Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (2022)

Is a Wise account the best choice for me? Wise vs Apps like Wise

Depending on usage. Wise is undoubtedly very cheap and has slick technology in place. Whether it’s Wise money transfers, the Wise multi-currency account or the Wise debit card – all of this is underpinned by Wise’s steadfast commitment to tech and customer usability. . For customers with the requirement to send money abroad and receive money from abroad online,, Wise is a great solution. For customers with larger requirements such as a property deal, transfer of a mortgage or large business payments then we believe they could benefit from using a currency broker as per below.

Wise Alternatives: Better for Large Transfers?

Even though Wise is generally considered a groundbreaking “new age” type of service, Money Transfer Comparison has rated several companies with higher scores because they provide a more comprehensive all-round FX solution for larger money transfers. Wise’s “plain vanilla” offering only allows for spot FX transfers and is totally centred around on online offering, whereas some brokerages allow other types of contracts and offer a “close up and personal” touch with a dedicated currency dealer (either via email or telephone). These are essentially apps like Wise for money transfers, but geared towards business clients and individuals sending one-off large amounts or regularly sending money overseas. Below are some of the more prominent Wise alternatives and competitors we have reviewed:

Moneycorp Review

Headquarters:

Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ, UK

93.2% Editorial rating

7,000 Client Reviews

Minimum transfer:

£50 / €50 / $50 or equivalent

Why Them?

  • Industry Veterans since 1979, with Pristine Reputation and 95% Positive Client Reviews (£36.9in Transfers Annually)
  • Bespoke Currency Dealers for Clients with Transfers Above £5,000 and Corporate Clients
  • Offers Sophisticated Payment Solutions and Multi-Currency Accounts (Similarly to Wise), Hedging Tools (Not Offered by Wise)

+Read more

VIEW QUOTE

OFX Review

Headquarters:

Level 19, 60 Margaret St, Sydney, NSW 2000, Australia

90.4% Editorial rating

1,500 Client Reviews

Minimum transfer:

£100 / €100 / $100 or equivalent

Why Them?

  • Traded Publicly in Australia with £20bn Turnover per Year - Known Money Transfer Platform That Existed for Many Years Before the Inception of Wise
  • Ultra Professional, Transparent and Cheap - 24/7 Support
  • Excellent Online Money Transfer Platform with Advanced Functionalities and Friendly App. Virtual Bank Accounts Abroad to Receive Payments are Available (Similar Coverage to Wise)

+Read more

VIEW QUOTE

Global Reach Group Review

Headquarters:

20 Wood St, London EC2V 7AF

90.6% Editorial rating

10,000 Client Reviews

Minimum transfer:

£1,000/€1,000 or equivalent

Why Them?

  • 99% of its Past Clients Gave the Firm a Positive Review
  • Strong Global Reach with Offices in UK, Europe, and Canada
  • More than Two Decades of Experience

+Read more

VIEW QUOTE

Wise Money Transfer Fees / Exchange Rates

Currency SentWise.com Fee 2022 Updated
Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (4)
AUD

0.32% – 0.45%, depending on amount sent + $ 0.66 AUD fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (5)
BRL
2.09-2.14%, depending on the amount sent + R$ 4.26 BRL fixed payment fee.
Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (6)
CAD

0.46% – 0.59%, depending on the amount sent + $ 1.77 CAD fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (7)
CHF

0.24% – 0.37%, depending on the amount sentr + 0.58 CHF fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (8)
CZK

0.33% – 0.45%, depending on the amount sent + Kč 6.50 CZK fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (9)
DKK

0.31% – 0.44%, depending on the amount sent + kr 2.32 DKK

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (10)
EUR

0.31% – 0.44%, depending on the amount sent + € 0.50 EUR fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (11)
JPN

0.63% of the amount that’s converted + ¥ 63.00 JPY fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (12)
NZD

0.35% – 0.49%, depending on the amount sent + $ 2.05 NZD fixed payment fee

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (13)
TRY

0.66% Fee + ₺ 10.57 TRY fixed payment fee

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (14)
USD

0.31% – 0.41%, depending on the amount sent + $6.25 USD fixed payment fee

Costs have increased when sending money from GBP & EUR and when sending money to CZK, RON and PLN. Costs have reduced when sending money from CHF.

Wise Fees – H1 FY22 Trading Update

In Wise’s most recent quarterly earnings report (Jan 2022), it was announced the firm lowered the cost of Wise money transfers across 50 currencies in the last year and 5 currencies in the last quarter. In the report, a graph depicts the average cost to make a cross-currency Wise money transfer since 2019:

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (15)

Bearing in mind this average includes exotic currencies like Brazilian Real (where Wise charges a 2.14% fee) an overall average spread of 0.6% is incredibly competitive. In fact, we are quite comfortable in saying Wise charges spreads which are closer to and even below 0.5% for most major currencies.

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View Top Alternatives

Wise vs OFX vs WorldFirst vs Currencyfair vs Revolut

Wise / TransferWise vs OFX

OFX had been in the business for twelve years when TransferWise emerged, and until the Wise era they were considered the hip cross between financials and tech (not yet to be named FinTech back then). OFX prides itself in a great online system and registration process, much like Wise.com, but also has a team of dedicated support staff who are available locally to each country in which they operate. These are foreign exchange experts who can provide an update

Wise (TransferWise)OFX
Safe?Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients.Yes, regulated by FCA and many more regulatory bodies. Transfers billions in foreign exchange each year, servicing millions of clients, and doing so for more than 20 years. Australian headquartered and listed on the Australian Stock Exchange.
FeesRanging between 0.24% for CHF transfers to 2.14% for BRL (Brazilian Real). On average it is about 0.5% – 0.6%.The rate varies depending on the size of payment, but based onour data averages at approximately 0.5% to 0.6%. Clients who move larger volumes should negotiate an improved rate with OFX vs Wise.
Dedicated DealerNo. You will get all the support for system issues/help you require but currency guidance is not offered.Yes. You will be matched with one person taking care of your FX needs and you will be dealing with them exclusively. They will escort you through trades.
WebsiteWise.comOFX.com

Wise / TransferWise vs WorldFirst (business clients and online sellers)

Behind Wise, WorldFirst is arguably the second largest money transfer company to emerge from the UK. Originating in 2004, it’s also been around for seven years longer. Whereas Wise launched with the idea it would be built around a slick, online offering, WorldFirst began as a traditional currency brokerage and steadily built its tech solutions to be one of the leading payment providers for online sellers and SMEs. The WordFirst tech may not be quite as slick as Wise but a number of positive traits have continued from their original launch – customer service is paramount, FX forwards are possible and SMEs transferring enough volume will be assigned their own dedicated dealer to discuss a tailored currency strategy, unique to the requirements of their business.

Wise (TransferWise)WorldFirst
Type of ClientsAll clients, all transfer sizes. Business, online sellers, and private customers are welcomed.Only business and online seller clients. Private customers are not welcomed.
Safe?Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients.Yes, regulated by FCA and many more regulatory bodies. Transfers billions in foreign exchange each year, servicing millions of clients, and doing so for more than 15 years.
FeesRanging between 0.24% for CHF transfers to 2.01% for CLP (Chilean Peso). On average it is about 0.5%.0.5% flat rate for transfers of all sizes above £1,000. Clients who move larger volumes can get 0.15%-0.25% margins.
Dedicated DealerNo. You will get all the support for system issues/help you require but currency guidance is not offered.Yes. You will be matched with one person taking care of your FX needs and you will be dealing with them exclusively. They will escort you through trades.
WebsiteWise.comWorldfirst.com

Wise / TransferWise vs Currencyfair

Similar to Wise, Currencyfair is another company we think highly of. When you look at Transferwise vs Currencyfair you will notice many similarities. Two innovative companies which are constantly gaining market-share and offering tremendous rates. View the comparison below.

Wise (TransferWise)Currencyfair
Safe?Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients.Yes, regulated by the Central Bank of Ireland as well as by several other regulators. Transferred over £1bn since inception.
FeesRanging between 0.31% for USD transfers above $135,000 to 2.6% for BRL transfers. On average, for popular routes, it is about 0.5%.As low as 0.15% FX margin if a transfer is matched through the online platform. If not, then reportedly 0.4% average margin of transfers of all sizes.
Dedicated DealerNo. You will get all the support you require but currency guidance is not offered.No. You will get all the support you require but currency guidance is not offered.
WebsiteTransferwise.comCurrencyfair.com

Wise / TransferWise vs Revolut

Revolut and Wise have crossover on two of their most popular products – online money transfers and multi-currency accounts (Revolut has its own version of the Wise multi-currency account and Wise debit card). They are two of the most successful Fintechs to have launched in the UK and both boast many millions of customers. Wise launched with money transfers and expanded into digital banking, whereas Revolut began with digital banking (and an international currency card) and then expanded into online cross-border money transfers. Nowadays, it looks like each of these tech companies is looking to expand and disrupt into different areas of financial services.

Wise (TransferWise)Revolut
Safe?Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients.Yes, regulated by the FCA as well as in the US, Australia and many more countries. Again, transfers billions each year.
FeesRanging between 0.31% for USD transfers above $135,000 to 2.6% for BRL transfers. On average, for popular routes, it is about 0.5%.0% to other Revolut users. No fee on FX transfers if under your rather low £1k limit. 0.5% for international transfers above this.
Dedicated DealerNo. You will get all the support you require but currency guidance is not offered.No. You will get all the support you require but currency guidance is not offered.
WebsiteTransferwise.comRevolut.com

More Wise International Money Transfers Account Review Information

Note: This TransferWise review for 2022 was updated to reflect the company’s new brand, Wise Money Transfers, and its new fee scheme since going public via direct listing in the London Stock Exchange in July of 2021.

(Video) Wise / TransferWise Review - 3 Must Knows (2021)

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (16) Minimum transfer:

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (17) £1

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (18) €1

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (19) $1

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (20) CA$1

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (21) AU$1

Fees & Rates: Information available above. Generally speaking 0.5% is the average margin.

Offices in >

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (22) UK (2 Offices)

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (23) Belgium

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (24) USA

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (25) Australia

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (26) Estonia

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (27) Hungary

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (28) Japan

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (29) UAE

Brazil

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (30) Ukraine

Malaysia

Singapore

REGULATION: Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (31) Financial Conduct Authority Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (32) Financial Transactions and Reports Analysis Centre Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (33) Australian Securities and Investments Commission Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (34) Customs and Excise Department Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (35) FinCEN Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (36) Reserve Bank of India Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (37) Kanto Local Financial Bureau Japan Department of Internal Affairs New Zealand

View more information on the official website - wise.com >

Is Wise.com Safe? Is Wise reliable? (previously - TransferWise)

Company overview:

Wise, formerly TransferWise, has been one of the hottest startups to emerge over the last ten years and is considered a market leader in the Fintech sector, with a valuation of $11billion dollars. It has grown at a staggering pace, seeing its value soar by billions of dollars between each funding round it has completed, resulting in an $11billion valuation following Wise’s direct listing on the London Stock Exchange in July 2021. In its latest quarterly trading report, Wise reported moving £20bn in transfer volumes between Oct – Dec 2021 (an average of circa £6.6bn per month) . There are currently more than 2200 employees working for Wise.com in numerous offices across 4 continents around the world.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (38)

Wise, previously known as TransferWise, has definitely come a long way since its inception in 2010 (launched in 2011). It was established by two Estonian Fintech innovators, Taavet Hinrikus, (Skype’s first employee) and Kristo Käärmann, both of whom were working in the UK, and experiencing the high costs of bank-powered international money transfers. Quite early on in their journey to lower the costs of cross border remittances, they received a massive shot of encouragement in the form of two mega-investors who believed in the idea, and jumped on the TransferWise waggon. These two investors were PayPal’s co-founder, Peter Thiel, as well as Virgin’s founder Richard Branson.

Here is a complete overview of TransferWise’s investment rounds, prior to going public in 2021:

SeriesAmount InvestedInvestors

Pre-speed



$68,400

SeedCamp (VC)

Seed



$1,300,000

Index Ventures (VC), IA Ventures (VC), The Accelerator Group (VC), Kima Ventures (BV), Seedcamp (VC), Max Levchin

Series A



$6,000,000

SV Angel (VC), Valar Ventures (VC), Peter Thiel

Series B



$25,000,000

Valar Ventures (VC), Peter Thiel, Richard Branson, Index Ventures (VC), IA Ventures (VC)

Series C



(Video) Wise Money Transfer Review (TransferWise) Fees, How They Work & MORE!

$58,000,000

Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp (VC), Valar Ventures (VC)

Series D



$26,000,000

Anderson Horowitz (VC), Valar Ventures (VC), Baillie Gifford (PLC Company)

Series E



$280,000,000

Andreessen Horowitz and Mitsui & Co.

Total to date



$396,368,400

Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp (VC), Valar Ventures (VC), Peter Thiel, Richard Branson, The Accelerator Group (VC), Kima Ventures (BV), Seedcamp (VC), Max Levchin, Mitsui & Co.

Information from Angel.co

Secondary Share Sales

In May 2019 TransferWise announced it raised an additional $292 million through a secondary share sale – at the time valuing the company at $3.5 billion.e. This took the total funding in the company to a mammoth $689 million.

In July 2020 TransferWise confirmed a new $319 million secondary share sale, valuing the company at $5 billion dollars. Making it the second most valuable FinTech in Europe.

Direct Listing on the LSE – July 2021

In what was perhaps an understated move for a listing of this size, Wise went public in July 2021 via a direct listing. The move means no new shares were created for the firm and only existing shares kicked off trading on the LSE. Making Wise the largest company to perform a direct listing on the LSE that isn’t already traded on another stock exchange.

The listing, which was said to be driven by Boris Johnson and Rishi Sunak in order to boost the UK economy, shows the increasing importance Fintechs are gaining in the market against traditional banks.

Wise shares opened at £8 a share, giving the company a market value of £8 billion ($11 billion), Twice the valuation it had received from private investors in 2020. By September2021, Wise shares were valued at £11.50, representing a 30% increase in value over its first two months being public. However, this gain was short lived and as of June 2022 the share price has slumped to £3.60. This raises an important question – will Wise continue to honour its low fee model or will users be in for a shock if the firm seeks to boost its return for investors? More on this in our fee section below.

From TransferWise to Wise

Transferwise rebranded itself to Wise (wise.com) just prior to the IPO in order to better reflect the full range of financial services it provides – much more than just Wise money transfers.. For example, they offer wise bank accounts which are used by over 10 million people to live, work, travel, and do business around the world (accompanied by the Wise debit card).

Co-founder and CEO of Wise Kristo Käärmann had this to say on the announcement, “Today our name catches up with who we’re already building for — a community of people and businesses with multi-currency lives… Wise is for all of us who live, work, travel, or support family around the world. It’s for those of us who want to cut out the middlemen that hold us back from being truly borderless.”

At MoneyTransferComparison our review will continue to focus primarily on TransferWise/Wise international money transfers. We also take a look at the Wise multi-currency account (formerly Wise borderless account) as this plays a central role in making and receiving money transfers.

CEO Kristo Kaarmann Faces FCA Investigation After Tax Breach

As of July 2022, CEO Kristo Kaarmann is being investigated by U.K. regulators after tax authorities found he failed to pay a tax bill worth over £720,000. Kristo Kaarmann has already been fined £365,651 by HMRC for defaulting on the tax bill in 2018. The FCA is now looking into whether Kaarmann failed to meet regulatory obligations and standards. The investigation could have significant ramifications for Wise and its chief executive Kaarmann who could be forced to step down and cease working in the industry if regulators deem he fails the “fit and proper” test.

How Wise Works - TransferWise "Peer to Peer Money Exchange" System

In its earlier days, the then TransferWise marketed itself by saying it was the world’s first and only Peer to Peer money transfer provider. The logic was simple – Wise would be able to beat the banks by finding two clients who need to transfer money in opposite directions (say, one client is transferring Pound to Euro, and the other one is exchanging Euros for Pounds). This way, they claimed, the savings would be immense.

What they didn’t take into consideration is how volatile the market is and the fact people normally want to trade money instantly. Similarly, if there are large payments that Wise customers wish to make or there are significant flows into certain currencies (say EUR for example), it is difficult or even impossible to match those flows in the opposite direction. Long story short, Wise dumped this way of marketing themselves, and over recent years has made no reference on their website to the terms “peer to peer money transfer” or “peer to peer currency exchange”. The sheer volume Wise transacts these days (at least £6billion a month) means it will access cheap liquidity from its banking partners.

That doesn’t mean there aren’t peer to peer money transfer companies out there! Competitors Currencyfair (appearing on this page under “TransferWise vs Currencyfair”) is definitely putting the idea into practice. Using the Currencyfair money transfer , clients have the choice to either make a normal transfer for a rate provided to you by Currencyfair, or try to find a match and only trade if the peer-to-peer model is successful and currency flows in the opposite direction to yours (in which you will pay as little as 0.15% of your transfer).

TransferWise advertising campaigns:

The company has advertised heavily on billboards (including in the London underground), as well as on television and online. It is constantly covered by financial and technology journalists around the world, and has managed to get into the mainstream quicker than any other company in the money transfer industry.

Its campaigns were so effective, and so memorable, that even large banks began noticing them. The old slogan “YOUR BANK IS SECRETLY OVERCHARGING YOU ON INTERNATIONAL MONEY TRANSFER” was adjudicated by The Advertising Standard Authority, following complaints from these banks.

TransferWise has suffered additional obstacles as a result of its advertising campaigns. In May 2016, the advertising watchdog commanded TransferWise to be more specific about the savings it offers in each route, in comparison to banks, rather than saying that it helps clients save 90% of transfer costs. TransferWise has also been mocked by the AmericanBanker magazine, as the company is now seeking bank funding. Our take on this? TransferWise is catching fire because it is growing at such a rapid pace. As a Branson-backed company, it appreciates any form of attention – positive or negative, and it works out perfectly.

You can’t knock TransferWise for their transparency either – sure they can be rather punchy with their marketing campaigns but there’s an obvious reason why TransferWise are happy to publicise their exchange rates and fees online but mainstream banks aren’t. TransferWise has nothing to hide – no wide spreads or sneaky payment fees.

Awards

Mozo Experts Choice Awards – Australia’s Best International Money Transfer Provider, 2019

WEF Tech Pioneer in 2015

EY Entrepreneur Of The Year UK 2015

FT’s Boldness in Business Award, 2014

Best European Startup, Europas European Tech Startup Awards, 2013

Regulated by: Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (39) Financial Conduct Authority Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (40) Financial Transactions and Reports Analysis Centre Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (41) Australian Securities and Investments Commission Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (42) Customs and Excise Department Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (43) FinCEN Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (44) Reserve Bank of India Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (45) Kanto Local Financial Bureau Japan Department of Internal Affairs New Zealand

Conclusion

Wise/TransferWise is probably the hottest name in the whole money transfer industry. Established by notable entrepreneurs who became aware of a significant problem and sought to fix it, the company is taking an entirely different approach from the rest of the remittances industry.

Its low rates, transparency, great on-boarding process and mind-blowing advertising campaigns have gained it a status as one of the largest payment providers in the world. This is a “startup” that is already moving billions across the globe and fighting with industry giants like Western Union and Moneycorp.

There is absolutely nothing to be concerned about when you use a Wise account to move money abroad. Wise is as safe as can be. It has a sound financial structure, a solid business model, and it is the absolute epitome of client transparency. After many years of focusing on client acquisition and growth it has turned profit for the last three years and investors are more keen than ever to get on board. The company is now available in more than 71 countries and moved £20bn in the last three months alone, with millions of clients from around the globe and an extremely high level of satisfaction.

Wise is not a scam, although some people tend to think it is because of the ultra-friendly rates, while in fact, it is one of the most credible companies in this industry.

More recently you may have spotted Wise opening an office in Belgium. The firm took the pro-active decision to gain a European licence in Belgium so even in the event of a no-deal Brexit, where UK financial services firms would lose their ‘EU passporting’ rights, they could continue to offer the same great service. In the end, whilst a deal was made the UK/EU trade deal did not cover financial services, so it was a safe and very smart move indeed.

We are concerned about CEO Kristo Kaarmann’s current investigation by the Financial Conduct Authority. Whilst we’re well aware of finance magnates managing their finances offshore, it’s not very often they fail to meet their UK tax obligations. It certainly seems an unusual case and one we’ll have to follow closely.

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90% Credibility Score.

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Do Clients Like TransferWise ? TransferWise Reviews from Across The Web

Research

There are 158,000+ Wise/TransferWise reviews (more than any other company in the foreign currency payments industry) available on TrustPilot, netting the company a 4.5 / 5 rating as of June 2022. Slightly lower than the 4.7 / 5 rating the firm scored at the end of 2020.

Less than 6% of these reviews are complaints, and 94% of them are positive.

A small amount of the reviews seem to be placed by marketers who are promoting the service (trying to push their discount codes), but the amount is rather insignificant. Seemingly, Wise’s advertising campaigns have paid off and gained it serious recognition.

Advantages +7

  • Works “as expected” – no glitches
  • Easier to on-board with than other companies
  • Better rates than other companies and banks
  • Accurate and timely
  • Responsive and kind support
  • Polite and non-pushy approach
  • Easy to learn how to use

Disadvantages -5

  • Excessive requirements for documents in order to sign up
  • Some Debit and Credit Cards were not approved for use
  • Delayed transfers
  • Rude customer service
  • Some currencies are not available in the system

Conclusion

Clients seem to be almost unanimously satisfied with every aspect of Wise’s service. Some students, expats, and immigrants have even said that this company has made a substantial change in their lives.

It appears that the main appeal of Wise for clients, even more than the fair and transparent exchange rates it offers, is the smoothness of the entire experience. An automated online on-boarding process is a huge advantage for the younger generation, and they have become avid users. The words that keep popping up in client reviews are ‘quick’, ‘efficient’ and ‘painless’.
The smaller number of complaints we have encountered do appear to contradict the very things most clients praise about the service.

For example, some are complaining about the rudeness of the customer service. There are however thousands of reviews that support how kind and respectful the support was. Given the sheer growth of the company it is possible some staff are not as well trained as others. It must also be considered that the support team are not foreign exchange specialists – they can guide you through the Wise platform but won’t discuss external factors that could impact the rate you achieve – if you’re looking for this then you should consider Currencies Direct or WorldFirst.

The same goes for the unpopular opinion that transfers are often delayed – this seems to be related to a specific problem at a specific time for a specific client, rather than an across-the-board problem. The most common reason it looks like these payments are being delayed is for compliance purposes as more information about the payment is required. This is certainly not an issue individual to TransferWise and is common across both banks and other money transfer providers.

Whether it’s for proof of payment or for opening an account, those complaining about excessive documentation appear to be unaware of the strict Anti-Money Laundering regulations that these sorts of companies must comply with. If additional documents are required, it is simply because the local regulator for the required jurisdiction (such as the FCA) demands that from the firm. Similarly if you’re required to send supporting documentation for a payment (this is usually quite rare) then it is simply the firm ensuring they are not facilitating an illegal transaction.

The critics that complain of unsupported currencies are justified, as Wise doesn’t support as many currencies as some of its competitors like Currencies Direct, but we can’t downgrade Wise’s score based on that, as it’s very clearly stated on their website which currencies are handled and which ones are not. Clients who are complaining about this have simply failed to read the information that is readily available.

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(Video) TransferWise Review : Pros and Cons of TransferWise

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95% Client Feedback Score.

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Account Freezing?

Wise Review by our reader Wasim Chamma, submitted May 22, 2021

“4 years of experience, a summary review.

Here’s my review of Wise (previously known as Transferwise) after 4 years of experience with them, so it’s not a shallow, neither haters nor excited person’s review.

To start, I joined Wise before they had their local support in my country and I had all contacts via overseas, even had their debit cards sent to me from overseas, and I was all excited to start this neiche P2P exchange.
started by adding funds to the account by directing few payments from overseas to it and I’m all happy with the exchange rate, the speed of transfers and ease of use.
Soon after I was so happy to start recommending it to friends, local businesses and family.

Some of whome already joined and started exchanging and transferring through them thanking me for it.

It’s all good and happy land while using the account occasionally.

And now when I started using the account seriously (when I decided to direct my BnB (Bed & Breakfast) share of private work to them) and they started blocking incoming payments till I ask my clients for their private details (D.o.B & residency details).
I was uneased about it but continued working, to find out few days later (with no warning, no notice of any breach) all of the sudden when I was using the app I got the notice “your account was deactivated contact the appeals team”. which was all weird.
I thought it was a mistake till I saw the same on mobile browser and on laptop too.

4 days later (after my email to appeals team trying to find out and being proactive about any details that might mistakenly triggering any AI to alert my account) they came back to me saying that they’re reserving their reasoning and will block my account.
So now a week with no access to my money nor ability to trade summarises services through your network.

Summary: it’s all nice and happy till someone in the accounts team decides to deactivate your account, and they’ll do it with no hesitation nor explanation or reasoning, while breaking your access to your assets and stopping your operation.
I feel sorry to all the reffers I did previously as these people will suffer just like I did.”

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Wise, Formerly TransferWise Fees

Research

Fees:Wise regularly updates its pricing model in line with the costs it experiences. In each update, some currency corridors become cheaper whilst some corridors increase in price.
In recent years, a decision was made by the firm that prices would be based purely on the costs incurred which were relevant to the particular currency/country that were involved in your payment. Rather than subsidising certain routes with income made from other currencies.

So any cost savings Wise can make in Australia for example can be passed onto savings for consumers purchasing AUD. Transferring money from around the world incurs variable fees with Wise but they are as low as under 1 Euro for most destinations from Europe, and less than £1 for transfers from the UK. Payments from the USA are slightly higher at a cost of $4.77, though the US is notorious for having high payment fees – whether you pay by ACH or wire transfer. Just be sure to fully understand the pricing structure for your currency corridor, particularly if you are trading any exotics.

The pricing is so carefully modelled that not only is the size and speed of payment considered, Wise also alters their payment fee depending on where your destination of payment is. So any cheaper payout method the firm can employ, Wise can then pass this saving onto the consumer too.

Exchange Rates:
Here is the complete fee structure for payments sent in the currency specified below and converted to GBP (note payment fees and spreads can vary slightly depending on where money is being sent so be sure to use Wise.com’s online calculator first):

Currency SentWise.com Fee 2022 Q2 Updated
Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (46)
AUD

0.32% – 0.45%, depending on amount sent + $ 0.66 AUD fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (47)
BRL
2.09% – 2.14%, depending on the amount sent + R$ 4.26 BRL fixed payment fee.
Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (48)
CAD
0.39% – 0.52%, depending on the amount sent + $ 1.77 CAD fixed payment fee.
Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (49)
CHF

0.24% – 0.37%, depending on the amount sentr + 0.58 CHF fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (50)
CZK

0.28%-0.41%%, depending on the amount sent + Kč 4.73 CZK fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (51)
DKK

0.30% – 0.43%, depending on the amount sent + kr 2.32 DKK

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (52)
EUR

0.31% – 0.44%, depending on the amount sent + € 0.50 EUR fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (53)
JPN

0.6% of the amount that’s converted + ¥ 55.00 JPY fixed payment fee.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (54)
NZD
0.35% – 0.48%, depending on the amount sent + $ 0.41 NZD fixed payment fee
Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (55)
TRY
0.63% Fee + ₺ 7.98 TRY fixed payment fee
Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (56)
USD

0.31% – 0.43%, depending on the amount sent + $4.77 USD fixed payment fee

Compare Wise Money Transfer and Paypal Fees

As Wise, formerly TransferWise, is a completely “online” platform that enables people to send money abroad, it is often compared to Paypal, one the world’s largest online payment providers.

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (57)
Destination
Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (58)
Real Exchange Rate

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (59)

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (60)

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (61)
Australia

1 Pound is$AU1.73 AUD

1,707.33 AUD

1,650.30 AUD

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (62)
UAE

1 Pound is4.87 AED

4,793.55 AED

4,647.56 AED

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (63)
Canada

1 Pound is$CA1.71 CAD

1,682.04 CAD

1,630.82 CAD

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (64)
Switzerland

1 Pound isCHF1.33 CHF

1,323.19 CHF

1,270.00 CHF

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (65)
Eurozone

1 Pound is€1.14 EUR

€1,135.16 EUR

€1,089.53 EUR

Please note these are simulated prices and not the real rates and mistakes can occur in calculation or in our foreign currency exchange rate feed

Wise Fees 2021, 2022 vs TransferWise Fees 2020

Currency SentTransferWise Fee 2020Wise Fee Q1 2021Wise Fee June 2022
AUD0.31% – 0.41% + 1.14 AUD0.32% – 0.45% + 0.6 AUD0.32% – 0.45% + 0.6 AUD
BRL2.51% + 2.40 BRL2.55% – 2.6% + 1.48 BRL2.09% – 2.14% + 4.26BRL
CAD0.49% – 0.59% + 0.87 CAD0.46% – 0.59% + 1.77 CAD0.39% – 0.52% + 1.77 CAD
CHF0.22% – 0.32% + 0.64 CHF0.3% – 0.43% + 0.58 CHF0.24% – 0.37% + 0.58 CHF
CZK0.3% – 0.4% + 11.84 CZK0.33% – 0.45% + 6.50 CZK0.28% – 0.41% + 4.73 CZK
DKK0.26% – 0.36% + 5.29 DKK0.31% – 0.44% + 2.32 DKK0.3% – 0.43% + 2.32 DKK
EUR0.23% – 0.33% + 0.67 EUR0.28% – 0.41% + 0.50 EUR0.31% – 0.47% + 0.50 EUR
JPN0.63% + 185 JPY0.63% + 63 JPY0.6% + 55JPY
NZD0.27% – 0.37% + 2.12 NZD0.35% – 0.49% + 2.05 NZD0.34% – 0.48% + 0.41NZD
TRY0.4% + 7.46 TRY0.66% + 10.57 TRY0.63% + 7.98 TRY
USD0.27% – 0.37% + 1.23 USD0.31% – 0.41% + 6.25 USD0.31% – 0.43% + 4.77USD

The Wise pricing update in 2021 looked to have increased variable fees for a number of currencies when being converted to GBP. The fixed payment fees came down slightly vs 2020 but it’s the variable fee (processed as a %) which has a much larger impact on the price you have to pay for your transfer.

Compared to 2020, USD saw an increase in both the variable fee/spread and the fixed payment fee. The best rate possible on a USD transfer used to be 0.27% but , in 2021, it moved to0.31%. The fixed fee of $6.25 was much higher compared to the $1.23 fee in 2020, though it is still some way short of the $40+ US banks charge for international payments and this fixed fee has come back down to $4.77 in the 2022 update.

The 2022 update for Wise money transfers hasn’t seen a huge change to pricing but it has impacted some important corridors. Payments sent from GBP and EUR have become more expensive and bearing in mind a large majority of Wise’s 6 million customers are based in the UK & Europe, this is likely to have a big impact. A payment from EUR to GBP used to be capped at 0.41% but is now capped at 0.47%. A payment from GBP to EUR used to be capped at 0.35% but could now be up to 0.41%.

Despite the changing nature of fees over the last couple of years, the exchange rates offered by Wise currency transfers are among the best in the business, and in no way comparable to other remittance companies (i.e. companies with low minimum transfers used by overseas workers to transfer money abroad to families). For instance Ria Money Transfer and Transfast’s margins are around the 2-3% mark!

In some particular countries, Wise is cheaper (for example, the UK), while in Canada and the USA, it is great, but not as cheap as in other countries. Wise is a good option for sending money to/from some traditionally difficult markets for remittance, such as India and Indonesia, where brokers will traditionally charge you a much higher fee.

In some countries, like Brazil, Wise is making strides to reduce the overall cost of transfers but we’re sure Wise hasn’t been able to reduce fees by as much as it would like. These are currencies that are usually more expensive to transfer money from anyway (“exotic”) and at 2.14% the offering from Wise is a little below the 2.5% average in the market. As always Wise tries to give you savings where possible though – a payment from the UK (GBP to BRL) attracts a spread of 1.18%, whereas flip this and make a payment from Brazil (BRL to GBP) and you’ll see a spread of 2.14%. That’s why it’s always worth using the Wise free pricing calculator so you’ll know exactly how much you’ll need to pay.

Can Wise Continue to Honour its Low-fee Approach now its Publicly Traded?

The reasoning provided by Wise for its recent price hikes to GBP and EUR in June 2022 was that they themselves were starting to incur higher costs from banks and other providers in these regions. Whilst we have no reason to doubt this, we can’t help but wonder if the company will soon start to come under pressure to boost its returns now that it is publicly traded. Since its listing in July 2021 the Wise share price has fallen by more than 50%. Originally trading at 880p, the share price peaked at 1150p a couple of months after launch, before it gradually slumped to 361p in June 2022. Some markers point to a positive trajectory – volumes are increasing, turnover is increasing and so too is Gross Profit. Crucially, however, the firm’s net profit margin has reduced. Wise CEO and co-founder Kristo Käärmann has always had a steadfast commitment to drive the cost down for the end consumer but 2022 could prove his toughest test of nerve to date.

Is it possible to beat Wise’s rates with popular currencies like Euro, USD, AUD?

The fact that Wise is transparent and straightforward is generally very positive, but it is the company’s disadvantage when it comes to high volume transfers. Due to the fact that other companies like Currencies Direct have flexible pricing models, if the transfer is over GBP 25,000 (or equivalent in another currency), it is likely that they could offer cheaper rates than Wise. However, it’s always recommended to use Wise as a benchmark before you approach other recommended companies and negotiate your price.

TransferWise First Trade Free

If you’ve been invited by an existing customer then Wise offers new clients the chance to conduct their first trade for free up to a certain cap (the purpose of this is to check how the system works rather than moving tens of thousands abroad without paying a dime).

.

Booking a Trade? Pay Attention to the Exchange Rate Lock

Wise/TransferWise does offer a guaranteed rate for all of its transfers and will guarantee a clients rate for 24 hours for every currency except: AUD, BGN, BRL, CAD, CHF, EUR, HKD, HRK, JPY, RON, and SGD, where the rate is guaranteed for 48 hours. As long as Wise receives your money within that period, you’ll get the guaranteed rate.

Sometimes, however, it’s important for the recipient of a transfer to know exactly how much money they will receive even if you pay after the expiry of the guaranteed rate.

(Video) TransferWise (Wise) Review - International Money Transfer made easy 💸

In order to secure the rate you see online you’ll have to ensure the amount lock icon is displayed on the Wise/TransferWise online platform and pay a 3% deposit of the total value of the transfer. If you don’t do this, and funds arrive to Wise later than 24/48 hours (depending on the currency), the rate will be determined at the time the money arrives at Wise, and not when the transfer was initiated. This means that due to fluctuations (and Wise/TransferWise is not even benefiting in this situation either) you could achieve a worse rate than you expected. Wise would then use some of your 3% deposit to make up the value of the transfer and ensure the same amount is received. Otherwise payments could end up lower than the agreed sum, which will require a second transfer or even cause a payment to be void.

On the flipside, if the rate improves after the initial 24/48 hour settlement period has expired, then Wise will refund the 3% deposit and possibly even more depending on how much the rate has changed.

Get Current Rates

View Top Alternatives

Limits:Wise.com has variable limitsfor each currency route.

<
Currency
Limitation
Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (66)
NZD

NZD 85,000

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (67)
AUD

AUD 1,500,000

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (68)
USD

USD 1,500,000

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (69)
EUR

EUR 1,200,000

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (70)
RON

RON 5,300,000

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (71)
SEK

SEK 1,000,000,000

Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (72)
CAD

CAD 70,000

Conclusion:

Wise, formerly TransferWise, is cheaper than almost any competitor when it comes to small or medium-sized transfers inside Europe. Its 0.3%-0.5% margin on major currencies, with small payment fees, represents an average saving of approximately 0.5%-1% against the average quote from other companies for small transfers.

With some destinations, it is not necessarily the cheapest even for smaller transfers, but as long as the margin is at 1% or less, it will be around what other companies are offering.

For large transfers their pricing system is definitely beatable by traditional FX institutions, such as Moneycorp. Furthermore, some destinations like Canada, Australia or New Zealand have transfer limitations that prevent sending large amounts with Wise (or sending it in several instalments).

To summarise, this is a very good choice for remittances and small transfers. The company specialises in European corridors.

97% Fees, Exchange Rates.

View Rating Summary

Global Reach & Service

Research:

Dedicated Dealer: No.

Offices: Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (73) UK (2 Offices) Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (74) Belgium Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (75) USA Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (76) Australia Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (77) Estonia Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (78) Hungary Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (79) Japan Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (80) UAE Brazil Is Wise Safe? Wise Money Transfers Review (TransferWise Review) (81) Ukraine Malaysia Singapore

Ways to approach:Email, Chat or Telephone

Translations: Italian, French, Russian, German, Spanish, Portuguese, Polish, Hungarian, Romanian, Turkish, Japanese.

Accepts Clients:Listed Below.

Currencies Handled: 49 – 21 you can both BUY and SELL + an additional 28 currencies BUY ONLY (i.e. send money to)

Client Reviews:Love the support team.

Conclusion:

Wise has a very unique model when it comes to international money transfers. Other companies are usually more oriented towards a dedicated service and appeal mostly to clients who want to transfer £5,000+, and specifically focus on clients who need to move tens or hundreds of thousands of pounds. Wise, however, provides sharp margins to everyone and encourages clients of all sizes to use their system, while not offering dedicated dealers, hedging or any of the “complicated” options for large private clients or business clients.

That creates a situation in which Wise Money Transfers is a great solution for people who want to conduct smaller transfers and is a valid solution for those who need to move large amounts abroad – but not every person who wants to move big volumes is happy to do the entire transaction online.

New on TransferWise :

  • Wise is now supporting the USD / MXN Corridor
  • Wise is now accepting Canadian clients
  • Wise launches local CAD Wise bank accounts (Feb 2021)
  • Wise launches Wise debit card in Canada + Brazil (2022)
  • Wise multi-currency account launched in Malaysia (2022)
  • Wise has a new office in Australia (Sydney)
  • Wise has a new office in Brussels (Belgium)
  • Wise has a new pricing model

Clients accepted from:

ContinentCountries
EuropeAustria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey and the UK
AmericaAll US states except Hawaii and Nevada, Brazil, Canada
Australia and OceaniaAustralia, New Zealand
AsiaHong Kong, Japan, Malaysia, Singapore, UAE
AfricaMorocco, South Africa

85% Global Reach, Availability, Service Score

View Rating Summary

Additional Functionalities

Hedging:

None. Spot contracts (instant currency exchange) only.

Wise Debit Card:

The Wise debit card is available to both private and corporate clients, for use online and in-person at any mastercard accepting merchant around the world. Simply preload funds into your wise bank account and spend anywhere in the world with the wise debit card.

Wise Multi-Currency Account (formerly Wise Borderless Account)

The wise account allows clients to both make and receive payments and hold balances in over 40 currencies. In 10 countries, the Wise bank account is held in-country. For example a EUR account is held in Europe and includes a European IBAN account number, a USD account is held in the USA and comes complete with a US routing number and a GBP account has a UK account number and sort code. This makes it easy to make payments like a local and avoid excessive international transfer fees. The other 40 or so Wise bank accounts, which are not held locally, have a UK account number format and IBAN and are based in London. The Wise multi-currency account can also be used to transfer money from PayPal directly to Wise (TransferWise).

Below is a recap provided to us by Wise explaining the entire functionality offered by the Wise multi-currency account:

  • Make international payments up to 19x cheaper than PayPal and up to 8x cheaper than regular banks
  • Pay invoices and suppliers, buy inventory, handle payroll, in 70+ countries
  • Make up to 1000 payments in one go via a batch CSV file or automate payments via API
  • Send USD, EUR & GBP payments to recipients all over the world eg. USD payments to Chinese suppliers
  • Receive payments into a Wise bank account from overseas without high recipient or conversion fees – including platforms like Amazon and Stripe
  • Get unique account details for UK (including UK account number and sort code), Europe, US (including US routing number), Canada, Singapore, Australia, New Zealand, Hungary & Turkey
  • Hold and convert between 50+ currencies all through one Wise account
  • Synch your Wise accounts with Xero, QuickBooks & FreeAgent
  • Allow your team to spend online and in-store with the Wise business debit card, spend personal balances as a private user with a Wise debit card
  • Add team members to help with reporting and payments via multi-user access
  • Make & handle payments via desktop or mobile app on Android & iOS

For Online Sellers and Freelancers:

“Request Money” functionality – an option to send a payment request through the Wise system that auto-generates a link enabling the person/company sending the payment to move money via Wise.com easily into your Wise bank account, similar to Payoneer’s receive money system.

Rate Alerts:

Although you can’t book a forward contract with TransferWise you can set up rate alerts to understand when the market has hit certain parameters. Just remember the onus is then on the client to book a trade through the system at the desired rate.

Wise.com App:

An intuitive and attractive app, which receives a 4.5 / 5 rating from over 108,000 user reviews on Google Play. The app focuses on the actual functionality of sending money, and does so well, with very few bug reports. Customers can also view their Wise account balances and convert currencies between their different Wise bank accounts.

Mobile Transfers in Australia:

Wise has announced that it will enable clients in Australia to send and receive money using only their phone number (without having to fill in a bank account number).

Conclusion:

The app is definitely ideal for immigrants and expats who are sending money constantly. However, using hedging tools such as forward contracts, and limit orders, is really problematic if you want to use Wise for a large transfer (or for your business). There’s very little offered by Wise.com besides sending money using credit cards, or bank transfers.

67% Added Values Score

View Rating Summary

(Video) TransferWise Borderless Account Review - Should You Use it?

FAQs

How reliable and trustworthy is TransferWise? ›

Yes it is. It is very safe to use to send and receive money from overseas. Wise (formerly known as TransferWise)is a money transfer service send and receive money from millions of customers worldwide. They offer close to the mid market exchange rate with a transparent fee structure.

Is Wise a good service? ›

However, Wise has a well-established reputation for providing a cheap and reliable service. For now, it is a great choice when most of your money is in a less popular currency. Wise's fee transparency is remarkable, you can easily find the cost of any feature you might use in advance on their website.

Is my money safe with Wise? ›

We're an e-money institution. We're required to keep your money safe and protected, and we do this differently to conventional banks. Unlike banks, we do not lend out customer money. Instead of protecting your money in a financial protection scheme (like FSCS), we safeguard your money.

Is TransferWise legal? ›

United States. Wise US Inc. is registered with the Financial Crimes Enforcement Network (FinCEN) and renews its registration annually. It is licensed as a money transmitter in the states listed here, and supervised by regulatory authorities in each of those states.

Can I use TransferWise as a bank account? ›

The great thing about your TransferWise borderless account is that you can use it just like a bank account in many cases, like making payments with your TransferWise debit card (currently available for those in EEA).

Is Wise like Paypal? ›

The main difference between Wise and Paypal is that Paypal adds a markup of around 3.5 – 4% on top of the mid-market rate, depending on the currency while Wise adds no markups on the mid-market rate. When you're looking for the best way to send money.

What is the best company to transfer money internationally? ›

5 Best Ways to Send Money Internationally
  • Wise.
  • OFX.
  • Xoom.
  • MoneyGram.
  • Western Union.

How good is TransferWise? ›

“After money has been received by TransferWise, it takes approximately 2 days for the recipient to receive. It would be better if it was delivered faster.” All in all, though, Wise scores very well, with a TrustPilot TrustScore of 4.6 out of 5.

Who owns TransferWise? ›

Taavet Hinrikus

Does TransferWise have buyer protection? ›

You can now add protection to your payments before you send money. To do this, Wise pays an additional fixed fee to our partner so that they instruct the intermediary banks to charge any fee directly to them rather than taking it off the payment that you send.

Will my bank charge me for using TransferWise? ›

And you won't be charged any additional international transfer fees by your bank. You send TransferWise your money locally. And then local people just like you who are sending money the other way end up funding your transfer to your recipient in another country.

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