TransferWise is a platform to send and receive money internationally.
This company stands out for its low rates and high transaction speed. More than 6 million people operate on this platform to carry out transactions.
In this TransferWise review, we will analyze 8 points we like about this company and one that we don’t. Learn everything you need to know about this company before registering.
8 Things We Like About TransferWise
1. Low rates
The main motto of TransferWise seems to be low rates, and in fact, it is.
TransferWise rates are up to 8 times cheaper than banks on average. This promise can be found on its official website, and it is also backed by a real study of banks in different countries.
Best of all, you can simulate the transaction from the platform, and you will see the final amount that your client will receive (so there are no hidden amounts or fees).
And not only are the rates lower, but the exchange rate is higher than average. It is always a few cents above the competitors, and although it seems small, in large amounts, you can feel the difference.
Also, all the transactions you make in TransferWise are very fast. The speed depends on the country to which you send, but usually, they take between 20 hours and two days.
And as its main motto is transparency, they even show you that it covers the rates you pay.
Info: As you can see in the graph, only 18% of that rate is profit margin; all the rest are operational, administrative, and financial expenses.
2. More than 60 currencies available
TransferWise accepts 59 currencies worldwide. So you can practically send money to and from any currency. Covers coins around Europe, America, Africa, Oceania, and Asia.
Also, if the currency you want to use isn’t on the list, you can add it to the wish list, and they will consider it for future modifications. Your support is incredible!
This company helps facilitate international transactions and eliminate banking barriers and complications.
3. It’s a regulated company
All companies that operate with money and payments should be regulated by some financial entity.
TransferWise is a company regulated by financial entities in the different countries in which it operates.
In the United Kingdom and Europe, TransferWise is regulated by the FCA (Financial Conduct Authority). So you can make sure that they won’t share your data.
In the United States, FinCEN regulates TransferWise. And likewise, around the world, it’s controlled by different organizations.
The purpose of these organizations is to protect the rights and financial privacy of customers. This is done through the regulation of the financial conduct of companies to maintain integrity. That is why it is essential that the company be regulated.
4. Borderless Account
One of the new features of TransferWise is the borderless account. This is an account that allows you to have a bank account number in different currencies.
In this way, you can create an account from any country in the world and receive your money in dollars, euros, or pounds.
You can receive more than 50 coins in your TransferWise account!
Also, you can request a TransferWise Mastercard debit card to use the money available in your account. You can use this card to buy online or withdraw cash at ATMs.
To obtain this international account, you simply have to register on its platform and verify your data.
- The MasterCard debit card has no annual cost, and the transaction fees are very low.
5. Anyone can open an account
Opening an account in TransferWise is free, and anyone can do it. Only by registering on their website, you access all the benefits of TransferWise.
So, regardless of the country you are in, you can open a free account on TransferWise.
In case you use the account to receive funds, you can access the borderless account and request the debit card to use them.
Usually, they will ask you to verify that you are a real user by submitting a photo of your ID. This ensures the highest security. Make sure the image has good quality.
6. Excellent online reputation
TransferWise is one of the few companies that have so many positive reviews. Thousands of users choose this platform to send and receive payments.
TransferWise is 4.6 out of 5 on TrustPilot, and is rated “Excellent.” It has more than 80 thousand reviews on this platform.
Besides, companies such as BBC or Forbes highlighted it for its excellence and success.
7. Integration for business
Opening an account in TransferWise for small and medium businesses is very simple and free. You can send, receive, or spend money in multiple currencies.
This account is ideal for entrepreneurs or freelancers who need an account to receive funds. Also, you can send money to any currency with the real exchange rate and with low rates.
If you have read our reviews about Payoneer or Skrill, the TransferWise function in this regard is very similar. Since it allows you to create a virtual wallet account to send and receive payments from companies.
Also, TransferWise offers integration on Xero and create automatic payments with its API.
If you have ever used PayPal, you know that its costs are very high. TransferWise offers a much cheaper (and safer) alternative to send and receive company payments.
8. Great support team
Another of the highlights of TransferWise is its incredible customer service. Their team is very friendly, and you can contact them by chat, email, or phone.
Of course, they have a help section with the most frequent doubts, but if you can’t solve your problem, you can contact them quickly.
You can rest assured that they won’t give you empty or generic answers. Instead, your attention is personalized and dedicated to each client.
1 Thing We Don’t Like
Some currency limit
While it currently covers 59 currencies, there are still some currencies from some countries to integrate into its platform. But on the positive side, in TransferWise, you have the option to require the inclusion of a currency, and their team will review it.
Concerning currencies, the transfer to some currencies may take a few days to carry out the transaction. Some users reported slight delays in payments or collections.
TransferWise is a company founded in 2010 in London. Its objective is to make international transfers cheap and straightforward.
The idea came from two Estonian friends who needed to change currency due to their work. But the bank rates were very high, so they worked on this venture.
Today it has more than 6 million customers, and more than $ 4 million dollars are recorded in transactions.
It has 11 offices around the world and more than 1300 employees.
Its three pillars on how the platform acts are: low (and fair) cost, easy and fast.
It’s recognized worldwide as a successful company by BBC, Forbes, or The Economist.
TransferWise Review: Final Comments
TransferWise is an excellent alternative to reduce bank fees in international payments.
By simply creating a free TransferWise account, you have access to the borderless account to send and receive payments, low rates, and many more benefits.
This company has a solid reputation in the press for companies such as BBC or Forbes, and also in online comments from its users.
Whether you are an individual, freelancer, entrepreneur, small or medium business, this payment service will be very useful, and you will forget about the high commissions.
If you are not registered yet, you can create a free account right now!
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