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Wise Money Transfer Review

Vincent Nyoike
Vincent Nyoike Banking

Wise, formerly Transferwise is an online bank that allows you to send, receive, convert and hold money in over 50 currencies. You can open Wise multicurrency account if you are a frequent traveler or you would want to hold money in different currencies. Wise does not have hidden fees and you can convert currencies using mid-market rates. You can also use Wise to open an IBAN account.

With Wise multicurrency account, you can open local bank accounts in British Pound, Euro, US Dollars, Australian Dollar, Australian Dollar, New Zealand, Hungarian Forint, Romanian Leu, Singapore Dollar, Turkish and Canadian dollars using Wise. The following is Wise banking review.

How Wise Money Transfer Works

Wise is the cheapest and fastest way to transfer money around the world. It is best for people who live and travel across the borders. Wise does not have hidden fees and uses real exchange rates. To start using Wise, you need to sign up for an account using your email or Facebook account. You can create a personal account or a business account. You can use web or app to create Wise account.

After you have created an account, you will need to verify your account. Wise will send you an email link to your email which you need to click to verify your account. Once you click the email link, you can log in and complete setting up your account. You will also need to verify your account and Wise will require you to upload your photo and ID.

After that, you can set up your first transfer. Enter the amount you want to transfer. Most of the transfers are completed within 1 hour. Then enter the bank details of the recipient.

Wise App Review

You can download Wise app from Google Play or Apps Store. You can use Wise app to sign up for Wise personal account, send, receive and manage accounts. Also, you can use it to create Wise virtual cards for online shopping.  In case you lose your physical card, you can freeze it using Wise app.

Wise Multicurrency Review

TransferWise borderless account changed its name to Wise multicurrency account. Wise multicurrency account supports 54 currencies, send money using real exchange rates, send money abroad and receive payments like a local in 11 currencies.

Wise Business Account Review

If you are a freelancer or have an international business, Wise business account is the best option. You can use Wise business account to pay your employees, collect money, get paid faster, manage cashflow overseas and create invoices.

You can use Wise business account to collect money from Amazon, Stripe and other service providers in over 10 currencies. You can also create invoices and add your local bank details to the invoices to get paid faster. This way, you can get paid like a local.

Finally, you can pay up to 1,000 people in one click by just uploading a spreadsheet with transfer details. Also, you can connect Wise account to Xero or QuickBooks for faster reconciliation. Wise business account does not charge hidden charges and monthly fees. Most of the payments are instant and arrive within one hour.

Read more: Wise business account review. 

Wise Virtual Card

You can create a digital card with a debit card where Visa and MasterCard are accepted. With Wise digital card, you can shop online, in-stores and abroad. Besides, you will be saving on currency conversion fees and also provide extra security to your account. You can add Wise account to Apple Pay and Google Pay and start making contactless payments.

To create Wise virtual card, you need to first order Wise physical card. Then you can create Wise virtual card even before the physical card arrives. Wise virtual card is best for frequent travelers and online shoppers.

Wise Debit Card Review

Wise multicurrency account comes with a debit card. Wise debit card allows you to spend anywhere using real exchange rates. It offers low conversion fees of between 0.65% and 1% and no transaction fees. Some of the benefits you will enjoy using Wise debit card include 2 free ATM withdrawals of up to £200 every month. After that, you will be charged a small ATM withdrawal fee. You can also pay using currencies in your account without being charged.

Wise Fees

Wise is one of the cheapest money transfer services in the market. The following are Wise fees.

  • ATM withdrawal fees - You get 2 free ATM withdrawals of up to £200 every month. After that, you will be charged a fee of 2% per withdrawal.
  • Conversion fees of between 0.65% and 1%.
  • If you are spending using a different currency, you will be charged a conversion fee of between 0.35% and 2.85%.
  • Holding more than £15,000 in EUR balance, a fee of 0.40%.

Wise Supported Currencies

Wise supports over 54 currencies. The following are some of the currencies Wise supports Canadian dollar, Swiss franc, Chilean peso, Chinese yuan, Costa Rican colon, Czech koruna, Danish krone, UAE dirham, Argentine peso, Australian dollar, Bangladeshi taka, Bulgarian lev, Hong Kong dollar, Croatian kuna, Hungarian forint, Indonesian rupiah, Israeli shekel, Indian rupee, Japanese yen,

Kenyan shilling, South Korean won, Sri Lankan rupee, Moroccan dirham, Botswana pula, Egyptian pound, Euro, British pound, Georgian lari, Ghanaian cedi, Philippine peso, Pakistani rupee, Polish złoty, Romanian lei, Russian ruble, Swedish krona, Singapore dollar, Mexican peso, Thai baht, Turkish lira, Tanzanian shilling, Ukrainian hryvnia, Ugandan shilling, Malaysian ringgit, Nigerian naira, Norwegian krone, Nepalese rupee, New Zealand dollar, Peruvian sol, US dollar, Uruguayan peso, Vietnamese dong and West African franc.

Wise Supported Countries

You can use Wise to transfer money to the following countries: Argentina, Australia, Canada, Chile, China, Colombia, Costa Rica, Croatia, Czech Republic, Denmark, Egypt, Europe, Georgia, Bangladesh, Benin, Brazil, Bulgaria, Burkina Faso, Ghana, Guinea-Bissau Hong Kong, Hungary, India, Indonesia, Israel, Ivory Coast, Liechtenstein, Thailand, Togo, Mexico, Morocco, Nepal, New Zealand, Turkey, Romania, Sri Lanka, United Kingdom, United States of America, Uganda, Russia, Senegal, Singapore, South Africa, South Korea, Japan, Kenya, Malaysia, Sweden, Switzerland, Ukraine, United Arab Emirates, Mali, Niger, Nigeria, Norway, Pakistan, Philippines, Poland, Uruguay, Vietnam and Zambia.    

Wise Customer Support

Wise has very responsive customer support that is available 24/7. You can reach Wise customer support through a live chat or email.

Is Wise Money Transfer Safe?

Wise is regulated by the Financial Conduct Authority (FCA) in the UK and Monetary Authority of Singapore, Financial Crimes Enforcement Network in the USA. It also uses 2-factor authentication to ensure your money is safe. You can also create virtual cards for online shopping to ensure that your information is safe. In case you lose Wise debit card, you can freeze it using Wise app. Wise is regulated in Belgium, Hong Kong, Australia, Canada, India, Japan, Malaysia, UAE and New Zealand.

Wise Money Tansfer Alternatives

You can also use the following virtual banks as an alternative to Wise.

Conclusion

Wise is an excellent money transfer service. You can open Wise multicurrency account and start t send, receive and spend money around the world. If you are a freelancer or you have an international business, you can open Wise business account. Wise does not have hidden fees and uses real exchange rates.