TransferWise Review 2021 – International Money Transfer

This post contains affiliate links. For more information, see my disclaimer here.

Transferwise will help you save and store your international money transfers. Avoid the terrible exchange rates and unfair fees when you want to send or receive money from abroad. You can hold many different currencies and Transferwise is widely available across the globe, making international transfers easier than ever.

What is TransferWise?

Summary [Review]: TransferWise allows you to send and receive money internationally without the high fees. It is up to 8 times cheaper than a high-street bank. The company is valued at $3.5 billion dollars and they handle $4 billion in transfers each month. They are the future of finance and are one of Europe’s most valuable private companies.

Sign up for Transferwise for free here.

“Receive money with international bank details, and track your transactions with notifications on your phone. Spend with your free debit Mastercard, and if necessary – instantly freeze it in-app.”


Why TransferWise?

Transfer costs are usually made up of two things – fees and the exchange rate.

While some providers boast about their ‘free’ transfers, their exchange rates are usually poor and do not reflect mid-market standards. They make up for the ‘free’ transfer by setting unfair exchange rates.

In contrast, TransferWise is very transparent about its low fees and offer a favorable exchange rate. You can see exactly how much you are paying in fees before you send it. The fees are very small and you are also receiving the real exchange rate.

Transferwise offer a favorable mid-market rate and low fees. You can know the exact costs before sending any transfer so more worrying about hidden fees

Transferwise Sign up

Is TransferWise safe?

Yes, absolutely! TransferWise has over 70,000 5-star reviews on Trustpilot and is regulated by the FCA. They help millions of customers send and receive money each month.

Furthermore, I use TransferWise when receiving dollars from teaching companies abroad. This helps me save so much money. I’m receiving the best bang for my buck using TransferWise, allowing me to securely send money to family, friends and pay bills.

What are the TransferWise rates?


TransferWise offers the mid-market exchange rate, just like the one you see on Google. They have an onsite calculator to tell you precisely how much it will cost you to send or receive money. You can adjust the speed of the transfer, which will also reduce the fee.

It is also up to 8 times cheaper than high street banks. Other providers, such as PayPal, charge much higher fees, with an average of 2.9% + $0.30 for every web transaction.

Transferwise allows you to convert your money to 45 currencies and you can get paid in multiple currencies without any fees.

Do I need the TransferWise card?

The Transferwise debit card can make business and travel much cheaper. It comes with no fees as long as you are spending in a currency you are already holding in your account.

Otherwise you will have to pay a low conversion rate, as follows:

Card Issue Free
Spending Currency Available in Your Account Free
Spending Currency Unavailable in Your Account 0.35%-2.85% conversion fee
Spending any Unsupported Currency 0.35%-2.85% conversion fee
ATM Withdrawals 2% after the first $200/30 days
Withdrawals in Currency Unavailable in your Account 0.35%-2.85% conversion fee

TransferWise offer very favorable rates compared to banks. It is now the only method I use to receive money from companies abroad.

TransferWise App and Debit Card

Do I need the TransferWise app?

The TransferWise app makes it convenient to track and make new transfers. You can see all your previous recipients and their details, so you can make quick and easy transfers. You can also use Apple Pay when paying your recipients.

Get the app if you want to use TransferWise on your phone.

The app you it makes it easy to:

  • Bank Balance: See all your bank balances and latest activity
  • Control Your Transferwise Card: Connect your card, show pin or freeze card with the click of a button. Report missing cards or replace your card.
  • Accessible: Access your bank details from different countries to receive multiple currencies
  • Spending Limits: Set money limits of how much you can spend for greater financial control
  • Multi-factor Authentication: such as your fingerprint for extra security.
  • Direct Debit: Set up Direct Debits and add recipients
  • Financial Statements: See previous statements. You can also be notified from the app each time a payment is made from your TransferWise account
  • Referral: Invite friends to TransferWise and you can earn money while giving them a free transfer.

After Signing Up, Remember to Download the Phone App:

Get the TransferWise app for Android
Get the TransferWise app for iOS

TransferWise Review: Pros and Cons

Here is what others have had to say about Transferwise:


  • Sign Up for Free
  • Mid-market exchange rates
  • Great savings with a borderless account
  • Low cost
  • Helpful customer service team
  • Debit card for purchasing goods and services


  • Occasional delays transferring money to others
  • May not be suitable for businesses who need to receive timely payments
  • No live chat support function, you will need to call or email them.
  • They now charge a small one-time fee to mail you the debit card, approximately $7/€6

Transferwise is one of the most highly favored providers for transfers. The savings and low costs are great, but some people have found delays when using it to transfer money.

I have weighed this up with reviews from other providers, such as Payoneer and Paypal. Ultimately, Transferwise has the most favorable rates right now compared to other financial services such as banks.

It is used in so many countries and you will find that it is available around the world, perfect for a traveler or an individual who needs to send and receive international payments.

I use it to receive my teaching income each month without any issues. Transfers usually take 1-2 days. The app offers quick and easy transfers and the debit card is useful when travelling abroad or paying for goods online.

You can receive money in many different currencies and send it to your bank account or store it in your Transferwise account.

What Countries Can Use Transferwise?

Send from:

  • EU Countries
  • United States
  • United Kingdom
  • Australia
  • New Zealand
  • Canada
  • Bulgaria
  • Brazil
  • Switzerland
  • Czech Republic
  • Denmark
  • Hong Kong
  • Croatia
  • Hungary
  • Japan
  • Norway
  • Poland
  • Sweden
  • Singapore

Country not listed? Check out our other online payment methods.

Sign Up to TransferWise

You can sign up for a free TransferWise account here:

This link is an affiliate link, meaning TPR Teaching will receive commission if you sign up, at no extra cost to you. It helps support the website and keep it running. For further details, please see the disclaimer.

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I'm an Irish ESL teacher and blogger. I started teaching in 2016 and have since taught in the UK, Spain and online. You will find tons of resources to help you start teaching online, grow your income, and learn and teach languages on this site. Please show some love and support by sharing this article with others. Thank you!

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