Thursday, May 23, 2024
MT2.1100x220
MediaXO.1100x220
DigitalSelect1100x220
CFM1100x220

Wise Review

Wise, formerly Transferwise, is a financial technology firm based in the UK. They primarily concentrate on offering low-cost, straightforward currency exchange services, making them a great choice for transferring money. Additionally, they provide various banking-like services, including a multi-currency current account and a debit card. These offerings make them a potentially attractive option for customers seeking a digital banking provider.

Wise Features

  • Multi-currency current account – for all current account holders
  • Local Bank details – in 10 different currencies
  • Hold and convert – in over 53 currencies
  • Mastercard debit card – can be used worldwide
  • Interest on your balance – rates depend on which currency money is held in
  • Cheap and quick currency transfers – often instant, and a fraction of the cost of traditional banks
  • Wise Jars – to assist with your money management
  • Invest with Wise – hold your money in stocks in your savings Jar
  • Excellent customer services – in multiple languages
  • Free ATM withdrawals – up to £200 per month
  • Easy account setup – be up and running in minutes

Who Is Wise For?

Wise could be an excellent choice for those seeking seamless international banking. Unlike traditional banks, Wise does not impose fees for sending or receiving money in different currencies. Here are some groups that might particularly benefit from a Wise account:

Expats – Ideal for those receiving pensions or money from family abroad. For instance, if someone sends you 100 GBP to your Wise GBP account, you receive the full 100 GBP without any deductions. You can then convert the GBP to another currency at your discretion.

Brexit Impact – Due to passporting rights within the EEA, many banks have had to close accounts for non-residents. While many affected have already found solutions, those planning to move abroad might find that a Wise multi-currency account resolves their banking issues.

Digital Nomads – Receive payments from friends, family, and clients from anywhere, with the added advantage of charging clients in their local currency. Invoices and bills, even from your home country, can be paid directly through your Wise account in the currency they were issued.

Businesses – Traditional banks can make it challenging and costly to handle transactions in multiple currencies, often including hidden fees. A Wise business account allows a business to hold, receive, and send funds in dozens of currencies while benefiting from favorable exchange rates.

Signup with Wise

Wise Costs & Fees

To have a Wise account is mostly free, but there are a few costs: These costs are:

  • To Order a new debit card: £5.00 GBP
  • ATM Withdrawals over £200 per month – 1.75%
  • Over 2 ATM withdrawals per month – £0.50 per withdrawal.
  • There are also set fees for converting between currencies.

Generally, Wise money transfer fees are far lower than doing transfers via traditional banks.

Is Wise Safe?

Wise is not a licensed bank, but it is regulated by the Financial Conduct Authority (FCA) in the UK. Unlike licensed banks, Wise does not participate in guarantee schemes like the Financial Services Compensation Scheme (FSCS), which insures deposits up to £85,000 per customer.

However, Wise does safeguard depositor funds by keeping customer money separate from its operational funds. Currently, customer deposits are held in major banks such as Barclays, Morgan Chase, and Deutsche Bank. Although it is highly unlikely, if any of these banks were to fail, the customer funds held there could potentially be at risk.

Wise Customer Reviews

Wise has achieved a rating of 4.5 out of 5 on Trustpilot, based on more than 172,000 reviews. A significant majority, 85%, have given Wise the top score of 5 out of 5, praising the speed of currency transfers and the low costs associated with them. Only 5% of the reviews give Wise the lowest score of 1 out of 5, with these dissatisfied customers frequently citing delays in transfers. However, these delays may not always be directly attributable to Wise, as the process often involves intermediary banks.

Wise Business Alternatives

Wise FAQ

IS WISE SAFE TO SEND MONEY?

Wise is recognized as a highly secure method for sending money internationally or money transfer services. Their system not only offers great value but is also notably quick, enabling funds to reach their destination in seconds.

WHAT IS WISE GOOD FOR?

Wise is consistently rated as one of the most cost-effective ways to transfer money, often resulting in significant savings compared to traditional banks. Their multi-currency bank account is especially beneficial for those who engage in frequent transactions across different currencies.

WHAT IS TRANSFERWISE?

Transferwise was the former name of Wise. The company was initially launched as Transferwise in 2011 and rebranded to Wise in 2021.

Wise Review Verdict

Although Wise is primarily recognized for its currency transfer services, it also offers various banking features, including a multi-currency account and a debit card. These features make Wise a compelling alternative for those who travel frequently or engage in cross-border transactions. In late 2022, Wise enhanced its appeal by introducing interest payments on balances, with rates varying depending on the currency in which funds are held. This addition makes Wise an even more attractive option for managing your money.

Signup with Wise

*Please note: This article may include affiliate links. If you purchase through these links, we may earn a commission at no extra cost to you. This helps support our work and allows us to continue providing content like this.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

24 Seven 600x500
MobileArts600x500
SeriouslyFresh 600x500
Evina 900x750
WT51%