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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 GBP to USD Foreign Transfers vs TransferWise TransferWise logo

Foreign Transfer ProvidersAmount USD($)Exchange RateFee GBPTotal CostTransfer ServicesTransfer SpeedReviewsDeal Links
TransferWise logo
6,230.43 USD1.2526£261.02%Bank Transfers - Online1-2 days
 
OFX logo
6,213 USD1.2426£0^1.29%Bank Transfers - Online & Phone1-2 days
 
TorFX logo
6,210 USD1.24201.34%Bank Transfers - Online & Phone1-2 days
 
HSBC logo
6,082.86 USD1.2184£7.53.36%Online, Branch, Bank Transfers2-3 days
Natwest Bank logo
6,048.8 USD1.2134153.9%Online, Branch, Bank Transfers2-3 days
 
Banks - Average Rate
Lloyds TSB logo Santander logo Citibank logo Natwest Bank logo HSBC logo
6,022 USD1.2079154.33%Online, Branch, Bank Transfers2-3 days
Citibank
Citibank logo
6,021.51 USD1.2072124.34%Online, Branch, Bank Transfers2-3 days
Santander logo
5,986.96 USD1.2022204.89%Online, Branch, Bank Transfers2-3 days
 
Lloyds TSB logo
5,968.53 USD1.1985205.18%Online, Branch, Bank Transfers2-3 days
 
TransferWise: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:£26 GBP (0.5% + £1)
Exchange Rate:1.2526 (0.5% from mid-rate)
USD amount:6,230.43 USD
Total Cost:1.02%
Time:16:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online
Rating:
 
: 4.6/5.0
Reviews:
 
OFX: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:£0^ - No fees for BestExchangeRates users (normally 7GBP for smaller transfers)
Exchange Rate:1.2426 (1.29% from mid-rate)
USD amount:6,213 USD
Total Cost:1.29%
Difference:
$17 less than using TransferWise
Time:
Rate Fetched: Sun Dec 16 2018 16:09:16 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
TorFX: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:
Exchange Rate:1.2420 (1.34% from mid-rate)
USD amount:6,210 USD
Total Cost:1.34%
Difference:
$20 less than using TransferWise
Time:16:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.7/5.0
Reviews:
HSBC: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:£7.5 GBP (.15%)
Exchange Rate:1.2184 (3.22% from mid-rate)
USD amount:6,082.86 USD
Total Cost:3.36%
Difference:
$148 less than using TransferWise
Time:16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Natwest Bank: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:15
Exchange Rate:1.2134 (3.61% from mid-rate)
USD amount:6,048.8 USD
Total Cost:3.9%
Difference:
$182 less than using TransferWise
Time:16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 

Banks - Average Rate
Lloyds TSB logo Santander logo Citibank logo Natwest Bank logo HSBC logo

Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:15
Exchange Rate:1.1985 (4.8% from mid-rate)
USD amount:6,022 USD
Total Cost:4.33%
Difference:
$208 less than using TransferWise
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Citibank: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:12
Exchange Rate:1.2072 (4.11% from mid-rate)
USD amount:6,021.51 USD
Total Cost:4.34%
Difference:
$209 less than using TransferWise
Time:16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Santander: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:20
Exchange Rate:1.2022 (4.5% from mid-rate)
USD amount:5,986.96 USD
Total Cost:4.89%
Difference:
$243 less than using TransferWise
Time:16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
Lloyds TSB: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:20
Exchange Rate:1.1985 (4.8% from mid-rate)
USD amount:5,968.53 USD
Total Cost:5.18%
Difference:
$262 less than using TransferWise
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 GBP/USD mid-rate: 1.2589
 

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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