Wise (formerly known as TransferWise) is one of the best platforms for sending money internationally at a low cost.
With over 10 million users and a presence in over 100 countries, Wise is the top choice for low-cost and secure online money transfers.
When sending your first money transfer, you can waive the transfer fees by using a Wise promo code or a valid referral link.
This promo code allows you to send up to $800 CAD or $600 USD free the first time you use Wise.
What is Wise Money Transfer?
Wise was founded in 2011 by Kristo Kaarmann and Taavet Hinrikus. It was originally referred to as TransferWise and later rebranded to “Wise” in 2021.
More than $6 billion is sent worldwide monthly using Wise, resulting in $1.5 billion in fee savings for its customers each year.
As per its website, the cost of global money transfers using Wise is up to 8 times cheaper than a big bank.
Wise Promo Code
You can send your first money transfer and pay no fees when you open a Wise account using this link (no promo code is required).
For transfers of up to £500 (or USD equivalent of ~ $600), you pay $0 in fees. This promotional bonus for Wise only applies to your first money transfer.
It won’t work for subsequent ones.
Wise $115 Referral Bonus
As a Wise customer, you can share your referral link with friends and family.
For every 3 referrals that sign up using your referral link and send money abroad ($300 or more), you earn up to a $115 bonus.
They also get a free transfer within the specified limits.
How To Send Money With Wise
Sending money with Wise is easy. Here are the steps to follow:
- Register your account.
- Choose how much you want to send and in what currencies.
- Add your recipient’s bank details.
- Verify your identity (this step may be required if you send a large sum of money).
- Fund your transfer using a wire transfer, debit card, credit card, direct debit, or bill payment.
The platform tells you when your money is expected to arrive at the location.
Also Read: Best Money Saving Apps.
When you send money through Wise, you pay a transfer fee that varies depending on how much you send, your payment funding type, and a fixed fee.
For example, if you send $1,000 USD to a vendor in the European Union on May 13, 2021, you could potentially pay $8.16 USD in fees, i.e. a fixed fee of $5.07 USD and $3.09 USD for the bank debit payment method.
For other payment methods, these fees apply for the same amount as of May 13, 2021:
- Wire transfer: $5.34
- Debit card: $11.56
- Credit card: $37.44
Compared to other money transfer companies like Remitly, Xoom, Western Union, and PayPal, my hypothetical recipient gets the most money when the transfer uses Wise.
This is a result of its competitive fees and because the funds are converted at the mid-market rate, which is the best FX rate at any point in time.
Below is a summary of the amount my recipient in the EU would have received (May 13, 2021):
- Wise: 821.00 EUR
- Remitly: 816.20 EUR
- Xoom: 813.53 EUR
- Western Union: 809.11 EUR
- Chase: 799.58 EUR
- Paypal: 788.47 EUR
Is Wise Safe?
Wise is a legitimate company and it is regulated in many of the countries in which it operates.
For example, the following regulators provide oversight in these countries:
- United States: Financial Crimes Enforcement Network (FINCEN). It is also registered as a money transmitter in several states.
- Canada: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Authorité des Marchés Financiers (AMF).
- Australia: Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA)
- India: Reserve Bank of India
- Japan: Kanto Local Financial Bureau
- Malaysia: Regulated as a remittance business under the Money Service Business Act
- New Zealand: Supervised by the Department of Internal Affairs
- Singapore: Monetary Authority of Singapore
- United Kingdom: UK Financial Conduct Authority
Wise has a 4.6/5 rating on Trustpilot from over 117,000 reviews.
Also read: Best Personal Finance Apps.
Pros of Wise Money Transfer
The benefits of the Wise money transfer service are:
- Low-cost international money transfer
- Transparent fees
- Competitive exchange rates using the mid-market rate
- Versatile mobile app and web interface
- Works in multiple countries
- Offers a borderless multicurrency account
- Faster transfers than many banks
- Access to a Mastercard debit card
Cons of Wise Money Transfer
Here are the downsides of the Wise money transfer service:
- Some currencies are not supported
- The debit card is not yet available in many countries
- Only supports transfers to a recipient’s bank account
I have used Wise to send money abroad multiple times over the years without problems.
You can save the fees on your first transfer by creating an account using our referral link.
Compared to other money transfer services like PayPal, Money Gram, and Western Union, Wise uses the mid-market exchange rate, which means you get the best bang for your buck!