The total transfer costs include debit or credit card fee and transfer fee. There’s no additional fee if you pay TransferWise using bank transfer. Paying by credit card is more expensive than by debit card. Therefore, the debit and credit card fee to send 1,000GBP from the UK to India, for example, is 2GBP and 2.99GBP respectively. Overall, the debit card fee range is from 0 to 2.4%, and the transfer fee tends to be 0.35% to 2.4%. Some countries have a min transfer fee. For instance, sending USD to Brazil, the min transfer fee is $3.
Unlike banks and other competitors, TransferWise doesn’t have any sneaky hidden charges of exchange rate because they use the mid-market exchange rate. For most currencies, your rate is guaranteed for 24-48 hours.
TransferWise doesn’t offer same day delivery as speed is not their strength. However, money can still arrive by the next day in some countries, for example, sending USD to India, EUR to Australia and more. In most countries, you can expect to receive money in 1-4 working days.
One of the most convenient features is their exchange rate and fees calculator which shows on website. It is a breakdown of all fees including debit/credit card fee, transfer fee, as well as exchange rate. To be honest, it’s very thorough and transparent.
Like other providers, TransferWise also requires verification for all clients before any transfers can be made. Signing up for an account is easy and simple. You can register using an email address, OR even connect with Google or Facebook.
TransferWise’s website and mobile app present an excellent user experience. With their mobile app, you can send money on the go, whereas other providers like HiFX, only let you go to their websites.
The only downside is they don’t provide 24/7 customers services.