TransferWise international money transfers

TransferWise key details

Wondering whether TransferWise could be a good option for your next overseas money transfer? Here are some of the key details you’ll need to know: 

• No minimum transfer amount. Whether you're sending something small for a birthday, or putting a downpayment on a sailing boat off the coast of Greece, TransferWise has got you covered.
• Maximum transfer limit. We’ve been advised by TransferWise that the transfer limit will differ depending on the currency you're transferring your Australian dollars to. But if you're converting an international currency to AUD the limit is $1,500,000 AUD.

• Transfer fees. If you’re transferring less than $10,000 you’ll pay 0.7% per transfer (with a $2 AUD minimum fee). For transfers above $10,000 the fee is 0.5%.

• Speed of transfer. 90% of payments are processed within 1 day via TransferWise but you should allow up to 3 business days for the transfer to arrive to your nominated recipient.
• Transfer method. TransferWise is a fully online business, which excepts payments via bank transfer, POLi and Apple Pay through the app. It doesn’t accept or send out cash or cheques.

• Account verification. Your identity has to be verified with TransferWise so you’ll need to make sure your account details in your profile, match your bank account and ID documents.  

• Transaction types. You can send money to an overseas business or personal account using TransferWise.

• Customer support. TransferWise provides online, email and phone customer support.

FAQs about TransferWise

It can be hard to get your head around IMT and understand the difference between TransferWise's services compared to other IMT providers. But don't fear, we've got you covered! Here are the answers to all your budding questions about transferring money overseas with TransferWise. 

Can anyone use TransferWise to send money overseas?

Yes, TransferWise was developed for everyday people like you who need to transfer money internationally either occasionally or every week. In fact, the company was set up by two friends who lived in separate countries (London and Estonia) but each had financial commitments in the other country so they devised a way to send money to each other and bypass bank fees and lousy exchange rates. 

How is TransferWise different from other IMT providers? 

TransferWise lets you send money overseas at the lowest possible cost. Instead of burying hidden fees in the exchange rate, TransferWise uses the mid-market rate (also known as interbank rate), which is the midpoint between the buy and sell rate on the global currency markets. It then charges you a small (and fully transparent) fee. 

How does sending money with TransferWise work? 

The way TransferWise operates is by having bank accounts in different countries around the world. So say you want to transfer money to France from Australia for example, your money first goes to TransferWise's Australian bank account and is then paid to your recipient in Euros from TransferWise's French bank account. The money never actually crosses any borders, which means low-cost transfers for you.

Is using TransferWise safe?

All transactions are protected using industry standards https encryption. It is also registered with and authorised by the UK Financial Conduct Authority (FCU).

Can I cancel a transfer with TransferWise?

Yes, but only if you cancel the transfer before the transfer is complete. You simply go to the page of the relevant payment and press the cancel payment button.

Why use TransferWise for IMT?

Now that you've read all about TransferWise, you're probably wondering what sets it apart from other banks and IMT providers out there. If you're considering using TransferWise to transfer funds overseas, you would choose it because:

TransferWise is cheap: Its unique money transfer strategy means that money never actually crosses any borders, meaning low-cost transfers for you.

TransferWise is safe and secure: TransferWise is encrypted with security and operates in a regulated industry. 

There really is no minimum: Some IMT companies require you to transfer a minimum amount of dollars, but not TransferWise. This is why if you're looking to trade smaller amounts across to another country, you would choose them.

TransferWise is easy: Gone are the days when you had to visit financial experts to transfer money overseas. With TransferWise you can send funds overseas quite simply on your lunch break using the app and track your transfers on the go. 

How do you make an international money transfer with TransferWise?

Transferring money internationally isn’t a daunting process with TransferWise, in fact, you’ll be surprised by how simple it is. First you’ll need to set up a TransferWise account, then to transfer money there are 4 steps.   

Step 1: Specify how much and where you want the payment sent.
Step 2: Upload your money to TransferWise via debit card or EFT.
Step 3: TransferWise pays your recipient from it's local bank account in their country.
Step 4: You get notified of the completed transfer.