If you’re looking for a reliable source to transfer your money overseas, then Transferwise is the name you’ve probably heard of. Transferwise is a bank providing borderless money transfer services. To help you in making decisions about whether to choose Tranferwise or not, we’ve provided the detailed operations and in-depth working of Transferwise in our review. So let’s get started.
What is Transferwise?
Transferwise is a bank providing borderless transfers on money at cheap exchange rates. It has been in operation since 2011. It is founded by Taavet Hinrikus and Kristo Karmann, who are known as financial gurus.
Once the money is being received by Transfewise, they convert it into currency in which you want to send it to the other person. They do currency exchange in a transparent way. For your satisfaction, they have linked the exchange rate board of XE, Yahoo, Google on their homepage as well. You can check exchange rates from other sources as well before making transactions.
Transferwise charges no amount for opening and maintaining an account.
Card fees: Card along with its delivery is also free.
ATM fees: Withdrawing £200/month is free from any ATM, above this, it charges 2% of the amount
Transfer fees: It depends on the currency. If a transfer is taking place in the same currency as your Transferwise account, then it charges a flat fee. The International transfer fee is £0.5-2.0.
Currency exchange fees: Currency exchange fees for international transfers vary between 0.35-2.00% of the exchanged amount.
What currencies can you send and receive through Transferwise?
There are 44 currencies you can use between which to exchange money within the app: AED, ARS, AUD, BDT, BGN, CAD, CHF, CLP, CNY, CZK, DKK, EGP, EUR, GBP, GEL, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, LKR, MAD, MXN, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, UAH, USD, VND, ZAR.
You can use the following method to transfer money :
- Bank Transfer
- Credit/Debit card
- Apple pay
- Android pay
- SEPA Direct Debit
However, all the above methods are not supported in every country. Hence, you are required to check first what kind of payment method is supported in your region.
Transferwise Banking Features
- You can not set monthly budgets.
- Your spendings is not categorized.
- You can not send money for free nor do requests for money.
- No interest is offered on your savings.
- Joint accounts are not available.
- Overdrafts are not possible.
Chime Bank Review
|he most number of currencies to top-up in and hold among all digital banks||Doesn’t have a banking license |
(no deposit guarantee, direct debits or standing orders)
|The best customer service experience|
(even though it’s not 24/7)
|No spending overview or budgeting tools|
However, service is not available 24/7.
Can I have multiple accounts?
You can only have one personal account with Wise. As long as the bank account that we receive your money from is held in your own name, you can send transfers from any currency that we have available.
For business accounts, it’s a bit different — you’re allowed to have 3 business accounts. Each must be for a separate entity, registered to different email addresses. If you’d like more than that, you’ll need to contact our support team .
What if I want my business account separate from my personal account?
You’ll need to sign up for your business using a new email address with us. After selecting Sign up, be sure to check the box for Business — our system will automatically know that you want your business account separated from your personal when you do this.
Keep in mind, you’ll have to enter personal details again when you do this.
How do I add money to a balance?
- Add money through wise
- Add money from your bank account
How do I freeze or unfreeze my Wise card?
If you’ve lost your card, don’t recognise a transaction, or don’t want to use your card for a while, you can freeze your card until you want to use it again. Here’s how:
- Go to your Wise account in the app or on the website
- If you’re in the app, go to Account . If you’re on the website, go to Debit card
- Select Freeze card
When you’re ready to use your card again, follow the same steps and select Defrost card .