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
Cash pick up or international bill payments
Remittance service provided by India-based ICICI Bank.
Only available for transferring money to India.
Schedules transfers easily.
TransferWise scores better in the Personal Features category.
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
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
No business services.
TransferWise scores better in the Business Benefits category.
Fees & Exchange Rates
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.
Simple International Money Transfer
0.4% - 2%
Varies on currency and payment type
Adding to TransferWise Borderless account
0.4% - 0.5%
Converting between Borderless account
0.3% - 0.6%
Sending money out of Borderless account
Less 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
Registered users get to view live rates before initiating transfers.
First time users might benefit through special rates depending on where they live.
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 scores better in the Fees and Exchange Rates category.
Ease of Use
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.
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 scores better in the Ease of Use category.
Support & Countries
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.
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.
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 scores better in the Support and Countries category.
Trust & Transparency
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.
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 scores better in the Trust and Transparency category.
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.