Wise (Transferwise) is a neobank based in United Kingdom offering Personal accounts, Business accounts including a debit card, with all transactions being managed from an iPhone or Android application. Wise (Transferwise) currently accepts to open mobile bank accounts for residents of Argentina, Australia, Austria, Bangladesh, Belgium, Benin, Brazil, Bulgaria, Burkina Faso, Canada, Chile, China, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Dubai (U.A.E), Egypt, Estonia, Finland, France, Georgia, Germany, Ghana, Greece, Guinea-Bissau, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Ivory Coast, Japan, Kenya, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Mali, Malta, Mexico, Morocco, Nepal, Netherlands, New Zealand, Niger, Nigeria, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Romania, Russia, Senegal, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Thailand, Togo, Turkey, Ukraine, United Kingdom, United States, Uruguay, Vietnam, Zambia, Wise (Transferwise) is rated 4.9 on TrustPilot - based on 184 651 reviews.
Do you often need to transfer money internationally? Do you regularly receive money from a relative or client abroad? Then you know that this type of transaction can quickly cost you a lot of money, especially when going through a classic bank. The solution is to use an international money transfer platform.
To make the best choice, you need to compare the fees, the rates, the bank cards, the platform features, and also the customer service.
Our team of experts has done this comparison for you. Today we are interested in the Wise platform. Is it cheaper than its competitors PayPal or Western Union? That’s what you will discover in this article.
Contents
What is Wise?
Since 2011, the date of its creation, Wise claims loud and clear not to be a bank and even be the opposite. Behind these words two men Taavet Hinrikus and Kristo Kaarmann. These two friends quickly learned from their professional and personal experience that international money transfers can be very expensive. This is how Wise was born. Today the platform has 6 million customers, its success is due to lower currency transfer rates than banks and to the transparency of prices.
It is regulated and monitored by the Bank of England and the Financial Conduct Authority. Wise has a mobile application available on Android and iOS. It allows you to make transfers on the go, view your payments or convert money between your accounts. The application is easy to use and convenient for everyday use.
The types of account
The Wise account is a borderless and multi-currency account, it allows you to receive and keep money in foreign currencies without necessarily converting them. The account is available for individuals and professionals. It allows you to have a European IBAN, a British account number, an Australian account number, and a US account number. You can therefore receive payments in dollars on a US account, in pounds sterling on a UK account, and so on.
You are not required to convert payments received in Euros, but if necessary you can convert money into over 40 currencies. This can be useful for those who have customers abroad or travel often.
How do I open an account with Wise?
To open an account, nothing could be easier. Visit the Wise homepage and click on “get started”. Then enter the type of account you want, your email address, and a password. Now click on “sign up”, the next step is to select the services you want.
These choices can be changed later. For the first transfer, you must indicate the amount, the starting currency, the desired currency, and the type of transfer. You will then see the converted amount, the transfer fee, and the amount saved compared to a traditional bank. Determine your transaction by entering your first name, last name, date of birth, phone number, direct debit address, and of course the information of the recipient of the transfer.
The types of transfer
You can choose between three types of transfers:
- The easy transfer is done from the Wise website.
- The low-cost transfer consists of making a transfer from your bank to the platform.
- The fast transfer is done from the platform to a bank card.
The rates
The rates are of course a point that our team has looked very closely since the platform claims to be cheaper than a classic bank. Is this the case? Yes !! We are going to detail the rates and the fees charged by Wise. The opening and the maintenance of the account are free.
Account numbers and IBANs are free. The Wise card costs 7 euros, the first two withdrawals with your card are free.
Receiving money is free and receiving US dollars by wire transfer costs $7.50. The platform does not take any margin on the exchange rates, so the one obtained is always the real rate. Fees will only be applied when you convert currencies to your own account. To know the amount of your fees in all transparency the platform provides you with a calculator of all currencies on its website.
The Wise Card
This multi-currency account allows you to get a debit card to spend your money in any currency, anywhere, and with no hidden fees. You can withdraw money and pay in stores in local currency when traveling abroad. You can withdraw up to £200 in cash per month free of charge with this bank card, above that, a fee of 2% of the amount is charged.
Customer service
For a question about a transfer or for advice, you can reach Wise customer service in a number of ways. They can be reached by phone from Monday to Friday from 9 am to 4 pm or by email.
For a personalized answer, you can reach an advisor using the contact form present on the website or from the application. The customer service of the platform is also present on social networks. Wise’s customer support is highly rated by the platform’s customers and our team joins these positive reviews. The advisors are responsive, caring and the response time is short.
A reminder of the strengths and the weaknesses
Our team of experts does not have much to reproach to the Wise platform, the only drawback we can note is that some countries are not yet supported. The main advantage of Wise is that it offers low fees for money transfers and competitive, transparent rates that can be calculated in seconds thanks to the tools provided. In addition to this, Wise offers high-quality customer service, easy account opening, optimal security, and fast money transfers.
It is positioned today as one of the most competitive platforms in the world, there is never any bad surprise on the fees, because everything is announced and calculated before each transfer and this is an advantage that few banks offer.
Pros
✅ Low transfer fees
✅ Quality customer service
✅ Simplified account opening
✅ Optimal security
✅ Fast transfers
Cons
❌ Some countries not supported.
Conclusion
Wise meets a strong demand to lower fees for transfers, especially international ones with reasonable and above all transparent rates. The platform shadows other services like PayPal, Skrill, or Western Union. Its ambition is to overtake them to become the international leader in money transfer services.
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