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.
How does it work?
Once Transfewise receives the money, they convert it into currency in which you want to send it to the other person. They transparently do currency exchange. For your satisfaction, they have linked the exchange rate board of XE, Yahoo, Google on their homepage. 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: Both Card & the delivery is 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 takes place in the same currency as your Transferwise account, 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.
- 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 are 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
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(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|
- Live chat
However, service is not available 24/7.
Can I have multiple accounts in TransferWise?
You can make only one personal account with wise. But this is different in the case of business accounts. You can open 3 business accounts, but each of them should be registered with various entities. You have to use different email addresses & different legal entities.
How do I add money to a TransferWise?
- Add money through wise
- Add money from your bank account
How do I freeze or unfreeze my Wise card?
You can freeze and defrost your card very simply just by visiting your wise account. Go to the debit card section of your account and select the freeze card option. Now your card has been freeze, and you can open it the same way whenever you want.