What they do: Banks and other providers often add a markup to their exchange rate while advertising low fees, which means you could be paying huge hidden charges. TransferWise transparently displays its fee upfront and deducts it before conversion. No nasty surprises. TransferWise then uses the mid-market rate, independently provided by Reuters without any markup. The exchange rate is guaranteed as long as TransferWise receives your money within 48 hours.
Location: London, England