TransferWise – 2020 review + bonus

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Friday January 10th, 2020

What is the TransferWise service?

It is another FinTech project that will enable You to set up and keep an account for free, in tens of world currencies. TransferWise originates from Estonia, but it is based in Great Britain (established in 2011). You will be happy to hear that interbank transfers are very cheap in foreign currencies due to low exchange rates and transfer fees. Main advantages of this service are safety and speed.

Why is TransferWise more favorable than other banks?

Mostly because You do not have to pay anything for a multi-currency account upkeep (40+ currencies), and because currencies are converted on a so called; foreign exchange middle rate. When transferring to a foreign account, normal banks would use foreign exchange buying rate which is much less favorable for You, in comparison with the middle rate.

Money transfer fees

Transfer fees differ based on the amount. For smaller amounts (up to 6000 CZK), a nominal charge of 42 CZK is deducted. For transferring higher amounts You will be charged 0,7% (with EUR payments) a 1% (with USD payments) from the sent amount. With money transfers to Czech Republic You will pay a fixed charge when transferring smaller amounts. The charge is 1,55 EUR up to 200 EUR, 1,39 GBP up to 200 GBP and 3 USD up to 300 USD.

What does the payment process look like?

You can solve everything comfortably on Your smartphone via application with brilliant graphics, and English language. Upon opening the application, click on the button „Send“ and then fill in the given form with Your desired amount and the source currency for transfer. Then, fill in the target currency. Immediately, You can see the transfer fee, exchange rate and the amount payee will receive. Everything is completely transparent. The next step is to choose the recipient for Your money. In case You do not have this person in Your address book and You do not know his IBAN, it will be enough to fill in his name and email. The payee will then receive an email that will redirect him to a page where he can fill in his IBAN, and TransferWise will take it from there. Once You have filled in the IBAN, transfer takes place immediately. The transfer itself usually takes between 1-3 days, depending on the target country. You can also send Your payment via website, without the need to use the mobile application. In the case of an insufficient balance on Your account, TransferWise will invite You to transfer the exact necessary amount from Your regular domestic account to the account TransferWise has with Raiffeisenbank. During the actual payment TransferWise will assign You a referential number, which You will fill in within the section: note for the recipient. You can also top up Your account online, using Your payment card, Apple Pay or Google Pay.

TransferWise - převod peněz

Account types

With TransferWise You have two options to choose from: personal or a business account. Your account enables You to receive free payments in foreign currencies. Each currency has its account number – IBAN, which You will share the person sending You money. To open Your account You will use the mobile application. There is no need to sign a written agreement, and the actual account opening takes 24 hours at the most (on a working day). Your identity is verified by taking a photograph of Your ID card and sending it via mobile application, during the process of account opening. Identity verification is necessary in order to have Your payment card sent to Your address.

TransferWise - přehled účtu

Payment card

You can request for a payment card to be issued and sent to You through the mobile application. This card will enable You to withdraw money or make payments from Your personal or business TransferWise account. The only condition to obtaining the card is to have at least 20 GBP on Your account. Your card will be delivered to You via post within approximately 10 days, for a small fee of 6 GBP. After receiving the card You will activate it via mobile application, by filling in a 6 digit code, printed at the front side of the card underneath Your name. Once the card has been activated, a PIN number will appear on Your screen. You can display Your PIN again at any time in Your application, but it cannot be changed. Cards are issued by the MasterCard company. There are no fees for card keeping or card payments. You can use the card to pay in brick-and-mortar shops, on the internet (3D secure protection included), or make ATM withdrawals almost anywhere in the world. Payments are entirely free, while the ATM withdrawals are free of charge up to the amount of 200 GBP/250 USD per month. You can still withdraw cash even if You have exceeded this limit, but TransferWise will charge You 2% of the withdrawn amount. Competitors like Curve Card, Revolut etc., all have a similar fee.

Who is the service designed for?

This service is meant for those of us who regularly receive or send money abroad. You can save a considerable amount of money using this service, instead of expensive local banks.

Bonus for You

If You would like to try TranserWise, click on the following link: transfer money for free and Your first transfer (up to 500 GBP) will be completely free of charge.

Review conclusion

I have been testing this service for several weeks now. So far, I have made several transfers and everything went smoothly. My payment card has arrived without any problems, approximately a week after I have placed my order. If You send or receive money from abroad often, I can really recommend this service to You.

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About me

I am a fan of new IT technologies as well as the FinTech field. I have been using modern ways of paying through my mobile phone and via foreign accounts, for several years now. On this website, I have published several of my reviews and experiences with these new FinTechs.

© 2020 All rights reserved. | Libor Tušar, Severní 1020, 664 42 Modřice | Personal blog | I'm using affiliates links  

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