.7040 (2.84% from mid-rate)
USD amount:$7027.33 USD
Total Cost:3.02%
Difference:
$190 USD less than using OFX
Time:
Rate Fetched: website - Tue Nov 20 2018 16:03:04 GMT+0000 (UTC)
Rating:
 
: 3/5.0
Reviews:
HSBC fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:0
Exchange Rate:0.7014 (3.2% from mid-rate)
USD amount:$7014.00 USD
Total Cost:3.2%
Difference:
$203 USD less than using OFX
Time:
Rating:
: /5.0
Reviews:
BankSA fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:$20.01
Exchange Rate:0.6992 (3.51% from mid-rate)
USD amount:$6978.01 USD
Total Cost:3.7%
Difference:
$239 USD less than using OFX
Time:
Rate Fetched: website - 16:45 Local
Rating:
: /5.0
Reviews:
Bank of Melbourne fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:$21
Exchange Rate:0.6992 (3.51% from mid-rate)
USD amount:$6977.32 USD
Total Cost:3.71%
Difference:
$240 USD less than using OFX
Time:
Rate Fetched: website - 16:45 Local
Rating:
: /5.0
Reviews:
Bank of Queensland fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:$30
Exchange Rate:0.6992 (3.51% from mid-rate)
USD amount:$6971.02 USD
Total Cost:3.79%
Difference:
$246 USD less than using OFX
Time:
Rating:
 
: 3/5.0
Reviews:
 
NAB fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:$22
Exchange Rate:0.6957 (3.99% from mid-rate)
USD amount:$6941.69 USD
Total Cost:4.2%
Difference:
$275 USD less than using OFX
Time:
Rate Fetched: website - Tue Nov 20 2018 16:05:03 GMT+0000 (UTC)
Rating:
 
: 2.1/5.0
Reviews:
 

Banks - Average Rate
NAB logo Westpac logo ANZ Bank logo Commonwealth Bank logo St George Bank logo Citibank logo Bank of Queensland logo HSBC logo Bank of Melbourne logo BankSA logo

Banks - Average Rate
AUD amount:$10,000 AUD
Fee:$15
Exchange Rate:0.6922 (4.47% from mid-rate)
USD amount:$6914.19 USD
Total Cost:4.58%
Difference:
$303 USD less than using OFX
Commonwealth Bank fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:$6
Exchange Rate:0.6880 (5.05% from mid-rate)
USD amount:$6875.87 USD
Total Cost:5.11%
Difference:
$341 USD less than using OFX
Time:
Rate Fetched: website - Tue Nov 20 2018 16:02:02 GMT+0000 (UTC)
Rating:
 
: 1.2/5.0
Reviews:
St George Bank fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:$20
Exchange Rate:0.6873 (5.15% from mid-rate)
USD amount:$6859.25 USD
Total Cost:5.34%
Difference:
$358 USD less than using OFX
Time:
Rate Fetched: website - 16:45 Local
Rating:
 
: 1/5.0
Reviews:
Citibank fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:$12
Exchange Rate:0.6783 (6.39% from mid-rate)
USD amount:$6774.86 USD
Total Cost:6.5%
Difference:
$442 USD less than using OFX
Time:
Rating:
: /5.0
Reviews:
Westpac fee breakdown & reviews
AUD amount:$10,000 AUD
Fee:$20
Exchange Rate:0.6736 (7.04% from mid-rate)
USD amount:$6722.53 USD
Total Cost:7.22%
Difference:
$494 USD less than using OFX
Time:
Rate Fetched: website - Tue Nov 20 2018 16:04:04 GMT+0000 (UTC)
Rating:
 
: 2/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Cost is provider fees + exchange rate margin vs AUD/USD mid-rate: 0.7246
Rates @ 11/20/2018
 

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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