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Wise (TransferWise)
Fees (pay by bank transfer)
From 0.41%
Minimum transfer amount

Our verdict

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

Wise, unlike some other money transfer services out there, offers the mid-market rate. And while competitors can often try to hide fees and exchange rate markups from the user, Wise is a breath of fresh air as it makes it crystal clear how much you are paying in fees before you make the transfer. Wise offers accounts for both personal users sending to other individuals as well as business accounts with extra features. When it comes to online transfers, it would be surprising to see MoneyGram or Western Union offering better rates. However, keep in mind that other online-specific companies may still offer better deals than Wise.


  • Easy to use. We were able to sign up for an account and initiate a transfer through the website in less than 3 minutes.
  • Affordability. When compared to a bank, Wise's fees and exchange rates will almost always be better.
  • Rates are "locked in" for a specified period. With some transfer services, the rate changes between when you first get a quote and when you actually push the button. Wise guarantees the rate for a specified number of hours – it might only be 2 hours, but in some cases it can be 100 hours (over 4 days) or potentially even higher.
  • 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 the fees when comparing transfers.
  • High daily sending limits. A cap of £1,000,000 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 transfer. When using the Wise mobile app, you can also pay with Google Pay and Apple Pay. (The options may vary depending on the currency and the country you plan to send to).


  • 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. Yes, its fees are "transparent", in that they are shown to you in full before you proceed, but it's a bit clunky that there are two fees – one flat and one a percentage, and that you can't really predict them without getting a live quote from Wise.

In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews


Product details

Product Name Wise (TransferWise)
Pay by Credit card, Debit card, Bank transfer
Receiving options Bank account, Alipay (China only)
Customer service Phone, Live chat, Email
Bank account required? Yes
Personal account manager? No

How much does Wise cost?

As long as you’re sending pound sterling, Wise’s fees are the same no matter what country you are sending to from the UK. 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, a GBP account outside of the UK, debit card or credit card.
  • Location. Transfer 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 that will vary depending on 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 Germany through Wise looks like on 26 March 2024:

Fixed feeVariable feeTotal fees
Fast transfer£0.21£8.44£8.65
Low-cost transfer£0.21£4.28£4.49

And here’s what you’d pay if you wanted to send £1,000 to India:

Fixed feeVariable feeTotal fees
Fast transfer£0.28£9.64£9.92
Low-cost transfer£0.28£5.48£5.76

Wise’s fees are transparent and always visible when you’re calculating or making a transfer, so you won’t be surprised by hidden fees.

What exchange rate does Wise use?

Wise uses the mid-market rate for transfers. Its rates are updated multiple times a day and Wise even also allows you to lock in a rate for a day or more to complete your transfer.

Sometimes called the interbank rate, the mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency – and the rate banks and transfer services use when they trade among themselves. When we checked Wise’s rates against the mid-market rate on Google and Xe, they were similar.

What are the ways I can send money with Wise?

If you send a money transfer through Wise, the funds are deposited directly into your recipient’s bank account once Wise receives your payment. Wise does not support cash pick-ups.

Choose your currency and desired transfer amount. Exchange rates change frequently, so visit Wise’s site to get a final quote.

Name Product Filter values Fastest transfer speed Fees (pay by bank transfer) Learn more
Wise (TransferWise)
Within minutes
From 0.41%

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.

How long does a Wise money transfer take?

Wise transfer speeds can be near-instant or take up to 4 business days. Speeds are dependent on how much you are willing to pay in fees, where you’re sending to and when you send your transfer.

  • Fast transfer: instant
    When using a credit or debit card, you’ll pay more in fees, but your money can arrive in your recipient’s bank account instantly or within a few hours.
  • Low-cost transfer: up to 4 business days
    Paying for your transfer through your bank account is typically the cheapest way to send money through Wise, but it’s almost always the slowest. It typically takes up to 2 days for Wise to receive your money and up to an additional 2 days to transfer the funds to your recipient’s bank account.

How do I send money through Wise?

Follow these 6 steps to send money with Wise:

If you are ready to make your transfer with Wise now, head on over to get started by creating your free account.

Go to site

What payment options can I use with Wise?

When it comes to paying for your money transfer, Wise supports a few different options for UK customers:

  • Debit or credit card. These payments reach Wise immediately.
  • Bank transfer. This option can be slower to arrive at Wise than other options.
  • 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 borderless account. This works like a multicurrency account and is good for businesses, traders and people living abroad.

Wise allows you to make secure one-off transfers to a range of destinations around the globe. There is also an option to set up recurring transfers.

Is Wise safe to use?

Wise was founded in 2010 and serves millions of customers each 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.

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 favour.
  • Increase your payment methods. Pay for your Wise transfer with Apple Pay and Google Pay while using the mobile app.

You can set up fingerprint login too, which saves a bit of hassle.

Google Play Store4.7 out of 5 – based on over 824,000 customer ratings
Apple App Store4.8 out of 5 – based on over 100,000 customer ratings

On TrustPilot Wise scores 4.3 out of 5, based on over 213,000 reviews. Those reviews encompass Wise’s whole service – not just the app. Wise’s TrustPilot reviews are very positive overall, with 82% of reviews on 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.

Ratings accurate as of 26 March 2024.

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