TransferGo Vs. Wise (formerly TransferWise): Which Is Better?

Last updated on March 4, 2021

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Many financial technology start-ups are vying for customer growth in the money transfer space. Challenger banks and newer money transfer companies seek to supplant legacy banks and corporations that have been around for decades. They attempt to do this by offering efficient, low-fee, and transparent mobile-first applications. Fintechs typically market to individual and business customers who travel frequently, live abroad, freelance, and sell products globally. Let’s review a couple of innovative fintechs and banking apps that regularly make headlines.

TransferGo Vs. Wise

TransferGo Overview

Founded in 2012, TransferGo is a convenient way to make faster, low-cost money transfers simply and securely. It’s built a network of banks and people to make your life easier.

TransferGo’s mission is to make sending money abroad as quick and easy as sending a text. It’s changing the face of finance to make it accessible to everyone, everywhere. Also, it uses a digital account-to-account model and prides itself on delivering high-quality money transfers with speed, ease, and excellent value.

TransferGo is available on Apple and Google Play app stores and offers a web app. It has an “excellent” score on Trustpilot.

Wise Overview

Founded in 2011, Wise is on a mission to make a positive, irreversible change in the world of finance. Built by and for people who live global lives, Wise makes sending money abroad fair, accessible, and up to eight times cheaper than traditional banks and money transfer companies.

Wise focuses on people on every continent to help them live, travel, and work internationally. It wants to support a financial experience without borders to support instant, convenient, transparent, and eventually free money movement.

Wise is available on Apple and Google Play app stores and offers a web app. It has an “excellent” rating on Trustpilot.


Revenue Models

TransferGo makes money by charging fixed fees on money transfers and marking up exchange rates. For business accounts, it charges batch payment fees.

Wise makes money by charging fixed and variable fees on money transfers. It generates revenue as a third-party money transfer solution for financial companies, for example, bunq and N26 customers transfer money via Wise. For business accounts, it charges batch payment fees. A debit card generates interchange revenue for Wise, and there’s a 2 percent charge on monthly withdrawals that exceed a predefined amount.

Products & Services

TransferGo products and services include:

  • Personal and business accounts
  • Money transfer
  • Mass payouts/batch payments
  • API

Wise products and services include:

  • Personal and business accounts
  • Money transfer
  • Global current account
  • Debit card
  • Mass payouts/batch payments
  • Third-party money transfer solutions
  • API


Exchange Rates

TransferGo adds up to 2.2 percent on rates. They state, “TransferGo has a small FX mark-up on the mid-market rate. Our rates are always amongst the most favorable on the market.”

Wise exchanges currencies at mid-market and real-time rates, which is the best rate customers can get.

Fees & Commissions

While TransferGo has a no-cost option, its other two delivery methods attract fees starting at £0.99. All three delivery options aren’t available for every country/destination.

Wise uses a combination of variable and fixed rates. Fees differ for each country.

Supported Currencies

TransferGo customers can send money from mainly European countries and the United Kingdom, which is fantastic for sending euros and pounds. People outside of the EU, however, can only receive money transfers, for example, Americans, Canadians, and Indians.

Wise customers can send and receive money from a variety of countries worldwide.

Single Currency Transactions

TransferGo and Wise support single currency transactions. For example, someone in Germany can send euros to someone in France.

Processing/Delivery Times

Both companies can process international money transfers within three days depending on the currencies involved.

Transfer Limits

TransferGo has no daily limits when using bank funds to send money.

Wise customers can send up to a million dollars per transfer depending on the currencies.


TransferGo’s transaction calculator provides fewer details compared to Wise. Both companies offer a user-friendly, searchable, and comprehensive help center.

Other Products/Features

TransferGo doesn’t offer any additional products or features.

With Wise, you can make scheduled transfers as long as you already hold a balance in the currency you plan to send.

A Wise “jar” is where you can stash away money you want to use later and in any currency. Money in a jar can not be spent on your debit card or used to pay via direct debit until you move it back to your balances.

Both companies have a referral and affiliate program.


Exchange ratesx
FeesDepends on currenciesDepends on currencies
Supported currenciesx
Processing timesxx
Transfer limitsxx
Other productsx



TransferGo’s free money transfers are excellent for customers. On the flip side, its other delivery methods start at £0.99 plus conversion fees of up to 2.2 percent, which can get costly. TransferGo is of very little use to people outside of Europe, where its operations are concentrated. To increase its value proposition and competitive edge, it must expand to support as many currencies as Wise and other major players.

Wise is the standard for money transfer companies. It offers real-time rates, low fees, efficiency, high limits, and transparency with each transaction. It’s hard to be that equation. Furthermore, it continues to add products, services, and features to expand its offerings. For instance, Wise Mass Payouts is a robust alternative to PayPal Payouts.

Taking supported currencies, rates, and fees into account, TransferGo is competitive with its free money transfer option. However, in many cases, Wise will be a more cost-efficient approach. Also, Wise has more products and features to support your financial goals.



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