We offer three types of transfers for sending GBP: the Low cost transfer, the Fast and easy transfer, and the Advanced transfer. You can save money by choosing the Low cost transfer.
This type of transfer is for customers who want the most from their money.
For most people, these transfers are a bit less easy to make. They’re also slightly slower to fund, because you need to send the money to TransferWise as a separate transaction.
You can do this using a manual bank transfer, or by using the money in your balances. Both these methods are inexpensive to process. On top of that, TransferWise doesn’t need to do extra work to speed up how quickly your money moves. As a result, we can offer Low cost transfers at a much cheaper price.
This type of transfer is the most convenient and stress-free way to send money abroad on TransferWise. It’s also faster to set up — you just need to type in your card details, or use your fingerprint with Apple Pay or Google Pay.
But processing these transactions is more expensive for businesses like TransferWise. With Fast and easy transfers, your money isn’t sent to TransferWise instantly. As a result, TransferWise needs to do extra work to speed it up — and that’s a costly thing to do. But this extra expense doesn’t make TransferWise any more profit — it simply covers the extra costs associated with this type of transfer.
This type of transfer is for sending money from a GBP bank account that is not in the UK. Advanced Transfers use the SWIFT payment network — and your bank will probably charge a fee for that. This makes them an expensive way to send money.
At TransferWise, we aim to charge you only for what you use. So if we priced all transfers the same, people choosing the low cost way would be covering other people’s costs. We don’t believe that’s fair.
So we offer Low cost and Fast and easy transfers at different prices. These different prices are shown transparently and upfront in our calculator.