Wise, formerly Transferwise, is a highly reliable and transparent international money transfer service, offering competitive rates, fast transfers, and a user-friendly experience. Its global reach and positive user feedback make it a standout choice for individuals and businesses seeking efficient cross-border transactions.
Yet, Wise lacks some of the additional features and tools offered by alternative solutions for a more comprehensive financial experience using a bank account. Wise is worth considering if you’re looking for a straightforward solution specifically for sending money abroad.
Who is it best for?
Individuals who live and work abroad, and regularly make international transfers, can save a lot by transferring money with Wise and avoiding extra fees.
Introducing Wise
Wise is one of the most popular fintech solutions on the market. While it can fulfil a variety of financial needs, what truly sets it apart is its unique and transparent approach to international money transfers and currency exchange services, so it can fairly be classified as a money transfer platform, which is how it was originally launched.
Read on to learn more about Wise’s features, advantages, and potential limitations.
Types of Accounts
Launched primarily as a money transfer platform, Wise doesn’t offer many types of bank accounts specialised for specific purposes like traditional banks usually do. It offers a single, multi-currency account, which can be used for personal or business purposes.
Costs | Monthly ATM Withdrawal Limit | Monthly Wise Card Spending Limit | Monthly Free ATM withdrawal Limit | Money Transfer Limit | |
|---|---|---|---|---|---|
Personal | Free | £4,000 | £30,000 | £200 (two or fewer withdrawals) | £5,000,000 |
Business | £45 setup fee | £4,000 | £45,000 | £200 (two or fewer withdrawals) | £5,000,000 |
Wise Personal vs Business
As you can see, there aren’t too many differences between Wise Personal and Wise Business, and both of them provide a low-cost solution to sending and receiving money from abroad.
The Personal account caters particularly well to expats who work abroad and regularly send money internationally, while the Business bank account is tailored to meet the needs of companies seeking efficient business payment solutions.
Both of them facilitate international transfers using the real mid-market exchange rate, allow the user to hold over 50 different currencies, and send payments to over 70 countries worldwide. The main difference is that the Business account comes with a few technical advantages, such as:
Accounting software connection
Batch payments
Multi-user access controls
Receiving free Stripe and Amazon payouts
Wise open API
These advanced features are exclusively designed for businesses and provide benefits that regular users typically don’t need. On the other hand, these functionalities are highly valued by companies for the convenience they bring to financial operations.
Monthly Fees
Apart from the initial £45 setup fee required to create the Business account, Wise doesn’t charge any monthly maintenance fees. The Wise fee structure is highly transparent, and the platform shows the user exactly how much they will be charged for each transfer they make.
Other Fees
Here’s a quick overview of all the fees Wise charges its users.
Personal | Business | |
|---|---|---|
Sending Money | Varied, starting from 0.43% | Varied, starting from 0.43% |
Converting Money | Varied, starting from 0.43% | Varied, starting from 0.43% |
Withdrawing Over the Limit | 1.75% + £0.50 per withdrawal | 1.75% + £0.50 per withdrawal |
External Account Funding | 2% | 2% |
Invest With Wise | 0.55% (annual fee) | 0.55% (annual fee) |
Wise Card Delivery | £7 | £3 |
Once again, apart from the Wise card delivery fee, there are essentially no differences between the Wise Personal and Wise Business accounts.
Both of them follow the same transaction fee structure; Wise charges a variable fee for sending money (depending on the currency used) along with a currency conversion fee if the transfer is international.
Additionally, the total cost of the transaction is also affected by the type of transfer used (low-cost transfer, Wise money transfer, fast transfer, advanced transfer, Trustly, iDEAL, debit card, bank transfer, etc.).
Besides the usual transaction costs, Wise also charges users for withdrawals over the £200 fee-free monthly allowance, topping up external accounts like e-wallets, crypto, online gambling accounts, etc, and a yearly service fee for holding investment assets.
Eligibility Requirements
Unlike some other digital banking solutions, to verify their accounts, Wise requires its users to provide:
Photo ID
Proof of address
Picture of the user holding the photo ID
Tip: If you are an international student or expat who is in the UK for a limited time, use your passport to sign up for an account. Residence permits are temporary, whereas a passport is a permanent form of identification.
Business users need to provide additional documentation to verify their accounts, including:
Business name, entity type, registration number, and sector
Business registered and trading address
Photo ID and proof of address for the account representative
Business documents (which vary based on entity type)
Depending on the business entity type, Wise may also require the account representative to fill in information about the account purpose, provide a business website, and answer questions about the business description or industry.
Benefits & Additional Features – 7/10
While domestic and international transfers may be Wise’s bread and butter, the platform can offer much more, including benefits for spending abroad, earning interest on savings, investing in assets, and other additional features.
Wise Multi-Currency Account | Hold, convert, send, and receive money in more than 50 currencies |
|---|---|
Wise Debit Card | Spend money abroad at the mid-market rate; Free withdrawals abroad up to £200 per month |
Large Amount Transfers Discount | The more money you send with Wise, the smaller percentage fee you pay for transaction costs |
Wise Interest | Earn interest on the funds you hold in your Wise account |
Wise Assets | Hold money in different asset classes while being able to withdraw or spend it normally |
Advanced Features for Business Users | Accounting software, receiving payments, paying invoices, running payroll, batch payments, tracking expenses, API integrations, bank integrations, cards for employees |
Wise Multi-Currency Account
Wise's multi-currency account offers a powerful advantage – one account for multiple currencies. It allows users to hold funds in over 50 currencies and receive money from abroad with dedicated account details and IBAN for nine major currencies.
Users can also use their Wise account to transfer money abroad at a low cost, spend abroad with minimal charges, and exchange currencies at mid-market rates.
Moreover, the funds held on a Wise account can earn interest, and Wise users can even hold stocks instead of cash in their accounts. Overall, Wise's multicurrency account is more than a digital wallet. It’s a versatile and cost-effective solution that can serve multiple purposes.
For more options, visit our collections of the best multi-currency accounts, dollar accounts, and euro accounts for UK residents.
Wise Debit Card
For every Wise multi-currency account in the UK, Wise ships out a Wise card linked to it. It can be used for making payments and withdrawals both domestically and internationally while keeping transaction costs at a minimum.
Just like the Wise account, the Wise card also supports multiple currencies. When used abroad, the Wise card deducts funds in the local currency of the country you're in. For instance, if you're using it in India, transactions are debited from your Indian Rupees balance, eliminating the need for currency conversion and thus avoiding additional fees.
The Wise card can also be used to make withdrawals abroad free of charge. However, this comes at a limit of two withdrawals, not larger than £200 per month. Compared to some other services, these limits are a bit on the strict side. The delivery fee for the Wise card is £7 for Personal and £3 for Business users.
Large Amount Transfers Discount
Arguably, the best way to use Wise is to make regular international transfers and send large amounts of money each month. There are a couple of reasons for this.
First, Wise facilitates international transactions using the real mid-market exchange rates, which are the fairest possible prices any platform can afford to provide its users with, without going bankrupt. In contrast, most high-street banks, or some neobank services, use their own currency exchange rates, which naturally are higher than the mid-market rates.
Second, the more money you send using Wise, the better Monthly Volume Discount you get, a feature that rewards loyal and active Wise users. Depending on their monthly volume, Wise users can expect to get the following discounts:
Discount Rate | Amount |
|---|---|
0% | Between £0 and £100,000 |
0.1% | Between £100,000 and £300,000 |
0.15% | Between £300,000 and £500,000 |
0.16% | Between £500,000 and £1,000,000 |
0.17% | Higher than £1,000,000 |
If these discounts seem low to you, remember the sending money fee at Wise starts at 0.43%, so for amounts over £1 million, the fee is only 0.26%.
Wise Assets
Wise users have three options regarding the funds they hold in their account — keep them as cash, activate interest rates, or invest them into assets, or more precisely, stocks. This is also a relatively new feature at Wise and currently only allows investing in one fund.
That’s the iShares World Equity Index Fund, which is managed by Blackrock and follows the MSCI World Index. It includes stocks from some of the world’s biggest and most successful tech companies, like Microsoft, Apple, and Tesla. Obviously, investing money is riskier than saving them with interest, though investing in funds spreads this risk.
The annualised return of the MSCI World Index in the last 10 years is 9.29%, considerably better than the interest rates provided by Wise. However, if a user changes their mind and wants to transfer their funds back to cash, they can do so without any problems.
It’s worth noting that users can also spend or withdraw up to 97% of their invested funds, which is something we don’t see every day. The total cost of keeping your funds as assets is 0.55% of the invested amount, of which 0.40% goes to Blackrock, and 0.15% to Wise.
Advanced Features for Business Users
Some of the Wise features and benefits are only available for Business users. These include a range of tools and software enhancements that allow companies to use Wise in a way that is more convenient for running their business operations.
Using the Wise Business account, companies can easily set payrolls, facilitate mass payouts, track expenses, receive payments, etc. Additionally, using open API integrations, companies can use Wise to automate payments, workflows, and accounting. That being said, the biggest benefit of using Wise Business is the low-cost international transfers.
Companies with remote workers can leverage Wise's multi-currency capabilities to seamlessly pay employees across different countries while minimising fees. They can even get Wise cards for their employees, streamline the payroll process and make it completely hassle-free.
Saving & Interests Earned – 5/10
Wise’s take on savings is the standard approach of creating jars and placing money in them for different goals, utilised by most digital banking services nowadays. The funds put away in a jar are saved separately from the balance and can’t be accidentally spent or transferred.
Once a jar is created and money is allocated to it, the user can decide whether they want to activate the interest rate or invest the money in assets.
Wise Interest
Earning interest on savings is a new feature Wise introduced in late 2022, and it currently only applies to funds held in three currencies: GBP, USD, and EUR. As of yet, the platform has not made any announcements about making interest available for other currencies, but considering it’s a new feature, it’s definitely possible to add more currencies in the future.
Wise’s interest rate is variable, and it follows the rates of central banks, which, again, is better than what you may find with traditional banks, which set their own rates. At the moment of writing, Wise’s interest rates stand at:
GBP | 4.54% |
|---|---|
USD | 4.81% |
EUR | 3.06% |
*Rates applicable as of April 2024.
The best part about this feature is that Wise doesn’t restrict access to your funds for them to earn interest, and you spend your money normally while they grow.
Overdraft Limits & Fees – 0/10
Wise doesn’t allow overdrafts or any borrowing services.
Overseas Usage – 10/10
Exchange Rate | Mid-market rates plus an exchange fee varied based on currency starting from 0.45%. |
|---|---|
ATM withdrawal limit | £200 (two or fewer withdrawals) per month |
Transfer fee | Free transfers to other Wise users globally (in the same base currency). Card transfer fees vary based on the amount and currency. Fixed fee (around £4.50) plus a variable fee (around 0.47%) for international transfers. |
Using the Wise multi-currency debit card when spending abroad can certainly be convenient and affordable. Even if you don’t already have the same currency in your Wise account, you can exchange it for a low rate with a minimum of extra costs.
On the other hand, free withdrawals are simply too limited for Wise to be considered one of the best services for use overseas. While providing some advantages, it’s clear that spending abroad is not Wise’s main focus. The platform excels at facilitating international transfers, though for overseas usage, there are other, much better-suited services.
Usability – 8/10
Wise offers a user-friendly platform with a streamlined and intuitive interface that simplifies international money transfers. Its straightforward registration process, clear navigation, and transparent fee structure contribute to a positive user experience. The platform emphasizes security and real-time updates, enhancing trust and satisfaction among customers.
Wise Online Banking Review
Like all other digital banking solutions, Wise has to offer an excellent banking experience entirely online, as the platform doesn’t have a physical branch. With over a decade of experience, it feels like Wise knows exactly what the online client wants and does well to cater to online customers.
One of Wise's standout features is its exceptional transparency during transactions. Unlike other services that often hide fees and mislead users, Wise takes a refreshingly honest approach. Every time you make a transaction, Wise provides a clear and detailed breakdown, showing you the exact amount you're sending, the specific fee applied, and its type.
Design and Navigation
Wise's online banking is designed with users in mind. The website looks great, uses pleasing colours, and is easy to read and use. It’s uncluttered, and the features are logically grouped, so users can easily find what they need, even if they are visiting it for the first time.
There are clear call-to-action buttons that simplify initiating transfers, and the intuitive drag-and-drop functionality for document uploads streamlines verification processes. This attention to detail and thoughtful design choices collectively create a seamless and user-friendly online banking experience.
Login and Security Features
Wise’s website uses several layers of protection and strong security measures, like advanced encryption, to keep your information safe when it's being sent or stored. The platform's adherence to industry regulations and robust compliance measures ensures the highest standards of security.
Furthermore, Wise users benefit from multi-factor authentication, reducing the risk of unauthorized access. By requesting users to verify their identity more than once, the platform ensures no one can steal your identity and create an account in your name.
Wise App Review
Wise's mobile app successfully mirrors the user-centric principles of the desktop version and offers the same seamless experience on smaller screens. The mobile app's streamlined design optimizes limited space and successfully caters to the unique demands of mobile devices.
The intuitive placement of buttons and gestures ensures easy navigation and enables users to initiate transfers, track transactions, and manage accounts with minimal effort. The mobile app employs familiar design elements, enabling users to seamlessly transition between the desktop and mobile versions.
Finally, Wise on mobile is protected through a secure login process, supported by biometric authentication and personalized access controls. Regular security updates and adherence to industry best practices establish the mobile app as a secure and reliable platform for managing financial transactions on the go.
Opening a Wise Account
Signing up with Wise requires going through a standard registration process that includes providing personal information and identity verification documents. If you have the necessary documentation ready, you will be able to open an account and make your first transaction in less than five minutes.
Here’s a step-by-step guide on how to create your Wise account and order your Wise card:
Set Up Your Wise Account
Go to the Wise official website, or download and open the Wise app. Enter your email address, or choose to log in with Google, Facebook, or Apple ID.
At this point, you should choose whether you want to create a Personal or a Business account (learn the differences).
You should then enter your contact information. Enter your country of residence and phone number, and submit the verification number you received by text message. Create a password and tap Continue.
At this part, you are done with registering your Wise account.
Order Your Wise Card
Choose the Order Your Wise card option and fill in the form with your personal information (name, address, DOB, etc.). Choose the delivery option you prefer and customise your card as you wish. After you set up a four-digit PIN for your card, you can add funds using one of the available options (direct debit, debit card, etc.).
After you ordered your card, you should choose one of the available options to explain your purpose for using Wise.
Prove Your Identity
From this point on, you will be asked to upload proof of identity. Choose the country of residence where the document you will upload has been issued, and select which type of document will you upload to verify your identity.
Using your phone or a camera, take a picture of the document and then transfer it to your computer if you are registering on a desktop. Upload the file and click Continue. Once it has been verified, the money will be added to your wise account, and your card will be shipped out.
Please note that to send money from Wise, you will need to upload one more picture of you holding the same document you already uploaded in the first verification process.
Customer Satisfaction & Reputation – 8.9/10
Here’s what Wise users have to say about the platform.
Customer Reviews
Wise has an incredibly positive reputation among its users online, with excellent ratings on three of the largest reviewing platforms, Trustpilot, Apple App Store, and Google Play.
Trustpilot Score | 4.3/5 (over 193k reviews) |
|---|---|
App Store Score | 4.7/5 (over 47.5k reviews) |
Google Play Score | 4.8/5 (over 519k reviews) |
More than 80% of Wise reviews have a five-star rating, and that speaks volumes. Keep in mind, this is the feedback from over 750,000 users across three different platforms, which can definitely be considered as the realistic sentiment of Wise’s user base.
The app is particularly popular among Android users, almost 500,000 of which rewarded it with an over 4.8 stars rating. Wise users are happy with almost every aspect of the platform, highlighting the transfer speed, minimal costs, and the multi-currency nature of the service.
As for negative feedback, there are users who are unhappy with Wise’s proof of identity requirements and complained that the sign-up process is slow and overly complicated.
Customer Service
Users who may want to contact Wise’s customer support team can do so by live chat, phone, or email.
Phone Number | +44 203 695 0999 |
|---|---|
Email Address |
In addition, users who need help with a certain area of the service can try finding answers on the website’s extensive FAQ section.
Security
To provide a secure service, Wise operates under strict regulations, uses segregated accounts, and other stringent security measures.
FCA Regulated | Yes, registration number: 900507 |
|---|---|
FSCS Protected | No, but funds are safeguarded |
2FA | ✔️ |
Virtual Cards | ✔️ |
It’s authorised and registered under the FCA, which ensures compliance with financial regulations and enhances safety for clients. While it’s not FSCS protected, Wise’s customer funds are safeguarded through cash deposits in top-tier financial institutions and government bonds, providing an additional layer of security for users' money.
As for the Wise app itself, it employs two-factor authentication (2FA) to ensure that only authorized individuals can access and manage accounts, adding an extra layer of protection. Users who want to protect themselves from the risk of card-related fraud or misuse can also use Wise’s virtual card to make online transactions without revealing their actual card details.
Overall, Wise demonstrates a steadfast commitment to ensuring the security and protection of its users' financial interests.
Wise Alternatives to Consider
While Wise is a great money transfer platform, we understand that not everyone will be happy with it. If it doesn't fully align with your requirements, you might explore alternatives like:
Revolut – A versatile digital banking platform, which also allows holding multiple currencies, and has competitive interest rates as well as robust budgeting features.
Starling – Great alternative with better advantages for spending abroad, as it charges no fees for spending or withdrawing overseas.
Monese – The perfect solution if you want to avoid the proof of address verification process and still be able to send money internationally.
Ultimately, the choice between these platforms will depend on your specific needs. Whether it's seamless multi-currency banking, business-focused payments, or a mix of online transactions and money transfers, one of these services should suit you better than Wise.
