Transferwise

Transferwise Review by Rating: 4 out of 5

Transferwise Review

Transferwise has been voted 4/5 or 92% out of 2455 recommendations. CurrencyComparison.co.uk has researched their Foreign Exchange Business and we can also give them a thumbs up for Currency Transfers Online.

Transferwise

Who are Transferwise?

So who are Transferwise? Transferwise started this UK–based currency exchange company in 2011. A newer money transfer company, Transferwise enjoys being seen as an upstart that’s shaking up London’s forex industry. Through extensive press exposure, they coined the termed peer to peer (P2P) currency exchange. Their service is similar to a system known as hawala, traditionally employed in under-developed countries where formal banking is prohibitively costly, heavily-regulated, or undeveloped.

Transferwise ’s concept began when the Estonian founders sought to avoid losing bank charges each time they transferred currency between the UK and Estonia, making a private agreement to deposit their incomes directly into each another’s the UK and Estonian banks.

Services Offered

Transferwise’s system for currency exchange is to transfer the sender’s money directly to the recipient of an equivalent transfer going in the opposite direction. Likewise, the recipient of the transfer receives a payment not from the sender initiating the transfer, but from the sender of the equivalent transfer. The company charges €1 or 0.5% (whichever is larger) and up to 1.5% for exotic currency.

Transferwise Transferwise / Bye bye bank fees, hello world.

Why should I use Transferwise?

Transferwise hasn’t got lots of services it can clutter up its pages with, actually. The site is somewhat disappointing in terms of video media display, especially considering the company’s high tech founders. Some nice articles on the blog offer breezy content aimed at a broad, generic client base with articles detailing the new frontier of banking as seen by one of the founders. No real support for corporate or other business is offered, no doubt because Transferwise caters to straightforward currency transfers.

Bye bye bank fees, hello world.

Transferwise feels like a brash start-up capitalising on a niche market, on youthful entrepreneurial zeal which gets the company attention, as if they were reforming the banking sector. This disingenuous approach doesn’t inspire trust amongst many potential clients who seek partnership in their relationships with their currency support teams in other exchange companies. Because Transferwise hasn’t got any business support, we see an overall score of 4 out of 5 stars as fair or 80.7%.

Business Information

Registered office address: London

Telephone: 020 3695 0999