What is Wise?
Wise (formerly TransferWise) is an international money transfer platform known for offering transparent, low-cost currency exchange and cross-border payments. Established in 2011, Wise enables individuals and businesses to send, receive, and manage money in multiple currencies with mid-market exchange rates. The service is accessible via web and mobile apps, supports over 40 currencies, and operates in most countries, including the US and the Eurozone. Wise also provides multi-currency accounts, debit cards, and business accounts. Its focus on clear fees and real exchange rates distinguishes it from many traditional banks, making it a popular choice for freelancers, expats, and international businesses.
How to use Wise?
- Sign up for a Wise account online or on the app.
- Verify your identity with required documentation.
- Enter the amount and select currencies for the transfer.
- Add recipient’s bank details.
- Pay using a bank transfer, card, or alternative methods.
- Confirm and track your transfer in real time.
The pro's of using Wise
- Transparent fees and uses real mid-market exchange rates.
- Supports over 40 currencies and widely available globally.
- Transfers are fast, often within one or two business days.
- Provides multi-currency accounts and a debit card option.
- Regulated by financial authorities in key markets.
The con's of using Wise
- Transfers can be slower for less common currency routes.
- Cash pick-up and in-person payments are not supported.
- Some bank partners may levy additional receiving fees.
- No traditional credit line or overdraft options available.
- Large value transfers might require extra verification and processing time.