How is TransferWise(Wise) being reviewed?
For a quick insight, “these reviews” provide a real eye opener on the safety and inner workings such as safeguarding on TransferWise(Wise).
Although reviews are generally good (current Trustpilot average rating of 4.6 among 148,293 reviews), AFAIK the usual complaints are targeted towards fixed and variable fees or lack of local currency support.
Other competing international money transfer services and apps might have lower or no fees at all. However, the idea with TransferWise is to use the real exchange rate without hidden fees.
So the assumption is that despite additional transfer fees, a real exchange rate is still going to be a lot cheaper than competition.
And that’s what the positive reviews are a lot about, being able to transfer at lower fees and even faster than banks, other apps, etc. Overall I believe they are considered trustworthy with good safety standards.
Cheaper money transfer to the Philippines
Wise is cheaper than Xoom money transfer. Wise’s minimum fee is $3 for $300 and below. Above $300 the fee is 1%. So for $1000 it is $10 transfer fee. TW deducts the fee from the amount. Add the fee if sending a certain amount.
I sent around PHP3500 which was $82. Deducting the $3 fee left $79 for conversion to Peso. At that time the exchange rate was 45.0893 to a dollar so I would get PHP3562.05. I switched screen to check the rate at Xoom. With lowest fee of $4.99, total amount would be $86.99 for PHP3581.35. Check Xoom money transfer why this is so.
But Xoom allows you to send up to $2999 for only $4.99. For $3003.99 your recipient get PHP131,386.20 as of this writing. Also at this writing, $2999 at Wise sends PHP134,125.80 at honest rate of 45.17526 to a dollar to your recipient. $2999 already includes the transfer fee.
Sending money transfer to the Philippines through TransferWise
Sending money through Wise is simple. I just sent money through its website so I will walk you through the process. Click here to go to TransferWise website in another window. I will wait for you here.
Welcome back!
Sign up as a member first by clicking “GET STARTED”. Give your email address and create a password. You can also use your Google or Yahoo account. Once you signed up you can now send money in 5 easy steps.
Step 1. Amount to transfer
Enter the amount and change the currency into USD if you are sending from the United States. Then change the recipient currency into PHP for Philippine Peso. You will see how much your recipient will get.
The screen shows you the amount of fee and the current exchange rate. You will also see the amount of saving if you transfer the amount through bank. It says the money will arrive in 2-3 working days, which means 2-3 banking days. This is good for non-emergency money transfer to the Philippines.
Steps 2 & 3. Sender and recipient details
Enter your and your recipient’s details. Click “SEND MONEY TO A BANK ACCOUNT” to fill the recipient’s bank name, account number, phone number and address. You will find major banks such as Banco De Oro (BDO), Bank of the Philippine Islands (BPI) and other banks from the drop down menu.
Step 4. Review transfer details
Check the amount, the name of the recipient and the date of delivery of the money transfer. Confirm the recipient’s bank name, account number, phone number and the amount you are sending. You can type a message to your recipient at this point as well.
Step 5. Upload your money
You must now fund the transfer. You can choose bank debit or wire transfer when sending from the US. Bank debit withdraws money from your checking account. Wire transfer uses your US bank account to transfer to TransferWise’s US bank, Wells Fargo bank. Put the reference number shown on your screen when using wire transfer.
Final Thoughts
I have used Wise to send money abroad multiple times over the years without problems.
You can save the fees on your first transfer by creating an account using our referral link.
Compared to other money transfer services like PayPal, Money Gram, and Western Union, Wise uses the mid-market exchange rate and that means you get the best bang for your buck!