Personal Features

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
  • Full support for regular transfers. Currently regular transfers or ‘scheduled transfers’ need to have a Borderless multi-currency account balance. Find out which countries support TransferWise Borderless account.
  • Cash pick up or international bill payments

Bank of America

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Bank of America provides international money transfer services for personal and business customers from the US.
 

Personal Services

Bank of America's international transfer services are available to all the bank's existing personal customers.

What Bank of America offers

  • International wire transfers to bank accounts.
  • Personal and cashier’s checks sent to recipients' physical addresses.
  • Foreign currency.
  • Travel rewards card.

What Bank of America doesn’t offer

  • Cash pickup.
  • Regular transfers.
  • Account managers.
  • Digital wallets.

It's a draw!

It’s a draw!

Both equally compare in the Personal Features category.

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Draw

Business Benefits

TransferWise

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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

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Businesses may benefit by using Bank of America’s international transfer services through some of its features.
 

What Bank of America offers businesses

  • Make international payments.
  • Receive international payments.
  • Currency hedging tools.
  • Business Advantage Travel Rewards credit card.

What Bank of America for business doesn’t offer

  • Account managers.
  • Regular transfers.
  • Accounting integration.
  • Multi-currency accounts.

It's a draw!

Bank of America wins!

Bank of America scores better in the Business Benefits category.

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Draw

Fees & Exchange Rates

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


Bank of America

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Bank of America international transfer fees

Carrying out an outbound international wire transfer through Bank of America and paying in US dollars attracts $45 in fees. Outbound international wires sent in foreign currencies attract no fees. Since both are essentially SWIFT transfers, additional intermediary bank fees might also apply.
 

Bank of America exchange rates

Bank of America applies markups/margins on existing interbank/mid-market exchange rates. This can be up to 5%. You might get a better exchange rate when using the online banking system then through a Bank of America branch.


TransferWise

TransferWise wins!

TransferWise scores better in the Fees and Exchange Rates category.

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Winner

Ease of Use

TransferWise

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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

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Signing up - Existing Bank of America customers do not have to create new accounts. However, you need to be a Bank of America customer to use its services.

Transfer method - You can set up your transfer by using the online banking system or by visiting a Bank of America financial center.

Speed - Transfers can take 1 - 2 business days. However, Bank of America has an extensive list of slow-to-pay countries, and sending money to these countries can take noticeably longer.

Payment methods - The money for your transfer needs to come from your existing Bank of America bank account.


TransferWise

TransferWise wins!

TransferWise scores better in the Ease of Use category.

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Winner

Support & Countries

TransferWise

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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

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Supported countries and currencies - You can carry out wire transfers to over 200 countries, in more than 140 currencies.

Customer support - Provides customer support via email and phone. You may also visit any Bank of America financial center across North America, Latin America, Europe, the Middle East or Asia Pacific.


TransferWise

TransferWise wins!

TransferWise scores better in the Support and Countries category.

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Winner

Trust & Transparency

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.


Bank of America

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Regulated - Bank of America is a member of the Federal Deposit Insurance Corporation (FDIC). It is regulated by the Office of the Comptroller of the Currency (OCC).

SafePass - This feature offers an extra layer of protection for transfers that exceed $1,000.

Transparency in exchange rates - Customers have no way of telling how much margin Bank of America applies unless they carry out their own research.

Trustpilot reviews - Bank of America gets a dismal 2.8 out of 10 on Trustpilot, with around 350 reviews. It rates as Bad.


TransferWise

TransferWise wins!

TransferWise scores better in the Trust and Transparency category.

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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.