Check out the latest TransferWise promotions, offers, and referral offers here.
If you haven’t heard of TransferWise, it’s a money transfer app that is a secure and low-cost way to send money overseas! With this app, it offers an easy way to transfer money to another country from your credit or debit card, maybe even from your bank account! Continue reading below to learn more about the features for this money transfer service!
(Visit TransferWise.com to learn more)
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Table of Contents
- 1 About TransferWise
- 2 Transferwise: How it Works
- 3 How to Send Money with TransferWise
- 4 Current TransferWise Promotions
- 5 TransferWise Fees
- 6 TransferWise Transfer Speed
- 7 Bottom Line
Established in 2010, TransferWise is a service that offers users a cheap and easy methods for international money transfers. Today, you can send money to 71 countries and receive money from 43 countries, with over 1,000 country combinations across 49 currencies.
|Sending Channels||Website & mobile app|
|Payment Options||Bank account only|
|Delivery Options||Bank account only|
|Minimum Transfer Limit||None|
|Maximum Transfer Limit||$10,000/transfer to $1 million/transfer,
depending on origin and direct deposit vs wire
Transferwise: How it Works
Transferwise works by cutting out the middleman, making their prices a lot lower.
They do so by storing different currencies around the globe. When you send $1,000 USD to a friend in Canada, Transferwise adds $1,000 to the USD stockpile and then pays your friend the equivalent in Canadian dollars from the Canadian dollar stockpile.
By using this method, there is no need for third-party banks. Transferwise can instead offer services at exactly the bank rate.
Borderless accounts are also known as multi-currency accounts, and they let you hold money in over 40 currencies to convert at a later time when the mid-market exchange is favorable to you. It’s like having many different local bank accounts around the world in one online account.
You will also get a personal account number and bank details and a Transferwise debit Mastercard when you sign up for a borderless account. You’ll be able to receive money from over 30 countries without having to pay fees.
The TransferWise app is available for iOS and Android. You can send money abroad, check the status of your transfers, and cancel them. You can also manage your borderless account and exchange money when optimal.
How to Send Money with TransferWise
If you don’t know how to send money using Transferwise., follow these steps below:
- Sign up for an account. Choose to connect with your email address, Facebook or Google account.
- Verify yourself. The requirements vary depending on transfer amount and where you’re sending from. At minimum, you’ll need to provide a copy of your ID and proof of address.
- Set up a transfer. Input where you’d like the money to be received and how much you’re sending. Recipients include yourself (different account abroad), another person or a business.
- Send the money. Use your preferred payment method, including bank transfer, debit or credit card, SOFORT, Apple Pay or Android Pay. Your options will depend on the currency.
- Conversion. You don’t have to do anything here. TransferWise will convert your money at mid-market rate.
- Notification. The converted money is sent to the recipient, and both parties will get an email notification of the transfer.
Current TransferWise Promotions
Free International Transfer
If you haven’t used TransferWise, take the opportunity to do so! It’s the best way to send and spend money overseas! When you use a referral link, you can get a free international transfer, up to $500!
Sadly, we don’t have a TransferWise account to provide you with a link! BUT if you happen to have one, fee free to share your referral link in the comment section below and help someone out!
(Visit TransferWise.com to learn more)
$75 Bonus Referral
If you have an active TransferWise account, you earn a $75 bonus when you invite three friends!
- What you’ll get: $75 referral bonus for three invites
- Who is eligible: Active users only
- Where it’s available: TransferWise referral program
- How to earn it:
- Log in to your TransferWise account and head over to the ‘Invite & Earn $75 USD’ section
- Invite friends using your personal invite link or invite via email
- Your referrals get a free international transfer of up to $500
- When 3 of your invites all transfer over $300, you’ll earn a $75 bonus
- Referral terms: You must be a registered user of TransferWise to use the Referral Program. Each qualified person you invite shall only make transfers from a credit card, debit card or bank account which is in their name. Read full terms here.
TransferWise offers mid-market rate to customers when sending money overseas. It means it’s what your money’s actually worth on the global market compared to another currency.
Although you can’t schedule future transfers, TransferWise offers flexible rate limits for certain currencies and transfer methods. So as long as your money reaches TransferWise by 4 p.m. Eastern Time on the next business day or you create a successful ACH payment during this time, the recipient will receive the amount shown at the time you complete the transfer creation.
Transferwise will convert your money using the true mid-market rate when they receive and process your funds. It’s the best rate you will get with any money transfer service provider.
If needed, they will even lock your exchange rate for a certain time frame. This is also known as a guaranteed rate! However please note that, TransferWise must receive your funds within the allotted time frame, or the amount the recipient will receive will no longer be guaranteed.
Most bank will charge a fee in order to receive an international SWIFT payment. Just ask the receiving bank if it costs extra for incoming SWIFT payments, the total amount.
If you live in the United States, we don’t recommend transferring using SWIFT. There are other free or cheaper alternatives by using domestic wire or ACH direct debit.
TransferWise Transfer Speed
Transfer time from the United States can typical take more than a week to complete. It can take anywhere from one to five business days for a direct debit bank transfer to reach TransferWise. Once that is complete, the currency conversion can take up to two business days. Lastly, delivery of funds internationally typically take an additional day or two.
If the cash that you need to transfer needs to be sent quickly then you can cut down funding time by using a domestic wire transfer from your bank instead. Consequently, this usually comes with an additional fee.
TransferWise does not have the fastest transfer speed. Alternative providers, like MoneyGram and Xoom, have the ability to wire money between international bank accounts within the same business. However, it’s important to note that you will be paying more for these fast transfers.
|My favorite bank transfer hub is the American Express® High Yield Savings Account:
• Earn 0.50% APY on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• No monthly fees, no minimum balance.
• 24/7 Account Access
Sign up today and see what more you can do with TransferWise! This is a cheap and easy alternative for international transfers! But if this is not the one for you, see other money transfer services you can take advantage of!
|Chase Business Complete BankingSM||$300 Cash||Review|
|Chase Total Checking®||$200 Cash||Review|
|HSBC Premier Checking Member FDIC||$450 Cash||Review|
|HSBC Premier Checking Member FDIC||Up To $600||Review|
|HSBC Advance Checking Member FDIC||$200 Cash||Review|
|HSBC Advance Checking Member FDIC||Up To $240||Review|
|Huntington 25 Checking||$300 Cash||Review|
|TD Bank Beyond Checking||$300 Cash||Review|
|TD Bank Convenience CheckingSM||$150 Cash||Review|
|Huntington Bank Unlimited Plus Business Checking||$750 Cash||Review|
|Huntington Bank Unlimited Business Checking||$400 Cash||Review|
|Huntington Bank Business Checking 100||$200 Cash||Review|
|Axos Bank Basic Business Checking||$100 Cash||Review|
|Aspiration Spend & Save Account||$100 Cash||Review|
|Ally Invest||Up to $3,500 Cash||Review|
|BlockFi||Up To $250 BTC||Review|
|American Express High Yield Savings||0.50% APY||Review|
|Discover Cashback Debit Account||$360 Cash||Review|