Last Updated:

TransferWise Review 2020 [All You Need to Know]

Vincent Nyoike
Vincent Nyoike Banking

TransferWise is an online money transfer service that uses mid-market rates to send money across the borders. TransferWise was founded in London, in the UK, in 2010. It is regulated by the Financial Conduct Authority. The company has seen tremendous growth due to its cheap and easy money transfers across the world. It offers transparent international money transfers at mid-market rates.

Read also: N26 Bank Review. 

How to Sign Up for TransferWise Account

You can sign up for a TransferWise account using Google or Facebook. You will need to verify your email by clicking the link emailed and entering a security code. It can take up to 3 days to verify your TransferWise account. You will also need to upload an image o your ID to verify your identity. You can take photos of your ID by using your mobile phone.

TransferWise has excellent features that make it easy to use. They include:

TransferWise Borderless Account

TransferWise Borderless Account is a virtual bank account that accepts more than 50 currencies. You can also transfer money to various countries in different currencies. It allows you to send money to another country without necessarily having a bank account in that country. It has a calculator that you can use to calculate the amount of money the recipient will receive.

TransferWise is operational in Europe, USA, Asia and Africa with offices in some countries within these continents.

Read also: WorldRemit Review. 

TransferWise Exchange Rates

Unlike banks and other financial institutions, TransferWise provides exchange rates at mid-market rates. If you Google the exchange rates, you will notice they are the same as those provided by TransferWise. Most financial institutions add a markup to the mid-market rates to make profits. However, TransferWise provides a cheap service fee to make cash transfers.

TransferWise Debit MasterCard

If you open a TransferWise borderless account, you will get a MasterCard debit card. You can use it anywhere in the world using the mid-market rates. It comes with zero transaction fees and minimum conversion fees of between 0.35% and 1%. You can use the debit card for:

  • Free payments using the currency on your account.
  • You get free ATM withdraws of up to 200 euros a month.
  • Convert money using real mid-market rates.

Read also: Revolut Review.

TransferWise Business Account

If you have a small business, large business, or you are a freelancer; you can use TransferWise to help you manage your funds. You can use the account to send and receive money at low rates, pay your employees and make borderless cash transfers. You will get a free debit card.

You can integrate your Transfer business Account with Xero for accounting, invoicing and open API. This helps businesses to automate your business' processes. This way, you can easily pay suppliers through batch payments and manage your payroll.

Read also: PayPal Review

TransferWise Routing Number

When using TransferWise in the US, you will need to use a Routing Number to make domestic or international transfers.  A routing number is a nine-digit number used for identification when making cash transfers in the US.

Banks use routing numbers for transactions like wire transfers ad ACH payments. If you wish to make a domestic ACH transfer, you need to use 026073150 ACH routing number. 

TransferWise Customer Support

You can contact TransferWise customer support through email, phone, social media and chat. Therefore, if you have any questions, you can address it to customer support.

TransferWise App

TransferWise app is available for iPhone, iPads and Android users. You can check your cash transfer status using the app, while you can also use it to cancel a transfer. Besides, you can make a debit or credit card payment using the app. You can also send verification documents, set up amount lock transfer and make new transfers using previously used details and recipients.

Read also: Venmo Review. 

TransferWise Fees 

Unlike most financial institutions, TransferWise does not have hidden fees. All its fees are transparent and you can know the costs you are going to pay before initiating any transaction.

TransferWise provides U.S routing number, European IBAN and Australian BSB Number free of charge. It is also free to hold over 50 currency balances while you can also receive money in EUR, USD, GBP, PLN, AUD, HUF, RON and NZD free of charge. These are the fees you can expect.

  • Currency conversion 0.035% and 3%
  • Direct debit 0.02%
  • Credit card payments 0.3% and 2% depending on the currency
  • Debit card payments of 0.15% and 2% depending on the currency

How Long Do TransferWise Transfers Take?

Normally, it takes less than 24 hours to complete a transfer. The interesting thing about TransferWise is that you can track the progress and estimate the time it will take to complete a transfer. In case there is a major issue during the transfer period, you will get notified through an email. 

Read also: Top Fintech startups worldwide

Final Word

TransferWise is the best money transfer platform if you wish to make cash transfers across the borders. It has cheapest rates while it also provides mid market rates for currency conversions. We highly recommend TransferWise.