Transferwise cuts fees for transfers from the UK
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Transferwise cuts fees for transfers from the UK

Editor 23
Editor
Found 26th Oct
Foreign exchange company Transferwise has dropped prices on certain transfers and reckons 75% of UK consumers will benefit.

The first part of a Transferwise fee is expressed as a percentage of the amount you’re sending. Transferwise has cut this percentage fee on all but three routes from the UK.

So if you’re sending money from the UK to the Eurozone and Switzerland, your fee dropped from 0.5% to 0.35%. If you’re sending money to America, your fee dropped from 0.5% to 0.4%. And if you’re sending from the UK to Australia, your fee dropped from 0.7% to 0.45%.

There was also a £2 minimum fee on lots of routes from the UK – this has now been scrapped. Instead, every transfer now has a flat transaction fee, as well as the usual percentage fee.

On lots of routes, the new flat fee is lower than the old £2 minimum. On some, it’s as little as 50p.

An example
Previously, someone sending money from the UK to Australia would pay 0.7% of the amount and a minimum of £2. Now they pay 0.45% plus £1. So, sending £1000 would previously cost £7 and now it costs £5.5, that’s £1.50 less.

Watch out
It’s not all good news – the new flat fee could make medium-sized transfers more expensive.
There’s also bad news for people sending money to Bulgaria, Hong Kong, Turkey, Philippine and Poland. Prices on these routes (which Transferwise says are less busy) are increasing slightly.

Why I like this
I regularly send cash from the UK to Australia and found Transferwise to be the best provider. You can save loads of money compared to using your bank and it compares well against other FX providers.
This doesn’t necessarily mean it’s the best option for all currencies and transfers for all sizes though so make sure you consider your options.

Top comments

wendyak3 h, 47 m ago

Why bother, lots of companies dont charge at all ...try fairFx XE money …Why bother, lots of companies dont charge at all ...try fairFx XE money or many others that give better echange rates and free transfers

I use transfer wise for a property in the US every month and can't find anything to beat it. Just checked both fairfx which was well below transferwise rate and XE which was closer but still lower by about £15 for £1000 transfer.

Think I'll be sticking with transferwise. Thanks for the info OP.
23 Comments

Why bother, lots of companies dont charge at all ...try fairFx XE money or many others that give better echange rates and free transfers

If you like that one you will love lots of other companies which do not charge.

wendyak3 h, 47 m ago

Why bother, lots of companies dont charge at all ...try fairFx XE money …Why bother, lots of companies dont charge at all ...try fairFx XE money or many others that give better echange rates and free transfers

I use transfer wise for a property in the US every month and can't find anything to beat it. Just checked both fairfx which was well below transferwise rate and XE which was closer but still lower by about £15 for £1000 transfer.

Think I'll be sticking with transferwise. Thanks for the info OP.

I use currencies direct which is great and fantastic customer service. Transferred money to China on Monday and it was there the same day.

Transferwise does not have any markup on exchange rate, clear fees which is low as well. Also money usually reaches in hours. Industry leader in every way..

This is a great company, I use them personally and for my business, the exchange rate is basically at spot (the rates the banks exchange with each other) and the fee blows the banks out of the water. Worth looking at.

Brilliant service I've been using for years.

Have used this company for many years when paying for holiday rentals in France. Excellent service and great rates. Highly recommend them.

Have used them from very early on as well, transfers across US/EU happen same day and always has best fx rate which covers any "fees"

Anyone use their borderless account?

I was thinking of getting one in order to accept affiliate payments in Euros. On the other hand, I'm waiting to see how quickly Monzo roll-out their current accounts with zero FX fees.

JustLikeArkwright27 m ago

Anyone use their borderless account?I was thinking of getting one in order …Anyone use their borderless account?I was thinking of getting one in order to accept affiliate payments in Euros. On the other hand, I'm waiting to see how quickly Monzo roll-out their current accounts with zero FX fees.

Yes. It works fine. Have also used Revolut, which works too. Both seem the same speed for receiving SEPA transfers.

edanfalls33 m ago

Yes. It works fine. Have also used Revolut, which works too. Both seem the …Yes. It works fine. Have also used Revolut, which works too. Both seem the same speed for receiving SEPA transfers.



Cool. I might pester Monzo to see if I get one of their current accounts quicker, but it's good to have options.

This is just what I was looking for to transfer money from Coinbase without having to pay hideous fees to my bank!

Thanks for posting.

I use WesternUnion to send money directly to a bank account. I find it cheap, fast and having better exchange rate.
Edited by: "subujoseph" 26th Oct

Last transfer I did to Eurozone took less than 3 minutes to go through. Hard to beat that and at a flat exchange rate.

If you think western union or any of the other options mentioned earlier are better you really should do some research and compare the exchange rates. These are real market rates with no mark up.

subujoseph8 h, 24 m ago

I use WesternUnion to send money directly to a bank account. I find it …I use WesternUnion to send money directly to a bank account. I find it cheap, fast and having better exchange rate.


Are you kidding me? WU are daylight robbers compared to Transferwise

subujoseph17 h, 35 m ago

I use WesternUnion to send money directly to a bank account. I find it …I use WesternUnion to send money directly to a bank account. I find it cheap, fast and having better exchange rate.

Have you actually compared the numbers?? I was looking to transfer a few thousand dollars back to the UK and transferwise was way, way cheaper than western union - they were one of the most expensive options.

Fee increased for me from £2 to £3.38

adi060413 h, 54 m ago

Are you kidding me? WU are daylight robbers compared to Transferwise


Cash transfers might be expensive. I’ve only used it send money from Bank to Bank via WU. You need to create an account for that.

Original Poster Editor

Several comments here about rates and fees. But don't be swayed by these. When doing FX you need to answer the following question: "How many $ (or whatever) will I get for £X?" then compare the results. There's no point paying zero commission but getting a crap rate, or getting a great rate and hit with big fees. Last time I saw a comprehensive comparison of FX, Transferwise came out pretty well for medium amounts (say £1k or so) but various FX brokers were better on big amounts (£100k or so).

Moneycorp charge about 1pc on live mid price. Are these better?

These peer to peer foreign exchange companies can save you a lot of money compared to the more traditional ways of forex transfer. I tried transferwise a few years ago but found currencyfair was better value at the time, this may have since changed and there are others in the market now too.

telegraph.co.uk/fin…tml

Thank you.
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