Wise (formerly TransferWise) Review

See why Wise is one of our top digital banks. Read the review.

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. Let us explore more about the services and features in the following Transferwise review.

What is Wise?

Wise is a London-based international money transfer provider. It used to be called Tarnsferwise. As its services expanded(not only international money transfers), they renamed it ‘Wise.’ It provides cheap, fair, simple, and fast international money transfer services. 

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.

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.

Platform & Features

You can use Wise both on desktop and mobile devices. The Wise mobile 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 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. 

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.

Open an Account Today

How to Deposit Money with N26

  • 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

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.

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