TrustRadius Insights for Wise are summaries of user sentiment data from TrustRadius reviews and, when necessary, third party data sources.
Pros
Easy-to-use Platform: Users have consistently found the platform to be easy to use, intuitive, and user-friendly. Many reviewers have stated that they didn't encounter any difficulties or complications during the transfer process. The visually appealing user interface and easy navigation further contribute to a positive user experience.
Low Fees and Transparency: Reviewers appreciate the transparency and low fees offered by the platform. They find it to be a cost-effective solution for their money transfers, especially compared to traditional banks. Many users have mentioned that the platform provides accurate conversion rates and doesn't have any hidden fees, making it a reliable choice for their financial transactions.
Timely Completion of Cash Transfers: The timely completion of cash transfers is frequently mentioned as a positive aspect by users. They are satisfied with the speed at which their transfers are processed and receive their funds promptly. This reliability in transferring money contributes to a positive overall experience for users.
We use Wise (formerly TransferWise) in our web design business to send and receive funds through their service. Their exchange rates are way better than those offered by many other providers and local banks. Fast and reliable transfers with the lowest possible fees are essential for a business. We’re happy with Wise so far and plan to keep using them in the long term.
Pros
Sending money abroad
Receiving money from abroad
Great transfer rates
Very good and easy to use web interface
Provides a handy credit card
Really nice mobile app for online usage
Cons
It's hard to tell anything, but a UI is never perfect.
Sometimes we had issues with confirming payment with the mobile app when paying with the Wise credit card.
While they still save you money, their fees went up a quite a couple of times already.
Likelihood to Recommend
Wise is a great option to take in deposits and payments for services offered online. In our case, we do web design & development, branding, graphic design & all kind of visual design services. Our clients are often abroad, and Wise helps us to receive funds quickly with very low transfer fees. When our clients don't know about Wise, we refer them to the service and send a few instructions on how to make a transfer. Wise it is less appropriate when we receive or send funds from our country. In this case, the bank fees are often less than what Wise would charge for the same transfer.
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.
Pros
Direct Bank Payments
Faster than most other
Lower fees
Cons
Verification process is weird
Depositing amount could be tough
They don't allow a lot of cards, weird
Likelihood to Recommend
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.
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.
Pros
Timely cash receipt
Timely cash transfer
Easy to use Dashboard
Cons
Continue to expand the currencies allowed for inbound payment.
Likelihood to Recommend
An outstanding solution for any global consultant/advisor to manage cash receipts and payments.
The organization used transfer wise to pay near-shored contractors.
Pros
Reliable payments
Low transfer charged
Easy to use
Good customer service
Cons
sometimes deposits money in strange and multiple intervals
sometimes has trouble working with certain banks
Likelihood to Recommend
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.
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.
Pros
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
Cons
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
Likelihood to Recommend
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.
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.
Pros
Low transfer fee
easy to use
international transfer
Cons
More integration with other tools
easier to connect to bank directly
sending invoice directly from TransferWise
Likelihood to Recommend
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,
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!
Pros
currency conversion
online banking
Cons
clear fees
great FX rates
Likelihood to Recommend
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.
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.
Pros
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.
Cons
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.
Likelihood to Recommend
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.
We use it to pay contractors in foreign currencies. Our banks didn't provide foreign currency payment capabilities.
Pros
Setup is easy.
Clearly indicates rates & fees.
Locks in rates for a specified amount of time.
Cons
It was a little hard to set up with our bank account.
Likelihood to Recommend
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.
