Wise, formerly known as Transferwise, was created by two best friends to provide faster, cheaper, and more accessible international money transfer services. The company has been providing the best services to its customers for over a decade.
The lowest fees in the market are one of the main reasons Transferwise became one of the biggest international money transfer providers. They now have over 10 million users worldwide, and billions of transfers occur through Wise every month. Keep reading our Transferwise review to learn more about its features and fees.
Wise at a Glance
What is Wise?
Wise is a London-based international money transfer provider that until 2021 was known as Transferwise. As its services expanded(not only international money transfers), they renamed it ‘Wise.’ The app provides cheap, fair, simple, and fast international money transfer services.
Is Wise Safe?
Wise is a secure international money transfer provider. The platform uses 2-factor authentication to protect customers’ accounts and transactions. The security operations team at Wise monitors constantly to keep user’s personal data and money safe. Wise also has a dedicated fraud team to protect the data from even the most sophisticated fraud.
Wise is regulated by the Financial Conduct Authority (FCA) in the UK and also by the Financial Crimes Enforcement Network (FinCEN) in the US. It also has state licenses in the US. The certifications of the Wise include SOC 1 Type 2, SOC 2 Type 2, PCI DSS. Wise also holds an ISO 27001 certificate and is GDPR compliant.
Wise vs Competition
Platform & Features
You can use Wise both on desktop and mobile devices. The Wise app is available for free on iOS and Android devices. Just like many mobile banking apps, it is intuitive and easy to use.
Key features of Wise:
- Transfer money at lower prices with no hidden fees.
- Customers can receive payments along with account details.
- Borderless account or multi-currency account features helps you to convert and hold different types of currencies.
- The wise debit card allows you to make payments anywhere in the world.
- Great customer support service with offices in different parts of the world.
Wise Business
The UK based company also offers clients a business account. This has several more features and facilities, designed especially for freelancers and entrepreneurs.
Pros:
- It is listed on the London Stock Exchange
- Outstanding customer support team
- The greatest number of currencies among digital banks
- Free debit card
- Easy invoicing
- Transparent money transfers
Cons:
- 2% fee for ATM withdrawals above $200
- No free option to deposit USD to your account
- It doesn’t have a banking license
Features
One of the main features of Wise is that it allows large money transfers from one bank account to another. Wise provides low-rate and quick exchanges when it comes to international money transfers. It also gives you the necessary tools to pay invoices to multiple people from all over the world.
You have the option to complete a transfer even if your contractor or customer doesn’t have a Wise account. In addition, you get monthly statements that will help you monitor how much you’ve been receiving and spending from your accounts. With the Wise business account, you get integrations with some of the most popular invoicing software, as well as a transparent transfer calculator to see what the current exchange rate is and how much you have been charged in fees.
With Wise, you also have 3D secure online payments. However, these are available only for the cards that are issued in the EEA and the UK. Keep in mind that joint accounts are not a possibility with Wise and that overdrafts aren’t possible. Wise doesn’t offer interest on your savings.
Fees
Opening and maintaining an account at Wise is free, and it doesn’t involve a monthly cost. However, you will be charged 0.4% on an annual basis if you have more than €15,000 on your balance. To order a Wise debit card, it will cost you $9/$8/$5. The first two withdrawals from any ATM are free up to $100 per month but cost 2% for US customers above this amount.
Depending on your currency, the cost of transferring money in the same currency as your account on Wise will vary. For instance, the fees of sending money in USD are $0.93, in GBP they are £0.32, and in EUR they are €0.28.
When Should You Use It?
Wise business works for partnerships, public and limited companies, freelancers and sole traders, and trusts and charities in the European Economic Area (EEA), New Zealand, Switzerland, Australia, UK, US, and Canada.
Wise business doesn’t work for the following entities:
- Businesses with bearer shares, no matter the jurisdiction they are incorporated in.
- Businesses that offer goods or services in relation to Cuba with US relations.
- Businesses involved in adult content, tobacco, cryptocurrency, or other prohibited activities.
- Businesses from Brazil that want to make transfers in BRL.
- Unregistered UK charities.
- Trusts and charities in the countries that we didn’t list above.
- Self-Managed Superannuation Funds or Superannuation Funds in Australia.
Fees & Commissions
Wise is transparent about its fee structure and does not charge any hidden fees. There are two important types of fees that are charged by Wise.
Card payment fees
First of all, if you want to receive a debit card, you have to pay a fee of $7 USD / £5 GBP/ €6 EUR.
If you would like to make a transfer using your card, Wise charges fees. For personal money transfers, it charges 3.8% for credit cards and 1.25% for debit cards.
For business purposes, Wise charges 1.1% for debit cards and 4.33% for credit cards. These charges are different for different types of currencies.
Service fees
While you are transferring money overseas, Wise charges a fixed fee and a percentage of your transfer amount. The percentage part will vary based on the total amount and in which currencies you are converting. You will find a wise fee calculator right on the homepage of its website.
Wise Fees vs Revolut vs bunq
How to Open an Account
Before transferring the money from one country to another and getting access to all the services of Wise, you will have to set up an account first. Creating an account on Wise is a straightforward process.
- Go to the Wise websites sign-up page.
- Enter your details like full name, email address, and create a secure password.
- Wise also allows you to set up an account using your Google or Facebook account.
- After signing up, you will get a mail to verify your account.
- Follow the instructions sent to your email and complete the verification process.
- Verification might take a few days. After that, your account is set up, and you can transfer money.
How to Deposit Money with Wise
- Login to your Wise account and open the ‘Activity’ page.
- Click on ‘Add money’ and then enter the amount you would like to add and choose the type of currency.
- Select the currency you would like to pay with, and it shows fees and the amount converted.
- Select the method of payment like credit card or debit card, etc.
- Click on ‘Continue with Payment’ and enter your card details.
- Click on ‘Pay,’ and the requested money will be deposited into your account.
How to withdraw money from your Wise account
- Login to your Wise account, click on the amount to withdraw money.
- You need to select ‘myself’ if you would like to withdraw money and send it to your account.
- Choose the type of currency and then enter your bank details and click add.
- You need to enter how much money you would like to withdraw, and it shows how much money will be received along with the fees.
- Click continue and verify all the details and click ‘confirm.’
- You can track your withdrawal and see how much time it takes to complete the transfer.
If you would like to send money to someone else’s account, you need to enter their bank details.
How to send money with Wise
- Let us look at a step-by-step guide to send money by using Wise.
- Create a Wise account online before sending money.
- Enter details like how much money you would like to send and to which country’s bank account you are going to send, etc.
- It will show how much money is going to arrive in the overseas bank account.
- Send digital copies of your identification cards like your driver’s license, passport for verification.
- Enter the bank details of the receiver.
- Review all the details before proceeding and then click ‘Confirm.’
- Pay for the money transfer and track the transfer.
Let us take an example of transferring 1,000 GBP from the UK to Germany. Firstly, start your transfer and pay in GBP with your debit or credit card. You can even send money to your Wise account from your bank account. It will show the fees and the amount the recipient in Germany is going to receive.
If you would like to send 1,000 GBP to the Germany account, Wise charges 3.69 GBP fees. Wise charges a flat fee of 0.2 GBP + 0.35% of the amount. The recipient is going to get 1,162.96 EUR (1 GBP = 1.16727 EUR). Usually, Wise transfers money within one day. This transfer from the UK to Germany will take around 6 hours.
How to get a Wise card
You can get a Wise debit card on the MasterCard network if you have a borderless account. Check the below-listed steps to get a Wise card:
- Login to your Wise account
- Click on the ‘Debit card’ tab on the website or ‘account’ on the mobile app.
- Choose the type of currency of your balances and click on ‘continue.’
- Click on ‘Order your card.’ You might have to pay a minimum fee, and you need to maintain a minimum balance in your account to order a Wise card
- Enter your delivery address and verify all the details
- All your personal details will be verified, and you need to confirm your identity and click continue
- It might take a few days to get your card delivered
- Activate your card after receiving it. You are ready to spend in various countries across the world
Benefits of Wise Debit card
- You can spend money in more than 50 different countries
- Do not need to carry cash or exchange money
- The wise debit card is accepted in shops all over the world
- You can withdraw money from ATMs
- You can use the card with Apple Pay and Google Pay
- You can recharge, check balance and transactions on the app
Wise Customer Support
You can contact the customer support team at Wise through email, phone, and live chat. The live chat is available 24/7, and you get immediate help with whatever issue you have. The phone support is available from Monday to Friday, but it’s also helpful and quick.
Wise Pros & Cons
Pros
- Easy to use money transfer services
- No surprises and no hidden charges. Wise is open and transparent about its charges.
- Very low transfer fees when you are sending money overseas
- The wise exchange rate is based on the mid-market rate, so you get the best exchange rate.
- Wise is providing multi-currency account services and Mastercard debit cards.
- Both individuals and businesses can access Wise services.
Cons
- Wise does not accept fund transfers with cash or a cheque.
- It doesn’t support all currencies, and users cannot transfer funds to all countries.
- For transferring large amounts, you might get a specialist foreign exchange provider with lower fees.
- Recipients cannot get money as cash. Money can only be transferred to bank accounts or mobile wallets.
Conclusion
Wise is one of the best options to transfer money from one country to another. Besides having the lowest prices, it transfers money in a simple and secure way. It transfers money quickly and takes from a few hours to two business days to complete a transfer.
Wise can be used for personal needs as well as business purposes. Borderless accounts are helpful for business owners to make transfers in different currencies and send the funds to different countries. Wise makes your transactions simple, easy, quick with cheaper fees.
