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Wise

Wise
Formerly TransferWise

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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Recent Reviews

TrustRadius Insights

TransferWise, also known as Wise, has been utilized by users to reduce transaction fees and administrative costs for international …
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TrustRadius Insights
TrustRadius Insights
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Awards

Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards

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Pricing

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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
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Product Details

What is Wise?

Wise Integrations

Wise Competitors

Wise Technical Details

Deployment TypesSoftware as a Service (SaaS), Cloud, or Web-Based
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.

Wise starts at $0.41.

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

The most common users of Wise are from Small Businesses (1-50 employees).
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Comparisons

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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!

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

(1-23 of 23)
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November 29, 2022

Better transfer fees than those of the local banks' for abroad transfers

Arpad Szucs | TrustRadius Reviewer
Arpad Szucs
Brand Designer | UI, UX & Visual Designer
WhiteX.Design (Design, 1-10 employees)
Score 9 out of 10
Vetted Review
Verified User
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.
April 18, 2022

Worked very well for me, verification process could be better

Faisal Ahmed | TrustRadius Reviewer
Faisal Ahmed
Frontend Web Developer
Upwork (Internet, 10,001+ employees)
Score 10 out of 10
Vetted Review
Verified User
Incentivized
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.
March 24, 2022

Transferwise - Good and Hardworking Program

AG
Adam Guenther
General Manager
Porch Group (Internet, 501-1000 employees)
Score 7 out of 10
Vetted Review
Verified User
Incentivized
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.
March 23, 2022

Transferwise - Your buddy for cross border transactions

Jenson Teo (赵俊杰） | TrustRadius Reviewer
Jenson Teo (赵俊杰）
Business Development Director
RGF Professional Recruitment (Management Consulting, 51-200 employees)
Score 9 out of 10
Vetted Review
Verified User
Incentivized
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.
March 23, 2022

TransferWise - Great Fees

Verified User
Consultant in Corporate
Management Consulting Company, 1-10 employees
Score 10 out of 10
Vetted Review
Verified User
Incentivized
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,
March 22, 2022

Use of Transferwise for easy and smart cross-currency money transfers.

Verified User
Engineer in Marketing
Wholesale Company, 501-1000 employees
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Likelihood to Recommend
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.
March 22, 2022

TransferWise: A wise choice.

ES
Elaine Smith
Producing Artistic Director
Clamour Theatre Company (Entertainment, 1-10 employees)
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Likelihood to Recommend
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.
March 22, 2022

One of the best website to receive payments from international clients.

Bhabishya Bhatt | TrustRadius Reviewer
Bhabishya Bhatt
Content Writer
Nepali Mind (Information Technology & Services, 1-10 employees)
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Likelihood to Recommend
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.
November 07, 2021

Seriously one of the best ways to pay your overseas workers!

Jason Rutel | TrustRadius Reviewer
Jason Rutel
Creative Director & Owner
Creative Nomads (Marketing & Advertising, 1-10 employees)
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Likelihood to Recommend
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.
May 31, 2021

TranferWise is amazing, send money around the world at a very low cost

Luke Hall | TrustRadius Reviewer
Luke Hall
Founder
Custom Logo Shop (Graphic Design, 1-10 employees)
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Likelihood to Recommend
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.
May 22, 2021

Great to manage online payments from enterprises for a SAAS product in USD

Bhavya Aggarwal | TrustRadius Reviewer
Bhavya Aggarwal
Founder (SAAS Product Head)
zipBoard.co (Internet, 11-50 employees)
Score 8 out of 10
Vetted Review
Verified User
Incentivized
Likelihood to Recommend
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.
May 22, 2021

Simple, easy, and cost-effective way to transfer funds internationally

Dr Olivier Becherel - Leadership and Executive Coaching | TrustRadius Reviewer
Dr Olivier Becherel - Leadership and Executive Coaching
Mentor & Coach
Mastery To Success Pty Ltd (Professional Training & Coaching, 1-10 employees)
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Likelihood to Recommend
  • 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

Verified User
Director in Corporate
Marketing & Advertising Company, 1-10 employees
Score 1 out of 10
Vetted Review
Verified User
Likelihood to Recommend
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!

Verified User
Director in Corporate
Events Services Company, 11-50 employees
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Likelihood to Recommend
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.
March 13, 2019

Money without borders...

Marcelo de Vasconcellos | TrustRadius Reviewer
Marcelo de Vasconcellos
Senior Visual Designer
Oswaldo Cruz Foundation (Fundação Oswaldo Cruz) — Fiocruz (Research, 10,001+ employees)
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Likelihood to Recommend
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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