Wise (formerly TransferWise) is an innovative online money transfer service. It provides users with a safe and affordable way to send money overseas. Wise is available in more than 70 countries. Some of its features include:
- Competitive exchange rates
- Low fees, and
- A simple and secure platform
With these features, Wise makes it easy for people and businesses to save money when transferring money across borders.
This Wise review will provide an in-depth look into its features. We will cover the pros and cons of using this service, how it works, and the features that make it so popular.
By the end of this article, you should have a better understanding of how Wise works and how it can benefit you.
What is Wise?
Wise is a popular online money transfer platform that enables customers to send and receive money quickly and securely.
Founded in 2011, the platform has grown exponentially. It now provides services to over 8 million customers worldwide.
The platform is well known for its low fees and transparency. This makes it an attractive choice for people who need to transfer money internationally.
Wise also offers a multi-currency account. It allows customers to hold up to 40 different currencies at once.
With Wise, you can send money to bank accounts and mobile wallets in minutes. The recipient receives the funds in their local currency.
Some of the benefits of using Wise include:
- No hidden fees
- No markup on the exchange rate, and
- 24/7 customer support in case you encounter any problems with Wise transfer.
How Does Wise Work?
Wise works by connecting your bank account to its platform. You can use it to send money to people worldwide with no extra fees. You can also receive payments through Wise. It’s all in one place, so you can easily keep track of your money.
With Wise, you also get access to a range of features, like tracking payments and setting up automatic payments, so you can be sure that your money is always safe and secure.
How to Send a Wise Money Transfer (include screenshots)
Sending a Wise Money Transfer is simple and secure.
1. To get started, you’ll need to create an account on the Wise website or mobile app.
You may access the website, or you may download the mobile app on your phone.
2. After creating your account in Wise, log in to your account. You can use either the Wise website or the Wise app on your phone.
Select send or transfer money, so you can set up a Wise transfer.
3. Select the recipient you want to send money to.
4. Enter the amount you’d like to send. For international transfers, you will need to choose the currency of your recipient. Wise will automatically show you their exchange rate, fees, and the exact amount the recipient will get.
5. You’ll need to enter the recipient’s details, such as their name and bank account information.
You can choose Wise to Wise transfer, Wise to a bank transfer, and Wise to E-wallet transfer.
6. After that, you can track the progress of your transfer in the app or on the website.
Wise charges transfer fees of 0.3-2%, depending on the country and payment method used. For example, a Wise transfer from the US to India via bank deposit would be charged a transfer fee of 0.3%.
A transfer from the US to the UK via debit card would be charged a Wise transfer fee of 1.5%. Lastly, a transfer from the US to Australia via bank deposit would be charged a fee of 2%.
Wise also charges a minimum fee of $1.50 and a maximum fee of $10,000, depending on the country and payment method.
Pros and Cons of Wise
Like any form of money transfer platform and service, Wise has its share of pros and cons. Below is the list of advantages and disadvantages of using Wise.
- Wise can help you make sound financial decisions. It allows you to:
- set a budget
- track your spending and savings, and
- make smart investments.
- Wise also offers a range of tools and services. They help you make informed decisions about your finances, such as:
- personalized savings plans
- budgeting tools, investment
- advice, and more.
- Wise offers a great customer service team. The team can answer any questions you may have about the platform.
- Wise does not offer the same level of investment options as some of its competitors.
- Wise does not offer banking services or Wise bank. You may need to find a separate banking provider to manage your money.
Is Wise Safe and Legit?
Wise is a safe and legit platform. It is registered with the UK Financial Conduct Authority and many other financial regulators in different countries and operates under their strict authorization and regulation.
Your money is held in segregated accounts at multiple major global banks. Your data is kept secure with advanced encryption.
Wise offers additional security features like two-factor authentication and independent reviews from Trustpilot.
Wise also has a 24/7 customer service team who are always available to help you with any queries or concerns you may have.
Wise Referral Code
You can use a valid Wise referral code to get a free first transfer or make free money by inviting friends with your unique referral code.
To get started, you’ll need to sign up for a Wise account (applies a referral code to send $800 free on your first transfer) and complete the required steps. Once you have an account, you can generate your unique referral code and share it with your friends.
When someone uses your referral code to make their first Wise transfer, you’ll both get a free transfer up to a certain amount.
Additionally, you can earn up to a $115 bonus for every three (3) friends that sign up and make a transfer with your referral code.
Many platforms can be used as alternatives to Wise. They can also help you save money when transferring funds internationally. Some of the most popular options include Revolut, Remitly, Xoom, and PayPal.
Remitly is another great alternative to Wise. It is well-known for its competitive exchange rates, fast transfers, and easy-to-use mobile and web-based platforms. It offers a variety of payment options, including bank transfers and debit/credit cards.
Finally, Remitly’s customer support team is available 24/7. They provide helpful guidance and answer any questions you may have.
Xoom offers low fees and allows you to send money to over 130 countries. It has a user-friendly and easy-to-use interface.
Like Wise and other alternative platforms, Xoom also offers a wide variety of payment options, as well as 24/7 customer service.
PayPal is a secure, reliable, and easy-to-use payment platform. It provides users with access to their funds quickly and securely.
PayPal also offers competitive fees and a range of payment methods. Additionally, PayPal offers extra security measures such as buyer protection, fraud protection, and encryption to keep your data and funds safe.
Related: Learn some ways to get free PayPal money.
Revolut is a great alternative to Wise. It offers great exchange rates and low fees. It is easy to use and has a simple, user-friendly interface. It also provides a wide range of services, such as:
- currency conversion
- International money transfers
- prepaid cards, and more.
With Revolut, you can send money to over 150 countries, and you can track your transfers in real-time.
Lastly, Revolut’s customer support is very helpful and responsive, making it a great choice for anyone looking for an alternative to Transferwise.
Is Wise or PayPal better?
It depends on what you’re looking for. PayPal is a great option for making digital payments. If you’re looking for an international money transfer service, then Wise is the better option.
Is Wise legal in the US?
Wise is legal in the United States. It is subject to US regulations. It is also compliant with the Bank Secrecy Act, the USA PATRIOT Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Is TransferWise cheaper?
It is often cheaper than traditional banks. It charges a low, fixed fee for its services. It also offers competitive exchange rates.
Do I need a bank account for Wise?
Yes, you will need to link a bank account to your Wise account to make transfers. This will serve as your Wise bank.
You can link a bank account from any country that Wise supports.
Does Wise charge a monthly fee?
Wise does not charge a monthly fee. Instead, it charges you a small fee when you make an international transfer.
Wise is a powerful and cost-effective way to send money abroad. It provides a secure and fast service while still being affordable. It’s easy to use and can save you money compared to traditional methods.
However, it is also important to be aware of the fees that Wise charges for every transaction. You may consider other options or alternatives if you are looking for other better features.
With so many options available, it’s important to do your research and choose the one that best meets your needs.