Transferwise LTD. SWIFT/BIC code

SWIFT/BIC code of Transferwise LTD.

The 8-character code TRAWGB21 and the full code TRAWGB21XXX identify the same bank: Transferwise LTD.. Every bank on the SWIFT network uses BIC codes to direct payments between countries to the right institution. You will need it mainly when dealing with payments that cross a border.

On this page we explain how the code is put together, when it matters and what else a transfer to or from Transferwise LTD. requires. Keep in mind that the BIC just identifies the bank, not the account: the account number or IBAN does that part.

Paying Transferwise LTD. in euros within SEPA

Because United Kingdom is part of the SEPA zone, a euro transfer into Transferwise LTD. from within the SEPA area usually requires just the IBAN. Many banks no longer ask for the BIC in that case or fill it in for you.

You will still need TRAWGB21XXX for payments in other currencies or money from outside the SEPA area. If your banking app asks for the BIC regardless, adding TRAWGB21 does no harm.

SEPA transfers usually arrive within one business day, and instant transfers in seconds where both banks support them. Charges on SEPA transfers tend to be low as long as everything stays in euros.

Why Transferwise LTD. has an 8- and an 11-character code

A SWIFT code is made up of fixed blocks: characters one to four stand for the bank, the next two show the country and characters seven and eight indicate the location. The result is TRAWGB21 for Transferwise LTD..

XXX at the end of TRAWGB21XXX is not a missing value or an error: it stands for the head office of Transferwise LTD.. Certain payment forms ask for 11 characters, in which case you can add XXX after TRAWGB21.

As a rule the code is written in capitals, without spaces or dashes. Watch for the letter O and the digit 0 and the letter I and the digit 1; they are easy to mix up.

When will the money arrive at Transferwise LTD.?

There is no single delivery time for every transfer: many arrive within a day, others take several business days. Weekends and public holidays in either country can add a day or more to the journey. Compliance checks by one of the banks can also cause a delay, even when all details are correct.

Many banks use SWIFT gpi for faster and traceable payments. Every gpi transfer carries a unique transaction reference, the UETR, which your bank can use to see where the money is. Keep your transfer receipt until the recipient confirms – you will need it for any trace request.

A delayed transfer has to be traced from the sending side on the basis of the transfer details. Request from the sender the payment receipt including the reference – it helps your own bank look for the money.

How up to date is this code?

Our SWIFT/BIC directory is based on publicly available sources and we update it periodically. It is possible that a code on this page is out of date after a merger or reorganisation. Counts and locations are from our own dataset and are not confirmed by Transferwise LTD..

For a payment of any size, confirm the code with the recipient’s bank or with the recipient. GoldexPay is an independent comparison service for money transfers and not affiliated with Transferwise LTD.. Found an error? Tell us via our contact form so we can correct it.

Receiving money from abroad at Transferwise LTD.

Someone abroad who wants to pay you needs a few details about your account – incomplete details often cause delays. In practice that means: your full name as registered with Transferwise LTD., your account number or IBAN, the BIC TRAWGB21XXX and sometimes your postal address.

It helps to include the bank name and its city too. Double-check each detail before you share them – a sender rarely spots a mistake in someone else’s details.

Do not be surprised if the amount credited is smaller than the amount on the sender’s receipt. Intermediary banks may deduct a fee and your own bank may charge for processing, and if the money is converted, an exchange rate margin comes on top. For business payments, you can state how the fees are split, so that nobody is left short.

Changed bank details? Be careful

Be alert if a contact suddenly asks you to send money to a different account abroad. The fact that TRAWGB21 exists is no guarantee that a request mentioning it is legitimate.

Always verify a change of bank details by phone on a number you know, not one from the message. Pressure or requests to keep it quiet tend to be red flags; a genuine business can wait for you to check. When money was sent to the wrong account, call your bank right away – speed improves the chance of getting it back.

Recipients are targeted too: a classic trick is a buyer who pays too much and then sends a request to send back the difference. Wait until the money is actually in your account.

Which of the 2 codes of Transferwise LTD. do you need?

Having 2 codes in 1 locations, Transferwise LTD. is one of the banks that use individual codes for branches. The head office code is TRAWGB21XXX.

For most payments to a private or business account, the head office code TRAWGB21XXX works fine. Branch codes are only needed when the account holder specifically mentions it.

If you are not sure, ask the person you are paying for the exact BIC in their bank details. Codes are sometimes changed or retired over time, so a code from an old document is not always valid.

Paying into Transferwise LTD. in GBP

Most accounts at Transferwise LTD. are typically held in GBP, the national currency. A payment in a foreign currency is exchanged into GBP, and whoever converts it chooses the rate. Each conversion eats into something, even when no fee is shown.

Where the conversion happens has an effect on the final amount, since every bank sets its own rate. Transferring the amount already in GBP usually prevents a second conversion by Transferwise LTD. – as long as your own rate is good.

The rate for GBP fluctuates constantly. If you pay regularly, small differences in the rate add up over a year.

International transfers from Transferwise LTD.: the real cost

The price of a payment abroad is made up of more than one component. You pay the fee for the transfer itself, possibly charges from correspondent banks along the way and, above all, the margin on the exchange rate.

The markup on the rate is often the biggest cost even though it is not listed as a fee. A simple test: put the rate you get next to the mid-market rate and work out the difference on your amount.

Specialised transfer providers often use a rate near the mid-market rate and lower fees. GoldexPay compares these services next to each other so you can see the amount the recipient gets. You can still use your account at Transferwise LTD. to fund the transfer.

Verifying the SWIFT code of Transferwise LTD.

The best place to find the right code is a document from the bank itself, such as a statement or the account details in online banking. When the code you were given does not match TRAWGB21 or TRAWGB21XXX, stop and ask.

An incorrect BIC can cause a delay, a returned payment or additional charges. Remember the IBAN: a mistake there is harder to undo than a wrong BIC.

An automatic check by your bank merely confirms that the code is valid – not that it belongs to the person you mean to pay. Where available, a payee name check on the recipient adds an extra layer of safety. For a first payment, some people send a small amount first.