Transferwise review | Wise App | Money Transfer | Wise Account

What is TransferWise?

Wise, formerly Transferwise, is an online international money transfer app that lets you send money anywhere in the world with low fees and real exchange rates. The app supports most currencies and can be used to send money everywhere, anytime.

After sign up you'll also have the option to order a debit card that is linked to your own UK account number, which can also be added instantly to Apple Pay or Google Pay.

Wise is a cheaper alternative to traditional banks, and offers features such as round-the-clock customer support, making it easy to use whether you’re sending money to your family on holiday or paying back your friend who paid for dinner last night.

The app supports most currencies.

The Wise money transfer service that enables online payments for you to transfer funds to anyone in the world, as well as receive money from others – all without a monthly fee. It's a great way to transfer money from one country to another, or even from one person to another.

The app supports transfers in over 50 currencies and 10 unique account details

Including major currencies like US dollar, British pound, Canadian dollar, Euro, Hong kong dollar, South african rand, Australian dollar, Singapore dollar, New Zealand dollar, and many others.

The app works with your bank account and allows you to deposit funds before sending them. You can also use a debit or credit card or PayPal if you want to fund transfers instantly. The app also supports up to ten currencies at once. So if you want to send money from Europe but receive payments in another currency like US dollars, this is possible too.

You can use the app to send money anywhere in the world.

Distance doesn't matter to Wise when it comes to money transfers. The smart app uses its various currency accounts, known as "FX routes", to convert currencies at the real market rate. Its low international transfer fees make it very affordable in this regard and are a great alternative to a wire transfer.

You'll also receive timely instant push notifications about important account details, such as when you withdraw money, or when money crosses borders.

Wise is cheaper than leading UK banks.

Wise charges significantly less than banks for transferring money. Compared to other providers who rarely charge the mid market rate, the Wise exchange rate is one of the most competitive around the world.

How are they different?

Unlike banks, the company also a strong focus on transparency and clarity, so you know exactly what you're paying and when your money will arrive.

With no hidden fees, the price you see online is the price you pay, with no extra costs for currency conversion or processing.

Compared to banks, what countries are supported?

The service is available in over 50 countries and can be used by anyone with a UK bank account or debit card – including students, travellers and expats.

Wise doesn't charge any fees for receiving payments from abroad, unlike banks that charge fees of up to 5%. You can verify this by checking the transfer wise calculator, and comparing it to a public source like Google finance. This means that if someone sends you money in GBP, EUR or USD, you'll receive the full amount. You will only pay a fee if you want to send the money back to your card.

There are usually low or no fees when sending money in GBP, EUR or USD (although it does charge a small fee when sending money in other currencies). This means that if someone sends you money in GBP, EUR or USD, you will receive the full amount on your card.

Are there any exceptions to low fees?

The only exception is if they're sending it to a country where the service doesn't support local bank transfers yet – such as China or Brazil – where they will have to pay an extra fee. However, this is usually very low – normally just 1% compared to 12% at most banks!

If you use Wise in markets that support cash delivery, Wise charges an additional fee to cover their costs.

Wise also allows you to earn with referrals.

Wise uses the real exchange rate.

When using the Wise money transfer service, you'll receive the real exchange rate. This means they don't add any markup on top of it.

The app offers a unique approach to international money transfers by using a peer-to-peer network of banks and individuals to send money overseas at the real exchange rate with a low conversion fee. Most money arrives within minutes, or at most, a few business days.

They are able to do this because they don't need to maintain an expensive infrastructure like other money transfer companies do (for example, they don't have branches in different countries).

Round-the-clock customer support.

The company says its goal is to answer all inquiries within one hour, but most customer service requests are handled within 15 minutes.

There are also FAQs available on their website, along with a help centre that explains all of their products in simple terms, including helping you find important information like account details, initiating bank transfers from around the world, and the sending occasional wire transfer.

Multi currency account

The Wise borderless account is a Multi Currency Account is a savings account that allows you to hold multiple currencies in one single account with real account details in local markets. You can use this account to invest in a wide range of currencies and gain exposure to global markets.

Base currencies

You can open an account with up to ten currencies at the same time, like US dollar, Euro, Canadian dollar, and British pounds. This will allow you to receive money internationally by providing local bank details.

The Wise Multi Currency Account is a great way to protect yourself against currency fluctuations because it allows you to choose the currency that you wish to invest in without paying an unfair exchange rate.

The main benefits of the Wise Borderless Account

Ease of use

The money transfer app is easy to use and has great customer support if you ever have any questions or issues with your account. You can send money easily between accounts, manage your spending and get notifications every time something happens with your account.

Spend money directly from within the interface

Use the Wise app instead of having to go through another service like PayPal or Paytm.

Investment Account

Wise has recently launched its new investment product, Wise Wealth, which allows customers to make investments with their Wise account balance. The funds can then be used to make international payments or withdrawn as cash.

The minimum investment amount is £1, and you can hold up to three currencies at once, including GBP, USD and EUR. There’s no charge for holding currency balances on Wise accounts.

The investment service allows you to invest in one provided exchange-traded fund (ETF), the iShares World Equity Index Fund. Money hold in the fund can also be used for payments.

Wise Debit Card

The company now offers borderless debit cards, a new feature that should make it easier to spend on your travels enhanced by their money transfer service.

To make it even easier to manage your finances while travelling, Wise's mobile app allows you to check your balance in multiple currencies from anywhere in the world.

Wise allows you to use your wise debit card anywhere around the world without any additional fees or charges. You can also use your Wise account to transfer money between currencies at a very competitive exchange rate, which can save you money compared to using your bank's standard foreign exchange rates.

Next generation payment integrations

The Wise card comes with some extra features like contactless payments via Apple Pay and Google pay, which are supported by all major credit card networks, including Visa and Mastercard. This means you can use your Wise card at any place where you see the contactless symbol on the payment terminal at a competitive exchange rate.

Wise is a debit card that works with your local bank account details, but it's not like most debit cards. It has no fees, no minimum balance requirements and no overdraft protection.

It's also free to open an account and get the card, so there's no cost to try Wise. If you don't like it or don't use it after a few months, you can close your account and get your money back — no questions asked.

Is there anything you should watch out for?

If you’re looking to send money abroad, Wise is a great option. It offers a fast and easy transfer that makes it possible to get your funds in under 24 hours.

Wise also has a strong mobile app with features like push notifications and a widget that shows the current exchange rate.

Wise fees are generally some of the most competitive, but you should be aware that they increase the more money you want to send. For larger transactions, you may want to consider alternatives such as OFX or Atlantic Money, who often charge lower fees.

Takeaway: Wise lets you make money transfers easily and cheaply!

Is PayPal better or Wise?

PayPal charges high fees on international money transfer – fixed fee + exchange rate mark-up –that vary depending on the currency you're sending and receiving. The cost of money transfer through PayPal depends on the amount being sent, whether it's a personal or business account, and your location: An example shows how much a transfer costs with PayPal, and why mark-ups are misleading and lacking transparency. If you want to send 1,000 GBP from the UK to the USA, your total cost in PayPal fees would be £23.7 due to the fixed fee and the difference in the exchange rate.

Transferwise vs PayPal formula:
"£1,000 x real USD exchange rate" - "£1,000 x PayPal USD exchange rate" + £fixed fee = total costs.

In absolute numbers:
"£1,000 x 1.10325" - "£1,000 x 1.08154" + £1.99 = £23.7

For more information, visit How to send money on PayPal.

Which bank is behind Wise?

Wise uses a network of local bank accounts to offer local money transfer services. Wise also uses Google Pay and Apple Pay rails to process debit card payments in most countries around the world.

Is my Wise account safe?

Wise is regulated by the Financial Conduct Authority (FCA). It's also regulated by the Prudential Regulation Authority (PRA) and has its own license to operate in the United Kingdom.

Transfers originating in the United States

Your money's safe when you make a transfer from the United States, as it is protected by the FDIC up to $250,000 per depositor. This means that if our bank were ever to fail, we would reimburse you for any losses up to $250,000.

Transfers originating in Europe

When you send money internationally, this money transfer is protected by its European bank up to €50,000 per depositor. This means that if our European bank were ever to fail, Wise would reimburse you for any losses up to €50,000.

Can TransferWise be trusted?

Wise is regulated by the Financial Conduct Authority in the UK, and is authorised to operate as a payment service provider. This means it's subject to some of the strictest consumer protection laws in the world, including strict rules on how it handles customer funds. Wise is also registered in the US with the Financial Crimes Enforcement Network (FINCEN).

What is the exchange rate for Wise?

Wise is using the current and real exchange rate, which can be found on Google or Reuters.

Does Wise use mid-market exchange rate?

Wise uses the mid market exchange rate. This means that the company buys and sells currencies instantly at a rate roughly in between what banks pay to get money in and out of countries, and what individuals can get when they withdraw money from ATMs or make purchases with their debit or credit cards.

Can I use TransferWise as a bank account?

You can use TransferWise as a bank account, but it’s important to know that it doesn’t have all of the features you might expect from a regular bank account. For example, it doesn’t offer overdrafts or credit cards. It also doesn’t have an app for payments or direct debits.

We recommend using TransferWise as your main bank account if:

You want to save money on international payments
You want to get paid in another currency, and hold in that same currency.
You regularly use a Wise transfer to transfer abroad
You need help understanding exchange rates

Is it free to use TransferWise?

Wise is completely free to use. There are no hidden fees, charges or markups on the service.

Wise is a transparent and fair way to transfer funds internationally. Wise sends money directly from one bank account to another, so you never have to pay hidden fees and there are no foreign exchange charges.

There are no hidden fees or markups. Wise typically charges much less what the banks charge when sending money abroad, which is usually around 0.5% - 1% of the amount you send.

Is Revolut better than Wise?

There's no one-size-fits-all answer here. Wise is a great choice if you want to transfer money abroad quickly and easily, but Revolut sometimes has better exchange rates and more features. For regular use, I would recommend Revolut for its convenience, but for larger amounts of money, Wise may be a stronger choice.

Can I use Wise for my business account?

Yes, Wise may be a better business account for small businesses who want to reduce their costs when sending money abroad. The company offers a range of pricing plans depending on how much you transfer and how often.

There are no hidden fees or commissions and the exchange rate is transparently displayed before you send your funds.

It offers an API which can be integrated into your accounting system or used independently to manage your transfers.

Whether you’re a small business owner or individual with a loved one abroad,Transferwise can help you avoid bank charges and save money on your transfers.

How is using Wise different from an international wire transfer?

Wise is better than a wire transfer because it charges low and transparent fees, and you can send money on the go. If you have a bank account, you can make transfers within seconds directly from your mobile device. Sending money with Wise is fast, too.

Most domestic transfers will clear within minutes, and international transfers usually take one business day (but can take up to 3 business days in some cases).

How does Wise compare to Venmo or Square?

Wise is different from other mobile payment apps like Venmo or Square because it doesn't require you to link your bank account or credit card to your account before making transfers.

How does Wise compare to Western union?

Sending money with Wise takes just seconds and requires only an internet-connected device with a camera. You can use Wise to transfer to your family, friends or even pay for goods and services in person.

Wise also offers a much more competitive exchange rate on all transactions, which means you get the best value for your money.

Western Union often has extremely high fees for popular foreign exchange corridors. It also doesn't offer local bank accounts that allow you to receive local a bank transfer in other countries.

TransferWise: Money Transfer Review