With its extensive reach spanning 77 countries, Wise offers businesses and individuals a platform to transfer funds seamlessly. Garnering an impressive 4.5/5 rating from over 187,000 Trustpilot reviews, Wise has undoubtedly gained the trust of its users.
But the question remains: Can Wise be trusted in 2023?
In this in-depth Wise review, we’ll leave no stone unturned, exploring the ins and outs of this service. We’ll examine its fees, list the pros and cons, and review real customer feedback.
What Is Wise And How Is It Different?
Wise (formerly TransferWise) was founded in 2011 by Taavet Hinrikus and Kristo Käärmann. The company was founded to disrupt the traditional international money transfer market, which was known for its high fees and poor exchange rates.
Wise differentiates itself from its competitors in several ways which include the following:
- Peer-to-peer model: Wise operates on a peer-to-peer model, which allows it to bypass the traditional banking system and offer better exchange rates to its customers.
- Exchange rates: Wise uses the mid-market exchange rate, which is generally more favorable than the exchange rates offered by traditional banks.
- Low fees: Wise typically charges lower fees than its competitors for international money transfers.
- Transparent pricing: Wise clearly displays the total cost of a transfer, including any fees and the exchange rate, before a customer confirms the transfer.
- Multi-currency accounts: Wise offers multi-currency accounts that allow customers to hold and convert money in multiple currencies, a feature not offered by all of its competitors.
- Mobile app: Wise has a user-friendly mobile app that makes it easy for customers to manage their money and make transfers on the go.
Pros And Cons Of Wise
Pros
- Low, transparent fees with no further expenses included in the exchange rate.
- 80% of transactions are delivered within 24 hours, and 40% are instantaneous.
- Industry-leading methods for protecting customers’ money
- Wise is certified by London Stock Exchange.
- Offers multilingual help online, in-app, and over the phone.
- All services are accessible both through the Wise app and online.
Cons
- There is no branch network, thus you cannot deposit cash payments.
- Depending on the destination country, different costs and restrictions apply.
- Transfers to businesses that enable the trading of cryptocurrencies, FX, and CFDs cannot be made using Wise.
Who Is Wise For?
Wise is best suited for individuals and businesses who need to make international money transfers and want to save money on fees and exchange rates compared to traditional banks.
Wise is ideal for:
- Travelers and expatriates who need to send money back home or manage their money in multiple currencies while traveling.
- Freelancers and remote workers who receive payments from clients in different countries.
- Small businesses that need to make international payments to suppliers or employees.
- Online shoppers who need to make payments in foreign currencies.
Wise is also ideal for anyone who values transparency, ease of use, and excellent customer support.
Its low fees, better exchange rates, and multi-currency accounts make it a more cost-effective and convenient alternative to traditional banks and platforms such as PayPal and Western Union for international money transfers.
Related post: Western Union vs Wise.
How Does Wise Work?
- Sign up: To use Wise, you will need to create an account. The sign-up process is quick and easy, and you can do it online or through the Wise mobile app. You will need to provide basic personal information and connect your bank account to get started.
- Send money: Once you have an account, you can start making transfers. To send money, you will need to specify the amount you want to send, the currency you want to send it in, and the recipient’s information. Wise will automatically calculate the total cost of the transfer, including any fees and the exchange rate, so you can see exactly how much the recipient will receive.
- Payment: You can make payments using your bank account, debit card, or credit card. Wise will then initiate the transfer and convert the money into the recipient’s currency using the exchange rate.
- Delivery: Most transfers are completed within 24 hours, and the recipient will receive the money in their bank account. Wise offers tracking and notification features so you can see the status of your transfer at any time.
Wise app review
The wise mobile app is a highly rated and well-received platform for making international money transfers. Its user-friendly interface, transparency, security, and cost-effectiveness make it a popular choice among individuals and businesses.
Some of the key features and user interface elements of the Wise app include:
- Homepage: The homepage provides an overview of your account balances and recent transfers. You can easily see the exchange rates for the currencies you hold and initiate a transfer directly from the homepage.
- Transfer dashboard: The transfer dashboard allows you to initiate a new transfer, view your transfer history, and manage your multi-currency accounts. You can choose the amount you want to send, the currency you want to send it in, and the recipient’s information.
- Exchange rate information: The Wise app provides real-time exchange rate information, so you can see exactly how much your transfer will cost. You can also view historical exchange rate data to see how exchange rates have changed over time.
- Multi-currency support: The Wise app allows you to hold and manage multiple currencies in your account. This makes it easy to send and receive money in different currencies and avoid costly currency conversions.
- Notifications: The Wise app provides notifications for transfer status updates and account activities. You can also set up alerts for exchange rate changes to help you stay informed about your transfers.
Customer reviews reveal that users are pleased with how the app makes it incredibly simple to transfer money overseas. The speed of transfers via the Wise app is another feature that users praise.
Wise card review
The Wise card is a debit card offered by Wise, designed to help individuals and businesses manage their international money transfers.
Users can benefit from the following features when using a Wise card:
- Maintain and trade in more than 50 currencies.
- You can make purchases in more than 200 countries and withdraw at 2.3 million ATMs.
- Utilize your account to convert currencies at a mid-market exchange rate with minimal costs.
- The Wise app lets you view and manage your card.
- Instantly freeze and unfreeze your card.
- You can freely use whatever currency you have in your account.
- When using foreign currencies that you don’t have in your account, the auto-convert option ensures that you always pay the least amount possible in fees.
See our review of the Wise Card.
Is Wise safe and legit?
Wise is considered a safe and legitimate company for international money transfers. It is regulated by the Financial Conduct Authority (FCA) in the UK and has taken several steps to ensure the safety and security of its users’ money.
Some of the measures Wise has implemented to protect its users include:
- Two-factor authentication: Wise requires two-factor authentication to access your account, making it more difficult for unauthorized users to access your funds.
- Encryption: Wise uses encryption to protect your sensitive information, such as account numbers and passwords, so that it can’t be intercepted or stolen by unauthorized parties.
Wise has also been widely reviewed and endorsed by media outlets, financial experts, and satisfied customers, which further supports its reputation as a safe and legitimate company.
What are Wise’s fees (for US customers)
Wise charges fees for its services, but the exact fees vary depending on the type of transfer, the countries involved, and the amount of money being sent.
When transferring funds in the same currency to another Wise account, there are no costs. However, Wise charges a fee for transferring money to places outside of the U.S. This fee is anywhere between 0.5% and 1% of the total amount being transferred.
What are Wise’s international fees?
Typically the fee for both US customers and international customers is the same. However, there may be some small differences. They often charge a small portion of the total transfer amount plus a predetermined fee.
They do have different fees based on where you are transferring the money.
The typical percentage cost is between 0.5% and 1% of the entire amount you’re transferring, plus an extra charge of $1 or $2. If you choose to pay using a debit card or credit card, the cost of the transfer may also be higher.
Wise’s customer reviews
With a few exceptions, Wise customer reviews are predominantly positive worldwide.
Wise has a 4.5/5 rating out of 187,105 reviews on Trustpilot. The majority of users commend the exchange rate and quick transfer times. Some people do, however, also gripe about delays.
Wise is rated 4.1/5 stars on the Google Play Store and 4.6/5 stars on the Apple store.
Wise alternatives
There are several alternative services to Wise that offer similar features which include the following:
OFX: OFX supports over 55 currencies and operates in 190+ countries. Similarly to Wise, OFX has an easy-to-use app that lets you make international payments conveniently. The 24/7 phone support is ideal for receiving help if you experience any issues with transfers. However, you can only fund an OFX account with a bank transfer.
See our OFX Vs Wise Comparison.
Revolut: Revolut is a multi-currency account and payment platform that offers low-cost international transfers and supports over 150 currencies. It also offers a range of features, including a debit card, spending analytics, and a budgeting tool.
XE Money Transfer: XE is a well-established provider of international money transfers, offering low fees and competitive exchange rates. It supports over 180 currencies and offers a range of payment options, including bank transfers and debit card payments.
See our Xe Vs Wise Comparison.
These are just a few examples of alternative services to Wise. It’s important to compare the features, fees, exchange rates, and other terms of each service to determine which is the best option for your needs.
See more articles: Instarem Vs Wise, Western Union Vs Wise, PayPal Vs Wise and Apps Like Wise.
Verdict
Wise is a well-established and widely-used platform for international money transfers and multi-currency accounts. Many users report positive experiences with Wise, including low fees, competitive exchange rates, and a user-friendly app.
Wise is a worthy option for those looking for an affordable and convenient way to send money internationally. However, it’s important to compare the fees, exchange rates, and other terms of the service with other providers to determine which money transfer service is best for you.
FAQs
What is the Wise Borderless account?
The Wise Borderless account allows you to hold and manage multiple currencies in one account. This makes it easy to receive, send and spend money globally, without incurring high fees or currency conversion charges.
Does Wise have a Transfer limit?
You are allowed to transmit up to $15,000 per day for debit transactions. The cap for debit or credit cards is $2,000 every 24 hours and $8,000 per week. You can send up to $1 million using a local bank transfer.
For an international wire transfer using the SWIFT network, the maximum transfer amount is $1.6 million.
How to receive Money on Wise?
Receiving money with Wise is simple:
1. Create a Wise account: If you don’t already have a Wise account, sign up for one. The process is quick and easy, and you can sign up through the Wise app or website.
2. Share your Wise account details: Give the sender your Wise account details, including your email address or phone number associated with your Wise account, and the currency you wish to receive the funds.
3. Wait for the transfer: Once your sender initiates the transfer, the funds will typically arrive in your Wise account within a few minutes to several business days, depending on the country and method of transfer.
Can you use Wise everywhere?
Wise supports bank transfers and debit card payments in over 77 countries and allows customers to hold and manage over 50 currencies in their Wise Borderless account.
