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…
Better transfer fees than those of the local banks' for abroad transfers
Worked very well for me, verification process could be better
Best Solution for Global Consultants/Advisors
Transferwise - Good and Hardworking Program
Transferwise - Your buddy for cross border transactions
TransferWise - Great Fees
Great Currency Conversion Service
Effortless Funds Transfers.
Transferwise makes it easy to send payments in foreign currency.
Use of Transferwise for easy and smart cross-currency money transfers.
TransferWise: A wise choice.
Best online money transfer platform
One of the best website to receive payments from international clients.
Seriously one of the best ways to pay your overseas workers!
Make payments easily with transparent fees
Awards
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Pricing
ATM Fees over 100 USD per month
2%
Accounting Funding transactions
2%
Receiving USD wire payments
4.14 USD
Entry-level set up fee?
- No setup fee
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
Starting price (does not include set up fee)
- $0.41 one-time fee
Product Details
- About
- Integrations
- Competitors
- Tech Details
- FAQs
What is Wise?
Wise Integrations
Wise Competitors
Wise Technical Details
Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
---|---|
Operating Systems | Unspecified |
Mobile Application | No |
Frequently Asked Questions
Comparisons
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Reviews and Ratings
(41)Community Insights
- Business Problems Solved
- Pros
- Cons
- Recommendations
TransferWise, also known as Wise, has been utilized by users to reduce transaction fees and administrative costs for international transactions. Freelancers have found it valuable for receiving payments from international clients in multiple currencies without the need for multiple bank accounts. Businesses have benefited from the ease of setup, low fees, timely transactions, and favorable exchange rates when paying overseas contractors through TransferWise. With its fast transfers and low fees, TransferWise has become an essential solution for businesses. It has also provided freelancers in countries where PayPal is not available an alternative option to receive payment directly into their bank accounts. TransferWise has simplified the process of sending money abroad by reducing bureaucracy and expensive taxes associated with traditional banks.
Users appreciate TransferWise for its clear and transparent fees that prevent unexpected surprises during transactions. Its user-friendly interface, decent customer service, and ability to deposit and convert funds into multiple foreign currencies are well-received. Users highly recommend TransferWise for its ease of use, speed, and cost-effectiveness in transferring funds internationally. The platform has proven to be a reliable and fast option for transferring inheritances across borders with lower costs compared to traditional wire transfers. In Spain, TransferWise has been trusted by individuals to receive timely payments from overseas clients without any hassles. Businesses have used it to pay overseas contractors and vendors while reducing currency conversion and wire transfer costs. Managing USD payments from companies worldwide and making payouts to employees and contractors have been made easier with TransferWise. The platform's flexibility and cost-effectiveness in transferring money across countries with different currencies are appreciated by users.
While most users have had positive experiences, some have raised concerns about account closures without sufficient notice, which they find unfair and unrealistic. Additionally, there have been reports of difficulties with customer support, including standardized responses and a lack of assistance from the compliance department regarding blocked funds. Nevertheless, the regulatory oversight by the FCA provides users with a sense of security and trust. TransferWise offers competitive exchange rates, allowing users to save money on currency conversions. Overall, TransferWise provides a convenient and user-friendly platform for managing and tracking international transactions, ensuring prompt and secure fund transfers. It has gained popularity among freelancers, remote workers, and businesses dealing with international payments.
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.
Slow and difficult customer service: Many users have expressed frustration with the slow and challenging nature of TransferWise's customer service, finding it difficult to reach support representatives and experiencing delays in resolving their issues.
Confusing user interface: The platform's user interface and user experience design have received criticism from numerous reviewers for being confusing and unintuitive. This has resulted in difficulties navigating through the platform and executing transactions smoothly.
Limited availability of card services: Users in certain countries have voiced complaints about the lack of availability of card services on TransferWise. This limitation restricts their ability to make payments using cards on the platform, causing inconvenience for those affected.
Users commonly recommend TransferWise for its effectiveness in crossborder transactions and receiving income in foreign countries. They suggest that it is particularly useful for personal transfers of small amounts, as well as for professionals, freelancers, and companies who need to receive money from different countries at low commission and without bureaucratic processes. While some users find TransferWise hard to beat for what it does, others express concerns about the service cost for transferring money, considering it expensive. Despite this, users generally recommend using TransferWise and believe there is nothing to lose.
Attribute Ratings
Reviews
(1-5 of 5)- 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
- 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.
- Sending funds
- Receiving funds
- Using the Wise credit card locally or abroad
- We can save around 5% on our transfer fees
- The online account management is easier than going into banks personally
- There's no negative impact...
- Stripe
- 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
- Saved a lot of time
- Made paying easier for some of my clients
- Negative: Verification took a long time.
- Negative: They don't support Payoneer card (at least mine)
Great Currency Conversion Service
- currency conversion
- online banking
- clear fees
- great FX rates
- currency conversion
- online banking
- Cheaper than other currency conversion services
- saves money on banking fees
- ease of use
- 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
- Security
- Transparency of the transfer and being able to follow it and know each step
- Rapid transfer of funds to internal banks
- Can set up a private or business account
- Easy to use with real-time notifications
- Low transaction fees
- Saving on transactions, credit card fees, and bank fees
- Rapid transfer
- Streamline the payment of our international staff
- Better rates for our overseas staff due to low transfer fees
- TransferWise has lower transaction fees
- A better user interface--much cleaner, and simple to use
- Very simple and smooth process to transfer and receive money
- Very friendly customer support
Money without borders...
- 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.
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.
- The money transfers became faster and more reliable.
- The monthly transferences became cheaper since we started to use TransferWise
- The clear pricing information up front, without waiting for quotes, helps to decide quickly how much to transfer.