TransferWise

TransferWise Reviews

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Ratings and Reviews
(1-11 of 23)

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Jason Rutel | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
I use it to pay my overseas contractors every week. It is the primary way that we pay our workers, and it makes sending their payments a breeze! It's easy for me, and it's easy for them. The important thing in using a payment processor is the ease of use, reliability, and that it saves money for both the employer and the employee. For us, TransferWise is the solution that does all of that.
  • Ease of Use
  • Low cost of transactions
  • Reliable transfer and timeliness
  • Setting up a recurring transaction would be great
  • It can sometimes be confusing to choose a type of currency that you are sending and they are receiving in.
If you are sending money overseas to contractors, it's a fantastic platform that solves the problem. I've been using it for over a year and it's been the best international transfer protocol that I've used. The other important factor is that my contractors don't have to pay high fees and get paid in a timely manner. I haven't found any scenarios for my situation where it isn't a good fit. Perhaps local transfers wouldn't be necessary via the platform.
Score 9 out of 10
Vetted Review
Verified User
Review Source
We used TransferWise to be able to pay people who we work with and it has worked very well and is smooth. It has solved our issues of being able to make payments cleanly and easily. It has proven to work well for both parties.
  • TransferWise has helped us send money easily.
  • It has been received from people we have worked with easily.
  • The fees are transparent.
  • The conversion rates are accurate.
  • I would love if we could be able to send to additional countries.
  • Cut down on time to process payments.
TransferWise is well suited if you are paying people who cannot accept normal PayPal methods. If they can accept PayPal, it might be easier, but TransferWise opens up to additional countries, etc.
Score 9 out of 10
Vetted Review
Verified User
Review Source
We use this tool to send money to individuals that we work with that may be located in different places other than the US. It makes the payment process super easier and conversion easy as well without charging a ridiculous amount for exchange rates.
  • It is a safe and secure platform and we have not had any issues with it.
  • Interface is easy and process of sending is seamless.
  • The conversion rate is not ridiculous and is actually what the conversion is.
  • Transparent and low fees.
  • The support could definitely be better and more available.
  • Besides customer support, I do not really have any complaints.
It is well suited if you are paying someone located in another country besides yours that is supported by TransferWise.
Hugh Geiger | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Review Source
We use it to pay overseas contractors and vendors, reducing currency conversion and wire transfer costs. It's fast to set up and relatively painless to use. The recent addition of inline payment processing using Plaid has made it a much more complete solution.
  • Fast and simple to set up.
  • Reduced cost for overseas transfers verses traditional banks.
  • Volume discounts are only made on each transaction, not monthly values. You are penalized for many small transactions versus single larger ones.
  • Can be unintuitive to understand at first.
Best suited for occasional international payments or smaller intercompany transfers (where an external Forex broker is too much hassle).
Dr Olivier Becherel - Leadership and Executive Coaching | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source
We are using TransferWise to pay our overseas virtual assistant and also to get paid by international coaching clients. It provides a simple and effective way to transfer funds overseas and receive money from overseas clients with minimal bank fees.
  • Simple to set up
  • Clean user interface and easy to set up transfers
  • Can track the fund transfer and has a clear outline to the process and the steps
  • Get email notification of transfers
  • Can be used for personal account or business account
  • Minimal fees compared to banks
  • Good customer support
  • Easy to upload required documents to set up the account
  • Paused my transfer for verifications while I already uploaded the required documentation and did the same transfer multiple times prior
  • Paying overseas staff, such as virtual assistants or contractors
  • Receiving payments from international clients/customers directly in the bank account without heavy credit card fee and bank fees
Luke Hall | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
I have been using Transfer Wise to make payments around the world. It makes it cheap and easy to reach bank accounts in many different countries.
  • Low fees
  • Reaches anywhere in the world
  • Fast transfer
  • Easy for receivers to enter their details privately
  • Secure
  • None so far
TranferWise is great for sending payments to any country in the world (so far I've used it) and the fees are incredibly low.

It's an amazing platform and I've enjoyed using it so far. Very quick to use and the platform itself works amazingly and looks fantastic.
Bhavya Aggarwal | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Review Source
TransferWise has made it very easy to manage USD payments from companies around the world and also managing payouts to employees/ contractors. Incredibly helpful, fast, and easy to use. The transfer fees and conversion rates are nominal and the process is very easy to manage.
  • International transfers.
  • Integrations with Stripe/Quickbooks to plan would be nice to have.
Suitable for receiving and sending large payments online in different currencies. We use stripe for smaller payments, but the transaction fees are very high for amounts more than $1000. For larger payments also, TransferWise charges a flat fee. Unfortunately, when sharing the transfer details with some companies, they do not accept them as a recognized bank—worked in most cases.
Score 10 out of 10
Vetted Review
Verified User
Review Source
TransferWise is the solution we use for both currency exchange between our different currency accounts, and for international transfers and payments. We save up to 3% on these operations by using TransferWise, and we think it is absolutely brilliant. The fees, whilst starting to increase recently, still remain relatively attractive.
  • Best-in-class currency exchange rates.
  • Low-fee international transfers.
  • Transparent fee structure.
  • User interface can be a bit counter-intuitive at times.
  • New fees are starting to be introduced.
  • No ability to set a "limit" order –i.e. to place an order to execute an exchange when a currency exchange rate is reached.
We find the service is excellent, albeit with a couple of caveats. We think TransferWise is best-in-class in what they provide, and we are very pleased they exist. Relying on banks, as we had done before TransferWise, would have been materially more costly due to the higher exchange rates and transfer fees.
April 08, 2021

TransferWise Review

Score 1 out of 10
Vetted Review
Verified User
Review Source
It has been more than 15 working days since [TransferWise] blocked our UK company account with a balance of more than 69000€ which we need for our business. As with all the reviews I have read, they claim a due diligence period of 60 working days, i.e. 3 months, in order to comply with their legal obligation, which [I feel] is totally unrealistic and unjustified for due diligence!!!! [I believe] they closed our account without respecting the legal [two] months notice which applies to all financial institutions regulated by the FCA. Despite several emails, [I feel that] they continue to provide the same more or less standardized response without any justification or request from their compliance department. I have noticed on Trustpilot and other rating[s] websites that many other people or companies have significant funds blocked by Wise [...]
Please be [careful,] if you [open] an account with TransferWise [I feel] you must know that they can close your account without notice and [freeze] your funds, [I believe] without [valid] reasons.
February 15, 2020

TransferWise is the BEST!

Score 10 out of 10
Vetted Review
Verified User
Review Source
We use TransferWise to send money overseas or to other clients/vendors here in the US. It makes transferring money in any currency a breeze and allows you to move money without handing over access to the business bank account. In addition, you can even get local banking details to receive funds locally in other countries.
  • International money transfers.
  • Domestic money transfers.
  • Time it takes to complete a transfer.
  • Multi-user/team management.
If you need to make repeated transfers to individuals overseas or domestically, TransferWise is a great solution. The borderless account feature allows you to accept and retain money in foreign currency or easily convert it to your preferred currency.
We haven't really had to engage with TransferWise support. The platform is simple and easy to use.
Marcelo de Vasconcellos | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
I live in Brazil, and sending money abroad has always been a hassle. Besides the bureaucracy, there are these expensive taxes for sending the money. Transferwise solves these problems beautifully. Right now, I am living in the Netherlands as a visiting scholar, sent by my institution in Brazil. Since I receive my monthly payments into a bank in Brazil, Transferwise allows me to effortlessly transfer the money to my Dutch account. The money arrives very quickly and, most importantly, Transferwise's taxes are significantly lower in comparison with those of regular banks. In addition, while in bank transfers you only know the exact value of the taxes after the transaction, in Transferwise the amount is clearly stated from the beginning, avoiding unpleasant surprises.
  • It makes really quick transactions. You can transfer money to any personal account abroad really fast.
  • Transferwise charges very little for their service, in comparison with regular bank transfers and traditional providers as Western Union.
  • It shows the charges for the transaction up front. Such a cost is fixed, avoiding unpleasant surprises afterward.
  • TransferWise (at the time of this review) does not allow one to transfer money to all kinds of business accounts. This can be a limitation for people who want to use it as a way to pay directly for goods and services.
  • Sometimes it has problems with some credit cards. But the most popular types are accepted without problems.
  • TransferWise accepts fewer currencies than other services. But it seems like this is a temporary problem, and the company is making efforts to support transferences to all of the currencies.
TransferWise is a practical way of paying employees abroad.
It can be used to pay for services and goods (but in most cases, the receiver must have a personal account).
Since most of the banks charge a small monthly fee for keeping an account active, TransferWise can be a cheap and fast way to make small transfers, helping people who need to maintain bank accounts in different countries.

TransferWise Scorecard Summary

What is TransferWise?

TransferWise in London offers their international payments solution to rival Paypal, touting better international rates with their borderless accounts.

TransferWise Video

How Wise Works | Send Money Abroad

TransferWise Pricing

TransferWise Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo

Frequently Asked Questions

What is TransferWise?

TransferWise in London offers their international payments solution to rival Paypal, touting better international rates with their borderless accounts.

Who uses TransferWise?

The most common users of TransferWise are from Small Businesses and the Computer Software industry.