Wise (Transferwise) Promo Code 2021: $800 Free Transfer & $75 Referral Bonus

Wise, formerly Transferwise, is a money transfer service that makes it simple to send and receive money from abroad.

It provides a safe, speedy and affordable way to send money international at a fraction of the cost at many other money transfer services.

In this post, you’ll learn how to get your first money transfer of up to $800 for free at Wise when you sign up with our Wise promo code through this link.

You’ll also learn about the Wise referral program that pays you $75 (£50) for every 3 users you refer to the service.

An overview of the Wise multi-currency account, its features and some of the benefits of Wise are also covered.

TransferWise Promo Code for Free Transfer

Your first transfer with Wise is free when you sign up using an invite code.

Simply click on this Wise referral link to open a new account and the promo code is automatically applied.

The free transfer covers up to CAD 800 if you’re in Canada or the equivalent of £500 in any of the other supported currencies.

You can still take advantage of the fee-free transfer even if you didn’t use a referral link or TransferWise promo code when you signed up.

While logged into your account, go to your invite page and look for the link that says “Forgot to use an invite link?”

Then enter this referral link to claim your free transfer of up to $800.

TransferWise Referral Bonus

Wise has a rewards program that pays you for referring your friends to the service.

Your invite code is automatically generated when you sign up for a new account and you can find it on the invite page of your Wise account.

You’ll get CAD 75 (or £50) for every 3 friends that you refer after they complete a qualifying transfer.

Earn $75 or £50 when you refer 3 friends to TransferWise or Wise using your TransferWise promo code.

A qualifying transfer is an international transfer that involves currency conversion and has a value of at least $300 (or £200 equivalent).

The transfer will be free for your friend and the referral will count towards your rewards.

What if their first transfer is not up to $300?

They still get to transfer the funds for free, but the referral won’t qualify you for the rewards. Good news is, any subsequent transfer with a value greater than the $300 will still count.

In summary, here’s how the Wise Referral bonus program works:

  • Get your invite link from your Wise account
  • Share the link with your friends
  • Your friends complete a single transfer of least $300 or an equivalent of £200.
  • The referral is counted towards your reward of $75 or £50

There’s no limit on how many people you can refer and how much you can earn through the TransferWise referral program.


How Wise Money Transfer Works

Getting started with Wise is simple. The first step is to sign up for a new account.

And don’t forget to use an invite link to get the fee-free first transfer of up to $800.

Then follow the steps below to send money through the platform:

  • Enter the amount you want to send and the currency
  • Choose the recipient’s currency and the amount they’ll receive is displayed using the current exchange rates
  • Provide the recipients bank account details
  • Verify your identity where applicable (see below)
  • Finally, pay for your transfer using one of the available options

Your recipient should get the funds in as little as a few hours or in 1-2 business days depending on the funding type and the currency pairs.

The funding options in Canada include Credit Card, Debit Card, Direct Debit, Domestic Wire Transfer and Bill Payment.

Note: You’ll need to verify your account if you’re sending a large amount. Verification is also compulsory for some currencies.


Wise (TransferWise) Fees

Wise has one of the lowest transfer fees you’ll find from any international remittance company.

Their fees are transparent so you’ll always know how much you’ll pay and how much your recipients will get in their local currency.

Wise Transfer Fees

The Wise transfer fee is made up of a fixed component and a variable one

They’re determined based on the payment method you’ll use to fund your transfer and the currency you’re converting too.

There are 5 funding options if you’re sending from Canada.

At the time of writing this post, the fees for sending CAD1,000 to a recipient that’s collecting USD are shown below:

Funding MethodFixed FeeVariable FeeTotal Fees
Credit Card$1.492.73%/$26.67$28.16
Debit Card$1.492.08%/$20.45$21.94
Direct Debit$1.490.77%/$7.64$9.13
Domestic Wire Transfer$2.440.52%/$5.16$7.60
Bill Payment$2.440.52%/$5.16$7.60

This fixed amount varies across different currencies. For example, the fixed fee for sending CAD in exchange for EUR when funding with a credit card is just $0.68 but $1.49 when exchanging USD.

Again, the fees are very transparent so you’ll see exactly how much you’ll be paying when you provide the transfer details.

Wise Currency Exchange Rate

Most remittance providers add a markup to the exchange rate when you’re sending funds that involves currency conversion.

But Wise uses the mid-market exchange rates i.e. the midpoint between the buy and sell rates that is updated in real-time during currency markets opening hours.

That means you get to save even more compared to their competitors.

You can also lock in the exchange rate for some time. The period varies depending on the currency you’re sending.

At the moment, you get a guaranteed rate for 48 hours if you’re sending CAD.


Wise Multi-currency Account in Canada

The Wise multi-currency account is an electronic account that makes sending and receiving money in local currencies simple and seamless.

If you’re a frequent traveller or do a lot of conversion across different currencies, the account can save you lots of fees and time.

With the multi-currency account in Canada, you get:

  • Get 10 account details to receive and spend like the locals
  • Hold and convert money in 56 currencies
  • Send money to 80 countries without the hidden fees

You’ll get the account details like the US routing number, UK sort code, Euro IBAN etc for all the 10 local currencies.

The currencies include British Pound, Euro, US Dollar, Australian Dollar, New Zealand dollar, Singapore dollar, Romanian lei, Canadian dollar, Hungarian forint and Turkish Lira.

You can also get the Wise card that comes with low conversion fees and zero transaction fees when you spend money or shop abroad. But it is currently not available in Canada.

The former TransferWise Borderless account was rebranded to Wise Multi-currency account.

You can also consider the Wise business account if you run a business and operate internationally.


Benefits of Wise Money Transfers

Here are some of the benefits you get when sending money through Wise:

  • Send money international to more than 80 countries quickly
  • Competitive exchange rates because of the mid rates they use
  • Easy to use and get started
  • Low and transparent fees

Is Wise Safe?

Wise is trusted by over 10 million customers that send more than $9 billion dollars every month.

And it is registered and regulated in all the countries where it operates.

For example, Wise is regulated by FINTRAC as a Money Service Business in Canada and Financial Crimes Enforcement Network (FinCEN) in the United States.

They also work with established financial institutions to safeguard your funds.

Finally, Wise also has thousands of positive reviews from its users with more than 120,000 reviews on Trustpilot and a score of 4.6/5.

FAQs: TransferWise Promo Code

How do I get a Wise (TransferWise) promo code?

To get the TransferWise promo code for a fee-free transfer, sign up using an invite code like this one. The promo code is automatically applied!

How does TransferWise fee-free transfer work?

Simply sign up with a Wise invite link or enter one in the space provided if you didn’t sign up with one.
Your first transfer of up to $800 or £500 equivalent will be free. If the transfer amount is higher, you’ll only pay on the extra amount.

What are the alternatives to Wise?

Wise has several competitors including popular services like Paypal, WorldRemit, Western Union, MoneyGram. But Wise stands out with its lower and transparent fees and the use of mid exchange rates.

Final Thoughts

Whether you do money transfers occasionally, or you’re a frequent traveler or receive funds in different currencies, Wise makes it simple and cost-effective to send and receive money from abroad.

They also have a partnership with EQ Bank that lets you make international transfers right from your EQ Bank account.

Get started today with a free money transfer using this Wise referral link. The promo code is automatically applied.

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Wise (TransferWise) Promo Code: Free Transfer & $75 Referral Bonus
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Summary

Wise makes it simple and cost-effective to send and receive money from abroad, and run your business if you operate international. Get your first money transfer for free using the invite code below.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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