TransferWise Free Promo Codes 2021 and $75 Referral Bonus

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by Enoch Omololu

Updated

Advertiser Disclosure

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 its 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 has been rebranded to Wise in 2021.

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). Note that the offer is only applicable to your first money transfer….you can’t use it more than once!

TransferWise free Transfer Promo Code

As you can see in the image above, you receive free transfers on up to $800 CAD (£500 or its 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.

Claim your Free Money Transfer (applies to first transfer only).

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 or referral code on your account dashboard.

TransferWise Refer a Friend

Related: TransferWise review

How Does TransferWise Work?

TransferWise is a global money transfer company with more than 10 million customers who send $6 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 competitive 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.

TransferWise Fees

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 Fees

TransferWise Borderless Account Canada

If you receive and send payments in multiple currencies, a free TransferWise Borderless account may be for you.

This multi-currency account allows you to hold money in 56 currencies and you can convert them when you want using the real exchange rate.

In addition, you get access to 9 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
  • Singapore Dollar: Account number
  • Hungarian Forint: Account number
  • Turkish Lira: IBAN
  • Canadian Dollar: Institution, transit, and account numbers

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 4.7/5 TrustScore from over 100,000 independent reviews on Trustpilot.

FAQ

Is TransferWise cheaper than PayPal?

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.

Who are TransferWise’s competitors?

Their competition in the money transfer service space includes Remitly, Azimo, MoneyGram, Payoneer, Revolut, Western Union, OFX, Xoom, World Remit, Ria, and Skrill.

Is the TransferWise debit Mastercard available in Canada?

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 update in March 2021.

Let us know about your TransferWise experience in the comments.

TransferWise Promo Codes and Referral Bonus 2021
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Summary

Send money abroad using our TransferWise free money transfer promo code (applies only to your first transfer). You can also earn cash bonuses when others use your TransferWise referral link.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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