Wise (TransferWise) review
Wise offers a low-cost way to make international money transfers.
- Good for transparent fees and no margin on the exchange rate.
- Not so great if you need to transfer to less-popular currencies.
|Product Name||Wise (TransferWise)|
|Pay By||Credit card, Debit card, Bank transfer|
|Receiving Options||Bank account, Mobile wallet, Prepaid phone credit, Alipay (China only)|
|Customer Service||Live chat, Email|
|Available Currencies||AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW|
|Bank Account Required?||Yes|
|Personal Account Manager?||No|
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 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, bank account or with PayNow. 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 ID verification. You’ll have to provide your photo ID, proof of address, and/or a picture of you holding your ID before sending your first transfer through Wise.
- Fees. Because Wise offers the mid-market rate, it relies on fees to make a profit.
How much are Wise’s transfer fees?
Wise is transparent with its fees; you will always see the cost upfront. It typically charges a fixed fee and then a small variable fee, usually a percentage of the converted amount.
Fees are also 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 transfer, PayNow, debit card or credit card — each uses its fee based on the amount you send, but the per cent will typically be the same no matter how much you send. You can also use your Wise account to make the transfer. If you are sending to another Wise account, there are no charges except for the conversion fee.
When we checked on August 8, 2022, Wise’s fees for sending $1,000 to Malaysia were as follows:
|Payment fee||Wise fee||Total fees|
How are Wise’s exchange rates?
Wise is unusual as it uses the mid-market rate for transfers and allows you to lock in a rate for a day or more to complete your transfer. Most money transfer providers will add a markup to their exchange rate to make a profit.
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.
What your Wise transfer could look like?
Use the table below to find out more details about making a money transfer with Wise. Click the Go to site button to visit Wise’s site and get a quote for your transfer.
What are the ways I can send money abroad with Wise?
Wise supports bank account, debit/credit card, PayNow and Wise account transfers. Sign up and transfer money within minutes.
How to send money transfers online with Wise
Follow these steps to have money sent in as little as a few minutes:
What are Wise’s payment options?
Customers using Wise in Singapore can pay using the following methods:
- Debit or credit card
- Bank transfer
- Wise account transfer
- Apple Pay and Google Pay (mobile app only)
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 depend 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 fees, but your money can instantly arrive 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 a bank 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 takes two additional 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. It is fully registered and accredited by many global agencies, using the following global standards to protect your money:
- Follows regulatory guidelines. In every country where Wise operates, it is registered with the appropriate regulatory agency and follows the strict rules that are set out.
- Bank-level data security. Encryption and data storage at Wise are handled similarly to your bank.
- Two-factor authentication. Protect your account with 2FA and 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.
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. Use these features to lock your Wise account on phones that support face scanning and thumbprint reading.
- Get rate updates. Waiting for the perfect exchange rate? Set up rate tracking to get updates when the price is in your favour.
- Increase your payment methods. Pay for your Wise transfer with Apple Pay and Google Pay while using the mobile app.
|Ratings accurate as of July 19, 2022|
|Google Play Store||4.2 out of 5 — based on 199,576 customer ratings|
|Apple App Store||4.6 out of 5 — based on 25.2k customer ratings|