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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 CAD to USD Foreign Transfers vs the Banks

Foreign Transfer ProvidersAmount USD($)Exchange RateFee CADTotal CostTransfer ServicesTransfer SpeedReviewsDeal Links
WorldFirst logo
7,442 USD0.744200.4%Bank Transfers - Online & Phone1-2 days
 
OFX logo
7,363 USD0.73630^1.46%Bank Transfers - Online & Phone1-2 days
 
HSBC logo
7,208.17 USD0.7219$153.53%Online, Branch, Bank Transfers2-3 days
Coast Capital Savings logo
7,154.73 USD0.7227$1004.25%Online, Branch, Bank Transfers2-3 days
Scotiabank logo
7,146.81 USD0.7219$1004.35%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Coast Capital Savings logo Scotiabank logo Royal Bank of Canada logo HSBC logo TD Canada Trust logo
7,140 USD0.7200154.44%Online, Branch, Bank Transfers2-3 days
TD Canada Trust logo
7,116.12 USD0.7188$1004.76%Online, Branch, Bank Transfers2-3 days
Royal Bank of Canada logo
7,073.55 USD0.7145$1005.33%Online, Branch, Bank Transfers2-3 days
 
WorldFirst: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:
Exchange Rate:0.7442 (0.4% from mid-rate)
USD amount:7,442 USD
Total Cost:0.4%
Time:16:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.6/5.0
Reviews:
 
OFX: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:0^ - No fees for BestExchangeRates users (normally $15 for smaller transfers)
Exchange Rate:0.7363 (1.46% from mid-rate)
USD amount:7,363 USD
Total Cost:1.46%
Difference:
$79 less than using WorldFirst
Time:
Rate Fetched: Sun Dec 16 2018 16:04:40 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
HSBC: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$15 CAD (.15%)
Exchange Rate:0.7219 (3.39% from mid-rate)
USD amount:7,208.17 USD
Total Cost:3.53%
Difference:
$234 less than using WorldFirst
Time:16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Coast Capital Savings: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7227 (3.28% from mid-rate)
USD amount:7,154.73 USD
Total Cost:4.25%
Difference:
$287 less than using WorldFirst
Time:16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Scotiabank: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7219 (3.39% from mid-rate)
USD amount:7,146.81 USD
Total Cost:4.35%
Difference:
$295 less than using WorldFirst
Time:16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Coast Capital Savings logo Scotiabank logo Royal Bank of Canada logo HSBC logo TD Canada Trust logo

Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:15
Exchange Rate:0.7098 (5.01% from mid-rate)
USD amount:7,140 USD
Total Cost:4.44%
Difference:
$302 less than using WorldFirst
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
TD Canada Trust: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7188 (3.8% from mid-rate)
USD amount:7,116.12 USD
Total Cost:4.76%
Difference:
$326 less than using WorldFirst
Time:16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Royal Bank of Canada: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7145 (4.38% from mid-rate)
USD amount:7,073.55 USD
Total Cost:5.33%
Difference:
$368 less than using WorldFirst
Time:16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Rates @ 12/16/2018.
Total Cost = Fee + exchange rate margin vs CAD/USD mid-rate: 0.7472
 

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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