Fintech banks have become some of the most iconic signs of an ever-digitizing world. TransferWise (now simply known as Wise) is at the forefront of this wave, competing equally with and even surpassing traditional banking aspects in terms of service, fees, and speed.
TransferWise was founded in 2010 by Kristo Käärmann and Taavet Hinrikus, two executives with experience in banking. Since then, it has increased to seven million members and over 2,000 employees. Although it does not hold a banking license, it is regulated by the Financial Conduct Authority (FCA) as an Electronic Money Institution.
Coinciding with the increasing interest from bettors in digital banks, TransferWise betting sites have also become more common. In our detailed write-up, we cover the critical factors related to betting with TransferWise – before giving you a conclusive answer as to whether it’s a worthy payment alternative.
Best TransferWise bookmakers
Below we have chosen the best TransferWise bookies based on a broad range of factors, including speed, reliability and fees related to betting with them. They offer great welcome bonuses, so choose the one that better suits your needs.
How to bet with TransferWise
Creating a TransferWise account is easy. In the top right-hand corner of the website, you will see a menu option titled ‘Register.’ Once you have clicked on this, the process goes as follows.
- Choose to create a personal account.
- Enter your email address, generate a password and enter your country of residence.
- On the next page, choose all of the reasons you want to create a TransferWise account. You can change these later.
- Enter your full legal first, middle and last names.
- Fill out your date of birth, mobile number and home address.
- Verify your number.
Once you have done all of this, you will be taken onto the dashboard page.
To bet with TransferWise, you will need to create an account on your favorite bookmaker. Then you will be able to deposit money. You will see an option to bet with MasterCard, for which you can use your TransferWise card to do so. Pick this, choose how much you want to deposit and enter your card details. If TransferWise approves the transaction, you should receive your money instantly.
Remember that according to TransferWise’s terms and conditions, under Section 1.2.1 of the Acceptable Use Policy, gambling transactions are at the company’s discretion.
Alternatives to TransferWise bookmakers
There is a big variety of fintech alternatives to TransferWise bookmakers. These include Monzo for UK bettors, while Revolut and N26 can be used for gambling, but not in the UK. These options will allow you to benefit from instant payments, while financial schemes will also protect your money.
If you would instead use a digital wallet, Skrill bookies and Neteller betting sites are great options. These both allow for multi-currency deposits and withdrawals, in addition to offering VIP schemes and more.
Strong points of betting with TransferWise
Betting with TransferWise can be a convenient option for various reasons. We will talk about the most important of those in this section, like fast payouts, low fees and confidentiality.
✔ Instant payments: Once you’ve chosen your favorite bookmaker, you should be able to bet soon after using TransferWise. Payments are fast and secure.
✔ No fees for transactions: Unlike some fintech banks, such as N26, there are no specific fees related to making gambling-related transactions. You should verify first that the bookmaker you’re betting with is legal in your country.
✔ Security: Paying with TransferWise is secure, and you can check the progress of all transactions from within your account’s dashboard. You can also add extra layers of security by enabling a fingerprint ID.
✔ Ease of use: It is quick to set up a TransferWise account. On top of this, everything is laid out, and there are plenty of resources if you need help with completing a deposit or withdrawal.
✔ Transfer money in 18 currencies: One of TransferWise’s most significant selling points is its international payment processing capabilities. Transferring funds in and out of your betting account can take place in 18 currencies, including the big ones such as EUR and USD.
✔ Handy mobile app: TransferWise’s mobile app is clean and easy to navigate. You can use it to see an overview of your account, your balances, the status of your deposits and withdrawals and more.
✔ Available in 13 languages: If English isn’t your native language, then fear not. With TransferWise, you can change your services to whichever you feel the most comfortable speaking and reading.
Weak points of TransferWise gambling sites
Betting with TransferWise isn’t without its share of limitations, and the ones listed below may be particular pain points for you.
❌ Betting-related payments can be blocked: TransferWise restricts payments to age-restricted businesses. Therefore, attempted deposits with bookmakers may be blocked.
❌ TransferWise card has £5 delivery fees: Should you wish to try and deposit online with a card, as opposed to your betting account, you should be aware that you will need to pay £5 before you can obtain one.
❌ Free withdrawals only up to £200 a month; 2% fee afterward: If you want to withdraw money to spend at retail casinos and betting shops, remember that how much you can take out monthly is limited.
❌ No Premium or VIP program: TransferWise is a no-frills service; there is no premium account option or VIP program for gamblers like other payment options.
❌ No physical branches: TransferWise is a digital institution. Should you need to get in touch with them for anything, you will need to reach out to them online.
❌ App required to work: If you have no access to a computer or mobile device, you won’t deposit or withdraw money into your account.
Are there any TransferWise fees?
There is a variety of fees you should be aware of when you create an account with TransferWise. Although the account itself is free, you must pay £5 if you want a MasterCard. There is also a 2% surcharge on all ATM withdrawals once you exceed the maximum free allowance of £200 per month.
Sending money comes with a fixed fee of 65p, while money transfers have a general fee too. This ranges between 0.35% and 1.35% and depends on the currency you’re using and where the money is going.
Exchange rates for foreign transactions are always at the actual mid-market rate.
Betting with the TransferWise app
The TransferWise app is available for both iOS and Android mobile devices. Key attributes include:
Easy-to-use: The TransferWise app is very user-friendly, and all of the primary payment functions can be accessed through this.
Control your money on your phone: You can use the app to deposit and withdraw funds at any time in multiple currencies, and download monthly bank statements.
Fast: The TransferWise app is responsive, payments are instant and account information is presented in real-time.
Is betting with TransferWise worth it?
As fintech grows and more at the expense of traditional banking, it is only normal to become a popular payment option for bettors. TransferWise has set the tone on this with fast payments, reliability, and low fees.
However, it seems to succumb to the recent trend of limiting gambling-related transactions. It states clearly that it holds the right to block any payment to a bookmaker. That speaks volumes to the experienced player, who wants his transactions to go through swiftly and not be subjected to delays.
To sum up, if you like more to place a small bet on an underdog or test a new bookmaker, you will likely face no issues betting with TransferWise. Still, in case you look for a staple payment method that allows you to place big bets and get large payouts, you better choose a wallet such as Skrill or Neteller.
Complete list of bookmakers with TransferWise
Fast deposits and low fees are some of the main pros of Transferwise gambling sites. Feel free to check below the complete list of bookies that accept it and choose the one that best suits your needs.
TransferWise might block your payments to betting websites, as outlined in Section 1.2.1 of its Acceptable Use Policy. The company itself determines whether or not your payment can be authorized.
TransferWise operates in the following countries: Australia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France (only Metropolitan), Germany, Greece, Hungary, Iceland, Italy, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, USA, Gibraltar (British Overseas Territory) and the UK Crown Dependencies: Guernsey, Isle of Man, and Jersey.
The TransferWise card costs £5 (or currency equivalent) to obtain, and there is also a 2% fee for all withdrawals after you pass the £200 monthly limit.
TransferWise does not hold a banking license but is by no means a rogue payment option. It is authorized by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 Act.
Because TransferWise isn’t a bank, your money isn’t protected by financial protection schemes – as would be the case with a banking service. Instead, it safeguards your account. Your money is kept separate from what they use to run their business, so if anything were to happen to TransferWise, you wouldn’t lose your money.
There are various fees related to using TransferWise that you should be aware of. The first is the £5 charge for ordering a card, while it’s also important to be aware of the 2% fee for monthly withdrawals that surpass £200. On top of this, you should also be aware of the 65p fixed fee to send money. There is also a general fee for money transfers, which ranges between 0.35% and 1.35%. Exchange rates are at the real market mid-rate.
Yes. You can withdraw money from ATMs up to £200 per month with your TransferWise card for free, before being charged a small percentage. You can also withdraw money to your bank account from TransferWise online.
The TransferWise card, issued by MasterCard works in the same way as any other major debit card. You can use it to pay for offline transactions, as well as online or via Apple Pay.