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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 USD($)Exchange RateFee AUDTotal CostTransfer SpeedTransfer ServicesReviewsDeal Links
OFX (OzForex) logo
7130.00 USD0.7130^0.78%1-2 daysOnline, Bank Account to Bank Account
 
TorFX logo
7134.00 USD0.713400.72%1-2 daysOnline, Bank Account to Bank Account
 
TransferWise logo
Your amount above the TransferWise AUD5000 maximum
 
ANZ Bank logo
6920.52 USD0.6933183.69%2-3 daysOnline, Branch, Bank Account to Bank Account
 
BankSA
BankSA logo
6920.13 USD0.693420.013.7%2-3 daysOnline, Branch, Bank Account to Bank Account
Bank of Melbourne
Bank of Melbourne logo
6919.44 USD0.6934213.71%2-3 daysOnline, Branch, Bank Account to Bank Account
Bank of Queensland logo
6913.20 USD0.6934303.8%2-3 daysOnline, Branch, Bank Account to Bank Account
 
National Australia Bank (nab) logo
6867.86 USD0.6883224.43%2-3 daysOnline, Branch, Bank Account to Bank Account
 
Bank Average
Banks - Average Rate
National Australia Bank (nab) logo Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo
6854.13 USD0.6868154.62%2-3 daysOnline, Branch, Bank Account to Bank Account
Commonwealth Bank (CBA) logo
6792.92 USD0.67976 5.47%2-3 daysOnline, Branch, Bank Account to Bank Account
 
St George Bank logo
6776.42 USD0.679205.7%2-3 daysOnline, Branch, Bank Account to Bank Account
 
Westpac logo
6722.53 USD0.6736206.45%2-3 daysOnline, Branch, Bank Account to Bank Account
 
OFX (OzForex): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:0^ - No fees for BestExchangeRates users (normally $15 for transfers over $10K)
Exchange Rate:0.7130 (0.78% from mid-rate)
USD amount:7130.00 USD
Total Cost:0.78%
Time:
Rate Fetched: Tue Dec 11 2018 00:00:06 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:0.7134 (0.72% from mid-rate)
USD amount:7134.00 USD
Total Cost:0.72%
Difference:
USD4 USD more than using OFX (OzForex)
Time:0:45 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:
ANZ Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:18
Exchange Rate:0.6933 (3.52% from mid-rate)
USD amount:6920.52 USD
Total Cost:3.69%
Difference:
USD209 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Tue Dec 11 2018 00:03:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
 
: 3/5.0
Reviews:
BankSA: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20.01
Exchange Rate:0.6934 (3.51% from mid-rate)
USD amount:6920.13 USD
Total Cost:3.7%
Difference:
USD210 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - 0:45 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:0.6934 (3.51% from mid-rate)
USD amount:6919.44 USD
Total Cost:3.71%
Difference:
USD211 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - 0:45 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:0.6934 (3.51% from mid-rate)
USD amount:6913.20 USD
Total Cost:3.8%
Difference:
USD217 USD less than using OFX (OzForex)
Time:
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
 
: 3/5.0
Reviews:
National Australia Bank (nab): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:22
Exchange Rate:0.6883 (4.22% from mid-rate)
USD amount:6867.86 USD
Total Cost:4.43%
Difference:
USD262 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Tue Dec 11 2018 00:05:03 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
National Australia Bank (nab) logo Westpac logo ANZ Bank logo Commonwealth Bank (CBA) 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:0.7070 (1.61% from mid-rate)
USD amount:6854.13 USD
Total Cost:4.62%
Difference:
USD276 USD less than using OFX (OzForex)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Commonwealth Bank (CBA): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:6
Exchange Rate:0.6797 (5.41% from mid-rate)
USD amount:6792.92 USD
Total Cost:5.47%
Difference:
USD337 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Tue Dec 11 2018 00:02:02 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:0.6790 (5.51% from mid-rate)
USD amount:6776.42 USD
Total Cost:5.7%
Difference:
USD354 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - 0:45 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 (6.26% from mid-rate)
USD amount:6722.53 USD
Total Cost:6.45%
Difference:
USD407 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Tue Dec 11 2018 00:04:05 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: 0.7186
Rates @ 12/11/2018
 

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

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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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