If you're a business or individual who regularly makes international money transfers and payments as well as receiving money in different currencies then it's certainly worth considering opening a Wise account in order to make this a more efficient process.

Formerly known as TransferWise, Wise.com have expanded the range of services they offer to make it a great choice for both individuals and businesses wanting a cost-effective and convenient way to send international money transfers and everything else related to these types of transactions.

Wise's core focus is on helping you make fast and cost-effective money transfers, as this is their focus you'll find that they are not only extremely good at this but very competitive when it comes to the cost and fees associated with this type of transfer of money.

{{single-wise-component="https://www.founderpass.com/tables"}}

Is a Wise account right for you?

The magic question, and in simple terms, is that it all depends on what you want and need to do with an account. Whether this is transferring money on a regular basis, having a multi currency account or having a debit card that can be used all over the world the Wise account is a very popular option for millions around the world.

Our review looks into all aspects of Wise and helps to give you information to make informed decisions.

Pros

• Very fast transfers
• Clear and competitive pricing
• Option for a multi currency account and debit card
• Most currencies to both hold and top up out of similar companies
• 16 million+ customers and 180,000+ reviews

Cons

• Not as quick when sending larger money transfers
• No option for cash transfers

Is it any good?

With over 188,000 reviews on Trustpilot with an overall rating of 4.4/5 and excellent, it's clear that they are doing something right in the market.

Notably, the majority of reviews mention the ease of use, cost-effective fees and speed of transfers when it comes to things that make Wise stand out and the first choice for them.

Wise features we love

Having been around since 2010, Wise has established itself as one of the leaders when it comes to international and cross-border payments.

With this they have launched a range of features including their core features which we and many customers love, these include:

1. Transparent and Low Fees: One of the standout features of Wise is its transparent fee structure. They not only charge a low, upfront fee for each transfer that you make but also clearly display the cost before you initiate the transaction. This transparency ensures that users are aware of the charges involved and means you aren't hit with any unexpected additional fees.
2. No exchange rate markups: One of our favourite features of Wise is that it provides its users with real exchange rates, this means that you'll get the same rates that are used in the global financial markets. This means that you get the true mid-market rate without any hidden markups. This use of real exchange rates ensures that users receive more money than other companies who add a markup to their exchange rates, this is another reason that Wise.com is an attractive option for international transfers.
3. Multi-Currency Accounts: Wise additionally offer multi-currency accounts that enable its customers to hold and manage money in multiple currencies. This feature is particularly useful for individuals or businesses dealing with international clients or suppliers. It allows for easy currency conversions and reduces the need for multiple bank accounts in different countries.
4. Borderless Debit Card: For those that wish to use a debit card whilst abroad with competitive exchange rates, Wise offer a borderless debit card that allows for both payments and withdrawals internationally, the card supports multiple currencies, and transactions are processed at competitive exchange rates. It provides a convenient way to access funds held in your Wise account while traveling or making purchases online.
5. Range of integrations: For those who want to integrate Wise into other aspects of their business such as receiving payments via Paypal or Shopify, you'll be pleased to know that they offer a range of different integrations which can help streamline your business and processes when it comes to accepting payments in different currencies.
6. Strong security & trust: As you'd expect from any financial company, they take both security and trust extremely seriously, not only are they authorised and regulated by the Financial Conduct Authority in the UK which holds them to strict regulations but they also have a range of encryption and additional security to ensure data and transactions are as safe as can be.

Overall, Wise stands out as a user-friendly and cost-effective solution for international money transfers. With transparent fees, real exchange rates, multi-currency accounts, a borderless debit card, and integration with various platforms, Wise.com offers a comprehensive suite of features that cater to the needs of individuals and businesses conducting cross-border transactions.

Wise fees and costs

Wise is a great option for those who regularly send money internationally, especially for those who do transactions under £10,000, fees are competitive and the process of sending is straightforward.

The best option to see a clear view of the fees is to use the Wise fee calculator which is free to use (no need to signup) to see exactly how much it will cost to send money abroad, as mentioned previously they are super transparent about the fees involved so you know exactly the costs involved and how much you or someone you send to will get.

Wise use what is called a 'mid market exchange rate' which is a rate that banks use to exchange currency, this is sometimes referred to as a 'real exchange rate' and it is the average between the buy and sell rates of the currency at the time.

This is great for the consumer, as it means then you don't have to pay a markup that many other companies use which adds a markup to every exchange rate they use and then market their services as fee-free.

Fees involved when sending money abroad

When it comes to sending money abroad you'll find four main fees that are charged by companies that allow you to do this, whether they are a payment provider, bank or dedicated international money transfer company.

These fees are generally:

1. A sending fee - this fee is attached to the processing of the payment and will vary depending on the type of payment method you use. Wise will give you options when sending money and clearly show the different fees.
2. A transfer fee - This is the fee that you're charged by the service provider i.e Wise themselves, this is often a percentage.
3. Exchange rate markups - this is a markup on top of the exchange rate, Wise use a mid-market one which is the preferred and better option for many as they don't add a markup to this.
4. A receiving fee - this is a fee a bank will charge for receiving money from abroad, Wise will often have this fee waived by using local bank accounts.

Typically, if you send money abroad via your bank or a service like Paypal, this will be the most expensive way of doing it, sending it via a money transfer service such as Wise will often be significantly cheaper.

Things you can't do with Wise

Although Wise do a great job the majority of the time, there will be times when its not the right fit for you or your business.

The key things that you may want to consider other options over Wise for include cash transfers and large sum transfers.

Firstly, Cash transfers, if you want to transfer physical cash to someone else, then you can't do this with Wise as they focus on digital currency rather than physical cash. They have decided not to go into this market by offering this service.

Secondly, if you're looking to send large sums internationally, Wise.com may not be the right choice for you, this is due to legalisation and regulations which require much more details and checks when sums over approx £4,500 ($7,000) are sent. This slows down the process and with one of the key selling points of Wise being speed it can slow things down and so may not be the best option for you. However, it is still possible to send these larger payments using Wise but they just need additional information.

Is Wise a bank account?

A common question that gets asked often "is Wise.com a bank?" and the simple answer is no, they are not a bank, they are a 'non-bank payment provider' which in simple terms means you'll have an account that holds electronic money.

The difference between this and a bank account is that your money won't be covered by the FSCS scheme which protects your deposits of up to £85,000, however, Wise do safeguard your money which you can read more information about on their safeguarding page.

Additionally, you won't have an overdraft, be able to get a loan nor earn any interest on your money like you may do in a bank account.

The benefit to Wise not being a bank is that it allows them to transfer money internationally at much lower fees and much better exchange rates.

Wise alternatives

If Wise doesn't sound like the right fit for you, then there are a number of alternatives available that may be more suited to your needs.

Wise vs Remitly

One direct alternative is Remitly, they offer a very similar range of services with a focus on international transfers however they differ in a few ways.

Firstly, the fees are not quite as transparent as Wise's and Remitly offer a range of different options to transfer money across ranging from an express transfer to an economy one. This is a good option if you want to vary how fast you need payments sent and don't mind a slower wait on occasion in order to have a lower fee.

On the other hand, it can sometimes make working out exactly what you're paying a bit harder and not as fast and clear as Wise.

Remitly, do however offer some services which may be vital for you such as the option of transferring money to be collected at a bank, via cash and even delivery to your home.

A final downside to Remitly is that they have a limited number of countries in comparison to Wise, although this is still over 16 countries including the likes of the US, UK, France, Germany, Spain, Canada and so on.

Wise vs Revolut

Another alternative to Wise is Revolut, they offer a similar offering with multi-currency accounts, a debit card, money transfer service and much more. They are more aimed at those who go abroad and wish to spend when out there although both accounts can do this too.

Revolut have similar fees but we did find that Wise has a slightly clearer way they are set out meaning you can see the cost of sending money quicker than Revolut although again there is not a huge amount between them.

Wise vs Melio

Although not a direct alternative, we have found from experience that people who are making international payments often like to use a company like Melio who help to simplify invoice payments, so if you're finding that Wise isn't quite right then you may want to look a little into Melio and you can so with our Melio payments review.

Wise business accounts

For many businesses sending money abroad can seem a costly and tiresome process, but Wise aim to reduce both of these issues by giving the option of opening a Wise business account so that you can quickly and easily send money internationally and most importantly in a cost-effective manner.

The Wise business accounts allow you to:

• Make and receive payments across different countries and in different currencies
• Get a business debit card, making spending abroad easier and lower cost
• Pay your staff abroad
• Use various integrations to make Wise integrate into your business i.e via Shopify

Wise Multi Currency Account

The Wise multi-currency account can be a game-changer for individuals and businesses engaged in international transactions. This versatile feature allows users to hold and manage money in multiple currencies, eliminating the need for separate bank accounts in different countries.

This allows you to conveniently send, receive, and convert money at competitive exchange rates, saving significant time and money in the process.

Features of the multi-currency account:

• Hold over 50 currencies within it
• Pay bills without the need to convert your currency
• Receive salaries, benefits, pensions and more directly into the account
• Spent your money online whilst avoiding fees for exchanging currencies

There are limitations to the Wise account, as it's not a bank account you'll not be able to have an overdraft nor earn any interest on the money you hold in the account.

Wise Debit Card

When you open an account with Wise, you'll in most cases be given the option of getting a debit card, now this will vary depending on the country you live in. Most of the EEA countries will allow you to do this including the UK.

The Wise debit card is a MasterCard debit card and thus you can use it wherever you'll see the Mastercard logo and this allows you to save money when purchasing items abroad in comparison to traditional bank cards which often come with large fees when using abroad.

Another great feature of the Wise debit card is that it gives you two free ATM withdrawals of up to a total of £200 per month (not you'll need to check as some ATM's will charge a fee themselves for servicing you).

The fees attached to spending on this card will vary but if you spend in the currency you hold in your Wise account then it will be fee-free, if you're paying in a currency that you don't hold then there will be a fee to convert your money.

Our final thoughts

Transparency mixed with low fees makes Wise a great choice for any individual or business who wants to make or receive regular payments abroad and/or to hold multiple different currencies.

There are various different companies that offer similar services, but with over 13 years of experience, millions of customers, and hundreds of thousands of positive Wise reviews, Wise (formally Transferwise) can be a great option for many people.

As with any decision that is financial, always fully read into all the fees and costs on the Wise.com website to ensure you understand the costs involved.

Wise Frequently Asked Questions

Is Wise a real bank?

Wise is not a bank as such in the UK, it does not have a full banking license and therefore cannot be called a bank. It does, however, operate by providing financial services and accounts and is authorised and regulated by the FCA.

Can I use Wise as a bank account?

In simple terms, no, because it is not a bank account, however, there are many features that are similar to a bank account, such as the ability to hold money in it, send and receive payments and spend on a debit card that is linked to it.

For these reasons, many people will use it in a similar way to a traditional bank account.

Is Wise Safe?

Wise comply and are regulated by the appropriate authorities including the FCA in the UK, they also have a variety of security and encryption processes in place to ensure all of their users can be as secure and safe as possible.

As with any financial transaction, always be wary of spoof or phishing scams and never make payments to people if in doubt.

Who owns Wise?

Wise is a company that is listed on the stock market and is therefore owned by its shareholders. The company first went public on the London Stock Exchange in 2021.