What is Wise?
Wise (formerly TransferWise) is an international money transfer and multi-currency account platform designed for individuals and businesses. Wise allows users to send, receive, and hold money in multiple currencies with competitive exchange rates and transparent fees. It operates online and via a mobile app, offering global coverage with support for over 50 currencies. Wise emphasizes transparency, showing users exactly what they pay before completing transactions. It also provides a Wise debit card for spending and ATM access in various currencies. Regulated by financial authorities in multiple regions, Wise is widely recognized for its cost-effective cross-border payments and user-friendly experience.
How to use Wise?
- Sign up for a Wise account online or via the app.
- Verify your identity as required.
- Add funds to your Wise balance or link a bank account.
- Enter recipient details and select the currency.
- Review fees and exchange rates.
- Confirm and complete the transfer.
The pro's of using Wise
- Transparent, low fees compared to traditional banks.
- Real exchange rates without hidden markups.
- Fast transfers to many countries and currencies.
- Easy-to-use interface via web and mobile app.
- Multi-currency accounts and debit card available.
The con's of using Wise
- Certain transfers may take longer than instant services.
- Cash pickups are not supported, only bank transfers.
- Some countries and currencies are not available.
- Debit card is not accessible in every country.
- Customer support may be limited outside business hours.
