Wise Formerly Transferwise Review
This full Wise review covers all you need to know about the services available from Wise, how much they cost, whether it’s safe, and how long it takes to send a Wise international payment. Let’s dive right in.
Wise was launched in 2011, with a mission to make international money transfers easier, faster, and cheaper. The aim is to continually drive down costs until eventually, it’s free to make a Wise cross-border transfer.
The Wise website is straightforward. The homepage has a cost calculator that makes it easy to see fees and rates, and FAQs are well organized and helpful. Once you finish setting up a transfer, rates are guaranteed and you can cancel transfers that haven’t been converted or paid yet.
Users rate Wise’s iOS and Android mobile apps highly.
Setup and login are easy; you can register for Wise by using an email address, or syncing up your Apple, Google, or Facebook account, which isn’t typical for a transfer provider.
- People who want low costs and a solid web experience when sending money internationally.
- Send payments overseas, or open a multi-currency account to hold and exchange 50+ currencies
- Transparent pricing — no markups are added to the mid-market exchange rate, and all costs are clearly shown before you confirm any transaction
- A modern approach to moving money internationally — Wise has its payment network instead of relying on the outdated SWIFT network favored by bank
- 12 million customers, sending over $8 billion a month and saving around $4 million a month compared to using normal banks
- Send money to 80+ countries, with market-beating delivery times
- Hold and spend 54 international currencies from your Wise multi-currency account for individuals and business customers
- Personal customers can get a Wise international debit card to spend and withdraw in 200 countries — Apple and Google Pay compatible
- Receive payments like a local in 10 currencies with your own US routing number, UK account number, euro IBAN and more
Wise transfer methods and options
Wise offers a few ways to transfer money. Here’s a breakdown of the sending and receiving options, as well as transfer limits:
- Sending channels: Through Wise’s website and mobile app.
- Payment options: Bank account (ACH, SWIFT, or wire transfer), debit card, credit card, Apple Pay, or Google Pay.
- Delivery options: Bank account only. Note that other providers have cash pickup locations abroad that make it possible to send money to those who don’t have bank accounts.
- Transfer limits: Minimums vary depending on destination but can be as little as the equivalent of $1 for the countries we analyzed; maximums for most Americans are $15,000 per day using ACH and $1.6 million per international transfer when funded with a bank wire transfer.
How Much Can I Save with Wise?
Wise is famous for offering low, transparent fees. But how much can you save by choosing Wise instead of an alternative specialist provider?
Specialist services almost always end up cheaper for international payments, compared to using a normal bank. But the amount you can save will depend on the specific provider, the currencies involved, and where you’re sending to.
To get a flavor, let’s look at how this works when sending money online from your USD account to a friend in the UK. We’ll look at a few different transfer values and a couple of other specialist services to build a bit of a picture.
In our comparison, your recipient will get more with Wise. The difference between the costs of using Wise compared to other providers is usually based on the exchange rates available. Because Wise offers the mid-market exchange rate every time, while other providers add a percentage markup to the rate they give customers, the savings available from Wise get bigger the more you’re sending.
Is TransferWise a bank?
Wise isn’t a bank. However, the services Wise provides, it’s regulated in a very similar way to a normal bank. That means that it’s just as safe.
Wise is FinCEN registered and licensed as a money transmitter in most US states and territories. In the areas where Wise doesn’t hold its license, it offers services through its partnership with Community Federal Savings Bank, which is supervised by the Office of the Comptroller of Currency.
In addition to following legally required safety standards, Wise employs a range of manual and automated processes to keep customer money safe. These include 2-factor authentication, regular auditing of processes, and a 24/7 anti-fraud operation.
The Verdict: Is It Worth Opening an Account at Wise?
If you regularly make international money transfers, then the answer is yes. It is worth it.
Wise is a great choice for international money transfers. Advantages of Wise include ease of use, transparency, low fees, and great customer service. From an easy sign-up process to efficient transfers, Wise provides an excellent user experience. It is a true disruptor of the traditional money transfer model.
If you’d like to learn more about the platform and open an account, click here.
We hope you enjoy our Wise Review 2022 article. Thank you for reading!