Good lightweight Forex platform
May 23, 2021

Good lightweight Forex platform

Hugh Geiger | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User

Overall Satisfaction with TransferWise

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.
  • Fast and simple interface.
  • Reduced transaction costs.
  • Overall reduction in wire and bank fees verses conventional banking.
  • Less time spent managing bank transfers.

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Best suited for occasional international payments or smaller intercompany transfers (where an external Forex broker is too much hassle).