There are three types of transfers you can use to send GBP, EUR, and other currencies in the EEA: Low Cost, Fast & Easy, and Advanced.
You can choose from these types of transfers when sending GBP, EUR, PLN, HUF, RON, BGN, CZK, HRK, SEK, NOK, and DKK.
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 stored in your borderless account. 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.
Fast & Easy Transfer
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 Android Pay.
But processing these transactions is more expensive for businesses like TransferWise.
Firstly, with Fast & 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.
Secondly, card transactions aren’t free. The cost of using a debit card is 0.2%, and the cost of using a credit card is 0.3%. This is called an ‘interchange fee’, and it’s paid to your bank by TransferWise.
Thirdly, when you use your card — or pay with Apple or Android Pay — you get extra, behind the scenes support from TransferWise. This extra work keeps your money safe if you’re unlucky enough to have your card used fraudulently.
All these things make Fast & Easy transfers more expensive. 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's not in the UK, a EUR bank account that's not in Europe, etc. 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.