TransferWise Rates

TransferWise Rates

Nowadays, it is still difficult to send money abroad, because it can cost you very much. You need to choose the right provider which is not expensive and will transfer the money fast. There are many options, and it is not easy to make the right choice. When I was searching for different services for international money transfers, I found an honest service – TransferWise, and transferring money abroad has become much easier and cheaper. I didn’t want to transfer money at the unfair exchange rates, so I choose this service, because of TransferWise rates.

How does TransferWise work

Banks and other exchange providers transfer money between countries. TransferWise is different because it transfers money between its customers. It can sound complicated but actually, it is not. If you want to transfer 100 Dollars to Euros, the system will find someone who wants the opposite transfer. The money always stays in the country. You don’t need to understand how this complicated peer-to-peer system works, because you don’t need to make any interaction with other customers. It is all system’s work.

With this service, your money will arrive in 1 or 2 days. If you need to transfer larger amounts, it can take more than 2 days.

TransferWise fees

If you choose a bank as your provider, you will pay hidden charges. TransferWise is much cheaper than banks because there are no hidden charges. Its fee is fixed and small – 0.5 % of the amount for most of the locations.

You can calculate the potential fees on its website. This service is fair and honest because you can also compare its fees with fees that other banks or exchange providers can charge you and choose the best option for yourself.

TransferWise exchange rate

Many providers will give you their own exchange rate which is not the real exchange rate. Their mission is to make a profit through their exchange rates. TransferWise is different than other providers, because it is fair, and offers you the mid-market rates. The rate is the same for someone who wants to send hundred dollars and someone who wants to transfer larger amount such as million dollars.

Unlike banks and other exchange services, this service is transparent. On its website, you can see how much are TransferWise rates, fees and an amount received. There are no hidden charges anymore!

3000 Euros in Pounds

Send money with Exchange rate Transfer fee You receive Overpayements
TransferWise 0.8798 14.93 EUR 2,626.26 GBP  
WorldRemit 0.8726 3.99 EUR 2,614.32 GBP -11.94 GBP
Commerzbank 0.8780 27.50 EUR 2,609.86 GBP -16.40 GBP
Deutsche Bank 0.8764 36.55 EUR 2,597.17 GBP -29.09 GBP
WesternUnion 0.8494 2.90 EUR 2,545.74 GBP -80.52 GBP
BBVA 0.8464 28.00 EUR 2,515.50 GBP -110.76 GBP

As you can see from the table, if you send 3000 Euros to Pounds, you will receive the biggest amount with the first service – 2,626.26 GBP. With BBVA, you will lose the most money – 110.76 GBP comparing to TransferWise which is the winner.

10000 Euros in Pounds

Send money with Exchange rate Transfer fee You receive Overpayements
TransferWise 0.8798 49.75 EUR 8,754.23 GBP  
WorldRemit 0.8692 3.99 EUR 8,688.53 GBP -65.69 GBP
Sabadell 0.8586 0.00 EUR 8,586.00 GBP -168.22 GBP
LaCaixa 0.8600 60.00 EUR 8,548.40 GBP -205.82 GBP
BBVA 0.8464 70.00 EUR 8,404.75 GBP -349.47 GBP

If you send 10000 Euros to Pounds, with TransferWise you will get the best exchange rate (0.8798) and amount received – 8.754.23 GBP. With WorldRemit you will get a better fee, but you will lose 65.69 GBP (on the amount received), but with BBVA, you will lose the most – 349.47 GBP comparing to TransferWise which is the winner again.

3000 Pounds in Dollars

Send money with Exchange rate Transfer fee You receive Overpayements
WesternUnion 1.3758 0.00 GBP 4,127.40 USD +8.87 USD
TransferWise 1.3787 12.75 GBP 4,118.52 USD  
WorldRemit 1.3639 2.99 GBP 4,087.62 USD -30.89 USD
NatWest 1.3599 22.00 GBP 4,049.78 USD -68.73 USD
RBS 1.3599 22.00 GBP 4,049.78 USD -68.73 USD
Lloyds 1.3344 9.50 GBP 3,990.52 USD -127.99 USD

If you send 3000 Pounds to Dollars, Western Union is the cheapest option, and you will receive 8.87 USD more than with TransferWise. It has the best exchange rate – 1.3787, but its fee (12.75 GBP) is higher than Western Union fee (0.00 GBP). This time Western Union is the winner but maybe it is only running a promotion.

Transferring 1000 GBP

In this table, I will compare TransferWise exchange rates and XE.com rates. Imagine you want to send 1000 GBP to USA, Australia, India, and Poland. There are no big differences between the rates.

With TransferWise With XE.com
Exchange rate Exchange rate
To USA 1.3971 1.39771
To Australia 1.8379 1.83793
To India 92.8046 92.8814
To Poland 4.8054 4.80654

Transferring 1000 EUR

Imagine you want to send 1000 EUR to USA, Australia, India, Poland, and the UK. This table again shows us that these exchange rates are almost the same.

With TransferWise With XE.com
Exchange rate Exchange rate
To USA 1.2240 1.22379
To Australia 1.6097 1.60914
To India 81.2858 81.3181
To Poland 4.2082 4.20771
To UK 0.8755 0.875454

If you choose TransferWise for transferring money to your friends or family who live abroad, you won’t make a mistake, because TransferWise rates are the best rates. You will avoid unfair bank rates, and you will finally stop losing your money.

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