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
Stripe does not offer individual services.
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
Stripe offers more than 135 currencies across 26 countries.
Access Stripe’s products and services through its website or apps on both Apple and Android.
Accounting integration is possible through products like Xero
Schedule payments easily
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
Stripe uses mid-market rates to process currency conversions.
You get to view the rate that applies on your payments and currency conversions through your dashboard.
Payments received via debit and credit cards attract 2.9% of the transaction amount plus $0.30 as fees.
Accepting payments via international cards comes with an added 1% fee, and you might also incur a 1% currency conversion fee.
ACH direct debit, ACH credit, and wire transfers attract 0.8% of the transaction amount as fees along with a flat fee of no more than $5.
Using the company’s billing services requires that you pay 0.4% as fees for recurring charges, although no fees apply for the first $1 million.
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.
Businesses may accept payments via debit cards, credit cards, various digital wallets as well as different region-specific methods.
The Checkout option lets you receive payments directly through your website.
You may accept payments using the Stripe app or its mobile website.
Stripe Terminal gives you the ability to accept payments in person.
You can bill customers using one-off or recurring invoices.
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.
Stripe currently provides its services to businesses from 26 countries.
It processes payments in more than 135 currencies.
Stripe averages 6.5 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.
U.S.-based Stripe has the required regulatory licenses to operate in different countries.
Stripe Radar and 3D Secure help identify, prevent, and reduce the risk of fraud.
The company is a certified PCI Level 1 Service Provider.
TransferWise scores better in the Trust and Transparency category.
The fact that Stripe does not have services for individuals of course affected its score against TransferWise. That said TransferWise easily beat Stripe across all the other categories with only the Business Benefits section scoring somewhat more closely. This reflects TransferWise's cheaper fees and exchange rates, number of supported countries and ease of use.