TransferWise Review: What is TransferWise and How to Use a TransferWise Card

TransferWise Review What is TransferWise and How to Use a TransferWise Card
My TransferWise Review
  • Free Account
  • No Monthly Card Fees
  • Free ATM Withdrawals
  • Transfer Money Globally
  • Freeze and Unfreeze Your Cards
4.9

My TransferWise Overview:

Set up in 2011, TransferWise is an online digital bank. It started its journey by offering cheap global money transfers at attractive exchange rates. With its latest offering, Borderless Account, TransferWise is now a new-age banking alternative. 

The borderless account is relatively well-known and reputed for providing a reliable service at cost-effective rates. If you have money in a currency that is not in the top league of popularity, it may be a great option.

Moreover, TransferWise can be used for making business payments. For this, you need to create a business profile at TransferWise, which will seek some profile details.

It will be followed by a verification process to make sure your profile details are correct. Once you have got a business profile at TransferWise, you can start making business money transfers.

What is TransferWise?

Set up in 2011, TransferWise is an online digital bank. It started its journey by offering cheap global money transfers at attractive exchange rates. With its latest offering, Borderless Account, TransferWise is now a new-age banking alternative.  

A relatively new entrant in the market, Borderless Account does not offer the frills that other new-age banks may be offering. However, it is relatively well-known and reputed for providing a reliable service at cost-effective rates. If you have money in a currency that is not in the top league of popularity, it may be a great option.

But if you get your money mostly in GBP or EUR, you may have better choices in everyday banking such as Monese, Revolut, Curve, and Coinbase for buying altcoins.

TransferWise Advantages and Disadvantages:

TransferWise Review

Free TransferWise Account

Advantages:

  • Offers top-up and holding options for the most currencies compared to other digital banks;
  • Though not 24×7, it provides one of the highly satisfactory customer services.

Disadvantages:

  • Lacks a banking permit, does not have deposit guarantee, or direct debit and standing order services;
  • It does not have a budget tool or spending overview.

Does not have a micro-deposit option and it can render your card check such as PayPal invalid

TransferWise Fees

TransferWise does not charge any fee for opening or maintenance of the account

Card Fees

It offers bank cards free of cost, where even delivery of the card costs nothing

ATM Fees

TransferWise offers free withdrawal of money from an ATM up-to 200 EUR/GBP per month and charges at 2% for the withdrawal of money above this limit.

Transfer Fee

The same currency money transfer has a fixed rate of fee. The global transfer fee ranges from 0.5% to 2%.

Exchange Fee

TransferWise charges a fee for global transfers if the currencies are different. The rate varies from 0.35% to 2% of the amount exchanged and subject to the currencies involved. 

How to send money in Transferwise

Top-up Charge

It charges 0% to 0.2% as a base fee for a top-up. However, additional charges can be levied for some countries such as Hungary, for which an additional 0.4% is charged for a top-up.

Free TransferWise Account

Account Opening

It is never difficult to open an account with TransferWise, you can open it in a few minutes. All you will need is a phone call. Your card will reach you in a matter of days.

TransferWise Countries

TransferWise is available in almost every country, 144 to be exact.

Check out this extensive country code list for available countries. EEA (exc. CY), AD, AE, AI, AM, AQ, AS, AU, AW, AX, BB, BJ, BL, BM, BN, BS, BT, CA, CC, CH, CK, CL, CN, CR, CX, DM, DO, FJ, FM, FO, GD, GE, GF, GG, GL, GP, GS, GY, HT, ID, IL, IM, IO, JE, JM, KN, KR, LC, MA, MC, ME, MF, MH, MN, MQ, MS, MY, NC, NF, NP, NR, NU, NZ, PE, PF, PH, PM, PN, PR, PW, PY, RE, SC, SG, SH, SM, SR, ST, TC, TF, TH, TW, US (exc. Nevada and Hawaii), UY, VA, VC, VG, YT

TransferWise Presence

TransferWise is present in virtually every country – as many as 144 at the last count.

TransferWise Currencies

Managing currencies depend on the availability of the currencies, the currencies in which current accounts are allowed, the currencies that can be held in an app, and the currencies that can be used for topping-up the account.

Current Accounts

Current accounts can be opened in 5 currencies: USD, EUR, GBP, AUD, and NZD.

Currencies in the app

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.

Top-up currencies

You can top up your TransferWise account in 18 currencies: AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, NZD, PLN, RON, SEK, SGD, TRY, USD.

Cards Overview

TransferWise cards are powered by Mastercard.

Top-up Methods

TransferWise accepts the following methods for top-up:

  • Debit and Credit cards through desktop only;
  • Bank transfer;
  • Apple Pay.

Banking Features

Features of TransferWise bank accounts resemble those of the high-street banks. However, many features of other important digital banks are missing in TransferWise bank accounts.

  • It does not categorize your spending as per the transaction type (e.g., restaurants, or shopping).
  • Monthly budgets cannot be set.
  • You can neither send nor receive money to and from other users for free.
  • Smart spending features are not available. This means the amounts you spend cannot be rounded up, and the differences cannot be stored as savings.
  • There are no separate ways you can store your savings from your account balance.
  • Your savings do not earn any interest.
  • Direct debits cannot be set up.
  • There is no overdraft facility.
  • There is no option of opening joint accounts.
  • Cards issued in the EEA and the UK alone can use 3D Secure digital payments

Additional Features

TransferWise bank accounts can be operated through a mobile app as well as its website accessed by a desktop PC. However, no additional features such as insurance, investments, or loans are available at TransferWise as of now. 

Customer Service

Transferwise global support

TransferWise customer care department can be reached through:

Live chat: It seems to work efficiently and is able to resolve customers’ issues effectively.  

Phone: Swift and helpful is how we would like to describe its phone assistance. The phone service is not available round the clock. However, we had above average experience with its customer service department.

Types of TransferWise Transfers

You can make one-off secure transfers to destinations around the world. However, recurring transfer facilities are not available as of now.

US TransferWise Account Holders Can Pay by:

Credit or debit cards: TransferWise receives these payments immediately. 

Bank transfers: Subject to the currency, these payments reach TransferWise in three business days at most.

Facebook Messenger: It is possible to send money through the integration of TransferWise to Facebook’s chat service. The facility can be availed for sending money to Australia, the UK, Europe, and Canada.

Automated Clearing House (ACH) bank debit: Through this method, money reaches TransferWise in up to four business days.

Bank transfer: This takes a single working day for TransferWise to receive your funds.

In all the above-mentioned methods of payments, TransferWise deposits the money in the recipient’s account the moment it receives the payment.

How Long Does the Transfer Take to Arrive

Although TransferWise tries its best to move money as swiftly as possible, there are many factors that determine when you will receive your funds. This means there are no guaranteed days in which you will receive your money.

The date of arrival of transfer depends on:

  • Countries involved;
  • Payment method;
  • Security checks;
  • Fund transfer time.

If you visit the currency page and click the currency, the page will give you an idea of how long a particular currency will take to reach a bank account.

For instance, Swiss Franc (CHF) and Russian Ruble take 1 and 3 business days to reach Swiss and Russian bank accounts respectively.

Business Payments

TransferWise can be used for making business payments. For this, you need to create a business profile at TransferWise, which will seek some profile details. It will be followed by a verification process to make sure your profile details are correct. You are the same person as in the profile.

Once you have got a business profile at TransferWise, you can start making business money transfers. However, to make business payments, you will have to use a business account.

Free TransferWise Account


Some links on this page may contain affiliate links, which means that I may earn a commission if you register through them. None of the posts on this blog have been sponsored. Opinions are mine.

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