Transferwise Ltd

Trustpilot Rating
Reviews 79,348 | Excellent
 (4.6)
Business Focus
international money transfers

Transferwise Ltd is an electronic money institution focused on international money transfers. Transferwise Ltd offers prepaid cards, international money transfers, virtual accounts with IBAN to individuals, businesses. Incorporated in the United Kingdom, Transferwise Ltd is authorized and regulated by the Financial Conduct Authority.

Products
Clients
  • individuals
  • businesses
Card Providers
  • MasterCard

Borderless Account

Currency
EUR, GBP, AUD
and 43 more
Payment Cards
physical
virtual
Personal IBAN
available (DE, GB IBAN)
UK Account Number
available
Customer Groups
all countries
Pricing Plans
single for all customers
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 Personal Card (MasterCard) can be ordered together with Borderless Account. Virtual cards are not available.
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
IBAN Countries
Personal IBANs assigned to TransferWise Borderless accounts belong to:
  • Germany for EUR balances
  • the United Kingdom for GBP balances
Personal IBAN vs EMI Banking Details
While TransferWise uses an account holder's personal IBAN for some operations, TransferWise's own banking details are used for the others.
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
  • 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
  • Low conversion fees
  • Zero transaction fees
  • Free ATM withdrawals up to £200 per 30 days
  • Open Account

Opening Personal Borderless Account

1.
Provide your details online
2.
Upload your proof of identity
3.
Account is ready to use in 2 days



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.

See Also

TransferWise Personal Cards

Card Type
debit
physical
Currency
multi currency
as per account
Card Provider
MasterCard
Card Type
TransferWise cards are debit cards, rather than prepaid cards.

Debit vs Prepaid Cards. Debit cards do not have a separate balance and are connected to an account or e-wallet. Such cards are are loaded automatically when the account/e-wallet is being topped up. Prepaid cards have a separate balance from an account or e-wallet. These cards have to be loaded manually, usually from the account/e-wallet.

TransferWise cards are issued only as physical (plastic) cards and are delivered to the customer's address.
Currency
TransferWise Personal Card is a multi-currency card, the funds can be held in different currencies at the same time. TransferWise Personal Card can hold funds in any as the corresponding account, namely 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.
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 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).
Card Issuer
Transferwise Ltd
Card Fees and Limits
UK/EUAPACUS
Card Issuance Feefreefreefree
Currency Exchange Fee0.24–3.69%0.24–3.69%0.24–3.69%
ATM Withdrawal Feeup to 200 GBP: free
above that: 2.00%
up to 350 AUD/350 NZD/350 SGD: free
above that: 2.00%
up to 250 USD: free
above that: 2.00%
ATM Withdrawal Daily Limit1,500 GBP2,700 AUD/NZD/SGD1,000 USD
ATM Withdrawal Monthly Limit4,000 GBP7,000 AUD/NZD/SGD4,000 USD
Contactless Payment Daily Limit1,000 GBP1,750 AUD/NZD/SGDn/a
Contactless Payment Monthly Limit4,000 GBP7,000 AUD/NZD/SGDn/a
Magnetic Stripe Daily Limit6,000 GBP10,500 AUD/NZD/SGD6,000 USD
Online Purchase Daily Limit10,000 GBP17,500 AUD/NZD/SGD2,000 USD
Online Purchase Monthly Limit30,000 GBP52,500 AUD/NZD/SGD10,000 USD

*) 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

Opening Business Borderless Account

1.
Provide your details online
2.
Upload your proof of identity
3.
Account is ready to use in 4-7 business days



TransferWise Borderless account is available for both individuals and companies.
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.

TransferWise Business Cards

Card Type
debit
physical
Currency
multi currency
as per account
Card Provider
MasterCard
Card Type
TransferWise cards are debit cards, rather than prepaid cards.

Debit vs Prepaid Cards. Debit cards do not have a separate balance and are connected to an account or e-wallet. Such cards are are loaded automatically when the account/e-wallet is being topped up. Prepaid cards have a separate balance from an account or e-wallet. These cards have to be loaded manually, usually from the account/e-wallet.

TransferWise cards are issued only as physical (plastic) cards and are delivered to the customer's address.
Currency
TransferWise Business Card is a multi-currency card, the funds can be held in different currencies at the same time. TransferWise Business Card can hold funds in any as the corresponding account, namely 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.
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 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).
Card Issuer
Transferwise Ltd
Card Fees and Limits
UK/EUAPACUS
Card Issuance Feefreefreefree
Currency Exchange Fee0.24–3.69%0.24–3.69%0.24–3.69%
ATM Withdrawal Feeup to 200 GBP: free
above that: 2.00%
up to 350 AUD/350 NZD/350 SGD: free
above that: 2.00%
up to 250 USD: free
above that: 2.00%
ATM Withdrawal Daily Limit1,500 GBP2,700 AUD/NZD/SGD1,000 USD
ATM Withdrawal Monthly Limit4,000 GBP7,000 AUD/NZD/SGD4,000 USD
Contactless Payment Daily Limit1,000 GBP1,750 AUD/NZD/SGDn/a
Contactless Payment Monthly Limit4,000 GBP7,000 AUD/NZD/SGDn/a
Magnetic Stripe Daily Limit6,000 GBP10,500 AUD/NZD/SGD6,000 USD
Online Purchase Daily Limit10,000 GBP17,500 AUD/NZD/SGD2,000 USD
Online Purchase Monthly Limit30,000 GBP52,500 AUD/NZD/SGD10,000 USD

*) 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

TransferWise offers money transfers between more than 60 countries in more than 40 currencies. Money can be sent from Transferwise accounts, bank accounts, payment cards and received to Transferwise accounts, bank accounts, payment cards. Transfers made with TransferWise are usually completed within 0-2 days.

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

How TransferWise Transfers Work

1.
Create account
Create and verify your TransferWise account
2.
Enter transfer's details
Provide the recipient’s details and the amount you want to send. Note that the recipient doesn't need a TransferWise account, just a bank account.
3.
Pay for your transfer
Pay by credit or debit card or make a local bank transfer to TransferWise’s bank account in your country. You don't have to link your bank account to TransferWise (unless you’re sending from Canada or the US).
4.
Transfer processed
TransferWise has local bank accounts in countries all over the world. So often TransferWise is able to use money from a TransferWise user sending money the other way around.
5.
Transfer completed
If you provide your recipient’s email address, the recipient will get a notification that the money is on the way.


Alternatives to TransferWise Transfers

See Also

Operations with Cryptocurrencies

No

TransferWise do not conduct operations with cryptocurrencies.

See Also

Mobile Applications *)

TransferWise
 4.5, 19,859 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
Authorization Granted
7 June 2018
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. The authorization was granted on 7 June 2018.

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.

Membership
SWIFT
SEPA

Transferwise Ltd is a SWIFT member and a SEPA scheme participant.

MasterCard

Transferwise Ltd is connected to MasterCard payment card scheme.

See Also

Contacts

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

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