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What is Wise?
Wise (formerly TransferWise) refers to an international money transfer company established in 2011 by Taavet Hinrikus and Kristo Karmann. This company is located in London but has offices in other parts of the world such as Japan, Hungary, Ukraine, the USA, and Estonia. Since it was launched in the year 2011, Wise has assisted more than five billion clients in making international money transfers. Wise is a money transfer platform that enables customers to receive substantial international payments without losing much money due to unfavorable exchange rates and excessive commissions. Apart from the online convenience, Wise offers additional services that help businesses make international payments to suppliers and employees. The company rebranded to Wise in February 2021, to reflect its expanded product offering beyond international money transfer.
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What service is Wise offering and how do I compare them?
Money transfers with Wise
Wise helps you spend, receive, and send money internationally to more than 70 countries at a low cost.
You can fund your transfers using several methods such as wire transfer, SWIFT, online bill transfer, credit card, Android pay, Apple Pay, SOFORT, debit card, and bank transfer. You must know that not all currencies and countries are compatible with all kinds of payments. Therefore, you have the responsibility of reviewing forms of payments that work perfectly for your country and the country of your recipients.
The Wise borderless multi-currency account
The borderless account offered by Wise refers to a multi-currency account to manage over 50 currencies. In addition, you can get local account numbers to receive money in 10 currencies.
Advantages of the Wise borderless account
- Easy to add new currencies and countries to the account
- You will be given a free debit card.
- There are no monthly charges, setup fees, or charges for sending and receiving payments.
- You will get a virtual local bank account that allows you to send and receive payments in various currencies and localities.
Disadvantages of Wise borderless account
- The borderless account does not cover all currencies and countries, but Wise is still adding more.
- As a highlighted above, when making external transfers to a bank account, you will be charged $1.30
- The debit card is only limited to European customers.
Is Wise safe?
Any bank and money transfer Institution must meet a strict criterion to make it trustworthy and safe in the eyes of the customers. Wise has high-level security measures which include:
- Wise uses the same practices adopted by banks in storing and encrypting customer information.
- Wise has 24/7 digital security experts who continuously monitor all transactions to detect fraud and other malicious activities.
- Wise adopts a two-factor authentication, which implies that other customers cannot access your account. Moreover, if you decide to use the Wise mobile application, you can switch on biometric features for additional security.
- According to the Financial Conduct Authority regulations, the clients’ funds are held in segregated accounts. Therefore, when you use the Wise platform, you will be assured that your information and funds are always safe.
Wise Customer Service
There is a possibility that you might face some challenges when using Wise to send or receive money. The good thing is that Wise has the best interface, which is easy to use and rarely to customers face transfer issues. However, in case you face any challenge, Wise has the best customer service team, which you can ever think of. Apart from being responsive, the team offers customer support in many international languages. Additionally, Wise does not use automated chats, which are highly frustrating.
Pros of Wise
- High-level security measures
- It has a mobile app that is easy to use.
- The daily sending limit is high
- Highly affordable compared to banks and other money transfer platforms such as PayPal.
- Flexible payment options
- You will not be required to maintain a minimum balance in your account
- Intuitive interface
- Easy sign-up process and fast verification.
Cons of Wise
- Automated clearing house payments might be slower due to the two-step verification process.
- It is not the best option, especially when making large transfers exceeding $100,000.
- Recipients are only supposed to receive cash from their bank accounts.