Transferwise Ltd

Trustpilot Rating
Reviews 66,487 | Excellent
 (9.2)
Business Focus
international money transfers
Products
  • prepaid cards MasterCard
  • virtual accounts with IBAN
Services
  • international money transfers
Clients
  • individuals
  • businesses

Transferwise Ltd is an electronic money institution focused on international money transfers. Transferwise Ltd offers prepaid cards MasterCard, international money transfers, virtual accounts with IBAN to individuals, businesses.

Account Opening

Compared to traditional banks, electronic money institutions offer simple, fast and transparent account opening procedures. TransferWise offers the following account opening options:

Business Borderless Account

Opening Time: 4-7 business days

Procedure: online

Documents:
proof of identity


Personal Borderless Account

Opening Time: 2 days

Procedure: online

Documents:
proof of identity


TransferWise Borderless account is available for both individuals and companies.
Proof of Identity. Depending of the client's country, TransferWise accepts the following documents: passport, national ID card, driver's licence.
To open a TransferWise Business Account, a client needs to provide company details, including business registration, the industry which the company operates in, any online or social presence, and names and birthdates of all legal business owners.
The application is submitted for review, and TransferWise team will contact the customer back to clarify additional details.
It usually takes between 4-7 days to open a business account.

EMI Personal Accounts with IBAN

TransferWise offers the following personal accounts with IBAN:

Product Name
Borderless Account
Customer Group
all countries
Payment Card
Currency
EUR, GBP, AUD
and 43 more
Currency
Borderless Account is a multi-currency account, allowing the account holder to have funds in EUR, GBP, AUD, AED, ARS, BDT, BGN, CHF, CLP, CNY, CZK, DKK, EGP, GEL, HKD, HRK, HUF, CAD, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, USD, PEN, PHP, PLN, PKR, RON, RUB, SEK, SGD, THB, TRY, UAH, VND, ZAR.
Payment Cards
Transferwise Debit Personal (MasterCard) can be ordered together with Borderless Account.
Personal IBAN
  • available for verified customers
  • appears automatically for EUR balances
  • UK sort code and account number available for GBP balances
  • ABA and account number available for USD balances
  • BSB and account number available for AUD balances
  • account number available for NZD balances
Personal IBAN Operations
  • sending EUR to a SEPA country
  • receiving EUR from a SEPA country
EMI Banking Details Operations
  • receiving SWIFT transfers
  • sending SWIFT transfers
  • other transfers
Pricing Plans
Borderless Account is offered with a single pricing plan for all customers.
Borderless Account

offered to: all countries

Low conversion fees
Zero transaction fees
Free ATM withdrawals up to £200 per 30 days

Initial Fee 0.00 EUR
SEPA Outgoing 0.60 EUR
SEPA Incoming 0.00 EUR
SWIFT Outgoing 0.60 EUR
SWIFT Incoming 0.00 EUR

See Also

Personal Payment Cards

TransferWise offers the following personal payment cards:

 Transferwise Debit Personal
debit; physical
Card Provider
MasterCard
Customer Type
personal
Customer Group
CH, EEA *), UK, US
Currency
as per account
multi-currency
no separate balance
Issuer
Transferwise Ltd
Customer Group
TransferWise cards are currently available for the holders of TransferWise borderless accounts in the United Kingdom, United States, Switzerland and the European Economic Area (with the exception of Greece), Gibraltar (British Overseas Territory) and the UK Crown Dependencies: Guernsey, Isle of Man, and Jersey.
Card Loading
TrnaferWise card does not have a separate balance from TransferWise borderless account. So, topping up a TransferWise borderless account actually loads the TransferWise cards connected to the account.
Card Limits
Daily ATM Withdrawal Limit
1,500 GBP
Monthly ATM Withdrawal Limit
4,000 GBP
Daily POS Payment Limit
10,000 GBP
Monthly POS Payment Limit
30,000 GBP
Card Fees
ATM Withdrawal Fee (up to 200 GBP)
0.00 GBP
ATM Withdrawal Fee (over 200 GBP)
2.00 %
Currency Conversion Fee (supported currencies)
0.35% - 1.0%
Currency Conversion Fee (rare currencies)
MasterCard rate
Card Security
3D Secure Payments. For some online payments, a TransferWise cardholder can be asked to approve the payment from his/her TransferWise app, or by using a code sent by SMS or voice call. This is called a 3D Secure online payment, and is an added level of security some websites ask for. At the moment, 3D secure payments are only supported for cards issued in the UK and the European Economic Area (EEA).

*) EEA stands for the European Economic Area and consists of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.

See Also

Corporate Payment Cards

TransferWise offers the following corporate payment cards:

 Transferwise Debit Business
debit; physical
Card Provider
MasterCard
Customer Type
business
Customer Group
CH, EEA *), UK, US
Currency
as per account
multi-currency
no separate balance
Issuer
Transferwise Ltd
Customer Group
TransferWise cards are currently available for the holders of TransferWise borderless accounts in the United Kingdom, United States, Switzerland and the European Economic Area (with the exception of Greece), Gibraltar (British Overseas Territory) and the UK Crown Dependencies: Guernsey, Isle of Man, and Jersey.
Card Loading
TrnaferWise card does not have a separate balance from TransferWise borderless account. So, topping up a TransferWise borderless account actually loads the TransferWise cards connected to the account.
Card Limits
Daily ATM Withdrawal Limit
1,500 GBP
Monthly ATM Withdrawal Limit
4,000 GBP
Daily POS Payment Limit
10,000 GBP
Monthly POS Payment Limit
30,000 GBP
Card Fees
ATM Withdrawal Fee (up to 200 GBP)
0.00 GBP
ATM Withdrawal Fee (over 200 GBP)
2.00 %
Currency Conversion Fee (supported currencies)
0.35% - 1.0%
Currency Conversion Fee (rare currencies)
MasterCard rate
Card Security
3D Secure Payments. For some online payments, a TransferWise cardholder can be asked to approve the payment from his/her TransferWise app, or by using a code sent by SMS or voice call. This is called a 3D Secure online payment, and is an added level of security some websites ask for. At the moment, 3D secure payments are only supported for cards issued in the UK and the European Economic Area (EEA).

*) EEA stands for the European Economic Area and consists of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.

See Also

Money Transfers

Speed
0-2 days
Countries
60+ countries
Currencies
40+ currencies
Sending From
  • Transferwise account
  • bank account
  • payment cards
Receiving To
  • Transferwise account
  • bank account
  • payment cards

Transfer Speed

Transferwise provides an estimated delivery time for every transfer. In general, the delivery time depends on the following:

  1. Sending and receiving countries and currencies.
  2. Payment method. Some payment methods and faster than the other. For example, card payments are normally instant, while bank transfers take longer.
  3. Transfer initiation time. Transferwise can handle the money during normal banking hours.
  4. Security checks. Sometimes Transferwise needs to verify sender's ID, address as well as other details. Such verification can add extra time to your transfer on top of the initial estimation.

Sending Countries

Transferwise offers sending money from a sender's Transferwise account, so sending money is available for all countries where Transferwise Borderless account is offered. Transferwise Borderless account is offered worldwide expect for several sanctioned countries and territories.

Receiving Countries

TransferWise allows to send money to 50 countries, namely:

SEPA-Countries (Europe)
 Argentina
 Australia
 Bangladesh
 Brazil
 Bulgaria
 Canada
 Chile
 China
 Colombia
 Croatia
 Czech Republic
 Denmark
 Georgia
 Hong Kong
 Hungary
 India
 Indonesia
 Israel
 Japan
 Kenya
 Malaysia
 Mexico
 Morocco
 Nepal
 New Zealand
 Nigeria
 Norway
 Pakistan
 Peru
 Philippines
 Poland
 Romania
 Russian Federation
 Singapore
 South Africa
 Korea, Republic of
 Sri Lanka
 Sweden
 Switzerland
 Liechtenstein
 Thailand
 Turkey
 Ukraine
 United Arab Emirates
 United Kingdom
 United States
 Vietnam
 Egypt
 Ghana

Sending Methods

Transferwise offers the following sending methods:
Transferwise Account
TransferWise offers instant transfers between TransferWise account holders.
Bank Account
TransferWise allows to send money from a sender's bank account: the sender should send money to TransferWise own bank account in the sender's country.
Payment Card
TransferWise supports sending money from payment cards the same way as from bank accounts.

Receiving Methods

Transferwise offers the following receiving methods:
Transferwise Account
TransferWise offers instant transfers between TransferWise account holders.
Bank Account
Delivering money to bank accounts is the main receiving method in TransferWise.
Payment Card
TransferWise can deliver CNY to UnionPay card holders based in China.

Advantages of TransferWise Transfers

Broad countries coverage
Available for individuals and business entities
Suitable for large transfers

Disadvantages of TransferWise Transfers

Have to open a current account with TransferWise
Receiving money mainly to bank accounts

Alternatives to TransferWise Transfers

See Also

Operations with Cryptocurrencies

No

TransferWise do not conduct operations with cryptocurrencies.

See Also

Mobile Applications *)

TransferWise Money Transfer
 5.0, 18,582 Ratings

*) Based on the information from Apple App Store.

Company Details

Country of Registration
United Kingdom
Company Number
07209813
BIC
TRWIGB21
Authorized By
Financial Conduct Authority
Reference Number
900507
Authorized Activities
  • placing cash to a payment account
  • withdrawing cash from a payment account
  • execution of payment transactions on a payment account (not covered by a credit line)
  • execution of payment transactions on a payment account (using a credit line)
  • issuing payment instruments or acquiring payment transactions
  • money remittance

Transferwise Ltd is authorized by the Financial Conduct Authority (reference number 900507) for placing cash to a payment account, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), execution of payment transactions on a payment account (using a credit line), issuing payment instruments or acquiring payment transactions, money remittance.

EEA Passport
Yes
Deposit Guarantee
No

Due to EEA passport rules Transferwise Ltd, can conduct its activities in any of the 31 EEA member states. Transferwise Ltd do not participate in deposit guarantee schemes.

Contacts

Shoreditch High Street 56, Floor 6, E1 6JJ, London, United Kingdom
+44 (0) 20 72503119
Website Languages
Chinese
German
English
Spanish
French
Hungarian
Italian
Polish
Portuguese
Romanian
Russian
Turkish

Similar EMIs

UAB Seven Seas Europe (Lithuania)
facilitating payments between Europe and China
Transactive Systems UAB (Lithuania)
online payments throughout the UK and Europe
Transactive Systems Ltd (United Kingdom)
online payments throughout the UK and Europe
Treezor (France)
core-banking platform
Trustcom Financial UAB (Lithuania)
providing current accounts with low maintenance costs
Valyuz UAB (Lithuania)
providing alternatives to traditional banking

See Also