First, I would like to introduce you to what Wise is. Wise Bank, formerly known as TransferWise, is an international money transfer platform founded in 2011. The bank aims to provide low-cost and transparent financial services, allowing customers to transfer money across borders quickly and Easily, with competitive exchange rates and lower fees compared to traditional banks.
Who Should Use Wise?
If you're looking for a cheap international money transfer service, Wise might not be the best option. Wise is transparent about the fact that it’s not always the least expensive choice, and the potentially higher costs might deter some users.
However, some users might find the higher fee worthwhile for a potentially speedy Wise transaction. Another advantage is that Wise distinguishes itself from some competitors by not marking up exchange rates to increase profits. The company prides itself on avoiding the "unfair" exchange rates charged by banks.
Each month, London-based Wise processes more than £8 billion (nearly $9.7 billion USD) in international transactions. Over 13 million people and businesses use Wise, which was founded as TransferWise in 2011.
Our Verdict
Wise comes with loads of special features, and it doesn’t mark up its rates for currency exchanges. But its services might come at a considerable cost, as it charges higher transfer fees than some of its competitors. Two other drawbacks: There are no options for delivery of cash to a home or business, and there are fewer than 100 countries where money can be sent.
Pros
- Variety of options for sending money
- No markup on exchange rates
- Fast money transfers for some transactions
Cons
- Higher transfer fees than some competitors
- No options for cash delivery to home or business
- Limited customer support
Learn More
Via Wise' Website
Convert and hold
55 currencies
Monthly fees
$0
Payment options
Direct debit, wire transfer, debit card, credit card & Apple Pay
Our Verdict
Wise’s Features
Creating a free account with Wise is quick and straightforward, typically taking just a few minutes. During the sign-up process, you can input your personal details—such as name, date of birth, address, and phone number—or register using your Apple, Facebook, or Google account. This alternative login method is not commonly offered by most money transfer services.
After registration, Wise may require identity verification, which generally involves uploading a photo of your ID and proof of address. This verification process usually takes about two business days. Whether you need to verify your identity depends on the origin and amount of the transfer; Wise only requests identity documents once you initiate your first transaction.
Debit Card
Wise account holders can sign up for a Wise debit card, which is available in many countries, though not all. The card has a one-time fee of $9 USD. Each month, you are allowed two free ATM withdrawals of up to $100 each. Beyond that, there is a $1.50 USD fee per withdrawal, and a 2% fee on any amount exceeding $100.
The Wise debit card can also be used for online payments and is compatible with Apple Pay and Google Pay.
Multi-Currency Account
This free account allows you to send, hold, and receive money in multiple currencies.
Large Transfers
Wise offers lower fees for sending large sums of money, specifically for transactions over the equivalent of £100,000 in U.S. dollars, whether in a single transaction or multiple times a month.
Wise Assets
The Wise Assets program allows you to invest money from your Wise account in the iShares World Equity Index Fund, which includes holdings in companies like Apple, Microsoft, and Tesla.
Wise's Pricing
Transfer fees with Wise vary based on the amount sent, the recipient's currency, and the payment method. For instance, recent research showed that sending $1,000 USD from the U.S. to Mexico, with the recipient receiving Mexican pesos, could range from $9.12 for a bank account transfer to $46.19 for a credit card transfer.
Wise charges a fee that is a percentage of the amount being sent.
To calculate currency exchange costs, Wise uses the mid-market exchange rate, also known as the “real” exchange rate.
When banks trade currencies, they use a “buy rate” when purchasing and a “sell rate” when selling. The mid-market rate is the midpoint between these buy and sell rates. Essentially, the buy and sell rates include a markup that reduces the sender's and recipient's money more than the mid-market rate does.
If you’re transferring money in the same currency between Wise accounts, there is no conversion fee, though a small fee is charged to complete the transfer. Otherwise, a conversion fee applies.
Here’s an example of the cost to send $1,000 USD via Wise from the U.S. to Mexico, based on recent data:
Transfer Method Total Transfer Fees Amount Of Cash For Recipient Wise account transfer $6.98 20,378.46 pesos Connected bank account $9.12 20,334.54 pesos Wire transfer $11.64 20,378.46 pesos Debit card $19.50 20,121.53 pesos Credit card $46.19 19,573.80 pesos
| Transfer Method | Total Transfer Fees | Amount Of Cash For Recipient |
|---|---|---|
Wise account transfer | $6.98 | 20,378.46 pesos |
Connected bank account | $9.12 | 20,334.54 pesos |
Wire transfer | $11.64 | 20,378.46 pesos |
Debit card | $19.50 | 20,121.53 pesos |
Credit card | $46.19 | 19,573.80 pesos |
How to Use Wise to Transfer Money
Wise allows you to send money from the U.S. to 50 countries. Additionally, you can send money to someone in another country if their bank account is in U.S. dollars, euros, or British pounds. Overall, Wise supports money transfers to over 80 countries, which is fewer than some of its competitors.
Receiving money through Wise can take anywhere from a few seconds to five business days, depending on the currency being sent. The company states that half of its transfers arrive within an hour.
Here are the estimated delivery times for sending U.S. dollars via four different payment methods to four countries, based on recent data:
Wise’s Ease of Use
Navigating the Wise website and app is straightforward and user-friendly, with no glitches experienced during our test. However, due to the wide range of countries and currencies available, it can be a bit overwhelming to keep track of the basics, such as fees and exchange rates, for each type of transaction.
To use the free Wise app on an iPhone or iPad, your device must have iOS 14.0 or later. The app is available in 15 languages. The free Wise app is also available for Android devices, although the Google Play page does not list specific requirements or the number of supported languages.
Wise uses HTTPS encryption and a two-step login process to ensure data security. The company assures that it will never misuse or sell customer data. However, the App Store page notes that some types of data may be collected and linked to your identity, such as contact information, financial information, and search history.
Wise’s Support
Two tests of Wise’s customer support were disappointing.
First, when browsing the Wise website, no customer support phone number could be found. Additionally, a message on Wise’s help center webpage indicated that the support team was “really busy” and suggested trying again later. Frustratingly, after being asked if we still needed help, clicking the “contact us” button brought up the same “busy” message.
This test occurred on the Fourth of July, a federal holiday in the U.S., which might explain the limited availability. However, this raises concerns about obtaining urgent support when needed.
Less than two weeks later, we attempted to contact customer service again (on a Saturday). Upon visiting Wise’s online help center, we encountered a message indicating that the live chat function was “closed.”
We then attempted to call Wise’s customer service department, but an automated message informed us that the phone lines were “closed at the moment.” We were directed to find another way to contact Wise or to visit the website for information on phone line hours, which we couldn't locate. Email was one of the contact options, but the Wise website did not provide information on the customer service team's hours of operation.
Notably, Wise prides itself on not using automated systems for customer service calls. Its agents conduct business in a total of 14 languages.
We then attempted to call Wise’s customer service department, but an automated message informed us that the phone lines were “closed at the moment.” We were directed to find another way to contact Wise or to visit the website for information on phone line hours, which we couldn't locate. Email was one of the contact options, but the Wise website did not provide information on the customer service team's hours of operation.
Notably, Wise prides itself on not using automated systems for customer service calls. Its agents conduct business in a total of 14 languages.
Get a Wise account now and receive money from anywhere around the world
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