Wise (TransferWise) Wins Outstanding Product

And Three More Awards

Wise logo

Wise is an overall winner of finder.com’s Money Transfer Awards 2017. Relative newcomer to the international money transfer industry, they proved their outsider thinking to be advantageous. Our multipronged investigative study found that Wise scored the highest number of points across four categories: Outstanding Product, Most Convenient, Best Transfer Rates and Most Trustworthy.

Our experience transferring money with Wise

Here’s what we found when we sent live transfers to France and Mexico through Wise:

  • Our ultra competitive exchange rates were within 0.02% of the mid-market rate on average, with rates updated multiple times a day.
  • Our funds were deposited into our recipient’s French bank account in a speedy two days.
  • Wise’s easy-to-use website allowed us to sign up and initiate a transfer in under 2.5 minutes. You also have the option of initiating a transfer by phone.

Read our review

The awards were designed to incorporate all the needs a customer would have when sending money internationally. We scoured the market to find the most relevant products, focusing on 35 providers to collect 1,575 data points that we then used to narrow our selection to 13 services. We used these 13 finalists to send live transfers to France and Mexico, generated quotes for 2,430 transactions, partnered with UserTesting.com to collect another 273 data points from 39 independent participants and tested provider sites to confirm that advertised information was accurate. We also referenced Trustpilot ratings, one of the world’s largest online review communities.

When sending money overseas, consumers must be certain that their hard-earned money can get from point A to point B. But this can be risky. While researching providers we invited fraud on our bank accounts and had our funds taken only to be told that our transfers failed! We hope these awards will bring transparency to the industry and consumers can learn from our investigative and comprehensive research.

Earning a finder.com Money Transfer Award — never mind four of them — is no easy feat. Learn what makes Wise so great.

The innovative approach Wise is taking brings much needed trust and value back to the international money transfer industry. Offering customers the mid-market exchange rate in more currencies than any other competing provider, gives Wise the right to be awarded Outstanding Product.

–Fred Schebesta, CEO finder.com

Best User Experience Award logo

Outstanding Product

Scoring more than 95% in finder’s trust ratings — the highest by far in any category — is just one way that Wise dominates foreign money transfers. Along with great rates and features, its accessibility and attention to detail led to the highest total score in our Money Transfer Awards. Outstanding indeed.

Wise Most Outstanding Money Transfer Award

MetricCalculationWiseAverage Score
Best User ExperienceCategory Score / Total Score * 10078.270.6
Most ConvenientCategory Score / Total Score * 10071.459.7
Fastest TransferCategory Score / Total Score * 10067.768.2
Best Transfer RatesCategory Score / Total Score * 10088.062.4
Most TrustworthyCategory Score / Total Score * 10095.553.0
TOTAL (winners scored more than 344 points)400.8299.5
Best User Experience Award logo

Most Convenient

Knowing you can come to a provider and get all your needs met is our idea of convenience. Available in all 50 states, Americans can send money to 73 countries and territories without having to pick up a phone.
How we verified our country count

Wise Most Convenient Award

MetricScaleWiseAverage Score
Number of available countries and territories1.0 (0–9)
2.0 (0–19)
3.0 (20–29)
4.0 (30–39)
5.0 (40–49)
6.0 (50–59)
7.0 (60–69)
8.0 (70–79)
9.0 (80–89)
10.0 (90+)
Available in all 50 states0.0 (No); 5.0 (Yes)5.02.7
Maximum transfer per online transaction every 24 hours1.0 ($0–$1,000)
2.0 ($1,001–$2,000)
3.0 ($2,001–$3,000)
4.0 ($3,001–$4,000)
5.0 ($4,001–$5,000)
6.0 (Over $5,000)
Single transfer transaction0.0 (Wire to provider)
1.0 (Digital wallet)
2.0 (Single transaction)
Minimum transfer per transaction0.0 ($100+)
1.0 ($75–$99)
2.0 ($50–$74)
3.0 ($25–$49)
4.0 ($0–$24)
Live transfer success rate0.0 (0%)
5.0 (50%)
10.0 (100%)
Can send funds through credit or debit card0.0 (No)
1.0 (Yes)
Does not require SSN for sign-up0.0 (No)
1.0 (Yes)
Does not require uploaded documentation0.0 (No)
1.0 (Yes)
Instant approval after sign-up (US customers)0.0 (No)
1.0 (Yes)
Can send funds by cash0.0 (No)
1.0 (Yes)
Can send funds over the phone0.0 (No)
1.0 (Yes)
Can schedule future money transfers0.0 (No)
1.0 (Yes)
Can schedule recurring transfers0.0 (No)
1.0 (Yes)
Forward contracts (rate locks) available0.0 (No)
1.0 (Yes)
Can set target rate0.0 (No)
1.0 (Yes)
Recipient can pick up cash0.0 (No)
1.0 (Yes)
Can send with recipient’s email address0.0 (No)
1.0 (Yes)
TOTAL (winners scored more than 32 points)35.029.2
Best Transfer Rates

Best Transfer Rates

The range of cost of money transfers run the gamut, and you want to know you’re getting the best bang (or Peso, Pound, what have you) for your dollar. With some of the most competitive rates in the game, Wise easily won our Best Rates Award. An insanely low total remittance fee percentage means that Wise charged fees of about 1% on transfers, offering an exchange rate nearly equal to the mid-market rate.

Transfer Rates Award

MetricScaleWiseAverage Score
Total remittance fee(Average fee calculated by dividing sum of Hidden Exchange Rate Fee and upfront transfer fees by Transfer Send Amount)0 (5.0% or more) to
20.0 (<0.25%)
0.25% decrements
Average hidden exchange rate fee(Difference between provider’s given exchange rate and the mid-market exchange rate)0.0 (5.0% or more) to
10.0 (less than .5%)
0.5% decrements
Live transfer success rate0.0 (0%)
2.0 (50%)
4.0 (100%)
Doesn’t require sending money to provider(Where likely to incur bank fees)0.0 (No)
1.0 (Yes)
Frequency exchange rates are updated0.0 (Daily)
3.0 (More than once a day)
Maximum transfer per online transaction every 24 hour1.0 ($0–$1,500)
2.0 ($1,501–$3,000)
3.0 (more than $3,000)
Minimum transfer per transaction1.0 ($100+)
2.0 ($50–$99)
3.0 ($0–$49)
Country and territory coverage1.0 (0–49)
2.0 (50–99)
3.0 (100+)
Available in all 50 states0.0 (No)
3.0 (Yes)
TOTAL (Winners scored more than 43 points)44.024.0
Most Trustworthy Award logo

Most Trustworthy

Knowing you don’t have to question what you’re reading gives such peace of mind. As one of the most transparent money transfer sites around — with clear, explanatory videos, disclosure of how they make money — and a thorough FAQ — it’s no wonder that Wise is winning. No hidden fees in its exchange rates, accurate rate quotes and an easy-to-understand site are some of the things that put this provider over the top.

Wise Most Trustworthy Award

MetricScaleWiseAverage Score
No fee hidden in exchange rate0.0 (No)
10.0 (Yes)
Understand information on the site1.0 (Disagree)
5.0 (Agree)
Trustpilot rating0.0 (Stars)
5.0 (Stars)
Estimated delivery time accurate0.0 (No)
3.0 (Yes)
Initial quote is complete and accurate0.0 (Inaccurate quote)
1.0 (No quote given)
2.0 (Quote is accurate)
Live transfer success rate0.0 (0%)
2.0 (50%)
4.0 (100%)
Frequency exchange rates are updated0.0 (Daily)
1.0 (More than once a day)
Can send with recipient’s email address0.0 (No)
1.0 (Yes)
TOTAL (Winners scored more than 24 points)29.616.4
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