TransferWise Review 2025: Is It Reliable Money Transfer Platform?

TransferWise Review: If you have a business setup or you’re a freelancer working remotely from your country, then at some point, you have made an international money transfer. Sending or receiving international payments costs the USA a few extra bucks in the form of transfer fees and exchange rates.

Some banks generally give customers an above-market rate, and their margin is an actual part of their fees, particularly since they are not aware of the hidden fees.

Most of the time, banks and other transfer service provider add a markup right to their exchange rate while advertising low fees and manipulating us. Somehow, we have to pay huge hidden charges when making international payments.

When it comes to exchange rates, not all of the platforms offer equal exchanges.

We didn’t get the latest exchange rates every time when we made payments via banks and other transfer services like PayPal, Stripe, and others…

In these cases, we somehow lose some portion of our money without even noticing. So what’s the solution to this problem? Is there any platform available that doesn’t charge additional hidden fees and offers real-time exchange rates?

Yes, a platform generally focuses on making bank transfers simpler and more affordable than conventional banks simply by charging small and transparent transfer fees.

Here comes- TransferWise (Now Wise) (An innovative international money transfer provider that charges low and transparent transfer fees.)

In this post, we have featured TransferWise Review 2025 that includes detailed insights about its features, functionality, supported currencies & countries, sign-up process, pros & cons, and more. Let’s get started here.

TransferWise Review 2025: A Reliable Money Transfer Platform

What Is TransferWise (Now Wise)?

Basically, TransferWise ( Now Wise) is a UK-based company that makes international money transfers easy and convenient. TransferWise is the idea of two people named Kristo Käärmann and Taavet Hinrikus. TransferWise mainly focuses on making bank transfers more conventional and accurate than other traditional banks.

It charges low and transparent transfer fees and also converts money at the true mid-market market exchange rates. The best part about TransferWise is that it supports more than 71 countries and more. Another good part is that it covers more than 1000+ routes and country combinations right across 49 countries.

Most of the currencies supported by TransferWise mainly offer one option: a bank transfer right from one bank to another. Here, for some of the currencies, it offers the option to pay with other debit and credit cards or use another SOFORT transfer option.

The interesting part is that it also supports Apple Pay and Android Pay for certain currencies via the TransferWise iOS and Android apps. In most of the cases, the recipient will get the money right within one or two business days.

TransferWise is the top choice for international money transfers all over the world. They are well-known for providing great customer service, and its review is featured on sites like Trustpilot. Besides that, it provides speedy transfer along with a spectacular user experience.

The process of sending or transferring money is very simple and safe. TransferWise has seen massive growth since 2011, and they are growing exponentially. It transparently shows its fees upfront and only deducts them during the conversion. Then, it uses the mid-market rate that is independent of Reuters’ rights without any markup.

TransferWise Features

1. Exchange Rate Locking:

When you use TransferWise to send money, the exchange will automatically lock for a specified amount of time. For many countries, this is for 24 hours, and for several others, it’s locked for 42 hours, and BRL (Brazilian Reals), it is locked for 72 hours.

This feature really helps in getting the real-time exchange rates for any currencies. And this also ensures that you can get massive fluctuations in the exchange rate at the last minute.

2. TransferWise Business:

This feature is specially introduced for e-commerce businesses; here, TransferWise offers you the flexibility to set up a TransferWise business account that allows you to receive payments from all over the world.

The best part about this is that here, you can hold and then convert your money right in over 40 currencies.  This feature gives you the flexibility to spend money anywhere in the world hassle-free.

This TransferWise business account opening needs several steps. At the start, we need local bank account details that will allow us to receive payments in other major currencies like the Euro, US Dollars, and UK pound.

After that, you pass these bank details on to your recipient, which will help you avoid the high markups that you generally get with most international payments.

3. TransferWise Card:

As we mentioned earlier, you can create a business account and easily apply for a TransferWise debit MasterCard. However, this special feature is only available in some parts of the world, such as for European-based customers.

The best part is that TransferWise is going to introduce this feature in the United States. This feature is currently in the beta stage, and you can join a waiting list to sign up for one.

This TransferWise Debit Card allows you to spend money anywhere in the world at fixed and promised exchange rates. The best part is that it is always free to pay with any of the currencies you generally hold within the account. If you want to convert it to a different currency, then TransferWise offers a fantastic low conversion fee, and it costs us zero transaction fees.

Another interesting thing about the TransferWise Debit Card is that you can easily make a withdrawal of up to £200 a month at any ATM.

TransferWise Mobile App:

TransferWise also offers a mobile app so that you can make payments from your mobile devices as well. It gives you the flexibility to make payments quickly from anywhere.

The best part about TransferWise is that it has received a 4.5 rating out of 5 from more than 39,800 people on the Google Play Store.

 

With the help of the TransferWise Mobile App, you can make and repeat payments with the touch of a button. This might be the perfect solution for you if you do have static monthly payments. Another pro thing about TransferWise is that they offer Apple Pay to transfer funds and also add other handy features that can help you make payments right at faster rates.

How Does TransferWise Work?

TransferWise currency exchange process has completely cut out the middleman. The best part is that it allowed them to charge significantly less than anyone else transfer service providers in the market.

Basically, TransferWise is a peer-to-peer (P2P) service that truly indicates that they generally match people who actually want to transfer one currency right into another one.

For example, here, if we want to swap money up to 1000 GBP into EUR, TransferWise will add your 1000 GBP to a pot of GBP, and it will automatically send the equivalent amount (994.53 GBP) EUR right to the receipt you have selected. This shows that you are not going to lose your money when you make any transfer.

TransferWise Security

You should know that TransferWise is not a bank, but it is authorized and safely regulated by the FCA (Financial Conduct Authority) in the UK like any other bank.

TransferWise is authorized, secured, and regulated right under regulation enforced by FCA. It will hold all the funds from its customers separately from the money that they use to run their company.

The best part about TransferWise is that you will always know where your money is. You will be updated via email at each stage of the transfer. Also, TransferWise gives you the option to track your transfer with their amazing Mobile App and website whenever it is convenient for you.

TransferWise Customer Support

The support that you will be getting from TransferWise is very reliable. They offer a FAQ section that is properly optimized with many sections for every type of transfer, as well as the functionality of TransferWise.

Here, you can also get the mid-market rate that I think all the providers don’t provide. And here, if you need to ask a question, you can easily live chat with the customer service representative.

Besides that, if you somehow run into a downside, you can reach customer service by phone from 8 am to 8 pm ET on weekdays.  Overall, it provides a great base of customer support that can help you in every way possible.

Pricing: TransferWise Fees

It doesn’t matter whether you’re sending money or spending money on your TransferWise card. You will find all the details about your fees on this page as well.

You can use its pricing calculator to find the actual fees that you need to pay in order to transfer any amount. You can also find out the fees for using your card and managing the currencies right in your account.

Besides that, you’ll always get to know their fees upfront. Let’s check out their handy tool to find out the actual fees of any transfer. For here, when you send 1000 GBP, the receipt will be 1294.83 USD.

Total Calculation:

TransferWise Fees: 0.4 % of the amount that is being converted + £ 0.80 GBP. (-£ 4.78 GBP)

Amount That’s Get Converted: Exchange Rate- 1.30105   (£ 995.22GBP).

Overall, the recipient will get $1294.83 USD and the total transaction fees will be  (£ 4.78 GBP).

I want to share important information with you guys. When you pay with a credit or debit card, most banks will charge additional fees. These processing fees mainly vary depending on the kind of card you generally use and where it is issued.

How To Sign Up With TransferWise To Make Payments?

The signing-up process is straightforward. In order to make the initial signing-up process smooth, they offer the option to sign up with a Google or Facebook account.

Right before you begin, you need to follow a very strict process to verify your identity to comply with anti-money laundering regulations and more. To get started, you need to provide the following documents:

• Proof of Address: You need to provide a utility bill (phone, electricity, gas), credit card statement, tax bills, and many more things in a row.
• Identification Documents: National ID card, Driver’s License, Passport.

Apart from those authentication processes, TransferWise will send you a text with a security code and an email. Once you complete this process, you will be able to make your first transfer.

How Much Time Does It Take to Complete Any Transfer?

First of all, you need to finalize the amount that you want to transfer. Then, as a bonus, you will see the estimate of when the amount will arrive and a few other details.

When you select the money you want to transfer, TransferWise will show you the fees upfront and will only deduct it right before the conversion. After that, it mainly uses the mid-market range without markup. And the best of all, the exchange is guaranteed as long as the TransferWise receives your money within 24 hours.

Pros and Cons

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Conclusion: TransferWise Review 2025

After using TransferWise without a second thought, I would like to say it is one of the most reliable and affordable platforms for sending money internationally. And the best of all, it offers you the real-time exchange rate for any currencies.

TransferWise takes low transaction fees and offers great transparency for every transfer that you make. And also, this platform is completely reliable and secured as it is regulated by the FCA (Financial Conduct Authority) Bank of England.

Best of all, TransferWise also provides a very useful Mobile-App that can help you make payments in a single go without putting that much effort.

If you’re a freelancer or online marketer, you should definitely give TransferWise a try. Feel free to tell us which transfer tool you use to make international payments right in the comment section below.

We hope this post suits your purpose well. If you liked the post, feel free to share it with your friends and colleagues on all trending social media platforms so that they get to know about this amazing transfer tool.