Personal Features

Rewire

50

50

Rewire money transfer is an online banking service aimed at migrants living in Europe. You receive a debit card and a euro bank account and IBAN. Rewire services on offer are limited to:

International money transfers - Currency exchange and transfer to foreign bank accounts

Debit card - Receive a debit card attached to your EUR bank account

Online banking - Services available through their website 

Mobile app - Android and Apple apps available

Cash pick up - Cash pick up supported in some destination countries

Mobile wallet - Foreign currency transfer to mobile wallets

One of Rewire’s benefits is for a migrant to get their salary paid into a Rewire bank account. From there they can spend on their Rewire debit card and transfer money to their home country.


TransferWise

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50

TransferWise provides a simple easy to use international money transfer service with digital wallet capabilities. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. Their TransferWise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What TransferWise offers individuals

  • International money transfers
  • Borderless multi-currency receiving accounts
  • Borderless Debit Card - FX optimised debit card
  • Android and Apple apps
  • Send money to email address

What TransferWise does not offer individuals

  • Personal account management
  • Regular transfers
  • Cash pick up or international bill payments

It's a draw!

TransferWise and Rewire score evenly for the services offered to individuals. However, there are important differences that would benefit you as a TransferWise customer. Rewire offers a cash pick up service. TransferWise offers a multi-currency receiving account that supports direct debits. 

It's a draw!
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Draw

Business Benefits

Rewire

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0

Rewire does not offer a service for businesses at this time. 


TransferWise

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56

In addition to the services TransferWise offers the individual, there are some features only available for a business. Unfortunately, as TransferWise is online only, a business customer does not have support with currency fluctuations and trends. TransferWise does however offer easy to use transactional foreign currency receipts and payments.

What TransferWise offers businesses

  • Batch payments
  • Xero and Quickbook integration
  • FX optimised business debit card
  • Multi-user account access

What TransferWise for business doesn’t offer

  • Business account management
  • Risk management tools
  • Regular transfers

Transferwise wins!

Rewire is not aimed at businesses. TransferWise scores better by default. TransferWise business solution offering includes the same features available to the individual and more.

TransferWise
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Winner

Fees & Exchange Rates

Rewire

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46

Rewire money transfer fees

Registration fee - Zero

Debit card fee - Zero

Fees to transfer to Euro bank accounts - Zero

International money transfer fees - 1%

Exchange rates are non negotiable and sending large amounts does not influence the exchange rate offered. Perhaps another specialized money transfer service where fees are negotiable should be considered.

The Rewire money transfer rate of 1% is higher than some other international money transfer companies. But it is certainly lower than using the big banks.


TransferWise

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54

TransferWise offers the real time exchange rate at the time of your transfer. Therefore fees are visible in addition to the transfer amount. The fee structure is complex as it differs depending on the currencies you are sending from and to. Fees also apply to the type of Borderless account transaction. Fees can also apply on the use of the TransferWise Borderless debit card. Fees are briefly summarised below. Read the detailed TransferWise review for more details on TransferWise fees.

TransferWise ServiceTransferWise fee
Simple International Money Transfer

0.4% - 2% 

Varies on currency and payment type

Adding to TransferWise Borderless account0.4% - 0.5%
Converting between Borderless account0.3% - 0.6%
Sending money out of Borderless accountLess than 0.1% in most cases
Borderless Account Debit Card

No fee for card issuance

Fee free cash withdrawal limit of US$250, 2% thereafter

Zero cost on spend from existing currency balance, 0.24 - 3.69% fee if there is no existing balance


TransferWise wins!

Neither Rewire nor TransferWise charge for issuing the debit cards. Rewire has a simple structure. However, Rewire cannot match TransferWise’s low international money transfer fees. TransferWise’s international money transfer fees can be at times half the cost of Rewire.

TransferWise
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Winner

Ease of Use

Rewire

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75

Sign up - Fast and easy wizard driven process.

ID verification - ID verification can be done within the Rewire mobile app. Upload a photo of a passport, drivers license, or citizenship card.  Take a selfie within the app.  Verification can be within 1 - 2 business days.

Payment options -  Bank transfer to your free IBAN EUR account. Debit or credit card. 

Mobile apps - Available on Android and on Apple. Reviews of the Rewire mobile app do not rate well.

Minimum transfer amount - There is no minimum transfer amount. 


TransferWise

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83

The TransferWise app design and user experience of their technology is great with simple, intuitive processes.

Registration - Fast and easy account creation

ID verification - Instant in some countries

Transfer speed - It can be instantaneous in some countries. Fast payments to TransferWise comes at an additional cost.

Minimum transfer amount - $1

Mobile app - Simple and easy to use. Probably the best designed app of the international money transfer companies.

Payment options - TransferWise has the broadest range of payment options. Local bank transfer, debit / credit card and country specific solutions such as POLi.


TransferWise wins!

Both Rewire and TransferWise have easy onboarding and ease to use app designs. TransferWise can have instant money transfers to destination countries. TransferWise also offers fast payment options which are country specific. Faster payments can result in higher costs.

TransferWise
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Winner

Support & Countries

Rewire

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56

Rewire has a limited number of supported countries.

Rewire available registration countries

Residents of the following countries can create a Rewire account:

Israel, Germany, Italy, Spain, Netherlands, Ireland, Austria, France, Belgium, Cyprus, Estonia, Finland, Greece, Latvia, Lithuania, Luxemburg, Malta, Portugal, Slovakia, Slovenia, United Kingdom, Poland
 

Rewire supported destination currencies

EUR, PHP, NGN, NPR, LKR, INR, CNY, THB, GHS, KES
 

Currency Support

Rewire has a range of customer service contact options. WhatsApp, Viber, Facebook Messenger, email and phone. Email is only available on the weekends. Unfortunately, the iCompareFX review has found very poor reviews on Rewire’s customer support. This is discussed in a later section of this iCompareFX Rewire review.


TransferWise

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88

TransferWise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the TransferWise Countries and Currencies article and is summarized below.

Send from - 23 countries plus the Europe SEPA countries

Send to - Over 60 currencies

Borderless account and debit card - Over 6 countries can sign up to their Borderless services.


Transferwise wins!

Rewire has very limited country support. Rewire offers EUR accounts with an IBAN and supports limited options to destination countries. TransferWise supports multi unique banking details including GBP, EUR, AUD, USD and SGD. TransferWise supports sending money to over 60 countries. TransferWise is no match for Rewire.

TransferWise
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Winner

Trust & Transparency

Rewire

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56

Banking license - Rewire holds European financial licenses.

Fees transparency - Money transfer fees are a flat 1%.
 

Is Rewire Legit?

Yes. They are a legitimate business operating out of the Netherlands. They hold all the necessary financial licenses to operate in Europe.
 

Rewire challenges

TrustPilot - Rewire reviews on TrustPilot are very poor. The TrustPilot rating is 3 out of 5 and Average with complaints mostly about poor customer service. Rewire customer service on TrustPilot tends to mostly reply to the compliments. Only a small percentage of bad reviews are replied to.

Rewire Android app reviews - A number of rewire customers are complaining about poor service and customer support. Customer service seems to be more responsive to complaints within their app reviews. 


TransferWise

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63

TransferWise is fully regulated by the FCA and their customer funds are segregated from their business banking activities.

TransferWise is rated on TrustPilot as Excellent. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation.

TransferWise continues to raise capital through private funding. This could be a concern for the future when the shareholders are looking for aggressive growth and / or a return on their investment.


TransferWise wins!

While both are evenly matched with Trust & Transparency. Rewire has poor customer reviews with their service and their customer service.

TransferWise
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Winner

The Result

Winner ribbon iconWinner

 TransferWise

TransferWise is better than Rewire across multiple categories. Rewire cannot currently match the breadth of TransferWise’s services, global support and low fees structure.