TransferWise Reviews and Comparison - Seedly
 

TransferWise

  • Overview
  • Reviews (34)
  • Questions (14)
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Remittance/TransferWise
TransferWise
4.8
34 reviews

TransferWise

No fees; Margin in exchange rate
TRANSACTION FEES
$1
MIN. TRANSFER AMOUNT
1-2 days
TRANSFER SPEED

    TransferWise

    No fees; Margin in exchange rate
    TRANSACTION FEES
    $1
    MIN. TRANSFER AMOUNT
    1-2 days
    TRANSFER SPEED
Reviews (34)

4.8

34 Reviews

  • 5
    27
  • 4
    6
  • 3
    1
  • 2
    0
  • 1
    0

Read Review About...

transfer money

exchange rate

transferwise transfer

bank account

rate fee

debit card

credit card

send money

highly recommend

user friendly

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  • Takes a longer time to process for new users however rates given by Transferwise are competitive. I use it to transfer money to UK account when I was there for my exchange programme. The greatest benefit is 50 pounds reward when you invite 3 friends to transfer more than 200 pounds each.
    0 comments
    0
  • Posted on 30 Oct 2019
    Love it cos 1) better rates than money changer and bank 2) 1st transfer is free and 3) you can charge it to your credit card some more :) PM me for referral code
    0 comments
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  • Updated on 30 Oct 2019
    I used TransferWise twice to transfer money to a KRW denominated bank account in South Korea. The process was pretty foolproof and straightforward and the remittance was settled pretty quickly (same day during office hours). The site offers multiple options to pay including PayNow and credit cards albeit at different charges, but i thought it was really convenient to have multiple options readily available. They also offer a comparison tool to see which method poses the lowest charges
    0 comments
    3
  • Used TransferWise for transferring to Indonesia (for work purposes) What I love about it: - Simple to use - Easy to set-up, especially for a corporate account Most corporate services are complicated with minimal attention paid to UIUX. However, this is different as the experience is rather seamless and the follow-up from the account manager is rather swift.
    0 comments
    1
  • Posted on 02 Oct 2019
    I have used TransferWise multiple times. The platform is very good. Within the platform, we can even compare their rates against other sites. I have used it for Indonesian Rupiahs, so far. Other sites might offer slightly better rate, but their fees are much higher than Transferwise. Transferwise has always come up top. After the initial registration, it's very fast. Soon after I inform the recipient, they will already see it on their bank account. I even use Transferwise as a money changer. Their rate is competitive, even compared to the best rate amongst The Arcade money changer. I no longer need to physically carry a thick stack of Rupiahs, because the biggest denomination is $10. With such a good platform and the best value, I don't think it can get any better!
    0 comments
    0
Questions (14)

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Multi Currency Cards

TransferWise

YouTrip

You'd hope YouTrip works in Thailand given they've launched a localized version of their product there! :)

Stocks Discussion

Multi Currency Cards

TransferWise

Bjorn Ng
Bjorn Ng
Level 6. Master
Answered 9h ago
Hi there, TransferWise works as a money transfer service, they do not act as the "middleman" to transfer money to your stock brokerage. If you want to purchase overseas stocks, may I recommend that you can use Interactive Brokers? You can top up in SGD and exchange to other currency through the platform, real time exchange rate as well!

TransferWise

Savings

Its a bit annoying because funding Transferwise USD accounts from SG based accounts goes through SWIFT (unless you have a US accounts which can work through local ACH). Whichever way you decide, the borderless account have virtual USD account details which you can use as the target of your transfer. Once you've funded the account you can convert to SGD and credit locally; that happens via FAST so fairly quick and with only a small nominal fee.

YouTrip

TransferWise

InstaReM

YouTrip best since their revamp early Nov Revolut on weekdays but lose on weekends and THB Transferwise a small fee and so loses to both above. Instarem remittance only so far, their card product vapour. All cards allow keeping in balance in USD and US purchases. Do let me know if missed anything.

Stocks Discussion

TransferWise

SAXO Capital Markets

Well Transferwise is happy to transfer USD to local bank accounts; so provided Saxo allow funding in USD at all (not just via Transferwise) then it should be possible. Heck - there is local clearing of USD checks; so you could just have TW do the exchange and place into DBS account and get a USD check off to fund your Saxo.

Multi Currency Cards

Grab

YouTrip

TransferWise

Revolut

Lifestyle

Derek Koo
Derek Koo
Level 4. Prodigy
Answered 4w ago
Think this has been answered many times. top up grab using uob one or citi rewards or Amex krisflyer, then use grab master card to top up the others.

Multi Currency Cards

TransferWise

The use of local accounts means remittances are fast since can utilize local payment systems (eg FAST here, FPS in UK/HK, etc) With a good flow of remittances, the TW team should be able to work out a balance to hold locally so they can ensure sufficiency with some high probability. If the get a rush of remittances somewhere, they can do a SWIFT on their own backend (with a tested bank intermediary flow so no unnecessary slowdowns) to replenish - so it would take a little longer for the remittances (few days vs instant/one day) but otherwise wouldn't have an issue.

Multi Currency Cards

YouTrip

TransferWise

While from an ops perspective it's important to make sure choice is well defined, realistically from a customer point of view it wouldn't be relevant in most instances. Consider - the only time where multiple wallets/auto-choose important is where you have balances in multiple currencies other than the transacted one and insufficient balance in the transaction currency. The usual case for most people would be having (a large?) SGD balance and some balance in the transaction currency. It seems odd to have balances in a whole bunch of other currencies right? Anyway - your mileage may vary but I think YT current approach (a predefined list of currency buckets to deduct from) is keeping simple given relative rarity of use case.

Multi Currency Cards

DBS Multi Currency Account

TransferWise

If the currency you are converting to is USD then this is possible - will go through the SWIFT system and be a bit slower but Singapore is explicitly listed as a country they can remit USD to.

Multi Currency Cards

YouTrip

TransferWise

Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated on 18 Oct 2019
As what Piyush had shared during the event meetup the other day, yes indeed they have a similar kind of way that they do processing for currencies with not enough value. Eg You buy something which costs 40 AUD But in your accounts you only have: - 20 AUD - 100 SGD They will wipe out the AUD first and the balance 20 AUD, they will convert at mid market rate from your SGD. Pretty much something like this :)
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About TransferWise

TransferWise is a remittance company that strives to help its customers transfer money across borders at the lowest possible cost.

How TransferWise Works

TransferWise offers 3 types of products. One time money transfers, Borderless account and TransferWise for Business. A Borderless account supports up to over 40 currencies.

To transfer, simply input the amount desired in TransferWise’s calculator and allow the calculator to calculate the transfer fee.

The creation of a TransferWise account is mandatory to remit money.

There are 3 different types of transfers that allows one to choose where to send money from:

  • Low cost transfer - Send money from your bank account
  • Fast and easy transfer - Send money from your debit or credit card
  • Advanced transfer - Send from your GBP account outside the UK

Borderless Account

The Borderless Account only requires a small fee to convert currencies in your account.

The following is free if you’re interested in having a Borderless Account:

  • Account creation
  • The holding of over 40 currency balances
  • A UK account number and sort code
  • A U.S. routing and wiring number
  • A European IBAN
  • An Australian account and BSB number
  • Receiving money in EUR, USD, GBP, AUD & NZD

The following features of a Borderless Account require a fee paid:

  • Converting of currencies: 0.35%-1%
  • Fixed fee to send money (varies by currency): S$2.30
  • Adding money into your account: 0%-0.2%  

TransferWise also allows customers to receive money with their services.

TransferWise for Business

TransferWise for Business boasts being 14 times cheaper than PayPal and lists the following features:

  • The ability to pay invoices and people abroad
  • Receive money with no fees
  • Automate work with our API
  • Integrate seamlessly with Xero

Good To Know

You can visit TransferWise’s FAQ here.

Contact TransferWise

You can contact TransferWise here.