Wise

Wise
Formerly TransferWise

Customer Verified
Top Rated
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Score 9.0 out of 100
Top Rated
Wise

Overview

What is Wise?

Wise, formerly TransferWise, from the company of the same name headquartered in London, provides international accounts and payment solutions for businesses. Wise helps businesses pay international invoices, vendors, and employees with the real exchange rate, in 80 countries, boasting cheaper...
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Pricing

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What is Wise?

Wise, formerly TransferWise, from the company of the same name headquartered in London, provides international accounts and payment solutions for businesses. Wise helps businesses pay international invoices, vendors, and employees with the real exchange rate, in 80 countries, boasting cheaper rates…

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  • Premium Consulting / Integration Services

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Product Demos

How Wise Works | Send Money Abroad
01:36
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Product Details

What is Wise?

Wise, formerly TransferWise, from the company of the same name headquartered in London, provides international accounts and payment solutions for businesses. Wise helps businesses pay international invoices, vendors, and employees with the real exchange rate, in 80 countries, boasting cheaper rates than traditional banking options. It also helps to make faster, lower-cost payouts to all business customers, freelancers, employees, investors, and suppliers around the world.

Wise Video

How Wise Works | Send Money Abroad

Wise Integrations

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Wise Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo

Frequently Asked Questions

Wise, formerly TransferWise, from the company of the same name headquartered in London, provides international accounts and payment solutions for businesses. Wise helps businesses pay international invoices, vendors, and employees with the real exchange rate, in 80 countries, boasting cheaper rates than traditional banking options. It also helps to make faster, lower-cost payouts to all business customers, freelancers, employees, investors, and suppliers around the world.

PayPal Payments Pro, Rapyd, and TheGuarantors are common alternatives for Wise.

The most common users of Wise are from Small Businesses (1-50 employees) and the Information Technology & Services industry.
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Comparisons

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Reviews and Ratings

 (43)

Ratings

Reviews

(1-23 of 23)
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Faisal Ahmed | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
I started using Wise by reference from a client from the US (back when it was named TransferWise). As I am a freelancer I needed to get paid by clients from different countries, and as PayPal still isn't allowed in Bangladesh, I was using Payoneer mostly. That was a problem and as a result, I was in search of some alternates to go along with Payoneer. And, there was Wise! Helped me to get paid by a few of my clients to directly my bank account.
  • Direct Bank Payments
  • Faster than most other
  • Lower fees
  • Verification process is weird
  • Depositing amount could be tough
  • They don't allow a lot of cards, weird
Wise is well suited for me, for people from Bangladesh who have a lesser number of options as Bangladesh don't have things like PayPal or Venmo. Probably won't be as effective as it is for us for people from other countries. Also, the verification process hampers its effectiveness for people from Bangladesh too.
Score 10 out of 10
Vetted Review
Verified User
I use the system for receipt of payments on invoice payments from my clients in multiple currencies and management of funds transfers. The system/service is very easy to use, very effective at the receipt and cash management, and very timely. This makes it very simple for my clients to pay me in multiple currencies without the need for bank accounts in various countries.
  • Timely cash receipt
  • Timely cash transfer
  • Easy to use Dashboard
  • Continue to expand the currencies allowed for inbound payment.
An outstanding solution for any global consultant/advisor to manage cash receipts and payments.
Score 7 out of 10
Vetted Review
Verified User
The organization used transfer wise to pay near-shored contractors.
  • Reliable payments
  • Low transfer charged
  • Easy to use
  • Good customer service
  • sometimes deposits money in strange and multiple intervals
  • sometimes has trouble working with certain banks
The program works well for us transferring payments to those near shore on a bi-monthly basis. It was easy to set up and use. I do think that as the contractor base grew they had a harder time keeping up with the number of transactions at one time.
Jenson Teo (赵俊杰) | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Problem we faced to grow our business and operate internationally are the high fees, hefty admin, and headache of a local bank. With transferwise (fintech solutions as they are not a bank), we managed to lower the fees and admin fee for our transactions. Also Transferwise helps to automate our international payouts and we can integrate transferWise with our exisitng platform. Transferwise is also regulated by the Monetary Authority of Singapore (MAS) so it gives us a peace of mind when we are using it.
  • Easy to set up (within minutes)
  • Safe to use as it is regulated by the MAS
  • A small fee to convert currencies in our account and no hidden fees in the rate they offer us
  • Takes a longer time to reach customer service
  • Need to work on a better UI/UX design
  • Can be quite confusing at first on how it works as we thought they are a bank
For a small business looking to expand internationally, transferwise offers lower admin fee and no hidden fee which is very important. It also remove the hassle and headache of setting up accounts with the local banks. Other than the low fees, the best part is we can use transferwise safely with a peace of mind as it is being regulated by the MAS. Lastly, any small business can set up their transferwise account within minutes which is very convenient.
Score 10 out of 10
Vetted Review
Verified User
It helps with the payment process of my company. Allowing me to pay a freelance contractors or receive payments from other contractors as well. It allows a digital way of collecting funds. It is a really flexible way to get funds transferred internationally without worrying about transaction fees, or finding the right currency, or security.
  • Low transfer fee
  • easy to use
  • international transfer
  • More integration with other tools
  • easier to connect to bank directly
  • sending invoice directly from TransferWise
I really like TransferWise as it is really simple. It allows for lots of funds transfer at a lower rate as compared to Stripe and Paypal. However the down site to it is that it requires the other party to have TransferWise as well. It can definitely use but on a business standpoint, a lot more need to be done from an accounting perspective,
Syed Aamir Ali | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Reseller
I am an IT professional therefore I use Wise for all financial transactions towards my project's payments being sent by clients and vendors. My main problem was to receive payments from all around the world with all types of currencies and I found Wise where I am able to open any currency account in one click and share the account details with my client to send the payment as a local transfer. I am able to save a lot of fees and transfer time in this case which is a perfect solution for me at this time completely.
  • Providing all currency account in one click.
  • Sending amount to anywhere in the world in one click & seconds in time.
  • Receiving amount from anyone in one click & seconds in time.
  • Debit cards facility available for my country Pakistan as well.
  • Provide Credit cards for some best customers where they can be offered some amount on credit which can be adjusted towards the balances recieved.
  • Business to Personal and Personal to Business should be possible and easier which is not at the moment.
Many of my clients are residing outside Pakistan and Wise helps me send the amount to them within no time and in a few steps. Plus the point is it gives no very fewer fees deduction while sending and receiving. Only I face issues while sending from personal business or receiving from personal to business accounts.
Miriam Lasar, MBA, CAE | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
This is a great online currency conversion/online banking service. You can have money deposited into this website's account, and convert it to multiple foreign currencies, and transfer those funds to traditional banks all over the world. This website has an easy to use interface and their customer service is decent as well. They offer personal and business accounts. They also offer a credit card I believe. I have used others and highly recommend transferwise!
  • currency conversion
  • online banking
  • clear fees
  • great FX rates
TransferWise's website will convert currencies and send you easy to follow tracking information. You can receive money, convert that money and send that money to multiple places around the world.
Sarah Daggett | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
My use of TransferWise has been personal. My father passed away in the Fall of 2020. One of my siblings lives in Japan and it was necessary to find a way to transfer his inheritance to him. TransferWise was not only very easy to use but was lightning fast. I've sent traditional international wires, which usually require multiple days to make it overseas. TransferWise has a domestic office that serves as a go-between for transfers. So, even though the money I was sending was going international, the wire was domestic. This made it cheaper on the sending bank side (domestic wire transfers were less than international transfers). But best of all, the money was sent and released to my brother within one business. That's incredible! I used TransferWise several times to move funds over to him and would use it again any day.
  • Quick - because funds are transferred domestically, even when going international, you don't have to wait long.
  • Easy - the printout of what information I needed to give the sending bank was complete and easy to understand.
  • Affordable - the fees on both ends were minimal.
  • Popularity - the bank I took the form to regarded it with suspicion at first. They had never heard of TransferWise and I had to wait for a while for them to authenticate it.
As long as both entities involved in the transaction have an account and communicate well, I see TransferWise working quickly and effectively in all situations.
Score 7 out of 10
Vetted Review
Verified User
We use it to pay contractors in foreign currencies. Our banks didn't provide foreign currency payment capabilities.
  • Setup is easy.
  • Clearly indicates rates & fees.
  • Locks in rates for a specified amount of time.
  • It was a little hard to set up with our bank account.
Transferwise is great if you need to pay contractors or vendors in foreign currency. It's easy to use and pretty quick to get the payment to them. It's less expensive than Bill.com or banking software.
Score 9 out of 10
Vetted Review
Verified User
It was useful to easily transfer money across countries that use different currencies, being the transaction cost lower than using our bank.
  • Good user interface.
  • Cheaper transaction cost when working with different currencies.
  • Fast transfer, always on the estimated time or earlier.
  • Good communication with the customer so you always know where your money is.
  • For large money transfers, the tax is a bit expensive so it would be nice if that was adjusted or if there was some economy of scale.
  • Ability to schedule recurring transfers could be useful.
  • Be able to transfer money by using a mobile phone number, like with Mobile Pay or Bizum, when the sender and receiver of the money are in different countries.
Transferwise it is great for transferring money across countries (never for transfers within the same country) and when the countries in question use different currencies. It is very quick, especially if the amount is not big. For larger amounts, it would take longer so it would be good only if you are not time-constraint.
Score 10 out of 10
Vetted Review
Verified User
We occasionally contract with theatre teachers who are based overseas to provide Zoom classes. We needed to find an affordable and efficient option to pay these teachers. So far, we have only used TransferWise to pay an instructor in the U.K. Ease of setup, low fees, timely completion of the transaction, and a favorable exchange rate were major decision criteria.
  • Ease of setup.
  • Low fees.
  • Timely completion of transactions.
  • Favorable exchange rate.
  • More clarity on time required to verify a new payee's banking information.
  • Discount for nonprofit organizations.
  • Notification when transaction is accepted by the payee's bank.
Our experience with TransferWise has been limited, so far, to making international payments to overseas contractors. It is very well suited to this use case. Because there is some setup time to verify the payee's bank account, it is not well suited to any situation where you must make an immediate payment. But, once the payee is verified, the transfer does take place within a period of hours. Note that if the receiving bank is not open at the time of transfer, it can take longer than that for both payer and payee to be sure the payment went through. But if you are able to take some time for the verification process and the transfer process, it is extremely easy to set up your account, set up your payee, and transfer the money. The website is clear and user-friendly. The fees are clearly communicated as well as the exchange rate so that you know exactly what will be debited from your account. We were very pleased with our experience with TransferWise.
Corina Manea | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Living in Spain it's complicated to be paid by clients overseas. That's where TransferWise comes in. I discovered the platform more than 7 years ago and I loved from the beginning how easy it is to use. Ever since I started using TransferWise to be paid by my clients, I never had to worry about receiving payment for my services on time.
  • Send and receive money fast.
  • Notifies you for every transaction.
  • Small transfer commissions.
  • Easy to use in general.
  • I'd like to be able to use a "request payment" link without having to order the payment from my bank first.
I really like TransferWise. If you want to make international payments or receive international payments, it's pretty easy to use. It's also easy to set up an account. I like I can send and receive money regardless of holidays.
Bhabishya Bhatt | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
I use Wise to receive payment from my international clients for my freelancing works. And since I started using Wise, it has helped me a lot to receive the payment even more easily and in multiple currencies without having to open bank accounts in different counties.
  • It provided US bank account details which helps a lot while receiving payments from US clients.
  • It helps to maintain multi currency accounts which is another best feature it has.
  • It also has feature to request feature.
  • They provide card service which is amazing, but it's not available in my country. It would be great if they could provide it to my country as well.
If you are an individual or a small business owner who has international clients and wants payments from those customers then Wise is suited for them. It can help them receive payment easier and help prevent lots of fees.
Jason Rutel | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
I use it to pay my overseas contractors every week. It is the primary way that we pay our workers, and it makes sending their payments a breeze! It's easy for me, and it's easy for them. The important thing in using a payment processor is the ease of use, reliability, and that it saves money for both the employer and the employee. For us, TransferWise is the solution that does all of that.
  • Ease of Use
  • Low cost of transactions
  • Reliable transfer and timeliness
  • Setting up a recurring transaction would be great
  • It can sometimes be confusing to choose a type of currency that you are sending and they are receiving in.
If you are sending money overseas to contractors, it's a fantastic platform that solves the problem. I've been using it for over a year and it's been the best international transfer protocol that I've used. The other important factor is that my contractors don't have to pay high fees and get paid in a timely manner. I haven't found any scenarios for my situation where it isn't a good fit. Perhaps local transfers wouldn't be necessary via the platform.
Score 9 out of 10
Vetted Review
Verified User
We used TransferWise to be able to pay people who we work with and it has worked very well and is smooth. It has solved our issues of being able to make payments cleanly and easily. It has proven to work well for both parties.
  • TransferWise has helped us send money easily.
  • It has been received from people we have worked with easily.
  • The fees are transparent.
  • The conversion rates are accurate.
  • I would love if we could be able to send to additional countries.
  • Cut down on time to process payments.
TransferWise is well suited if you are paying people who cannot accept normal PayPal methods. If they can accept PayPal, it might be easier, but TransferWise opens up to additional countries, etc.
Score 9 out of 10
Vetted Review
Verified User
We use this tool to send money to individuals that we work with that may be located in different places other than the US. It makes the payment process super easier and conversion easy as well without charging a ridiculous amount for exchange rates.
  • It is a safe and secure platform and we have not had any issues with it.
  • Interface is easy and process of sending is seamless.
  • The conversion rate is not ridiculous and is actually what the conversion is.
  • Transparent and low fees.
  • The support could definitely be better and more available.
  • Besides customer support, I do not really have any complaints.
It is well suited if you are paying someone located in another country besides yours that is supported by TransferWise.
Luke Hall | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
I have been using Transfer Wise to make payments around the world. It makes it cheap and easy to reach bank accounts in many different countries.
  • Low fees
  • Reaches anywhere in the world
  • Fast transfer
  • Easy for receivers to enter their details privately
  • Secure
  • None so far
TranferWise is great for sending payments to any country in the world (so far I've used it) and the fees are incredibly low.

It's an amazing platform and I've enjoyed using it so far. Very quick to use and the platform itself works amazingly and looks fantastic.
Hugh Geiger | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
We use it to pay overseas contractors and vendors, reducing currency conversion and wire transfer costs. It's fast to set up and relatively painless to use. The recent addition of inline payment processing using Plaid has made it a much more complete solution.
  • Fast and simple to set up.
  • Reduced cost for overseas transfers verses traditional banks.
  • Volume discounts are only made on each transaction, not monthly values. You are penalized for many small transactions versus single larger ones.
  • Can be unintuitive to understand at first.
Best suited for occasional international payments or smaller intercompany transfers (where an external Forex broker is too much hassle).
Bhavya Aggarwal | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
TransferWise has made it very easy to manage USD payments from companies around the world and also managing payouts to employees/ contractors. Incredibly helpful, fast, and easy to use. The transfer fees and conversion rates are nominal and the process is very easy to manage.
  • International transfers.
  • Integrations with Stripe/Quickbooks to plan would be nice to have.
Suitable for receiving and sending large payments online in different currencies. We use stripe for smaller payments, but the transaction fees are very high for amounts more than $1000. For larger payments also, TransferWise charges a flat fee. Unfortunately, when sharing the transfer details with some companies, they do not accept them as a recognized bank—worked in most cases.
Dr Olivier Becherel - Leadership and Executive Coaching | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
We are using TransferWise to pay our overseas virtual assistant and also to get paid by international coaching clients. It provides a simple and effective way to transfer funds overseas and receive money from overseas clients with minimal bank fees.
  • Simple to set up
  • Clean user interface and easy to set up transfers
  • Can track the fund transfer and has a clear outline to the process and the steps
  • Get email notification of transfers
  • Can be used for personal account or business account
  • Minimal fees compared to banks
  • Good customer support
  • Easy to upload required documents to set up the account
  • Paused my transfer for verifications while I already uploaded the required documentation and did the same transfer multiple times prior
  • Paying overseas staff, such as virtual assistants or contractors
  • Receiving payments from international clients/customers directly in the bank account without heavy credit card fee and bank fees
April 08, 2021

TransferWise Review

Score 1 out of 10
Vetted Review
Verified User
It has been more than 15 working days since [TransferWise] blocked our UK company account with a balance of more than 69000€ which we need for our business. As with all the reviews I have read, they claim a due diligence period of 60 working days, i.e. 3 months, in order to comply with their legal obligation, which [I feel] is totally unrealistic and unjustified for due diligence!!!! [I believe] they closed our account without respecting the legal [two] months notice which applies to all financial institutions regulated by the FCA. Despite several emails, [I feel that] they continue to provide the same more or less standardized response without any justification or request from their compliance department. I have noticed on Trustpilot and other rating[s] websites that many other people or companies have significant funds blocked by Wise [...]
Please be [careful,] if you [open] an account with TransferWise [I feel] you must know that they can close your account without notice and [freeze] your funds, [I believe] without [valid] reasons.
February 15, 2020

TransferWise is the BEST!

Score 10 out of 10
Vetted Review
Verified User
We use TransferWise to send money overseas or to other clients/vendors here in the US. It makes transferring money in any currency a breeze and allows you to move money without handing over access to the business bank account. In addition, you can even get local banking details to receive funds locally in other countries.
  • International money transfers.
  • Domestic money transfers.
  • Time it takes to complete a transfer.
  • Multi-user/team management.
If you need to make repeated transfers to individuals overseas or domestically, TransferWise is a great solution. The borderless account feature allows you to accept and retain money in foreign currency or easily convert it to your preferred currency.
We haven't really had to engage with TransferWise support. The platform is simple and easy to use.
Marcelo de Vasconcellos | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
I live in Brazil, and sending money abroad has always been a hassle. Besides the bureaucracy, there are these expensive taxes for sending the money. Transferwise solves these problems beautifully. Right now, I am living in the Netherlands as a visiting scholar, sent by my institution in Brazil. Since I receive my monthly payments into a bank in Brazil, Transferwise allows me to effortlessly transfer the money to my Dutch account. The money arrives very quickly and, most importantly, Transferwise's taxes are significantly lower in comparison with those of regular banks. In addition, while in bank transfers you only know the exact value of the taxes after the transaction, in Transferwise the amount is clearly stated from the beginning, avoiding unpleasant surprises.
  • It makes really quick transactions. You can transfer money to any personal account abroad really fast.
  • Transferwise charges very little for their service, in comparison with regular bank transfers and traditional providers as Western Union.
  • It shows the charges for the transaction up front. Such a cost is fixed, avoiding unpleasant surprises afterward.
  • TransferWise (at the time of this review) does not allow one to transfer money to all kinds of business accounts. This can be a limitation for people who want to use it as a way to pay directly for goods and services.
  • Sometimes it has problems with some credit cards. But the most popular types are accepted without problems.
  • TransferWise accepts fewer currencies than other services. But it seems like this is a temporary problem, and the company is making efforts to support transferences to all of the currencies.
TransferWise is a practical way of paying employees abroad.
It can be used to pay for services and goods (but in most cases, the receiver must have a personal account).
Since most of the banks charge a small monthly fee for keeping an account active, TransferWise can be a cheap and fast way to make small transfers, helping people who need to maintain bank accounts in different countries.
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