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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
- 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
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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.
- 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
Wise has great transfer fees, while Stripe has online payment options. We are using both services since Stripe can be connected to our invoicing platform, and our clients can pay us with a few clicks. Wise, as far as I know, does not offer such integration, and all transfers must happen on their platforms (web or mobile apps). This is not bad, but payment automation can be configured; also, if you receive a payment for a service, you need to send the receipts manually, while with Stripe, it's all automatic.
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
- Low admin fee
- No hidden charge
- Safe to use, regulated by MAS
- Easy to set up account (within minutes)
- We managed to save money as the admin fee is lower compared to banks
- There is more transparency in the pricing as there are no hidden charges
Apple Pay has high fees and hidden charges, not easy to use and it does not really support enterprises. It is also not regulated by MAS so we don't feel safe using it. Transferwise account was easy to set up (within minutes), the admin fee is low and the pricing is very transparent (no hidden fee). Lastly, we needed a platform which is safe to use and we are happy to know that Transferwise is regulated by the MAS of Singapore.