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TransferWise: A wise choice.
March 22, 2022

TransferWise: A wise choice.

Elaine Smith | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Overall Satisfaction with TransferWise

We occasionally contract with theatre teachers who are based overseas to provide Zoom classes. We needed to find an affordable and efficient option to pay these teachers. So far, we have only used TransferWise to pay an instructor in the U.K. Ease of setup, low fees, timely completion of the transaction, and a favorable exchange rate were major decision criteria.
  • Ease of setup.
  • Low fees.
  • Timely completion of transactions.
  • Favorable exchange rate.
  • More clarity on time required to verify a new payee's banking information.
  • Discount for nonprofit organizations.
  • Notification when transaction is accepted by the payee's bank.
  • Ease of use.
  • Low fees.
  • Good exchange rate.
  • Enabled us to contract with an internationally-acclaimed teacher to provide actor training.
We considered PayPal payment, ACH bank transfer, and simply mailing a check. TransferWise's fees were much lower than PayPal and our bank. Postage might have been less than TransferWise's fee, but payment could have taken more than a week rather than hours (or days in the case of a new payee).

Do you think Wise delivers good value for the price?

Yes

Are you happy with Wise's feature set?

Yes

Did Wise live up to sales and marketing promises?

Yes

Did implementation of Wise go as expected?

Yes

Would you buy Wise again?

Yes

Our experience with TransferWise has been limited, so far, to making international payments to overseas contractors. It is very well suited to this use case. Because there is some setup time to verify the payee's bank account, it is not well suited to any situation where you must make an immediate payment. But, once the payee is verified, the transfer does take place within a period of hours. Note that if the receiving bank is not open at the time of transfer, it can take longer than that for both payer and payee to be sure the payment went through. But if you are able to take some time for the verification process and the transfer process, it is extremely easy to set up your account, set up your payee, and transfer the money. The website is clear and user-friendly. The fees are clearly communicated as well as the exchange rate so that you know exactly what will be debited from your account. We were very pleased with our experience with TransferWise.