What is TransferWise?
TransferWise is a large and trusted online money transfer provider that allows you to send money quickly and easily.
How much money does TransferWise send every month?
TransferWise helps customers send approximately 5 billion dollars every month.
How many countries does TransferWise support sending money to?
TransferWise supports sending money to over 70 countries.
Is TransferWise safe?
TransferWise is a licensed Authorized Electronic Money Institution, which means they are regulated by the Financial Conduct Authority (FCA), as well as by a variety of other regulatory institutions in other countries. They also offer institutional grade security for their services, such as a 2-step login and verification procedures. To add, they manage international money transfers for millions of customers and have a 4.6 out of 5 rating on Trustpilot, scored out of over 90,000 reviews.
How do you send money with TransferWise?
First, you need to create an account with TransferWise. You can signup using an email address, or you can connect your account with Facebook or Google. Secondly, you enter how much you'd like to send and where. The last step involves you send your money, choosing your preferred payment method and that's it.
Do you have to pay anything to receive money being sent using TransferWise?
No, you don't pay any fees for accepting money or making payment in local currency. You pay fees when you convert money between different currencies.
Does TransferWise have limits on how much money you can send?
TransferWise does have limits on how much money you can send depending on how you're transferring money. For example, there is a 1 million dollar limit if you're sending a standard money transfer to the bank account of a beneficiary in another country. These limits vary if you're sending money out of the U.S. and can also change depending on the countries currency you're sending money to, the total amount you're sending, and how you pay for the transfer.
How long does it take for TransferWise to send money overseas?
Typically, sending money overseas with TransferWise can be transferred in one business day or faster, sometimes within minutes. Ultimately, the actual time varies and will depend on the country and currency you're using, how much you're sending, how and when you pay for your transfer, and if TransferWise requires additional security checks.
Do you need a TransferWise account to receive money?
No, you do not need a TransferWise account to receive money sent via TransferWise. You do however need a bank account.
Is TransferWise cheaper than competitors?
TransferWise claims to be 19x cheaper than PayPal because PayPal inflates exchange rates when you send and receive international payments, and TransferWise does not.
How much does TransferWise cost to use?
Your transfer cost will depend on the amount you send, how you pay, and the exchange rate.