TransferWise - peer to peer currency exchange with refreshingly good rates!

Always on the look out, as I am, for money saving tips, my radar started pinging when this particular service was brought to my attention. For those of you who make foreign currency (forex) transfers, read on.

Their model is remarkably simple and transparent, instead of giving you a poor rate of exchange and potentially also charging you a fee for the transaction as many banks will, Transferwise will almost certainly give you the best rate you will find, they make their money by charging you a small fee which is clearly stated before you do the deal.

The system is based upon a peer to peer model whereby your requirements are paired with other businesses and individuals, using the mid market rate of exchange to swap the money between local bank accounts so you'll never occur bank charges.

Make a transfer now

Not only will you be saving money on the rate it is super simple to use. Using their website I was able to setup the transfer in under ten minutes, I received an email confirmation and updates on the status of the transfer throughout the process.

So not only have I cut out the bank's poor rate and hefty fee, I have managed it all online on an easy to use website. They don't even have a minimum transfer amount.

Founders Taavet Hinrikus and Kristo Käärmann

Launched in 2011 and based in the UK friends and founders Taavet Hinrikus and Kristo Käärmann, who have previous experience at Skype and PayPal, had this to say about the service, “We use real exchange rates to help expats, foreign students and businesses wire money securely, conveniently, and at a very low cost. Finally, a financial service built for people, not banks.”

What the media had to say;

“TransferWise cuts out banks and their commissions“ BBC

“Using the Skype principle to slash the rates that people pay to send money abroad“ The Economist

“TransferWise is looking to use the internet to spark a digital revolution in financial services“ Financial Times

“TransferWise has every chance of carving out a sizeable niche in the currency exchange market“ The Guardian

Thumbs-up from Mr Branson

"This innovative idea for shaking up the financial services sector while helping start-ups in a practical way has caught the eye of many new businesses already - as well as established brands like Virgin."

Don’t just take my word for it, have a look at what their customers say, an astounding 9.7 out of 10 on Trust Pilot, unheard of in the financial sector.

There is no catch, just how we like it!

Try it out for yourself

TransferWise is listed on the UK FInancial Services Register as an Authorised Payment Institution

I like Transferwise and have used their service since I fell out with one of the more traditional currencies companies - which also gets mentioned on this site - who systematically gave me very slightly worse rates each time over several months until I caught on and stopped useing them. A year later they rang me to ask why I wasn't using them any more! Transferwise has been quick, reliable and cheap with excellent rates every time (I take more trouble now to check, having been ripped off by the other outfit). Only snags I've met have been that there are sometimes limitations - last week they were restricting transfers to £2000, and once or twice a few months ago some transfers late in the week took till the following week.

Perfectly satisfied with my experience using Transferwise.

I use HiFx, always simple and decent rates. Costs £9 instead of the £25 that Barclays want for doing nothing.

We always use Transferwise and have done since you first introduced them to SF, James. There's a useful app too.

How come SFN allows blatantly commercial sites to advertise in its threads?

Does Transferwise somehow circumvent the receiving banks charge?

I've been using SmartCurrency, good rates, free (if over £3000, and anytime for me due to an agreement if I used them for my house purchase transfer two years ago). The only costs are with AXA who charge 10€ whatever the sum being paid in.

They are affiliated with us, if you sign up we get a commission, costs you nothing, keeps SFN free for you to use.

There are no charges for SEPA transfers so yes it does indeed circumvent recieving bank charges, you will also get a better rate than your bank will offer.

I sometimes wonder how people think excellent sites like this are funded to provide the vital service they do

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My partner and I used Transferwise for all the payments relating to a house purchase here in Brittany. Their rates are excellent, the website is simple and well designed and they answered a phone query promptly and knowledgeably. We will use them again.

Just started using Transferwise a few days ago.
Wish I’d used them when we moved a couple of years ago.
Very competitive rates and lightening fast transfers (approx 2 minutes)!!

@22pilgrim I love them to bits. Used to be with Currency Fair til they moved their bank and made life trying for everyone. Switched to Transferwise and never looked back.

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