TransferWise offers one of the cheapest ways to transfer money worldwide. While there are a good number of money transfer companies operating in Canada and the United States, TransferWise stands out from the pack with their low transfer fees and mid-market exchange rates.
Even better, using a TransferWise promo code, you can send your first money transfer up to $800 (or £500) for free.
In addition, they pay you $75 for every three eligible new users who sign up to the platform using your TransferWise referral code or link.
TransferWise Free Transfer Promo Code
Send your first money transfer for free when you open a TransferWise account via this link (no promo code is required).
As you can see in the image above, you receive free transfers on up to $800 CAD (£500 or it’s equivalent in your currency).
If you are sending more than $800 CAD, the discount will still apply and you only pay transfer fees on the balance.
TransferWise Referral (Earn $75)
You can invite your friends to send money transfers using TransferWise. If they sign up for the service using your referral link, you earn a bonus as follows:
- Get $75 CAD for every three friends who sign up and transfer $300 CAD or more (minimum £200 or equivalent in your currency).
- Your friends get a discount on their first money transfer (no transfer fees on up to $800 CAD sent).
- You can share your referral link multiple times and there’s no limit to how much referral bonus you can earn.
You can find your referral link on your account dashboard.
Related: TransferWise review
How Does TransferWise Work?
TransferWise is a global money transfer company with more than 8 million customers who send $5 billion every month. Using their service, you can send money to 70 countries using 59 different currencies.
TransferWise is all about saving money on transfer fees. Unlike the big banks and other foreign currency exchange services that use a marked up FX rate, TransferWise utilizes the fair and competitivel mid-market rate.
- Sign up for free using your email, Google, or Facebook account.
- Enter the amount you want to send and the recipient’s bank details.
- Verify your identity if required…often the case for larger transfers. You can send them a photo of your government-issued ID.
- Pay for your transfer using direct debit transfer, debit card, ApplePay, credit card, SOFORT, SWIFT, wire transfer, etc.
The fee you pay to transfer money is based on a combination of a fixed fee and a fee that varies with your means of payment.
In the example below (see image), the fixed fee is $9.03 CAD to send $1,000. In addition, you pay $2.58 CAD if paying for your transfer using direct debit.
Here’s what the variable fee is based on the following payment methods:
- Debit card: $17.68 CAD
- Credit card: $22.48 CAD
- Domestic wire transfer: $5.50 CAD
- Bill payment: $5.50 CAD
Of course, due to the free transfer promo offer, you pay $0 CAD in fees when you send money for the first time.
TransferWise Borderless Account Canada
If you receive and send payments in multiple currencies, a free TransferWise Borderless account may be for you.
This multicurrency account allows you to hold money in 50+ currencies and you can convert them when you want using the real exchange rate.
In addition, you get access to 6 different personal accounts you can use for transactions as follows:
- US Dollar: Routing ABA and account number
- Euro: SWIFT/BIC and IBAN details
- Australian Dollar: BSB Code and account number
- British Pounds: Account number and Sort Code
- New Zealand Dollar: Account number
- Polish Zloty: Account number
Is TransferWise Safe?
TransferWise is a legitimate company and it is regulated by various government agencies around the world.
In Canada, it is regulated by the Authorite des Marches Financiers (AMF). It is also registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and is licensed as a Money Service Business.
In the U.S., TransferWise is registered with the Financial Crimes Enforcement Network (FinCEN) and supervised by regulatory authorities in different states.
TransferWise has a 4.6/5 TrustScore from over 90,000 independent reviews on Trustpilot.
Based on my personal experience using both services, TransferWise is generally cheaper than sending money via PayPal, Xoom, or World Remit. This is mainly due to their use of the mid-market exchange rate. PayPal and World Remit convert your money using an exchange rate that has been slightly marked up.
Their competition in the money transfer service space include Remitly, Azimo, MoneyGram, Payoneer, Revolut, Western Union, OFX, Xoom, World Remit, Ria and Skrill.
The TransferWise card is currently only available to people who have a TransferWise Borderless account in the UK, Switzerland, Australia, New Zealand, Singapore, most of the EEA, and the US. It is not available for users who reside in Canada as of this writing in June 2020.
Let us know about your TransferWise experience in the comments.
TransferWise Promo Codes and Referral Bonus
Send money abroad using our TransferWise free money transfer promo code. You can also earn cash bonuses when others use your TransferWise referral link.