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
Send money to friends or family
Pay international tuition fees
Make payments towards mortgages
Make credit card payments
Pay utility bills from different countries
Pay for a new property
Schedule 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
Pay suppliers and employees
Business customers from Australia and New Zealand may transfer any amount up to $100,000, or £50,000 for business customers from the UK. For transfers that exceed these limits, you will need to contact your local OrbitRemit office.
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
You can view a guaranteed exchange rate when you initiate a transfer through the online dashboard.
You can view existing rates by using the OrbitRemit online currency calculator.
Transfers booked online remain open for two business days.
Sending money from Australia to India attracts AU$2 as fees, and you pay AU$4 for all other destinations.
You pay a NZ$6 fee for sending money from New Zealand to the Philippines, and it changes to NZ$4 for all other destinations.
Transfers initiated from the UK attract £2 as fees.
Transfers of over AU$1,000, NZ$1,000, and £1,000 are fee-free.
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.
Depending on where you live, you may pay using a bank account transfer or POLi.
The Pay a Person feature lets you send money to a cash pickup location or the recipient’s address in Vietnam and the Philippines.
You may use the company’s services to make payments toward credit cards issued in Australia, New Zealand, the UK, Vietnam or the Philippines.
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 register with OrbitRemit from the UK, Australia or New Zealand.
There are approximately 20 countries you can send money to online.
OrbitRemit gets an average score of 9.3 out of 10 on Trustpilot.
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.
OrbitRemit is headquartered in New Zealand and is registered with the country’s Financial Markets Authority (FMA).
In the UK, it is registered with the FCA.
In Australia, it is registered with the Financial Intelligence Unit (AUSTRAC) and regulated by the Australian Securities and Investments Commission (ASIC).
It’s a draw!
Both equally compare in the Trust and Transparency category.
It's a draw!
TransferWise is a clear winner against OrbitRemit across all categories except for a tie in the Trust and Transparency section. Although both were similar for individual services, TransferWise scored much higher across its business offerings. The rest of the scoring reflects TransferWise's cheaper fees and exchange rates and superior support and services.