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Excellent4.3(34 ratings)

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Reviewed by: JfromUK

Recently I had to pay an invoice to the Netherlands, so I had to figure out foreign money transfers, which wer...

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TransferWise Money Transfer
Transfer fees
£1
Transfer funds
Online & by phone
Transfer options
Same day & single payments only
Best Price Guarantee provided. Currencies exchanged by interbank rates. Service rated 'Excellent' & 5/5 on Trustpilot

TransferWise money transfer reviews

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19/07/13

Recommended

TransferWise - simple, fantastic rates, and it just works

Recently I had to pay an invoice to the Netherlands, so I had to figure out foreign money transfers, which were new to me.

After checking what my banks charge, and investigating specialist foreign exchange services, I came across TransferWise. Their rates sound too good to be true, but it sounded so plausible that I had to give it a try. Your fund transfer is matched up with people who are sending money the other way, so the money does not really have to be 'converted' and you get the real mid-market rate, minus a small fee for the service (since they can't run the service on nothing!). I was paying €800 and the service fee was only a few pounds.

You can either transfer a set amount, and what the recipient receives is estimated at the time of purchase (since it'll depend on what the money markets do while your funds are 'sent'), or you can choose a fixed amount to receive, which was exactly what I wanted. For this, you pay a little more than the expected amount required, and they refund the surplus to your bank account once the transfer has been processed. That all went without a hitch.

I found the process straightforward, having the relevant international bank account codes to hand. I paid by debit card (you can also do a bank transfer to their UK account). My funds were 'converted' (matched up) within a few hours and the payment arrived in a couple of days. No hassle whatsoever, and I would definitely use it next time! The only potential downsides are that your money is not protected by the Financial Services Compensation Scheme, and they only send to certain countries. I recommended it to a friend currently in New Zealand, who wanted to transfer funds from his UK account, but unfortunately, they don't serve NZ (at present, but I believe they're expanding).

Top exchange rate due to co-operative exchange model

Only available for selected countries; not protected by FSCS

5
Excellent
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

05/03/15

Only a small choice of currencies

I've been using XE for several years now, and just took a look at Transferwise to see how they compared. The major difference is that XE will allow transfers to just about every currency in the world, whereas Transferwise seems to have limited their choice to perhaps the more popular currencies.

No use to me at all so I've removed the app.

Limited range of receiving currencies.

2
Fair
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

23/02/16

Recommended

Brilliant!

I've never seen anything like it, by far the best way to transfer money abroad! It's quick, efficient and totally safe. Be brave and stop paying fees to the banks.

Safe, best value

None

5
Excellent
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

25/05/15

I could not possibly recommend Transferwise

Having experienced their "customer service", I could not possibly recommend this company.

Instead, I am presently referring people to CurrencyFair, which appears to me so far to be promising and significantly better.

In my case, having followed exactly what I was told to do by their customer services, they blocked the transaction and subsequently reversed it contrary to my instructions, causing me to incur significant damages (still in dispute), while closing my account without notice (cutting off my access to all data from my earlier transactions) while pretending that they did so because I had informed them of my intention to close it at a later date.

Intentionally awkward, evasive and unable to resolve complaints

1
Poor
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

09/03/15

Recommended

Transferwise Euro to GBP

I've used them twice now and on both occasions the exchange has happened on the same day. You set up the transfer on their site then transfer the money to their account - I did a priority transfer in euros and they received the money within half an hour. Once the exchange happened they used faster payments to put the GBP in my account.

As this is a 'matching' service you can't guarantee the exact rate but its a lot better than I was getting using my own bank, Just be aware the website says it can take two days for the matching

Cheaper than the bank

You can't guarantee exactly when or what rate you will get

5
Excellent
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

Does TransferWise provide your money transfer?

Tell us what you think of them because it will help others.