Best TransferWise Review 2021

TransferWise Review Rating: 4.8/5

With the increasing number of peer-to-peer money transfer services, choosing the best one can be challenging.

I’ve had experiences with different money transfer services and understand the place of fees and exchange rates in the overall transaction experience.

However, of all the money transfer services I used, my experience with TransferWise is seamless.

What is TransferWise? How does it work? Can I recommend it to others? Read on to find out answers to these questions and more.

What is TransferWise?

This is a London-based peer-to-peer money transfer service with coverage across 80 countries.

Just recently, TransferWise was changed to Wise due to its expansion of service for borderless money transfers.

So in this TransferWise review, I will be interchanging TransferWise with Wise to mean the same thing.

Since its launch in 2011, TransferWise has been providing top-notch money transfer services to individuals and businesses worldwide.

As a result, Wise continues to gain popularity as it handles over $1 billion money transactions per month.

Cutting out the middleman is how TransferWise offers customers a low-cost money transfer service to the world.

With Wise, you can transfer money in up to 53 currencies. Also, opening a new balance on the currency you want takes a few seconds.

Accordingly, you can transfer money to your account, friend, family, business or anyone else at a low cost.

In the course of this TransferWise review, you will learn more about this excellent money transfer service.

Who Owns TransferWise?

Taavet Hinrikus and Kristo Karmann collectively founded TransferWise in 2010 and launched it in 2021.

Taavet Hinrikus is an entrepreneur and investor who co-founded Skype back in 2003.

Before establishing TransferWise, Kristo worked at PricewaterhouseCoopers and Deloitte Consulting as a management consultant.

Furthermore, Kristo worked with European banks and insurers toward upgrading their systems.

Due to the challenges faced in the process, he collaborated with Taavet to design a whole new money transfer which gave birth to TransferWise in 2010.

How Does TransferWise Work?

As mentioned previously, my experience with TransferWise is seamless because of its uniqueness.

Like other online money transfer services, you will first be required to create a TransferWise account before making transactions.

Fortunately, creating a Wise Account takes just a few minutes as only your email or Facebook account is required. Once you’re done, you can start transactions immediately.

Before making any transfer, Wise first shows you the transfer fees. This varies according to the amount, currency and method of payment.

Depending on the recipient’s location, it may take hours or days to complete your transactions.

Is TransferWise Safe?

Based on my personal experience and the findings of this TransferWise review, TransferWise is safe.

Why? It’s regulated by the authorities of the countries it operates in.

For example, in the UK, TransferWise is licensed by the Financial Conduct Authority (FCA) as an Authorised Electronic Money Institution.

TransferWise is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Authority des Marches Financiers (AMF) in Canada.

Also, TransferWise is regulated by the Australian Securities and Investments Commission (ASIC) and the US Financial Crimes Enforcement Network (FinCEN).

Moreover, TransferWise has two-factor authentication (2FA), which is advanced digital protection for your money.

Wise Pros and Cons

Based on my personal experience, here are the good and ugly sides of TransferWise:


  • Low and transparent transfer fees
  • Easy to use
  • Safe and secured
  • Low mid-market rate
  • Flexibility (can be used by individuals and businesses).


  • Cash advance charges for credit card deposit
  • Limited currencies
  • Account verification delay (2-3 days)
  • Limited payment options (no cheques, bank drafts, cash pickup etc.)

As you continue reading this TransferWise review, you will have a better understanding of the above pros and cons.

What Currencies Can You Send and Receive On TransferWise?

When choosing an international money transfer service, currency coverage is an essential factor to consider.

But with Wise, you can send and receive payments from the following 25 currencies:

  • Australian Dollar (AUD)
  • Japanese Yen (JPY)
  • Indonesian Rupiah (IDR)
  • Bulgarian Lev (BGN)
  • Hungarian Forint (HUF)
  • Indian Rupee (INR)
  • Brazilian Real (BRL)
  • Croatian Kuna (HRK)
  • Malaysian Ringgit (MYR)
  • Canadian Dollar (CAD)
  • Norwegian Krone (NOK)
  • Swiss Franc (CHF)
  • New Zealand Dollar (NZD)
  • Czech Koruna (CZK)
  • Polish Złoty (PLN)
  • Danish Krone (DKK)
  • Romanian Leu (RON)
  • Euro (EUR)
  • Turkish Lira (TRY)
  • Pounds Sterling (GBP)
  • Swedish Krona (SEK)
  • Hong Kong Dollar (HKD)
  • Singapore Dollar (SGD)
  • US Dollar (USD)
  • Emirati Dirham (AED)

Note: The above currencies reflect the coverage of Wise as of the time of writing this TransferWise review.

What Currencies Can You Send to Local Banks On TransferWise?

Here are 56 countries/currencies that you can transfer money to through TransferWise:

  • United Arab Emirates dirham (AED)
  • Argentine peso (ARS)
  • Australian dollar (AUD)
  • Bangladeshi taka (BDT)
  • Bulgarian lev (BGN)
  • Brazilian Real (BRL)
  • Botswana Pula (BWP)
  • Swiss franc (CHF)
  • Chilean peso (CLP)
  • Chinese yuan (CNY)
  • Colombian peso (COP)
  • Costa Rican colón (CRC)
  • Czech koruna (CZK)
  • Danish krone (DKK)
  • Egyptian pound (EGP)
  • Euro (EUR)
  • Fijian Dollar (FJD)
  • British pound (GBP)
  • Georgian Lari (GEL)
  • Ghanaian cedi (GHS)
  • Hong Kong dollar (HKD)
  • Croatian kuna (HRK)
  • Hungarian forint (HUF)
  • Indonesian rupiah (IDR)
  • Israeli shekel (ILS)
  • Indian rupee (INR)
  • Japanese yen (JPY)
  • Kenyan shilling (KES)
  • South Korean won (KRW)
  • Sri Lankan rupee (LKR)
  • Moroccan dirham (MAD)
  • Mexican peso (MXN)
  • Malaysian ringgit (MYR)
  • Nigerian Naira (NGN)
  • Norwegian krone (NOK)
  • Nepalese rupee (NPR)
  • New Zealand dollar (NZD)
  • Peruvian nuevo sol (PEN)
  • Philippine peso (PHP)
  • Pakistani rupee (PKR)
  • Polish złoty (PLN)
  • Romanian leu (RON)
  • Russian rouble (RUB)
  • Swedish krona (SEK)
  • Singapore dollar (SGD)
  • Thai baht (THB)
  • Turkish lira (TRY)
  • Tanzanian shilling (TZS)
  • Ukrainian hryvnia (UAH)
  • Ugandan shilling (UGX)
  • United States dollar (USD)
  • Uruguayan peso (UYU)
  • Vietnamese dong (VND)
  • West African CFA franc (XOF)
  • South African rand (ZAR)
  • Zambian kwacha (ZMW)

Note: The above currencies reflect the coverage of Wise as of the time of writing this TransferWise review.

TransferWise Borderless Account Canada

With the TransferWise Borderless Account Canada, you can hold your money in more than 40 currencies.

Formerly known as TransferWise Multi-currency Account, the Wise Borderless Account grants you access to currencies in local bank accounts such as the British pounds, US dollars, Australian dollars, Euros and New Zealand dollars.

Thus, Wise Borderless Account is an excellent choice for receiving money in several countries without having a bank account in those countries.

Furthermore, you don’t have to pay a currency conversion charge when sending the money locally.

TransferWise Debit Card

Wise Borderless Account has a debit card with low conversion fees and $0 transaction fees.

One thing I like about the TransferWise debit card is its flexibility. You can use it at any time and anywhere in the world.

Here are the key features of TransferWise debit card:

  • Zero transaction fees.
  • Low conversion fee
  • Automatic conversion of money at a real exchange rate
  • 2 Free monthly ATM withdrawals (up to £200).

Finally, you can spend in any currency with this debit card because your money is automatically converted at a real exchange rate.

TransferWise Fees

Based on personal experience, I can attest that Wise is one of the cheapest and transparent money transfer services worldwide.

Before making any transfer, Wise will first show you the fees and how it arrives at that amount.

Accordingly, fixed and variable fees add up to your total fees. The fixed and variable rates depending on your currency and the currency you’re sending money to.

In the end, the amount, fixed and variable fees, and the transfer method constitute the overall cost of your transfer on Wise. Here’s an example:

TransferWise Fees

TransferWise Coupon

You can earn extra income by simply inviting your friends and family to Wise. How? By sharing the TransferWise coupon.

When you open a Wise account, you will be automatically assigned a coupon.

The coupon contains a promo code so that anybody that clicks on it to sign up gets discounts on their first transfer while you get paid.

Finally, Wise has different rewards for people that share their promo codes with friends and family.

Once you commit yourself to share the promo code, you may earn an amount to offset your transaction costs.

Click here to learn more about the TransferWise coupon.

TransferWise Review: My 5-Star Rating

Based on my personal experience, here’s how I arrived at the 4.8/5 rating of this TransferWise review:

Currency coverage4
Exchange rate5
Ease of use4.7
Customer service4.5


As you can see from the above table, Wise is doing well in most aspects, making this TransferWise review positive.

However, Wise has few areas of improvement, including currency coverage, ease of use and customer service.

How to Create a TransferWise Account?

Creating a TransferWise account is free and easy for everyone that can operate a smartphone.

However, there are two options of creating a Wise account: with an email or a Facebook account:

Here are the step-by-step processes of opening a Wise account with an email:

  • Visit the Wise sign-up page
  • Sign up with your email
  • Indicate the type of account you want to create (personal or business)
  • Enter your country of residence
  • Verify your phone number
  • Create a password (containing a letter and a number)
  • Verify your email

That’s it!

However, you may need to provide your ID or proof of address to execute a transaction on Wise.

TransferWise Canada Contact

Depending on the account you open, there are different ways you can contact TransferWise in Canada.

If you open a personal account, call 1-888-445-2780. But if you signed up for a business account, call 1-888-403-2696.

Furthermore, you can contact TransferWise through mail or in-app chat on an iOS or Android device.

Wise vs PayPal: Which to Choose?

In this final section of my TransferWise review, I will briefly discuss the similarities and differences between Wise vs PayPal.

When it comes to choosing the best money transfer services, you have many options.

But when trying to narrow your selection, you may be contemplating between Wise vs PayPal. This is likely since both are two great money transfer services worldwide.

Thus, PayPal has been one of the leading international money transfer services since 1998, with coverage across more than 200 countries/regions.

One exciting thing you need to know as a Canadian is that you can make free transactions within Canada using a PayPal balance or a bank account.

However, there are charges for making international transfers which is where the comparison between Wise vs PayPal comes in.

While Paypal has a flat fee for making transactions, Wise has fixed and variable fees.

Overall, you will find that Wise is cheaper than PayPal in fees and exchange rate. As a result, this TransferWise review recommends Wise over PayPal.

Click here to learn about other money transfer services in Canada.

Verdict on TransferWise Review

So far, I have been explaining my experience with TransferWise money transfer compared with other services.

As you can see, TransferWise is worth giving a try, especially regarding transaction fees and exchange rates.

Although there are many money transfer services out there with attractive exchange rates and transfer fees, but they’re masked with hidden fees.

Hopefully, you can now take the next step of giving TransferWise a try and share your experience with me.

I look forward to hearing from you in the comment section.

FAQs on TransferWise Review

Do Both Parties Need TransferWise?

No. Only the sender needs a TransferWise account. The recipient can receive the money with any bank account.

Does TransferWise Refund Money?

Yes. TransferWise refunds money but only before completing the transaction.

Once Wise sends the money to the recipient, it can’t refund it.

Thus, the only way to get your money back when the transaction is complete is to ask the recipient to send it back.

But if the money was transferred to your account, you can transfer it back yourself.

How Long Does It Take TransferWise to Refund Money?

It may take TransferWise up to 10 business days to refund your money.

How Long is TransferWise Verification?

TransferWise verification takes two to three business days to complete, and you will be notified by email about it.

If you have more questions about this TransferWise review, let me know in the comment section.

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