Transferring money was traditionally a long, arduous, and expensive process. Sending funds overseas often required you to wait until the perfect moment, when exchange rates were favourable.
Transferring money was traditionally a long, arduous, and expensive process. Sending funds overseas often required you to wait until the perfect moment, when exchange rates were favourable.
Transferring money was traditionally a long, arduous, and expensive process. Sending funds overseas often required you to wait until the perfect moment, when exchange rates were favourable.
In the digital age, much of that has changed, thanks in no small part to companies like Wise (formerly known as TransferWise). In our Wise review, we look at how the service has developed, what you can expect now, and what we like and dislike about it.
In this in depth review of Wise I'll look at some of the pros and cons. As with every service, there are positives and negatives, many of which depend on what you’re using the service for:
| Pros | Cons |
|---|---|
| ✔️ Simple to complete sign-up and easy to use | ❌ Money can only be sent to other bank accounts, no cash option |
| ✔️ Provides exchange rates that are competitive and usually better than high-street banks | ❌ You’ll need to provide proof of ID and address to make transfers |
| ✔️ High transfer limits, meaning you can send a lot each day | ❌ Additional fees depending on the service you want |
| ✔️ Multiple ways to pay, including debit and credit cards and Google/Apple Pay |
So, a fairly mixed set of points, although generally more positive and negative. Let’s look at some of these in more detail.
Wise is not a traditional bank but a financial technology company focused on making international money transfers cheaper, faster, and more transparent. Founded over nine years ago in the UK by Estonian entrepreneurs Taavet Hinrikus and Kristo Käärmann, Wise was created out of frustration with the high costs and inefficiencies of converting British Pounds into Euros. Their solution was to bypass traditional banking routes to streamline the process.
Today, Wise has expanded significantly, operating out of 14 global offices with a workforce of over 2,200 employees. It serves more than 8 million customers and handles transfers exceeding £4 billion each month. In addition to its core money transfer services, Wise offers innovative financial products like the multi-currency Borderless account and a debit Mastercard, providing practical solutions for managing money across borders.
Wise's record speaks for itself. The company has served millions of customers and moved millions of pounds in money over the years. There are several reasons that make it so secure. For a start, they are FCA registered, meaning that they have to adhere to a strict set of rules. Additionally, they have the same level of security that a high-street bank would offer, meaning your details and data are safe.
Wise also uses a specialist in-house team to keep an eye on things. They use a variety of cutting edge technology to make sure that your funds and your data remain safe. Reviews show that they also have an excellent rating of 4.6 on Trustpilot, showing just how positive their customers feel about them.
If you regularly make overseas currency transfers, Wise is the service for you. Yet it’s not just for those people. With the many services and features, there are plenty of people who can benefit from the service. As well as sending money, you can also receive it from overseas, and get paid in and spend money in a variety of international currencies.
With the Borderless account, you can also hold over 50 currencies in your account, which you can access and convert instantly. You can also access bank details in a range of different currencies and set up direct debits. So, if you regularly travel or deal with people overseas, there’s plenty that appeals. Similarly, if you like to purchase goods or services from different countries, you’ll also benefit from a Wise account.
It’s quick and easy to get started with Wise. You can start by going to the homepage and using the calculator to check the exchange rate and fees, even before you get started with an account. This is useful, as it means you can make sure it’s competitive before you proceed. Wise always uses the mid-market rate from Reuters, meaning it’s often very good.
If you decide to proceed with Wise, you can then create a free account to get the process started. It doesn’t matter if the recipient doesn’t have an account, you can still use the service. In some cases, you might need to verify your account, which can take 1-3 days.
Wise has bank accounts all over the world. When you send money, it goes into the account of the country you’re in. Then, money is sent from an account in your recipient’s location directly to their account.
You then need to provide account details for your recipient. Unfortunately, you can’t send them cash to pick up, it has to go straight into a bank account. You can then pay for the transfer and the fees using a credit card, debit card, bank transfer, or by other means.
Wise has bank accounts all over the world. When you send money, it goes into the account of the country you’re in. Then, money is sent from an account in your recipient’s location directly to their account.
There is plenty to like about the service on offer from Wise, as well as many benefits of using it. Below, we’ve highlighted some of the main features that come with a Wise account:
There are a few different options available when it comes to using Wise. To start with, there are three different ways that you can transfer money:
As well as these options of personal transactions, you can also get a Borderless account that lets you hold a variety of different currencies and get bank account details for some of them. There is also a business account, which has many of the features you get with a standard Borderless account, but with more of a business focus.
There are several fees associated with using Wise, and these differ depending on your situation. These factors include:
Let’s take a look at an example. At the time of writing, if you wanted to send £1,000 into Euros using the low-cost transfer, the recipient would get €1,098.94. There would be a fee of £3.75 charged for the transaction, which is a fixed fee of £0.26 and a variable fee of £3.49. This variable fee is charged as a percentage, which is 0.35%. For a fast transfer, the variable fee is 0.65%, making the total £6.73.
Overall, the customer service on offer is of a high standard. They have personalised support when you log into your account, as well as a variety of troubleshooting topics. However, on their website, it’s hard to find exact details of how to reach the customer service team or what their opening hours are. Despite this, reviews are generally good in this area.
Wise stands out because of the comprehensive level of service that they offer. Whether you’re a business or personal customer, you can get an account that’s the right fit for you. What’s more, they claim that they’re on average 8x cheaper than the leading banks in the UK. If you want to transfer money safely and securely, there are few competitors that offer such a level of service.
Overall, Wise is a very good option for those looking to transfer money overseas. Over the last decade, the company has established itself as one of the leading service providers in the industry. With competitive rates, a variety of options, and plenty of additional features, it’s not hard to see why.
Wise is a money transfer service. Founded in 2011, it was developed by a pair of Estonian men splitting their working time between Estonia and the UK; financial consultant Kristo Käärmann and Taavet Hinrikus, Skype’s first employee.
Based primarily in the UK, Wise has additional offices in Tallinn, Singapore and New York. The company’s primary focus is to provide people who need to make international money transfers with a low-cost, efficient means to do so.
Wise supports more than 750 currencies and offers multi-currency accounts.
The company began offering a bank account, the Borderless account, in May 2017. Initially aimed at just businesses and freelancers, the account is now available to a wider customer base. A multi-currency debit card, offered via Mastercard, was launched in January 2018 for EU customers and later, those in the United States. More countries will be added later this year.
Wise allows customers to link a bank account to their account via an app and add payees in order to transfer money.
The Borderless account gives customers international bank details, allowing them to receive money from more than 30 countries without paying a penny in fees. These customers get a British account number and sort code, plus Australian, European, US and New Zealand account details.
Borderless accounts can hold more than 40 currencies and switch between them almost instantly, spending at the real exchange rate. Customers can also withdraw funds at ATM machines, up to £200 in 30 days.
The Borderless account for freelancers allows self-employed people to invoice all around the world and be paid in local currencies without fees.
Business customers can pay invoices and manage their payroll in over 70 countries and can even send money to non-Wise customers.
Wise is not a bank but is authorised by the Financial Conduct Authority (FCA) under the 2011 Electronic Money Regulations.
Wise
6th Floor
TEA Building
56 Shoreditch High Street
London
E1 6JJ
Telephone: 020 3695 0999
Find answers in Q&As and ask your question
Avoid due to money getting “lost” in their system. It has happened twice in 2 months where transfers have been sent by bank transfer have not shown up in my Wise business account. Due to the amount of money missing we are now seeking legal advice along with a submission to the Australian financial ombudsman for investigation. Their support is awful and I never received any form of feedback after waiting 3 weeks. They keep on asking you to wait while they hold onto your money. They even closed the ticket saying the problem was solved. The money most certainly has left my Australian account yet is nowhere to be seen. Consider other alternatives for international money transfer. Once this matter is resolved, I am permanently closing my business account with them.
Hands down this is the worst most unethical unprofessional Bank in the market; had a business account with them where all funds were paid by UK clients from UK banks and payments made from the account to staff and suppliers…all in the UK. suddenly, the Un-Wise bank decided to block the account and sent me a questionaire about where funds come from and sent to…it's all available to them and on their record…6 weeks on and we are still waiting for their ‘5-10' business day review to finish…pathetic and their customer service is non-existent…Ombudsman it is
quick and easy. excellent web interface and a good app, too.
Wise Bank suspends transfers – BEWARE!
Wise Bank have suspended a transfer of funds on my business account for reasons of due diligence checks. They want to know my company’s source of funds (it is trading) and see documentation with my company details on it. This is after several months of using them. They have informed me that it can take up to five days to clear the payment. For now, my funds are suspended. I now can’t pay suppliers. Outrageous. Who is the Chief of Compliance or other at Wise Bank that decided it was sound protocol to suspend payments from a company’s trading account for up to five days?? They have had ample opportunity to do their due diligence checks with me. This bank IS NOT FIT FOR PURPOSE. They should not be taken seriously as a business bank. Do not open a business bank with Wise Bank. They are as bad as PayPal. I am now writing a formal complaint to the Financial Ombudsman. If anyone of a senior position at Wise Bank reads this review, lobby hard to fire the imbecile(s) who implemented this policy. They are destroying your goodwill and reputation and undoing all of the hard work and effort you’ve put into building up your client base. It’s a disgrace.
