Personal Features

TransferWise

50

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

Money2India

33

33

Remittance service provided by India-based ICICI Bank.

Only available for transferring money to India.

Schedules transfers easily.


TransferWise wins!

TransferWise scores better in the Personal Features category.

TransferWise
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Winner

Business Benefits

TransferWise

56

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

Money2India

0

0

No business services.


TransferWise wins!

TransferWise scores better in the Business Benefits category.

TransferWise
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Winner

Fees & Exchange Rates

TransferWise

54

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


Money2India

8

8

Exchange rates

Registered users get to view live rates before initiating transfers.

First time users might benefit through special rates depending on where they live.
 

Additional Fees

The country you initiate the transfer from and the transfer amount have a bearing on transfer fees.

If you live in the U.S., you need to pay a U.S. $4 fee when transferring any amount up to the fee-free threshold of U.S. $1,000.

From Canada, transfers of up to the fee-free threshold of C$1,500 attract C$4 as fees.

Transfers from the UK, depending on the transfer amount, attract 0.44% to 0.56% of the transfer amount as fees.

Transfers carried out from Australia, Hong Kong and Singapore come with no fees.

If you send money from the United Arab Emirates to India, you pay a flat fee of AED 15.

From Switzerland, transfers of up to the fee-free threshold of CHF 1,500 attract CHF 4 as fees.

If you send money from Sweden, you pay SEK 20 as fees when transferring any amount up to the fee-free threshold of SEK 8,000.


TransferWise wins!

TransferWise scores better in the Fees and Exchange Rates category.

TransferWise
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Winner

Ease of Use

TransferWise

83

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.


Money2India

57

57

Neither you nor the recipient needs to be an ICICI Bank account holder.

Offline transfer modes include insta transfers, speed transfers and demand drafts.

Website access only comes in English.


TransferWise wins!

TransferWise scores better in the Ease of Use category.

TransferWise
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Winner

Support & Countries

TransferWise

88

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.


Money2India

50

50

Supported Countries

You can only use Money2India to send money to India.

You can register as a customer from the U.S., Canada, the UK, Australia, Hong Kong, Singapore, the United Arab Emirates, Sweden and Switzerland.
 

Customer Service

24/7 Customer Service in some countries.

While there are no ratings for Money2India, ICICI Bank’s average score on Trustpilot is 1.0 out of 10.


TransferWise wins!

TransferWise scores better in the Support and Countries category.

TransferWise
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Winner

Trust & Transparency

TransferWise

63

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.


Money2India

38

38

ICICI Bank, the institution that provides the Money2India service, is regulated by the Reserve Bank of India.

ICICI Bank is incorporated under the Indian Companies Act, 1956.


TransferWise wins!

TransferWise scores better in the Trust and Transparency category.

TransferWise
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Winner

The Result

Winner ribbon iconWinner

 TransferWise

Well there is no competition across this comparison with TransferWise easily winning against Money2India.  With Money2India not offering business services this does not help its overall score.  That said TransferWise easily leads in the Fees and Exchange Rates, Ease of Use and Support and Countries categories.  No surprise when Money2India only allows money to be sent to India.