How secure is TransferWise?
In short: just as secure as your bank.
TransferWise is regulated by the ‘Financial Conduct Authority’ in Great Britain under the ‘2011 Electronic Money Regulations’ as a financial service provider in the European currency area. The FCA is also responsible for regulating banks, so TransferWise is subject to the same strict security standards as traditional banks.
TransferWise’s main data center is located in Frankfurt am Main and is ISO certified. This means customer data never leaves Europe and is subject to strict European privacy and data protection laws. TransferWise also relies on link encryption and two-factor authentication to make use even more secure. If questions or problems arise, a German-speaking support team is also available by phone or email.
How does TransferWise work?
- Create an account: It’s free and only takes a few minutes
- Create a transfer: the fees and the expected arrival time of the transfer are displayed after the transfer amount has been specified.
- Specify the recipient account details: The recipient does not need a TransferWise account. (Transfers to your own account abroad are of course also possible.)
- Deposit money: Among other things, direct debit, card payment and bank transfer are available. There are different options depending on the deposit currency and country. Cash deposits are not possible.
- The recipient receives the money in his local bank account in the destination country.
How long does a transfer take?
It depends on the chosen payment method and the currency route. Most transfers from EUR to GBP, USD or AUD arrive within 1 business day.
What are the fees and why are they so low?
TransferWise charges a simple fee for each transfer, which depends on the currency route, the amount transferred, and the deposit method chosen. The fee is up to 5 times cheaper than at a bank. An overview can be found on the fees page by TransferWise.
TransferWise has bank accounts all over the world. Deposits for transfers with TransferWise are therefore possible as fee-free domestic transfers to a local account. Payment in the destination country is also made from a local currency account. Thanks to this system, none of the usual international fees apply.