What is TransferWise?

TransferWise ( is a money transferring company that uses the inter-bank mid exchange rate to transfer money. The mid-exchange rate is the midpoint between the buyers (demand) and sellers (supply), and matches the rates you can see on Google and other currency search engines.

As TransferWise does not take the difference between the buy and sell rate, they will instead collect a small fee for each transfer.

How is TransferWise Different?

TransferWise is different in a number of ways, including:

  • The use of the inter-bank mid exchange rate – compared to other money transfer companies that use the buy / sell rates
  • A borderless account (more on that below)
  • A debit card for use around the world
  • International banking details

What is a Borderless Account?

A borderless account is one account that can be used to send money, receive money and spend money around the world, without having to cough up heave banking fees.

What you can get:

Specific account details including an:

  • Australian account number and BSB code
  • British account number and sort code
  • European IBAN and SWIFT/BIC
  • US account number and routing number

Currencies that you can hold in your wallet (at the time of writing) include:

British Pound, Australian Dollar, United Arab Emirates Dirham, Bangladeshi Taka, Bulgarian Lev, Swiss Franc, Chilean Peso, Czech Koruna, Danish Krone, Egyptian Pound, Georgian Lari, Hong Kong Dollar, Croatian Kuna, Hungarian Forint, Euro, Canadian Dollar, Indonesian Rupiah, Israeli Shekel, Indian Rupee, Japanese Yen, Kenyan Shilling, Sri Lankan Rupee, Moroccan Dirham, Mexican Peso, Nigerian Naira, Norwegian Krone, Nepalese Rupee, New Zealand Dollar, US Dollar, Peruvian Sol, Philippine Peso, Polish Zloty, Pakistani Rupee, Romanian Leu, Russian Ruble, Swedish Krona, Singapore Dollar, Thai Baht, Turkish Lira, Ukrainian Hryvnia, Vietnamese Dong, South African Rand.


Nearly all of the p2p investment options that we discuss use TransferWise as a payment method. These include Mintos, Bondora, and Grupeer. See the page links for more information. Through your borderless account, you can send and receive money from these p2p platforms at a click of a button.