Wise, formerly TransferWise is an online money transfer service that makes use of mid-market rates to send money across the borders. Wise was founded in London, in the UK, in 2010 and is regulated by the Financial Conduct Authority. The company has seen tremendous growth for its cheap and secure money transfers. You can use it for personal and business transactions.
I am a freelancer and I have been using Wise to receive payments for two years now. This is an honest review of Wise Money transfer.
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How to Sign Up for Wise Account
You can sign up for a Wise account by visiting their page. From the top right corner, click register. Select whether you are creating a personal or a business account. Enter your email address, password and select then enter your country. Once you have signed up, a link and a security code will be sent to your email address.
You must verify your account by clicking the link emailed and entering the security code. You should verify your account before 3 days are over from when email is sent. You also need to upload a photo of yourself and an image of your ID to verify your identity. You can take the photos using your mobile phone. Once you have verified your identity, you can start using Wise.
Wise has excellent features that make it easy to use. They include:
Wise Borderless Account
Wise Borderless Account is a virtual bank account that accepts more than 50 currencies. You can send money across the border using different currencies. You do not need to have a bank account in the country you are sending money. Wise is transparent and it will show you the amount the recipient will receive in his currency.
Wise is present in Europe, USA, Asia and Africa and has offices in some countries in these continents.
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Wise Exchange Rates
Unlike banks and other financial institutions, Wise provides mid-market exchange rates. It means that Wise uses exchange rates available in the market at that time. If you Google exchange rates, you will notice they are the same as those provided by Wise.
Most financial institutions add a markup to the mid-market rates to make higher profits. However, Wise maintains mid market rates and does not have hidden fees. This is why their services are the cheapest in the market.
Wise Debit MasterCard
If you open a Wise borderless account, you will get a MasterCard debit card. You can use it anywhere in the world and it also makes use of mid-market rates. It comes with zero transaction fees and minimum conversion fees of between 0.35% and 1%, depending on the currency you are transacting.
You can use the debit card to:
- Make free payments using the same currency in your account
- Get free ATM withdraws of up to 200 euros a month
- Convert money using real mid-market rates
If you have a small business, large business, or you are a freelancer; you can use Wise to manage your funds and pay your workers. You can use the account to send and receive money at low rates, and make borderless cash transfers.
You can use the business account for invoice payments. It supports over 70 countries and has fair exchange rates. Besides, Wise makes your work easier since you can pay many people at once and manage transactions in one place. Wise allows businesses to enjoy banking services by availing IBAN, routing numbers and sort codes.
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Wise Routing Number
When using Wise in the US, you will need to use a Routing Number to make domestic and international transfers. A routing number is a nine-digit number used for identification when making cash transfers in the US. Banks also use routing numbers for transactions like wire transfers and ACH payments.
Wise Customer Service
You can contact Wise customer support through email, phone, social media and chat. Their customer support is available in different languages like German and Turkish and you can select your language. Therefore, if you have any questions, you can address it to their customer support.
Wise app is available for iPhone, iPads and Android users. You can initiate a transfer, check your cash transfer status, or cancel a transfer using the app. You can also make a debit or credit card payment using the app.
During registration, you can use it to send verification documents. If you had made a cash transfer earlier, you can initiate a new transfer using the previous details of the recipient. It means you don't need to re-enter their details again.
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Unlike most financial institutions, Wise does not have hidden fees. All its fees are transparent and you get to know fees payable before initiating a transaction.
Wise provides U.S routing number, European IBAN and Australian BSB Number free of charge. It is also free to hold over 50 currency balances while you can also receive money in EUR, USD, GBP, PLN, AUD, HUF, RON and NZD free of charge.
These are the fees you can expect.
- Currency conversion: 0.035% and 3% depending on currency
- Direct debit: 0.02%
- Credit card payments: 0.3% and 2% depending on currency
- Debit card payments: 0.15% and 2% depending on currency
How Long Do Wise Transfers Take?
Normally, it takes less than 24 hours to complete a transfer. The interesting thing about Wise is that you can track the progress of your transfer and estimate the time it will take to complete. In case there is a major issue during the transfer, you will be notified through an email.
Pros of Using Wise
Wise is a safe way to move your money, it is regulated by Financial Conduct Authority (FCA) in the UK and FinCen in the U.S. These regulatory authorities ensure that Wise remains honest and fair in its operations. They also ensure that your information is safe and inaccessible by third parties.
When sending money, Wise will how long it will take to send money. Wise is one of the fastest money transfer services in the industry. The time it takes to send money depends on the country you are sending to and from and how you are paying. For instance, card payments are instant while bank transfer may take a little longer.
Wise is eight times cheaper compared to bank transfers. It does not have hidden fees. When making a transfer, you will see the charges before you can initiate a transfer. You will also see how much the recipient will receive. Wise uses mid-market rates, hence providing the fairest exchange rates in the market.
With Wise, you can hold and spend funds in over 50 different currencies. Besides, Wise supports many countries where you can send to and from.
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Wise is the best money transfer platform if you wish to make cash transfers across the borders. It has the cheapest rates and uses mid market rates for currency conversions. Besides, it does not have hidden fees. We highly recommend Wise for money transfers.