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Is Transferwise Good for Large Amounts?

Chloe Bennett • • 6 min read
Is Transferwise Good for Large Amounts?
While it certainly possible to send larger amounts, it would be quite stupid to do so. Transferwise will charge you 0.7% as their fee, even for large transactions.

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Hereof, is TransferWise safe for large amounts?

If you are making a big one-off purchase abroad, or sending money to a friend or relative, TransferWise can help. It is a fast and safe payment service with only a small usage fee (payments made from GBP to EUR cost 0.35% of the total amount + 80p).

Secondly, what is the best way to send large amounts of money? Bank wire transfer: best for sending $10,000 or more within U.S. Sending a wire transfer through your bank might be the best way to send a large amount quickly. As convenient as P2P apps are, they limit how much you can send, generally $2,000 to $10,000 per transfer, and delivery can take multiple days.

Just so, is there a limit on TransferWise?

To give a picture, TransferWise has an upper limit of $1 million per transfer if you're sending money from a different country to the US. However, the limits for sending money out of the US will vary a little depending on how you pay for your transfer, and which state you're based in.

Is TransferWise really cheaper?

When sending money from the UK to the Eurozone, TransferWise was on average nearly 7 times cheaper (84% cheaper) than the most expensive bank in this corridor (HSBC). Even compared to the cheapest bank (RBS), they were on average 79% cheaper.

Related Question Answers

Can you trust TransferWise?

You can trust TransferWise. TransferWise is fully regulated by the Financial Conduct Authority (FCA), and just like large banks and financial institutions, verifies its users to protect against fraud and money laundering. TransferWise is trusted by more than 3 million people around the world.

How can I transfer a large amount of money to another country?

Best Ways to Send Large Sums of Money Abroad
  1. Bank-to-Bank Transfers. Some banks let people take money directly from one bank account and deliver it to a recipient's bank account.
  2. Wire Transfers.
  3. Automated Clearing House Transactions.
  4. Cash-to-Cash Transfers.
  5. Prepaid Debit Cards.
Chloe Bennett
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Chloe Bennett

Chloe Bennett explores the intersection of pop culture, streaming entertainment, digital trends, and contemporary lifestyle. Her weekly commentary reaches thousands of culture enthusiasts.