TransferGo Vs Wise: Which Money Transfer App Is Better? (2023)

September 22, 2023

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Many financial technology start-ups are vying for customer growth in the money transfer market. Challenger banks and newer money transfer companies seek to supplant legacy banks and corporations that have been around for decades. They attempt 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 few innovative fintechs and banking apps regularly making headlines.

TransferGo Overview

Founded in 2012, TransferGo is a convenient way to securely make faster, low-cost money transfers. 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 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 (formerly TransferWise) 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.

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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.

Products & Services

TransferGo products and services include:

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

Wise products and services include:

  • Personal and business accounts
  • Budgeting and analytics
  • Currency exchange
  • Expense management
  • International bank account details
  • Investment account
  • Money transfers
  • Multi-currency account
  • Online payment
  • Prepaid debit card
  • Mass payouts/batch payments
  • Third-party money transfer solutions
  • API

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 for transfers, conversions, investments, excess holdings, and incoming USD wire payments. Their prepaid debit card generates interchange revenue, and an ATM charge on monthly withdrawals exceeds a predefined amount. It generates revenue as a third-party money transfer solution for financial companies, such as bunq and N26. For business accounts, it charges for batch payments and accounts in multiple currencies.


Exchange Rates

TransferGo adds up to 2.2 percent on rates. They state, “TransferGo has a small FX markup 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, the best rate customers can get. Try their calculator below.

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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. However, people outside the EU can only receive money transfers, such as Americans, Canadians, and Indians.

Wise customers can send and receive money from various 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.

Wise offers the following:

  • Get local bank details for ten countries like the United Kingdom, the United States, and Canada.
  • Schedule and track transfers.
  • Send large amounts of money of up to 1 million dollars.
  • Work anywhere and link your account to Amazon, PayPal, and more to receive payments.
  • Hold cash, bonds, or stocks using iShares ETFs managed by BlackRock.
  • Compare your sending and spending activities across months and categories.
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Referral Programs

Both companies have a referral and affiliate program.

  • TransferGo referral program
  • TransferGo affiliate program
  • Wise referral program
  • Wise affiliate program


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TransferGo’s free money transfers are excellent for customers who can wait a little longer to deliver their funds (that’s the tradeoff). 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 the United Kingdom and Europe, where its operations are concentrated. It must expand to support more currencies, like Wise and other major money transfer providers, to increase its value proposition and competitive edge.

Wise is the standard for money transfer companies. It offers real-time rates, low fees, efficiency, high limits, and transparency with every transaction. It doesn’t get much better than that. Secondly, it continues to add products, services, and features to improve its value proposition. Case in point, Wise Mass Payouts is a robust alternative to PayPal Payouts.

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

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