Wise is a London-based worldwide money transfer company that was formerly known as Transferwise until 2021. They rebranded it “Wise” when its services (which went beyond just international money transfers) grew. Did anything change after their rebrand? Was there any improvement in the services they offered? Our Wise review will help you to know more about their features and feedback from current customers.
The Wise App offers quick, easy, fair, and affordable services for international money transfers. It was founded by two friends in 2010 and Wise is one of the largest international money transfer companies in the USA and the rest of the globe because of a mix of sleek and catchy branding as well as some of the lowest prices in the currency exchange sector.
Wise is used by more than 12 million individuals and organizations worldwide, ranging from casual users who occasionally send modest payments, to large merchants and customers that send millions of dollars each month. Merchant services that they offer are extensively liked and used by businesses across the world.
The Wise USA service is designed for efficiency, clarity, and openness. Making an account is very simple, and they provide best-in-class exchange rates. Recipients can anticipate receiving their money shortly after the sender initiates a payment.
The company’s communications are excellent as well, and they offer fully functional mobile apps for Apple and Android phones.
Due to all of this, they have become a highly adopted and people frequently use their service to send money to friends and family. Even better, compared to using your local bank, Western Union, or PayPal, they are significantly less expensive. Today, Wise has three key areas; let’s take a closer look at each one individually.
Wise is a trusted source of international money transfers. To safeguard user accounts and transactions, the platform uses two-factor authentication. The security operations team at Wise continuously monitors to protect users’ personal information and financial information. To safeguard the data from even the most sophisticated fraud, Wise also has a specialized fraud team.
Both the Financial Crimes Enforcement Network (FinCEN) in the US and the Financial Conduct Authority (FCA) in the UK oversee the regulation of Wise. Additionally, it holds US state licenses. The SOC 1 Type 2, SOC 2 Type 2, and PCI DSS certifications are among those held by the Wise. Additionally, Wise has an ISO 27001 certificate and complies with GDPR.
It only takes a few minutes to create a free account, and Wise will assist you through the process. You can register for an account by logging into your Apple, Facebook, or Google account in addition to providing personal information like your name, date of birth, address, and phone number. Most money transfer firms don’t offer this login alternative.
After you’ve created an account, Wise may need to confirm your identity. Usually, this involves providing a photo of your photo ID and documentation of your address. Normally, it takes two business days to finish this phase. The amount of money you are transferring and the location from which you are sending it determine whether you need to verify your identification. Wise does not verify your identity until you make your first transfer.
The card can also be used to make purchases via Apple Pay and Google Pay, as well as online.
In our Wise review, we found that small merchants and freelancers across the globe loved the intelligent multi-currency account. This might make managing money internationally simpler and less expensive. People who regularly travel, have foreign income or expenses, or who live, work, or study overseas. Check out the Wise multi-currency account to see how simple it is to keep, convert, send, and spend in a wide range of foreign currencies, whether you need to pay for expenses overseas because you have a holiday property or you get paid as a freelancer by clients in other countries.
Wise’s website is among the most transparent when it comes to cost disclosure, but it doesn’t offer a comprehensive list of rates or fees. Instead, it has a calculator on its website. Simply enter the desired transfer amount, the currency you’ll be using, the currency that will be used to pay the receiver, and the method of funding the transfer. The calculator will generate a detailed breakdown of every expense related to the transfer. You may check the cost of using Wise’s service as well as the amount the recipient will get. .
Use Wise’s online calculator without creating an account to experiment with the different alternatives and get a solid idea of which funding option will be the most economical. As long as it gets your payments within 24 hours, Wise guarantees the rates shown on the calculator.
There are no fees associated with opening or maintaining an account with Wise. The amount being transferred, the currency the recipient will receive, and the mode of payment all affect transfer fees. For instance, a recent check revealed that the costs to transmit $1,000 (with the recipient receiving Mexican pesos) from the U.S. to Mexico ranged from $9.12 with a bank account to $46.19 for a credit card.
A percentage of the sent amount serves as Wise’s fee. Wise uses the mid-market exchange rate, commonly known as the “actual” exchange rate, to determine the cost of converting money from one currency to another.
Three rates are used to calculate the cost of your money transfer and the amount your recipient will receive.
Instance: If the service charges a 2% exchange rate markup, you will receive 19.6 pesos for every dollar if the midmarket rate for U.S. dollars to Mexican pesos is 20 pesos per dollar. With a midmarket rate of $500, you would send 10,000 pesos, but with a 2% markup, you would only send 9,800. Your recipient will receive less money in their currency the larger the markup.
Easy to Understand:
There are no long-term commitments, annual or monthly fees, or early termination penalties. You will nevertheless be subject to a set of legally binding Terms and Conditions, which does not imply that there is no contract at all. However, Wise’s contract is unlike anything we’ve seen in the fintech sector and is significantly superior.
The US version is written in straightforward English and excludes all of the confusing legalese that renders most contracts virtually unintelligible to anyone other than attorneys. It is available for quick access on the Wise website, and each component has a hyperlink to make it simple to obtain the information you need. We urge you to familiarize yourself with it if you’ve registered for an account, even though trying to read the full document at once may put you to sleep due to its length.
No Termination Fee:
You can close your account at any moment under the terms and conditions of Wise by contacting customer care. Although you should move any remaining cash out of your account as soon as you can, there are no fees or penalties for doing so. Additionally, the business reserves the right, under the terms of the agreement, to close your account unilaterally. Before doing so, Wise will provide you with two months’ notice.
You shouldn’t be concerned unless you actively use your account to launder money or for another fraudulent activity. Wise doesn’t seem to cancel accounts for extended periods of inactivity, in contrast to certain other money transfer businesses.
Several consumer video testimonials are shown on Wise’s YouTube channel. These stories are typically brief yet seem quite genuine.
Additionally, the business has over 148,000 reviews on Trustpilot, and more are being added almost hourly. The business has a 4.6 out of 5-star rating on average, with 85% of customers giving it an Excellent rating and the remaining 7% giving it a Good rating. This overwhelmingly positive customer feedback is impressive for a business that has experienced such rapid development in its short time in operation.
Customers laud Wise for its affordable overall rates, quick and seamless transfers, and top-notch customer support.
September 25, 2022
Hassle-free and dependable. On each occasion I utilize Wise for an overseas transfer, I’m always blown away by how wonderful it is. They communicate clearly, the money is transferred more quickly, and it costs a tiny fraction of what it would transfer money directly from the bank. I appreciate Wise’s amazing assistance.
Based on some of the customer’s reviews, the following typical issues currently appear during Wise money transfers:
Canceled transfers and account deactivation: Due to this issue, several clients had their accounts canceled without prior notice. This could happen due to “security concerns, detection of multiple accounts, and conflicts with our Acceptable Use Policy,” according to Wise. The business will instantly close your account if it suspects that you are using it fraudulently or for any unlawful activity (such as money laundering). Naturally, customers who complain about this happening won’t admit that they were acting improperly.
We have no way of knowing how frequently this has been the case, but we tend to think that at least some of the consumers who had their accounts closed were not guilty of any misconduct.
Delays in Finishing Transfers: Customers frequently lament the length of time it takes for their transfer to be delivered. Transfers may take longer than they would if handled by a bank or a regular money transfer service due to the company’s innovative strategy of moving money through various currency pools rather than converting it.
September 6, 2022
Wise presently has a B rating and is not BBB-accredited. (Note that the company’s profile still lists it as TransferWise.) The company now has 209 complaints over the previous three years, 65 of which were filed in the previous calendar year. Additionally, 30 reviews from customers have been made, with an overall star rating of 1.7.
Wise is one of the most transparent companies we’ve ever encountered, and it has a great website. While the majority of financial services organizations only use their website as a marketing tool, Wise uses it as a very minimal sales tool. Instead, it provides a thorough breakdown of how its services operate and what they will cost you. There are no deceptive promises or sales gimmicks, and the content is easy to understand and explore.
Although Wise is not a bank, it is governed by the services it offers quite similarly to a typical bank, which implies that it is equally secure.
In our review, we found that it is one of the finest options for sending money from one nation to another. It transfers money straightforwardly and safely in addition to having the lowest pricing. Money is transferred fast, taking only a few hours to two business days for a transaction to settle.
Both personal and professional requirements can be met by using Wise. Business owners can transfer money between different currencies and international destinations with the use of borderless accounts. Wise offers lower prices and streamlines your transactions. They are a great option if you are looking to send money via currency transfer.