Wise Review – Overall score 9.4
Wise, formerly known as TransferWise, is a highly regarded money transfer service that provides reliable and cost-effective international payment solutions. With a solid reputation in the industry, Wise offers competitive exchange rates and transparent fees, making it a popular choice among users. The platform’s user-friendly interface and efficient transfer process have received positive feedback from customers. While Wise may not always be the absolute cheapest option, its pricing remains very competitive compared to traditional banks and other money transfer services.
What MoneyZoe appreciates about Wise:
What MoneyZoe considers as areas for improvement:
Wise is a leading player in the money transfer industry, offering users a secure and efficient platform to send money internationally.
Wise is an online money transfer service that allows you to send and receive money internationally. One of the most significant advantages of using Wise is that it is much cheaper than using traditional banks for international money transfers. Wise claims that it can save you up to 6x when you send, spend, and withdraw in over 40 different currencies, all in one account.
Sending money with Wise is straightforward and easy
First, you need to sign up for an account, which is free and can be done online or through the Wise mobile app. You can register using your email address or Google or Facebook account. Once you have registered, you can choose the amount you want to send and add the recipient’s bank details. For some currencies or large transfers, you may need to verify your identity by providing a photo of your ID.
Wise offers several payment methods to send money, including bank transfer, debit card, credit card, Pisp (Payment Initiation Service Provider), Swift, Apple Pay, and Google Pay. The transfer fee depends on your chosen transfer type, and there are no hidden fees. You can track your transfer in your account, and Wise will notify your recipient when the transfer is coming.
Wise also offers a physical card, the Wise card, which is useful for traveling abroad. You pay only a low fee on withdrawals after the first £200. Additionally, you can start shopping online and in person with a digital card that exists only on your phone or laptop.
Wise is an authorized Electronic Money Institution independently regulated by the Financial Conduct Authority (FCA) in the United Kingdom. This means that your money is safeguarded with leading banks and regulated by the FCA. Wise is also audited regularly, and they have a dedicated anti-fraud team to protect your money and data.
If you’re based in the UK or Singapore, you can earn interest on your account balance by investing in one of Wise’s Assets funds. There are two types of funds to choose from: Interest and Stocks.
Interest is a low-risk fund that invests in government-backed assets and offers a variable rate of return of 3.48%. Stocks, on the other hand, lets you hold a stake in some of the world’s biggest companies. However, it’s important to note that both options come with a risk and past performance doesn’t guarantee future returns.
The best part is that you can continue to spend and send money from your account like you normally would, while your money grows. There are no commitments, and you can switch between cash and Assets whenever you like, with just a few taps on the app. The switch is easy, and you can start with as little as £1.
Wise is transparent about how your money is invested. Each Assets fund is held in a separate account, so your money is ring-fenced and protected up to £85,000 by the Financial Services Compensation Scheme (FSCS) in the event of any issues.
Finally, there is a small annual fee for investing in the Assets funds. For Interest, the fee is 0.29%, and for Stocks, it’s 0.55%.
Wise Business Account: Take your business to new places
Wise also offers a Business Account that makes it easy to manage money globally for your business. With this account, you can transact anywhere seamlessly, without worrying about hidden fees or monthly subscriptions.
With local account details available in 10 currencies, businesses can receive payments from overseas customers at the same speed as someone who’s just across town, and with no hidden fees or monthly subscriptions, Wise is committed to offering complete transparency and affordability.
One of the standout features of the Wise Business account is the ability to give team members business debit cards to use overseas without foreign currency transaction fees. With spending limits on each card and the added bonus of 0.5% cashback, businesses can ensure they are getting the best possible rates for their spending.
Wise Business also integrates seamlessly with popular accounting software such as Xero, QuickBooks, and FreeAgent, which saves businesses time and effort on admin tasks. The dedicated fraud and security teams also work hard to keep accounts safe and secure, with 2-factor authentication to protect accounts and money held with established financial institutions.
Businesses can order cards for their team members for just £3 each, and the first card on the account is free with free standard delivery or £12 for express delivery. The account also allows for two withdrawals of up to £200 each month for free per account, with a charge of £0.50 per withdrawal and a 1.75% fee on any amount withdrawn above £200.
Businesses can pay a one-time fee of £45 to unlock local account details around the world, allowing them to receive payments in AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, and USD. Receiving money in AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, and USD (non-wire) is free, while receiving USD wire payments incurs a fixed fee of $4.14.
The price of adding money to a Wise Business account depends on the payment method chosen. Some ways to pay are free, while others have a fee. Bank transfers in the same currency are free, while sending money in USD or CAD incurs a small fee.
In summary, the Wise Business account is a cost-effective, efficient, and easy-to-use international business account with a range of useful features designed to help businesses grow without being burdened by high fees or hidden costs.
- Send money to 80 countries
- Best exchange rates
- Completely transparent
- 40% of transfers are instant, 80% are delivered within 24 hours
- Fully regulated and authorised by the FCA
- A listed company on the LSE
- Personal, business and enterprise level services available
- Payments arranged online and in-app only – no cash or cheque transfer options
- Fees and limits do apply, and can vary based on the destination country
- No branch network – all customer service is online and by phone
