TransferWise Review: Evaluating Safety for Overseas Money Transfers

TransferWise Review: Evaluating Safety for Overseas Money Transfers

In today’s globalized world, sending and receiving money from different countries is becoming increasingly common. With that growth, the demand for safe and secure money transfer services is also on the rise. One such service provider is TransferWise; it allows individuals and businesses to send and receive money overseas through its platform at a lower cost than traditional banks. But what exactly is TransferWise, and how safe is it to use?

What is TransferWise?

TransferWise is a global money transfer service provider that enables seamless transfers of money from one country to another. It operates as an online peer-to-peer platform that bypasses traditional banking systems’ high fees and poor exchange rates. The platform was founded in 2011 by two Estonian friends Kristo Käärmann and Taavet Hinrikus, who were fed up with the high costs of sending money to their home country while they both lived in London.

TransferWise has since grown to serve more than eight million customers worldwide, with over 2,500 employees across the globe, making it one of the leading money transfer services in the world.

How does TransferWise work?

TransferWise’s primary goal is to provide a safe and affordable way to send and receive money globally. It achieves this by using a peer-to-peer network that supports the conversion and transfer of funds between users in different countries. You can send money through TransferWise via bank transfer, debit card, or credit card options. The platform charges a low fee and offers competitive exchange rates that often beat traditional banks.

Once you initiate a transfer on TransferWise, the sender sends money to TransferWise’s bank account, which is then converted into the desired currency. The converted money is then sent to the recipient’s bank account, which eliminates the need for an intermediary bank or third-party service.

TransferWise Safety

Whenever you’re transferring money online, safety and security are essential considerations. You want to be sure that your money is going to the right recipient, and your personal information is safe from hackers. Here are the safety features that TransferWise has in place to protect its users.

Regulated by Financial Supervisory Authority (FCA) in the UK and other regulatory agencies in different countries

TransferWise is regulated by the Financial Conduct Authority (FCA) in the UK, which is known for having strict standards for financial services. The company is also authorized by regulatory agencies in other countries where it operates, including the Financial Crimes Enforcement Network (FinCEN) in the US, the Australian Securities, and Investments Commission (ASIC), among others.

Two-factor Authentication

TransferWise takes account security very seriously, which is why it offers two-factor authentication (2FA) as an additional layer of security. It requires you to provide a unique code generated by an authentication app before you can log into your account, make changes or transactions. This feature ensures that unauthorized persons will not access your account, even if someone has your password.

SSL Encryption

TransferWise uses Secure Socket Layer (SSL) encryption to protect users’ transactions and personal information. SSL encryption encrypts data between the user’s browser and TransferWise servers, making it difficult for hackers to intercept and decode.


Q: How long does it take to transfer money with TransferWise, and how much does it cost?

A: TransferWise’s transfer times vary depending on the currencies involved and the payment method used. However, transfers usually take between 1-4 business days, and the cost of each transaction depends on the amount being transferred, the currencies involved, and the payment method. Nonetheless, the platform provides accurate and upfront fee information before initiating a transfer.

Q: Are there any limits on how much money I can transfer with TransferWise?

A: Yes, there are limits on how much can be transferred through TransferWise. The maximum limit for individuals is $1 million per transfer, while business customers can transfer up to $1 million per day.

Q: Does TransferWise support all currencies?

A: TransferWise supports over 50 currencies worldwide, making it one of the most comprehensive platforms for money transfers.

Q: Can I track my transaction on TransferWise?

A: Yes, you can track the status of your transaction on the TransferWise platform. You will receive notifications of the progress of your transaction at different stages until it’s complete.

Q: Can I cancel a transfer on TransferWise?

A: Yes, you can cancel a transfer on TransferWise, but it’s only possible if the transfer hasn’t been processed yet.

Final Thoughts

TransferWise is an excellent option for anyone looking to send and receive money globally. Its low fees and competitive exchange rates make it an attractive alternative to traditional banks, while its robust safety features provide much-needed peace of mind. With over eight million customers worldwide and a proven track record of safety and reliability, TransferWise is undoubtedly worth considering for your next overseas money transfer needs.

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