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TransferWise, also known as Wise, has been utilized by users to reduce transaction fees and administrative costs for international …
Starting at $0.41 one-time fee
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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…
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Pricing
ATM Fees over 100 USD per month
2%
Cloud
One time/%
Accounting Funding transactions
2%
Cloud
One time/%
Receiving USD wire payments
4.14 USD
Cloud
One time/%
Entry-level set up fee?
- No setup fee
For the latest information on pricing, visithttps://wise.com/us/pricing/business
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
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 starts at $0.41.
The most common users of Wise are from Small Businesses (1-50 employees).
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Reviews and Ratings
(41)
Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
- Pros
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- 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
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Score 9 out of 10
Vetted Review
Verified User
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.
- 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.
March 24, 2022
Transferwise - Good and Hardworking Program
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
March 23, 2022
Transferwise - Your buddy for cross border transactions
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
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.
March 22, 2022
TransferWise: A wise choice.
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.
March 22, 2022
Best online money transfer platform
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.
November 07, 2021
Seriously one of the best ways to pay your overseas workers!
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.
June 23, 2021
Make payments easily with transparent fees
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.
May 23, 2021
Good lightweight Forex platform
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.
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
March 13, 2019
Money without borders...
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.