Smarter Loans > Money Transfers > Wise (Formerly TransferWise)

Wise (Formerly TransferWise)

Avg. Rating: 4.8 (2 reviews)

Wise (formerly Transferwise), builds products that solve the problems of the clunky old-school financial system, making international banking and cross-currency payments fast, easy, transparent, and ridiculously cheap. Today, over 10 million people and businesses use Wise products to make money easier when they live, work, travel or do business around the world.

TIME IN BUSINESS: Since 2010
# OF CUSTOMERS: Over 8M

Send Money Now with Wise

1-888-445-2780

56 Shoreditch High St, Shoreditch London, E1 6PQ, United Kingdom

Call Center: Monday to Friday 9:00 - 18:00 EDT

Support Offered:

Email Support
Mobile App
Call Centre
Social Media

Availability: Worldwide

Products Offered

Below are all the products offered by this company.

Money Transfers:

Wise, formerly TransferWise, is an international account for over 50 currencies, with instant, super-cheap money transfer, a card to spend in any currency, bank details to get paid in 30 different countries, multi-currency direct debits, and other revolutionary stuff.

Key Features of a Wise Account:

Balances – you can hold and convert money between the 50+ currencies in which they offer Wise balances. They always use the real exchange rate to convert your money which makes their service up to 7 times cheaper than traditional banks.
Bank details – they offer local bank details in 10 currencies (US dollars, British pounds, Euro, Canadian, Australian, New Zealand and Singapore dollar, as well as Hungarian forint, Romanian leu and Turkish lira). You can use these bank details to receive money for free into your Wise account, which you can then convert or hold.
Direct debits – their US, British pound and Euro bank details allow you to set up direct debits to pay for utility bills or any other subscriptions or automated payments.
Debit card – with the Wise Visa card, you can spend in over 200 countries without the hidden fees. Add it to your Apple or Google wallets for convenient use.
Money transfers – send money to over 60 countries at the real exchange rate and low, transparent fees
Jars – Money in a jar is kept separately from your balances, if you are saving it for something later. You can’t accidentally spend it with your debit card, and you can’t send it or use it to pay Direct Debits. You can open as many jars as you need to organise your money.

Pricing:

Wise has Personal and Business pricing.

Transfer costs for Personal and Business depend on three things:

1. The amount you’re sending

2. How you pay

3. Exchange rate

Personal:

Wise charges a percent of the transfer amount, and a flat fee for certain transfer routes. The minimum Wise fees and percent depend on the country you are sending from and to, and certain currencies have variable fees depending on the total amount being sent. Wise does not charge recipients receiving money any cost, and it’s also important to note that they don’t make customers pay a setup fee, monthly charge, or fees to send or receive payments.

Business:

Wise business account is the business account for going global. It’s the only business account you need to grow and operate internationally — without the high fees, hefty admin, and headache of a local bank.

Articles About Wise (Formerly TransferWise)

TransferWise – Transfer Money Online Review

By Smarter Loans Staff

The Smarter Loans Staff is made up of writers, researchers, journalists, business leaders and industry experts who carefully research, analyze and produce Canada's highest quality content when it comes to money matters, on behalf of Smarter Loans. While we cannot possibly name every person involved in the process, we collectively credit them as Smarter Loans Writing Staff. Our work has been featured in the Toronto Star, National Post and many other publications. Today, Smarter Loans is recognized in Canada as the go-to destination for financial education, and was named the "GPS of Fintech Lending" by the Toronto Star in 2019.

Frequently Asked Questions About Wise (Formerly TransferWise)

What is Wise?

Wise is the global technology company building the best way to move money around the world.

How much money does Wise send every month?

Wise helps customers send approximately 5 billion dollars every month.

How many countries does Wise support sending money to?

Wise supports sending money to over 70 countries.

Is Wise safe?

Wise is a licensed Authorized Electronic Money Institution, which means they are regulated by the Financial Conduct Authority (FCA), as well as by a variety of other regulatory institutions in other countries. They also offer institutional grade security for their services, such as a 2-step login and verification procedures. To add, they manage international money transfers for millions of customers and have a 4.6 out of 5 rating on Trustpilot, scored out of over 90,000 reviews.

How do you send money with Wise?

First, you need to create an account with Wise. You can signup using an email address, or you can connect your account with Facebook or Google. Secondly, you enter how much you'd like to send and where. The last step involves you send your money, choosing your preferred payment method and that's it.

Do you have to pay anything to receive money being sent using Wise?

No, you don't pay any fees for accepting money or making payment in local currency. You pay fees when you convert money between different currencies.

Does Wise have limits on how much money you can send?

Wise does have limits on how much money you can send depending on how you're transferring money. For example, there is a 1 million dollar limit if you're sending a standard money transfer to the bank account of a beneficiary in another country. These limits vary if you're sending money out of the U.S. and can also change depending on the countries currency you're sending money to, the total amount you're sending, and how you pay for the transfer.

How long does it take for Wise to send money overseas?

Typically, sending money overseas with Wise can be transferred in one business day or faster, sometimes within minutes. Ultimately, the actual time varies and will depend on the country and currency you're using, how much you're sending, how and when you pay for your transfer, and if Wise requires additional security checks.

Do you need a Wise account to receive money?

No, you do not need a Wise account to receive money sent via Wise. You do however need a bank account.

How much does Wise cost to use?

Your transfer cost will depend on the amount you send, how you pay, and the exchange rate.