How to Transfer Money Using TransferWise

transferwise alternatives

Transferwise is an awesome service started by the same people who built Skype. Richard Branson is a major investor. Launched in 2011, it has revolutionized money transfer services with its low rates.

Because of this, more people are exploring how to transfer money using TransferWise. And, we’ll help you with that in this guide.

Let’s compare it to PayPal

Transferring via PayPal costs a minimum of 4.5% when transferring money across borders. MassPay, their cheapest method charges a 2% fee and then adds an additional 2.5% currency transfer fee.

Yep, that’s a total of 4.5% that you are charged. We provided more information on the hidden fees below.

But, just look at the difference for now.

If you send $1000 abroad PayPal charges $45. With TransferWise you are only charged a maximum of 1%.($10) That’s quite a difference!

Here’s the specifics

Every bank and almost every money transfer company such as Western Union make their money from a hidden currency exchange fee. TransferWise does not have any hidden fees and they declare all their fees upfront.

  • 1% for transfers from the US in USD
  • 0.5% for most other transfers
  • 1% for some currencies, such as the Philippine Peso

More about hidden currency exchange fees. If you’re not sure what I mean by “hidden currency conversion” check out our explanation in this article.

Which countries can you transfer to?

The current list of countries is a bit limited. Here are the options (updated April 2016):

UAEGeorgiaPakistan
AustraliaHong KongPoland
BangladeshHungaryRomania
BulgariaIndonesiaRussia
BrazilIndiaSweden
CanadaSouth KoreaSingapore
SwitzerlandSri LankaThailand
ChinaMoroccoTurkey
ColombiaMexicoUkraine
Czech RepublicMalaysiaUnited States
DenmarkNorwaySouth Africa
Western Europe (Euro)New Zealand
UKPhilippines

Here are the countries that you can transfer from:

AustraliaDenmarkNew Zealand
BulgariaEurozone (Euro)Poland
BrazilUKRomania
CanadaHungarySweden
SwitzerlandJapanUnited States
Czech RepublicNorway

How does it work?

It’s simple. Just click on the link to transfer at the top right of the page after you sign up:

Convert Currency when you Transfer Money with TransferWise

Then they will confirm the transfer amount and show you the exact exchange rate then add your details:

Transfer Money to the Philippines with TransferWise

You can select a previous recipient or add a new recipient:

Transfer Money using TransferWise - Add recipient

The last step is for you to upload the money.

Here is the only downside to TransferWise. You will need to do this manually which means in the US you have to send an ACH payment to TransferWise. You usually need to wait 3-4 days for the money to arrive before it can be sent to the recipient.

This is the only downside we found for this lower priced service. PayPal costs a lot more, but your money is transferred automatically.

You have choices when it comes to transferring your money abroad.

So it’s up to you. You can save a substantial amount of money with no hidden fees or spend more and have your money sent immediately. You choose! If saving money wins out, we recommend you transfer money using Transferwise. You can visit their site and see for yourself.

Leave a reply

  1. Is there any real integration between TD and Transferwise. At month end I want to send multiple payments to PH, and would like to be able import or link my TD to Transferwise to make these payments seamless and easy – any info out there?

    1. Hi Neville, unfortunately there is no API available which can do this. However the effort involved in sending payments once you have set them up the first time in Transferwise, is not that great. It would take for example 10 minutes to send 30 payments. So as long as you don’t have hundreds of staff it’s probably ok.

  2. Hi if I have a Usd account to transfer to my Malaysia Ringgit account. .is it possible to use transfer wise?
    I am staying in Malaysia. Both the accounts are opened in Malaysia. Appreciate your feedback.
    Thanks.
    Naleena

  3. hi, i want to know if transferring money from Thailand to the Philippines is possible thru Transferwise. My boss is actually an Australian based in Thailand. I am not sure if he uses a Thai, or an Australian Account/Card. Do you think transferwise is a good option?

    1. Unfortunately it is necessary to have a bank account if you are using Transferwise. There are some other options that work without a bank account such as Ko Kard or Payoneer. Or you can get a bank account?

  • Sapna Kumari https://trupay.in/

    Wow!! Thanks for sharing this article because this article is very usefull...
    UpVote Reply 0 Upvotes
  • Neville

    Is there any real integration between TD and Transferwise. At month end I want to send multiple payments to PH, and would like to be able import or link my TD to Transferwise to make these payments seamless and easy - any info out there?
    UpVote Reply 0 Upvotes
    • Rob Rawson

      Hi Neville, unfortunately there is no API available which can do this. However the effort involved in sending payments once you have set them up the first time in Transferwise, is not that great. It would take for example 10 minutes to send 30 payments. So as long as you don't have hundreds of staff it's probably ok.
      UpVote Reply 0 Upvotes
  • no one

    You can no longer send money from Turkey via TransferWise. You can only send into Turkey.
    UpVote Reply 0 Upvotes
  • Naleena Akmal

    Hi if I have a Usd account to transfer to my Malaysia Ringgit account. .is it possible to use transfer wise? I am staying in Malaysia. Both the accounts are opened in Malaysia. Appreciate your feedback. Thanks. Naleena
    UpVote Reply 0 Upvotes
  • eugene

    hi, i want to know if transferring money from Thailand to the Philippines is possible thru Transferwise. My boss is actually an Australian based in Thailand. I am not sure if he uses a Thai, or an Australian Account/Card. Do you think transferwise is a good option?
    UpVote Reply 0 Upvotes
    • Rob Rawson www.timedoctor.com

      If they are transferring from Australia it's possible but if it's from a Thai account to the Philippines it's not possible currently as far as I am aware
      UpVote Reply 0 Upvotes
  • sheila menor transfetwise

    How can I get the money in the phillippines because i dont have any bank account.my employer sent me money thru transferwise
    UpVote Reply 0 Upvotes
    • Rob Rawson www.timedoctor.com

      Unfortunately it is necessary to have a bank account if you are using Transferwise. There are some other options that work without a bank account such as Ko Kard or Payoneer. Or you can get a bank account?
      UpVote Reply 0 Upvotes
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