Wise, unlike a lot of its competitors, makes it crystal clear how much you are paying in fees before you transfer. Money transfer companies can often try to hide fees and exchange rate markups from the user, making Wise a breath of fresh air as it looks to offer the mid-market rate. Wise offers account for both standard users sending to other individuals as well as business accounts with extra features like Xero integration. When it comes to online transfer, it would be surprising to see names like MoneyGram or Western Union offering better rates, but keep in mind that other money transfer specialists may still offer better deals than Wise.
Why should I consider Wise?
Easy to use. We were able to sign up for an account and initiate a transfer through the website in less than three minutes.
Affordability. When compared to a bank, Wise’s fees and exchange rates will almost always be better.
Access to the mid-market rate. Wise offers the mid-market rate on all transfers sent through its network. All you have to think about are fees when comparing transfers.
High daily sending limits. A cap of €1.2 million per transfer is in place, but some sending methods and locations may lower that limit.
Multiple payment options. Pay with a debit card, credit card or bank account. When using the Wise mobile app, you can also pay with Google Pay and Apple Pay.
What to be aware of
Bank account transfers only. Funds must be sent to the recipient’s bank account; there is no option for cash pickup.
Two-step process. You’ll first send the money to Wise, and then Wise will deposit the money into your recipient’s bank account. This extra step can sometimes add time to your transfer.
Requires proof of ID. You’ll have to provide proof of your ID and address before sending your first transfer through Wise.
Fees. Because Wise offers the mid-market rate, it relies on fees to make a profit.
Wise’s fees and exchange rates
As long as you are sending euros, Wise’s fees are the same no matter what country you are sending to from the Netherlands. Fees are determined by the following:
Amount. The more money you send, the higher your fees will be. This is because the fees are based on a preset percentage. Each currency uses its own percentage.
Payment method. You can pay by bank account, debit card or credit card — each uses its own fee based on the amount you are sending, but the percent will typically be the same no matter how much you send.
Location. Transfers fees may change if you are travelling abroad and sending money from other countries.
Wise fees explained
The fee is made up of a percentage of the transfer amount, plus a small fixed fee which varies according to whether you opt for a fast transfer, paying with your debit or credit card, or a low-cost transfer, paying via your bank account. To give this more context, here is what sending €1,000 to Morocco through Wise looks like on 3 September 2020:
And here’s what you’d pay if you wanted to send €1,000 to China through Wise on 3 September 2020:
Wise exchange rates explained
Wise uses the mid-market rate for transfers and also allows you to lock in a rate for a day or more to complete your transfer. When we checked Wise’s rates against the mid-market rate on Google and XE, they were similar. Wise’s rates update multiple times a day.
Calculate your transfer with Wise
Choose your currency and desired transfer amount. Exchange rates change frequently, so visit Wise’s site to get a final quote.
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What are the ways I can send money abroad with Wise?
Wise only supports bank account transfers, but the transaction is easy to complete online.
How to send money transfer online with Wise
Follow these six steps to have money sent in as little as a few minutes:
Set up an account. Create your free account online or through the mobile app.
Enter your sending amount. Look at the fees and the delivery time when you have entered how much you want.
Add recipient’s info. Input your recipient’s bank account information including routing and account number.
Verify your identity. Have your passport or valid driver’s license ready and provide evidence when prompted.
Pay. Enter your bank account, debit, credit card or digital wallet details to pay.
Track your transfer. Check the status of your transfer online or in the mobile app.
What are Wise’s payment options?
US customers can pay using the following methods:
Debit or credit card. These payments are processed immediately.
ACH bank debit. You’ll need to allow one to four business days for your funds to reach Wise.
Bank wire transfer. Allow up to one working day for your transfer to reach Wise. Be aware of extra fees charged by your bank.
Google Pay and Apple Pay. These services can be used through the Wise mobile app and are processed straight away. However, these payment methods may be charged as a cash advance.
A connected Wise Multi-currency account. For more information on this account, read our full review.
The funds are deposited directly into your recipient’s bank account once Wise receives your payment. Wise allows you to make secure one-off transfers, but currently has no option to set up recurring transfers.
How long does an international transfer with Wise take?
Wise’s money transfer speeds are dependent on how much you are willing to pay in fees and when you send your transfer.
When using a credit or debit card, you’ll pay more in fees, but your money can arrive instantly in your recipient’s bank account. However, keep in mind that your credit card might charge you an additional cash advance fee, further increasing the cost of your total transfer.
Making an ACH payment through your bank to pay for your transfer is typically the cheapest way to send money through Wise, but it’s almost always the slowest. It typically takes two days for Wise to receive your money. Then it is an additional two days to transfer the funds to your recipient’s bank account.
Transfers typically take
Is Wise safe to use?
Wise was founded in 2010 and serves millions of customers a year. Wise is fully registered and accredited by many global agencies, using the following global standards to protect your money:
Follows strict rules set by regulatory agencies. In every country where Wise operates, it is registered with the appropriate regulatory agencies when necessary.
Bank-level data security. Encryption and data storage at Wise are handled in the same way as your bank.
Two-factor authentication. Protect your account with 2FA, with optional biometric locks on the Wise mobile app.
In-house 24/7 digital security team. A security team works around the clock to monitor transactions for suspicious activity and accounts for fraudulent logins.
Registered with/Regulated by
Australian Securities and Investments Commission (ASIC), Financial Intelligence Unit (AUSTRAC)
Belgium and the European Economic Area (EEA)
National Bank of Belgium (NBB) as an Authorised Payment Institution
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Authorité des Marchés Financiers (AMF)
Customs and Excise Department (CCE) of Hong Kong
Reserve Bank of India (RBI)
Kanto Local Financial Bureau
Bank Negara Malaysia (Central Bank of Malaysia)
Department of Internal Affairs (DIA).
The Monetary Authority of Singapore (MAS)
United Kingdom and the European Economic Area (EEA)
UK Financial Conduct Authority, The Information Commissioner’s Office
Financial Crimes Enforcement Network (FinCEN)
United Arab Emirates (UAE)
Abu Dhabi Global Market (ADGM), Financial Services Regulatory Authority (FSRA)
Wise’s reviews are moderately positive overall, with 86% of reviews on Trustpilot ranking it as Excellent, which is better than many competing money transfer companies. Overall, Wise’s clear fee structure and transparent rates make it easy to trust, but that doesn’t mean it is perfect. Customers often complain about slow customer service and turnaround times as well as the fact that missing a dash in your transfer account number can heavily delay your transfer.
How do I reach Wise’s customer service?
Wise offers support in two ways:
To contact Wise by email, visit the Contact Us page and enter your email address, select the topic of the question and provide as much detail as possible about your problem.
Wise provides phone support in 12 regions but sadly not in the Netherlands. Standard Wise users can instead contact support in neighbouring Germany during business hours.
Standard users call +49 5223 94730 01
Does Wise have a mobile app?
Wise has a mobile app on both the Google Play and Apple App stores. The app makes it possible to do the following:
Quickly repeat a transfer. See a complete list of past money transfers and send to past recipients in a few taps.
Log in with biometrics. On phones that support face scanning and thumbprint reading, use these features to lock your Wise account.
Get rate updates. Waiting for the perfect exchange rate? Set up rate tracking to get updates when the price is in your favor.
Increase your payment methods. Pay for your Wise transfer with Apple Pay and Google Pay while using the mobile app.
Ratings accurate as of 3 September 2020
Google Play Store
4.3 out of 5 — based on 86,661 customer ratings
Apple App Store
4.7 out of 5 — based on 20,000 customer ratings
Wise is a straightforward company that presents fees and exchange rates alongside your transfer. Given that you can lock-in your transfer rate for many hours after first seeing it, it’s worth checking Wise’s prices first before exploring the competition. If you are ready to make your transfer with Wise now, head on over to get started by creating your free account.
Frequently asked questions
Yes. Set up a business profile with Wise to begin saving on business payments.
Yes, Wise has a debit card in the EU including the Netherlands. With it, you can spend any currency on your card and use it to withdraw money across the world for free (up to EUR€250 a month). You can find out more about our experience with it in the video below.
In your account, navigate to the pending transfer and there'll be a button called Cancel transfer. This will work if the money is still being sent to Wise or if it's being converted. However, once Wise pays your recipient, there's no way to get it back. If the details are incorrect, the money will usually bounce. Wise will let you know in this case, so you'll have the opportunity to update the details or cancel the transaction entirely.
Always make sure you trust the business or person you're sending a money transfer to.
Zak Killermann is a publisher at Finder who’s been specializing in cryptocurrencies and blockchain technology for four years — covering everything from ICO booms, crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak’s focus is in breaking down technical concepts into approachable nuggets of information. Before diving into all things crypto, Zak contributed to Finder’s money transfers vertical.
Wise, unlike a lot of its competitors, makes it crystal clear how much you are paying in fees before you transfer. Money transfer companies can often try to hide fees and exchange rate markups from the user, making Wise a breath of fresh air. Wise offers accounts for both standard users sending to other individuals as well as business accounts with extra features like Xero integration.
When it comes to online transfers, I would be surprised to see big names like MoneyGram and Western Union offering better rates, but keep in mind that other online-specific companies may offer better deals than Wise. If you find yourself travelling overseas frequently or receiving payment in foreign currencies, be sure to look into the Wise Borderless account to see if it fits your needs.
At Finder, we value and respect our editorial independence. We keep our reviews completely factual so you can use them to make better decisions. While we may receive revenue and referral fees from advertising and affiliate links, advertisers do not approve our reviews.
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