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Transfer money aboard can be tricky. There are so many hidden costs that we might not notice. The money transfer user experience can be a nightmare for a lot of people.
- High prices and hidden fees
- Slow transaction
- Bad user experience
- Limited customer support when you needed the most
There are lots of options for transferring money for personal to family or B2B. You can use PayPal or Payoneer but the fees can be a pinch for some of us.
Have you heard of TransferWise? Is TransferWise a scam? Let’s find out more about them together.
Transfer Wise Review Summary
Product Name: TransferWise
Product Type: Money Transfer Service
Price: Free to setup an account
Target For: Expats, business, regular travelers and international students
Summary: It is a platform for global to transfer money for personal or B2B. It have over 4 million customers and estimated 3 billion pounds transferred monthly.
Recommended: Yes
What is TransferWise?
It is a platform for global to transfer money for personal or B2B. It have over 4 million customers and estimated 3 billion pounds transferred monthly.
They have more than 1200 employees worldwide, assisting handling customers currencies all over the world. They claim they are 8 times cheaper than using bank transfer, which make a good alternative to consider using them.
How Does it Work?
The process is pretty simple and straightforward. You just need to register on the TransferWise website for free. Chose personal or business account depending on your own need.
Chose the amount of your currency, you like to transfer to another country’s currency. From there you get to compare the exchange rate from your local bank. You will also see the estimate amount you are going to save for using TransferWise.
There is a time frame to see when your money will be sent to the other person.
You will then need to fill up your bank account information and the recipient to whom you like to transfer money to.
Transferwise MasterCard
You can also order a card from TransferWise. This will be your debit card, which you can use it around the world when you add money to it.
Countries in Europe, US, New Zealand or Singapore there a small fee to order the card. For customer order their card in Australia will be free of charge. They will only able to ship the card to you upon you complete all the steps.
Who Should Use Transferwise?
Travelers – They can use the debit MasterCard to spend aboard as the card can be use any where. Transferwise will do the currency automatically.
Internet marketers, digital nomad and online business owner – They can use TransferWise borderless account as a freelance or business owner for receiving payments in multiple currencies and covert to other currencies all in one platform.
Business owner – They can make use Transferwise borderless local bank accounts to manage their business cash flow.
Oversea students – For international students, they can use Transferwise debit card for their expenses with zero fees. Their parents also can use it for their international fees.
In short, it is good fit for expats, business, regular travelers and international students
Pros
- Convenience
- Easy access to your account
- First 200 pound withdraw at no fees
- Transparent with their fees
- Better rates compare to other
Cons
- Not for larger amount of transfer
- Only email support. Phone support got it limitation
Good Reviews Vs Bad Reviews
There are a lot of reviews site and most of them have rated Transferwise highly. But no one or system is perfect. All users have different experience and expectation.
Trust Pilots – 4.6/5
Seedly – 4.6/5
As mentioned there are customer who are not happy with their service. What can we learn from it. These are small percentage compare to positive reviews.
- Accounts suddenly being deactivated
- Customer service
- Money transfer being delayed
Conclusion
As we have gone through most of the apsect of this money transfer platform. So is Transferwise a scam? No. It is a transparent and good boarderless money transfer option for us to consider.
They are not perfect but comparing to PayPal and Payoneer it is of course a better choice for regular travlers, expats and business owner.
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TansferWise
Free
Pros
- Free to register
- Easy access to your account
- Transparent with their fees
Cons
- Not for larger amount of transfer
- Phone support got it limitation
