Universal Online Payment System
|Solutions||Send/Receive/Spend money internationally, TransferWise debit Mastercard, Multi-currency account, Global business account|
|Currencies||Manages over 50 currencies|
|Some advantages||TransferWise is safe, secure, and regulated|
|Uses the real, mid-market exchange rate|
|Has an affiliate program|
|Downloadable from the Apple App Store and Google Play Store|
|Accessible in almost all countries|
|Global support in a range of languages + good documentation and translation|
|Languages||English (UK), English (US), French, German, Spanish, Italian, Hungarian, Polish, Portuguese, Romanian, Turkish, Russian, Japanese, Traditional Chinese (Hong Kong)|
TransferWise is an online account that lets you send money, get paid, and spend money internationally. With a TransferWise account, you can send money abroad, get paid in other currencies, and spend abroad on the TransferWise debit Mastercard.
To open your multi-currency account, you’ll need to get verified, usually with some photo ID, proof of address, and/or a picture of you holding that ID. After that you’ll be able to:
- Hold 50+ currencies in balances in your account
- Convert currencies instantly in your account with low fees
- Get bank details to receive AUD, EUR, GBP, NZD, PLN, and USD with no fees
- Set up Direct Debits in GBP and EUR
- Order a TransferWise debit card (currently available in Europe, US, Australia, New Zealand and Singapore)
- Spend on the debit card in any currency with low fees
You always get the mid-market rate, it’s the one banks use to trade between themselves.
Spending with your card
If you have the currency in your account, it’s free. If you don’t have the currency in your account, there’s a conversion fee, typically between 0.24–3.69%.
Withdrawing cash from an ATM
If you have the currency you’re withdrawing on your balance, it’s free up to 200 GBP/250 USD/350 AUD/350 NZD/350 SGD (or your currency’s equivalent) in total per month. After that, a 2% withdrawal fee will be charged. If you don’t have it in your balance, conversion fee will be charged.
To avoid extra fees from the ATM, be sure to choose the local currency where the ATM is. For example, if you’re in Italy, choose EUR as the currency to be charged in. This will stop the ATM from marking up the currency exchange rate
TransferWise was launched in 2011. Today it has 14 offices around the world and over 8 million customers.
TransferWise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money.