Wise is the new name for TransferWise and it is a fast, easy and affordable money transferring platform. Wise offers some of the lowest money transferring fees and offers a mix of a sleek platform to make all your transactions on. So if you are wondering about the cheapest way to send money abroad, Wise is the answer.
Wise simply offers the best way to send money abroad at low rates. The low rates of Wise have made it one of the biggest international money transfer providers in the world, and mainly in the United States. With customers in the millions, Wise handles billions of transactions annually and enables its users to transfer money internationally as they please.
The platform gives you a transparent, simple, and easy-to-use service. The account is very easy to make and the money sending process is even easier.
Wise offers great exchange rates and when funds are transferred, the recipient can expect it as soon as the payment is made. A highlight of the Wise platform is the Android and Apple apps that handle the transactions. These apps provide multiple features and take the communication of the app to the next level.
How TransferWise Works
How to send large amount transfers abroad is probably one of the most asked questions given the unique working conditions due to Covid. Wise works without any interruption and gets the transaction completed instantly.
The peer-to-peer (P2P) service is extremely easy to understand and all it takes is one transaction for you to get the hang of it.
The first step is to send money. Once the amount (e.g. USD) is sent to Europe, they are stored in a United States account until another customer is found, who wants to send a similar amount of EUR to the United States.
Once a match has been found, the money is sent in EUR from the other customer found in your Wise euro account in Europe. They offer the lowest transaction fees and since transactions and swaps like these are taking place all over the world all the time, the process takes almost no time at all.
The currencies are exchanged transparently and you can always check out the website to keep track of the exchange rates that are being offered on the transaction.
A good thing to keep in mind is that Wise helps you save money by taking a small percentage of your transaction, instead of you having to pay a transaction fee for your Wise credit card or your bank. Banks may usually deduct 5% in hidden fees and we are assuredly 8 times cheaper than normal banks.
Wise Products
The main products that Wise offers remain the same, with personal accounts, international business accounts, money transfers, and debit cards. If you have been wondering how to open a bank account in the UK (or any other country), Wise is the answer. But note that wise products’ names have been altered, and so have the landing pages for the many products.
The previous name of Wise was TransferWise and it is the platform where your transactions take place. Wise has over 10 million users to who it offers the real exchange rate and is reputably 8x cheaper than regular European banks.
Wise also offers multi-currency accounts which help you keep track of your transfer on the go, with a mobile app. With the app, you can easily make new transactions of repeat transfers.
Wise Account is another product that is offered, previously known as a Multi-currency account. A Wise Account is a 7x cheaper alternative to a multi-currency account perfect for people always traveling and on the move.
With this account, you can send money to other banks for a price that is 7x cheaper using the real exchange rate. You can also spend and withdraw money abroad without spending any hidden fees.
No matter where you are in the world, you can receive payments in 10 different currencies. Besides all that, you can convert and have 56 currencies and convert them at any time using real exchange rates.
A Wise Debit Card is also an offered product and was previously known as a TransferWise Debit Card. The card offers you the same services that a Wise account offers.
The wise business account is an efficient product that gives you all the features you need to run a business internationally, minus the soaring fees and having to check in with your banks.
Wise provides you with security on your money with top financial institutions and also serves as a financial service provider. With Wise Business, you can pay your invoices to 70+ counties with low exchange rates. You can also pay salaries of up to 1,000 employees at a time. The product lets you do your banking without a bank.
Other features are receiving money overseas, spending using your debit card with no transaction fees, juggle your currency between multiple accounts in seconds while keeping all your transactions in one place.
Wise Large Transfers ensure that your large amounts of money get sent as efficiently as possible. It offers personalized support for your specific needs 24/7, and the specialists take you through the entire process of whatever you need to be done.
Wise Large Transfers was previously known as TransferWise Large Amount Transfers. With this product, the more money that you send, the more you save. The transaction fee gets cheaper as the amount you send increases and a considerable decrease in fee is achieved if you send more than 100,000 GBP.
Price, Fee, and Exchange Rates
The price that Wise usually charges is 8 times cheaper than any local or traditional bank. Wise always uses mid-market exchange rates which charge low and ask for upfront fees.
Wise is a huge platform with multiple products and each product comes with different pricing. The positive note is that none of these fees are related to banks whatsoever.
Most of the products you can get free, like your account, account number, routing number, sort code, European IBAN, and the permission to hold 50+ currency balances. Spending your currency and your first 2 ATM withdrawals (up to 200 Euros) will also be free, along with receiving money in EUR, GBP, AUD, NZD, RON, HUF, SGD, and receiving USD using a bank debit. GBP, EUR, and AUD direct debit are free as well.
To hold more than 15,000 Euros in your EUR balance, 0.40% of that 15,000 will be deducted. Ordering your Wise card will cost you 5 GBP, a replacement card will be 3 GBP. 1.75% will be deducted from your ATM withdrawals that are over 200 Euros, and 50p will be deducted off of ATM withdrawals of over 2/ month. 7.50 USD is the price of receiving USD wire transfers.
Wise is the cheapest company on transfers and prides itself on its transparency. You can view our exchange rates before you transfer your money, right on our website.
Anyone transferring a 1,000 GBP, will get the same rate as one transferring a million. Wise is 8x cheaper than local banks and does not have any hidden fees in their transactions.
Speed
Wise transfers your money as quickly as possible and the duration of the transfer can be calculated by inputting some basic details on the calculator on their website at www.wise.com.
The more details Wise has about your transfer the easier it is for them to calculate the duration. The duration usually depends on 4 factors:
The first one is the country that you are sending from and to. Considering that every country has different transfer rates, the longest a transfer could take is 2 days, although it is extremely rare that it would take that long. Other factors include how fast the recipient’s bank operates.
The second factor is the method of payment. Some payment methods are faster e.g. cards. Bank transfers take longer, while payments by card are instant.
The other two factors are; the time that you pay for your transfer, as transfers are done during normal banking hours are moved instantly. The other factor is the security checks. Verification is important for Wise and IDs, addresses, the source of the money will be inquired. The time of the transfer depends on how quickly you can respond to the verifications.
What are the Differences Between Wise Account Users and Debit Card Users?
Wise account users are offered 7x cheaper alternative accounts which are perfect for traveling and there are no hidden fees involved in any transfer done via the card. For regular debit cards, the currency exchange rates will be the ones the banks allow and there may also be hidden fees included in the transactions.
How is Wise Different Compared to Leading Banks?
Wise is 8x cheaper than normal leading banks and it has the research to prove it. Sending 250 GBP to EUR; TransferWise would cost 1.54 GBP, BARCLAYS would cost 7.89 GPB, LLOYDS BANK would cost 18.73 GBP, and Santander would cost 23.55 GBP.
Similarly, if you spend 250 GBP on a debit card in Europe, Transferwise would cost 83p, BARCLAYS would cost 15.66 GBP, LLOYS BANK would cost 17.43 GBP, Santander would cost 16.90 GBP.
How to Send Money with TransferWise?
To send money using TransferWise, first, check for the best rate. You can do this on the wise website or you can use Monito’s comparison engine to compare the best rates and fees to find the cheapest option.
Make sure you are registered on the website. You can sign up on the app for free, with just an email address; a Google or a Facebook account will do.
It is pretty straightforward, as the next step is to simply choose the amount you want to send and the fees will be projected on the screen and the projection of the time of your transfer will also be shown to you.
The third step is to send money and add the bank details of the recipient. Once you’re done with that, verify your identity, pay for your transfer and the rest will be handled by Wise.
You can pay for the transfer in multiple methods, to ensure your money gets transferred safely. Once you’re done with this process you can track your transfer and your recipient will be informed when to expect the payment.
Step by Step Guide
Create your free account online
Set up your transfer and check the amount of money that will go to the overseas bank account
Complete ID verification steps
Insert the bank details of the person who is receiving your funds
Check all info is correct and press ‘Confirm’
Complete the payment step and start tracking the international money transfer
How do I Sign Up for TransferWise Money Transfer Service?
To sign up for the Transfer Money Transfer Service all you have to do is open the website and use your e-mail address to register on the platform. You can download the app from the Apple Store and also on Google Play, joining over 10 million users.
How Can You Protect your Money?
It is understandable that you ask yourself is Wise safe before you transfer money internationally. You do not have to protect your money with Wise, though. More than 9 million users in over 170 countries trust Wise with over 4.5 Billion GBP and have it moved daily.
Wise follows strict rules that are set by regulatory agencies in every country where it operates, including the UK and the US. Aside from that, it has bank-level security for all of your data. A specialized in-house team is available to keep the security water-tight, with constant reviews over the sector of financial security.
Transferwise App Review
The TransferWise app is available for both Apple and Android devices. Out of 5, the Android app has a rating of 4.4, and the Apple app is at 4.8. The apps have all the features that you could ask of a transferring platform and are well-reviewed apps.
The app makes it very easy for you to make transfers, access your multiple accounts and manage millions of your TransferWise debit card.
FAQ s
Q: Will my bank charge me for using TransferWise?
A: With local banks all over the world, you won’t have to use any intermediary banks to transfer money abroad, which results in you not being charged for any transfers you make by your bank if you use TransferWise.
Q: Is TransferWise better than a bank?
A: TransferWise is better than a bank in a way where the transferring costs are 7x lower and it also saves you the trouble from having to visit your bank every time you want to make a transaction, With TransferWise you can do all that just by sitting home.
Q: TransferWise Trustpilot
A: On TrustPilot, 9 out of ten customers have said that the TransferWise service was excellent. Positive reviews include hail for the transparent fees that are offered and the quick process of the transfers.
Criteria | Score | Explanation |
Transparency | 10/10 | No hidden fees and clear pricing |
Fees & Exchange Rates | 9/10 | Ambitious rates and fees compared to competitors |
Usability | 8.5/10 | No confusing steps during money transfer |
Security | 9.5/10 | Over 7 millions users |
Coverage | 8/10 | 57 currencies at the moment |
Customer Support | 9.3/10 | Issues are resolved quickly and available via different channels |
Final Verdict
In conclusion, we suggest using Wise for all your future transactions. All it takes is 2 minutes to register and free yourself of all the hassle of banks and manual transfers. Get it all done from your couch without any hidden fees, and with transfer charges that are 7x cheaper than your local bank. With Wise, you will never have to go to a bank again. We guarantee you a smooth, efficient, and fast-paced service.