Personal Features

TransferWise

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

Bank of America

50

Online and Bank account to bank account transfers

2 day turnaround

Regular payments

Mobile app


It’s a draw!

Both equally compare in the Personal Features category.

It's a draw!
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Draw

Business Benefits

TransferWise

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

Bank of America

56

Bank of America provides services in foreign exchange among many other banking services.


Bank of America wins!

Bank of America scores better in the Business Benefits category.

It's a draw!
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Draw

Fees & Exchange Rates

TransferWise

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


Bank of America

17

Exchange Rates

You need to login to the online banking system to view the exchange rates on offer.

Bank of America informs you of the exchange rate that will apply on your transfer before you finalize the deal.

Using the bank’s online platform might get you a better rate when compared to visiting a financial center.
 

Fees

International wire transfers sent in foreign currencies attract U.S. $35 as fees.

International wire transfers sent in U.S. dollars attract U.S. $45 as fees.


TransferWise wins!

TransferWise scores better in the Fees and Exchange Rates category.

TransferWise
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Winner

Ease of Use

TransferWise

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.


Bank of America

50

Bank of America’s international money transfer services are available only to the bank’s existing account holders.

You can initiate your transfer online or in person by visiting a Bank of America financial center.

You will need a SafePass to make an international transfer if you exceed a specific limit.


TransferWise wins!

TransferWise scores better in the Ease of Use category.

TransferWise
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Winner

Support & Countries

TransferWise

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.


Bank of America

56

Supported Countries

Bank of America provides international wire transfers to over 200 countries.

You can view its list of supported currencies by logging in to its online system.
 

Customer Support

Averages at 5.5 out of 10 on Trustpilot.


TransferWise wins!

TransferWise scores better in the Support and Countries category.

TransferWise
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Winner

Trust & Transparency

TransferWise

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.


Bank of America

44

High encryption levels to safeguard online transfer of information.

Bank of America is a member of the U.S. Federal Deposit Insurance Corporation.


TransferWise wins!

TransferWise scores better in the Trust and Transparency category.

TransferWise
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Winner

The Result

Winner ribbon iconWinner

 TransferWise

It is no shock TransferWise wins in this money transfer competition nor is it that Bank of America takes out the Business Benefits section.  What is surprising is that they draw on individual services.  After that though there is no match for Bank of America as TransferWise wins for its cheaper fees and exchange rates and superior remittance services.