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Wise (TransferWise) review

Wise offers a low-cost way to send money overseas with an easy verification process.

  • Good for transparent fees and no margin on the exchange rate.
  • Not so great if you need to transfer to less-popular currencies.

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 12.5 million kr 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 with ACH or wire transfers. 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

Your fees will vary depending on where you plan to send the money transfer. 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 ACH, bank wire transfer, 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 kr to Finland through Wise looks like on 30 September 2020:

Fixed feeVariable feeTotal fees
Fast transfer8.50 kr6.92 kr (0.70%)15.42 kr
Low-cost transfer8.50 kr4.25 kr (0.43%)12.75 kr
Easy transfer14.99 kr4.22 kr (0.43%)19.21 kr

And here’s what you’d pay if you wanted to send 1,000 kr to Thailand through Wise on 22 September 2020:

Fixed feeVariable feeTotal fees
Fast transfer15.21 kr8.45 kr (0.86%)23.66 kr
Low-cost transfer15.21 kr5.78 kr (0.59%)20.99 kr
Easy transfer21.70 kr5.74 kr (0.59%)27.44 kr

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

Compare conversion rates and fees for sending money using Wise. Personal and business rates are the same, though business accounts enjoy higher maximum transfer amounts.

1 - 1 of 1
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Sweden
SEK 1
1-2 days
Varies
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
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Compare up to 4 providers

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.

What currencies can I send with Wise?

Wise offers money transfers to over 50 different currencies from Sweden. Some of the more popular ones:

  • CNY Chinese yuan
  • EUR Euro
  • GBP British pound
  • INR Indian rupee
  • MXN Mexican peso
  • LKR Sri Lankan rupee
  • PHP Philippine peso
  • VND Vietnamese dong

Must read: Temporary sending limit to Mexico

As of 20 Jan 2021, a temporary limit of US$980 (or the same amount in Mexican pesos) has been placed on transfers to Mexico by Wise. We’ll update this information once the limit has been lifted.

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.

What Wise’s reviews say

Reviews accurate as of 22 September 2020.

Trustpilot4.6 out of 5 — based on 96,169 customer reviews
CompareRemit3.2 out of 5 — based on 463 customer reviews
Monito8.8 out of 10 — based on staff reviews
NerdWallet4 out of 5 — based on staff reviews

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 can I pay for my Wise transfer?

Customers in Sweden can pay using the following methods:

  • Debit or credit card. These payments are processed immediately.
  • Bank wire transfer. Allow up to one working day for your transfer to reach Wise. Beware 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 straightaway. However, these payment methods may be charged as a cash advance.
  • A connected Wise borderless account. This works like a multicurrency account and is good for businesses, traders and people living abroad.

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 to a range of destinations around the globe. However, there currently is no option to set up recurring transfers.

How do I send money through Wise?

Follow these six steps to have money sent in as little as a few minutes:

  1. Register. Create your free account online or through the mobile app.
  2. Enter your sending amount. Look at the fees and delivery time.
  3. Add recipient’s bank account information. Make sure to include the routing and account number.
  4. Verify your identity. Have your passport or valid driver’s licence ready.
  5. Pay. Enter your bank account, debit, credit card or digital wallet details to pay.
  6. Track your transfer. Check the status online or in the mobile app.

How do I reach Wise’s customer service?

Wise support is limited from Sweden:

By email

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.

By phone

Wise provides phone support in 12 regions. At the time of writing, this does not include support in Sweden.

Does Wise have a mobile app?

Screenshot of Wise's 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 22 September 2020
Google Play Store4.2 out of 5 — based on 87,433 customer ratings
Apple App Store4.8 out of 5 — based on 37,600 customer ratings

Compare Wise to other transfer services

1 - 8 of 8
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Sweden
Wise (TransferWise) - Sweden
SEK 1
1-2 days
Varies
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
CurrencyFair - Sweden
CurrencyFair - Sweden
SEK 50
1-2 days
EUR 3
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
XE Money Transfers - Sweden
XE Money Transfers - Sweden
SEK 0
Same day
EUR 2
XE has fast transfers with low fees and a range of foreign currency tools.
Revolut - Sweden
Revolut - Sweden
USD $0
Within minutes
USD $0
Make fee-free transfers in 27+ currencies from Monday to Friday.
WorldRemit - Sweden
WorldRemit - Sweden
SEK 1
1-3 days
SEK 39
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
TransferGo - Sweden
TransferGo - Sweden
SEK 15
1-2 days
SEK 0
Key Currency - Global
Key Currency - Global
£5000.00
Same day on all majors, 1 day on exotics
None
Make same-day transfers in all major currencies across Europe.
Remitly - Sweden
Remitly - Sweden
SEK 0
1-5 days
SEK 24.90
Remitly has quick, affordable transfers around the world, with both express and economy options.
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Compare up to 4 providers

Bottom line

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

Review by


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.

Expert review

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.

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