Sign up cost: Free
Number of currencies: 40+
Number of countries: 50+
Minimum transfer: No minimum
Transfer fee: Usually around 0.5%
Exchange rate margin: No mark-up – Mid-market rates pegged on US exchange rates
Transfer speed: Can take three to five days to reach the recipient account
Best for: International travelers and digital nomads
TransferWise is more than just a money transfer service – it also offers what is described as borderless banking, allowing users to seamlessly receive money and transfer it between ‘wallets’ – separate pockets of different currencies.
TransferWise also offers a Mastercard debit card so you can make purchases and withdrawals throughout the world in the local currency.