Transferwise Review

Table of Contents

    
1.    What does brand TransferWise mean?
2.    What are its customer ratings?
3.    How are other customers reacting to their services?
4.    Can I trust TransferWise?
5.    How do I send money with TransferWise?
6.    What are the different types of fees charged?
7.    Why is TransferWise better than banks?
8.    Where do I find alternatives to TransferWise?
9.    When is it advisable to use TransferWise?  
10.    What is their origin story?

1. What does brand TransferWise mean?
TransferWise is a peer-to-peer money transfer unicorn that was founded on the principle of fairness. The vision is to make the world a bit better by helping to make the financial system fair. TransferWise sends money with the real exchange rate and charges a transparent fee.

 

2. What are its customer ratings?

Out of the 2 million customers, who have used TransferWise, only one thousand five hundred and eighteen customers have complained of average, poor, or bad service. The probability experiencing an above average service is 0.999241. In empirical sciences, it is known as three-sigma rule of thumb - whereby you can be near certain that you will receive an above average service from TransferWise. Without the relevant processes in place, this kind of customer review score cannot be earned.   

 

3. How are other customers reacting to their services?

Using the natural language processing capability of R more than forty thousand reviews written in Trustpilot website was analysed for customers’ emotions. Customers were extremely positive about TransferWise. The positive feelings dominated the negative ones. Customers found TransferWise to be efficient, reliable, and helpful. The reviewers expressed confidence to recommend services of TransferWise in their social circle. Very few of them expressed concern over the delay in delivering the money into their bank account. TransferWise customer support team has actively responded to their posts in Trust pilot website.  
You may read them in Trust pilot portal. In summary, when you send your money through TransferWise, you are most likely to experience Trust and Joy.  

Visit TransferWise

Emotional analysis of Trust Pilot reviews recieved in the last three months

When we process the reviews given by customers in the past three months using natural language processing algorithm, we can clearly observe that the customers found them to be excellent service provider and were willing to recommend their services. The reviewers found TransferWise to be reliable, efficient and were happy with their services.

Some of the reviews in Trust Pilot are
Very good Servise which I can trust.
The reason for this score is:
- quick and easy Way for transferring money (now also including iwallet function so money going straight out from your card assigned to iwallet )
- rate is good (I wish if fee can be smaller but still it's not that bad compare to another Servises )
- good loyalty program for recommending friends extra free money ??
and free transfer ( Would be more attractive to transfer 1000 pounds for free, of this time only 500 pounds is available). Good job. :)
” - Jayne on Friday, September 1, 2017

TransferWise was recommended by a friend but nonetheless I was skeptical about using the service. It seemed too easy and 'good to be true'. Initially I transferred a small sum to check it would work as claimed, which it did. The transfer was completed very quickly and without any complications. I especially liked the email updates, so that I was always aware of the status of the transaction. I proceeded to use the service for the remainder of funds I wished to transfer and similarly the transaction completed as I hoped it would. Fee transparency, guaranteed rate of exchange and a simple intuitive online process are the aspects I found to be of greatest value.” - Jörg on Sunday, September 3, 2017

Excellent service, would definitely recommend. Although if you're happy with using just an app, Revolut is a bit cheaper.” - Chetan Anand on Monday, September 25, 2017


I use Transferwise to fund my studies in the UK from the Netherlands, which involves a euro conversion. Transferwise completely beats using regular banks for the following reasons:
-Transparency, the exact figures quoted are always payed in and out. Banks do not tell you how much arrives.
-Converting GBP to EUR only incurs a 0.5% transaction fee and this is very cheap compared to banks, who make money disappear.
-Speed, transfers can take days, whereas using the correct payment method Transferwise can transfer within seconds. Once a payment arrived within 10 seconds of confirmation! It never takes more than a few hours in the worst case. I have used Transferwise on many occasions transferring thousands in total and would thoroughly recommend it to anyone over international bank transfers.” -  Bruce Esinem on Friday, September 22, 2017
“Every customer thinks about Safety, How Fast, Transfer charges & Ease of transfering Money.
I'm reviewing this after transfering 8000€'s
1. I felt this safe.
2. Money gets Transfered on the next. I believe its much faster than bank Transfer.
3. Transfer charges really cheap compared to Bank & other Money Transfers.
4. The ease of transferring is an added advantange.
So, above all I strongly recommend this a 5star.
” - venkata madhu sudan k on Tuesday, October 24, 2017

Excellent service for expats!! - I'm British and moved to Australia six years ago. I always found moving money between the countries, as well as organising things like IOUs or making transfers for Christmas/Birthday presents, really expensive.
My Dad actually stumbled across TransferWise and began using it when he was sending me money (woop!). I signed up and have now used the service five times to send money overseas without any issue and, best of all, at a really low cost.
I've recommended it to all my international friends and family and am delighted that everyone else is getting as much use out of it as me!
” -  Pawel on Thursday, November 2, 2017

 

4. Can I trust TransferWise?
TransferWise is fully authorised by the UK’s Financial Conduct Authority (FCA). Also, TransferWise complies with the local norms of countries such as Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, UK, Eurpean Union and USA. From the institutional side, IA Ventures in New York, Index Ventures in Europe, Kima Ventures of France, Seedcamp and The Accelerator Group back TransferWise. In addition to the great institutional investors, private individuals who founded or are building Virgin, PayPal, Skype, Betfair, Simple.com also support TransferWise. Transferring money through TransferWise is certainly safe and secure. You can trust TransferWise with your money transfer needs.     


5. How do I send money with TransferWise?

  • Begin by entering the amounts and currencies you want to send in the TransferWise calculator on our home page or in the one shown when you click "send money" once signed into your TransferWise profile. Then, click "continue".
  • Select who will be the sender of your money - you or your business. Click "continue".
  • The next step, "Who are you sending money to?", will ask for your recipient's bank account details. Enter them and click "continue".
  • Confirm your mandatory identifications and upload any verification documents we request. Once uploaded, the will be confirmed within two working days.
  • Then you can chose how you'd like to pay your money into TransferWise. You can pay by,
    • ACH bank debit
    • Wire transfer to our US bank account
    • SWIFT bank transfer to our International account
  • Then TransferWise fee is deducted and money is converted in real mid-market exchange rate and paid to the recipient.  

 

6. What are the different types of fees charged?

  • Transfer fee: A transparent fee is charged without any hidden charges. Fee is clearly displayed in the currency converter and is based on the amount of money transferred and the currency pair.
  • Delivery fee: Banks and other financial services deliver services for different delivery methods. Most are free but some have a small charge. But this is not charged by TransferWise
    • Bank transfer delivery: usually free but banks in some countries charge some amount.
    • Mobile wallet delivery requires a charge, which may vary depending on your payment amount.
  • Payment fee: Credit card companies Visa and MasterCard charge fees (known as 'interchange') to process card payments. These charges vary according to your payment method. The complete list of charges can be accessed in this link. https://transferwise.com/help/article/2068683/paying-by-card/why-is-there-an-extra-charge-for-some-card-payments

Visit TransferWise

 

7. Why is TransferWise better than banks?
TransferWise idea is very simple. Instead of making one international transfer, two local transfers are made. For example if you want to send pounds to euro, instead of making one international transfer with high fees, TransferWise makes two local transfers. So you will send your pounds to our sterling account in the UK, and then we will send your money out to your euro account from our euro account, so the money hasn't actually travelled internationally.
Banks have been treating people unfairly for decades. Many charge you huge fees when you convert your money to other currencies, then hide more fees in unfair exchange rates.
TransferWise has found a simple way to bypass the international transfer fees from banks and make international money transfers transparent and fair - as they should be.
The pricing is transparent, the exchange rate is the real one, the small fee is easy to spot, and we pay out locally. It costs up to eight times less than what your bank really charges. It’s a little revolution

 

8. Where do I find alternatives to TransferWise?
www.perfectremit.com helps you compare TransferWise and other service providers. In the simple and easy to use interface, you may select the source and destination currencies to find the alternative service provider to TransferWise.  

 

9. When is it advisable to use TransferWise?
The brand of TransferWise relies on being fair and cheap. They pride upon the fact that there are no hidden costs. This has been demonstrated and the customers have talked about it in their reviews. About ten thousand customers in Trust pilot have visibly expressed Trust in TransferWise.  
In general, it is advisable to use them when you are looking for a reliable, trustworthy and cheapest money transfer provider.  

Visit TransferWise

 

10. What is their origin story?

HowTransferWiseWorks_GB_2TransferWise was born out of frustration. It is a peer-to-peer money transfer unicorn founded on the principle of fairness. The vision is to make the world a bit better by helping to make the financial system fair. Kristo Käärmann and Taavet Hinrikus became tired of hidden money transfer charges and launched the billion-dollar startup in January 2011. Taavet Hinrikus and Kristo Käärmann are two friends who believe that money is meant to flow freely. But in the absence of a global currency, it doesn’t. An epiphany saved them thousands of pounds.
Taavet had worked for Skype in Estonia, so was paid in euros, but lived in London. Kristo worked in London, but had a mortgage in euros back in Estonia. They devised a simple scheme. Each month the pair checked that day’s mid-market rate on Reuters to find a fair exchange rate. Kristo put pounds into Taavet’s UK bank account, and Taavet topped up his friend’s euro account with euros. Both got the currency they needed, and neither paid a cent in hidden bank charges.TransferWise is completely transparent about the total charge and gives the mid-market rate for the customers. Unlike the banks and other money transfer agencies, there are no hidden charges, which makes it the wise way to transfer money internationally. The exchange rate between two currencies is determined by the currency exchange market. In the world before TransferWise, no retail customer was given the mid market rate – the rate set by the exchange market. Banks and brokers habitually spread the market rate and generated their own buy rate and a sell rate. Some customers who desired to perform cheap money transfers reluctantly accepted mechanisms such as Hawala. TransferWise is better not only because it is cheaper but also because of customer service and its strict anti-money laundering procedures. Privilege that was available only to financial institutions is now given to the common man who wants to send money abroad. This makes TransferWise the best way to remit money into India. TransferWise platform matches your payment at the mid-market rate with one or several other people who are making an opposite exchange. A fair service fee is deducted and the remaining money is converted and paid to the recipient. With this robust business model, TransferWise delivers an exchange rate that is eight times cheaper than the conventional transfer methods. From a customer’s point of view, transferring money through TransferWise is the same as transferring through other conventional agencies.

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References:
https://transferwise.com/about
https://www.trustpilot.com/review/transferwise.com
https://transferwise.com/help
https://transferwise.com/help/article/1570084/basic-information/how-much-does-it-cost
https://transferwise.com/help/article/1870573/security/security-and-regulatory-information
https://transferwise.com/help/article/2340345/paying-by-card/paying-by-card

This is an independent review written by perfectremit.com. Review data of more than forty thousand TransferWise customers were collected from Trust pilot website.  Emotional analysis was performed on the customer data using the natural language processing libraries of open source statistical analysis software R. Emotional analysis is performed to provide the readers with an emotional summary of all the forty thousand reviewers. We believe that this information will enable the readers in making the right decision. 

Company data was collected from the website and other credible sources of information. Care has been taken to ensure that right, relevant and accurate information has been used in this review. Perfectremit.com hopes that this review will help you in making the right choice for your international money transfer needs.