TrustRadius Insights
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
(1-23 of 23)Companies can't remove reviews or game the system. Here's why
Score 9 out of 10
Vetted Review
Verified User
- 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...
- 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)
April 14, 2022
Best Solution for Global Consultants/Advisors
- Made my cash management of multiple currencies issue free.
March 24, 2022
Transferwise - Good and Hardworking Program
- reliable - kept contractors happy and on platform +
- low cost - kept contractors on platform +
- strange payment amounts and didn't work well with some banks -
March 23, 2022
Transferwise - Your buddy for cross border transactions
- 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
March 23, 2022
TransferWise - Great Fees
- It increase ROI as it save on transfer fee
- easy transferring process
- Allow for multiple teammates
March 23, 2022
Great Currency Conversion Service
- Cheaper than other currency conversion services
- saves money on banking fees
- ease of use
March 23, 2022
Effortless Funds Transfers.
- Having to wait on money transfers is anxiety-producing for everyone involved. I really appreciated the peace of mind that comes from the quick efficiency of their method.
- Transferwise has allowed us to utilize services where vendors needed payment in foreign currency.
- Improved agility on Finance.
- Reduced frustration.
- Increased trust.
March 22, 2022
TransferWise: A wise choice.
- Enabled us to contract with an internationally-acclaimed teacher to provide actor training.
March 22, 2022
Best online money transfer platform
- A big positive impact. With TransferWise I get paid on time, I don't worry about bank transfer fees.
- TransferWise has created positive impact on my business since I started using it.
November 07, 2021
Seriously one of the best ways to pay your overseas workers!
June 23, 2021
Make payments easily with transparent fees
- It has saved us a lot of time preparing and sending payments.
- There are definitely fewer fees than other platforms, so it saves us money.
June 18, 2021
Be wise, choose TransferWise.
- Kept us from paying ridiculous fees and not being able to transfer to certain places.
- Saves time and makes us more efficient by making process seamless.
- Enabled me to work with people across the globe
- Reduced fees
- Increased security
May 23, 2021
Good lightweight Forex platform
- Overall reduction in wire and bank fees verses conventional banking.
- Less time spent managing bank transfers.
- Saved money on accepting payments outside of Canada.
- 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
April 08, 2021
TransferWise Review
Score 1 out of 10
Vetted Review
Verified User
- A large part of our cash flow is stuck since 05/03/2021
- [It has become a] problem to pay our invoices and suppliers
February 15, 2020
TransferWise is the BEST!
- Reduced the time it takes for certain AP processes.
- Increased flexibility for international AR.
March 13, 2019
Money without borders...
- 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.