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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.
I started using Wise by reference from a client from the US (back when it was named TransferWise). As I am a freelancer I needed to get paid by clients from different countries, and as PayPal still isn't allowed in Bangladesh, I was using Payoneer mostly. That was a problem and as a result, I was in search of some alternates to go along with Payoneer. And, there was Wise! Helped me to get paid by a few of my clients to directly my bank account.
April 14, 2022
Best Solution for Global Consultants/Advisors
I use the system for receipt of payments on invoice payments from my clients in multiple currencies and management of funds transfers. The system/service is very easy to use, very effective at the receipt and cash management, and very timely. This makes it very simple for my clients to pay me in multiple currencies without the need for bank accounts in various countries.
March 24, 2022
Transferwise - Good and Hardworking Program
The organization used transfer wise to pay near-shored contractors.
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.
March 23, 2022
TransferWise - Great Fees
It helps with the payment process of my company. Allowing me to pay a freelance contractors or receive payments from other contractors as well. It allows a digital way of collecting funds. It is a really flexible way to get funds transferred internationally without worrying about transaction fees, or finding the right currency, or security.
March 23, 2022
Great Currency Conversion Service
This is a great online currency conversion/online banking service. You can have money deposited into this website's account, and convert it to multiple foreign currencies, and transfer those funds to traditional banks all over the world. This website has an easy to use interface and their customer service is decent as well. They offer personal and business accounts. They also offer a credit card I believe. I have used others and highly recommend transferwise!
March 23, 2022
Effortless Funds Transfers.
My use of TransferWise has been personal. My father passed away in the Fall of 2020. One of my siblings lives in Japan and it was necessary to find a way to transfer his inheritance to him. TransferWise was not only very easy to use but was lightning fast. I've sent traditional international wires, which usually require multiple days to make it overseas. TransferWise has a domestic office that serves as a go-between for transfers. So, even though the money I was sending was going international, the wire was domestic. This made it cheaper on the sending bank side (domestic wire transfers were less than international transfers). But best of all, the money was sent and released to my brother within one business. That's incredible! I used TransferWise several times to move funds over to him and would use it again any day.
We use it to pay contractors in foreign currencies. Our banks didn't provide foreign currency payment capabilities.
It was useful to easily transfer money across countries that use different currencies, being the transaction cost lower than using our bank.
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.
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.
I use Wise to receive payment from my international clients for my freelancing works. And since I started using Wise, it has helped me a lot to receive the payment even more easily and in multiple currencies without having to open bank accounts in different counties.
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.
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.
June 18, 2021
Be wise, choose TransferWise.
We use this tool to send money to individuals that we work with that may be located in different places other than the US. It makes the payment process super easier and conversion easy as well without charging a ridiculous amount for exchange rates.
I have been using Transfer Wise to make payments around the world. It makes it cheap and easy to reach bank accounts in many different countries.
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.
TransferWise has made it very easy to manage USD payments from companies around the world and also managing payouts to employees/ contractors. Incredibly helpful, fast, and easy to use. The transfer fees and conversion rates are nominal and the process is very easy to manage.
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.
April 08, 2021
TransferWise Review
Score 1 out of 10
Vetted Review
Verified User
It has been more than 15 working days since [TransferWise] blocked our UK company account with a balance of more than 69000€ which we need for our business. As with all the reviews I have read, they claim a due diligence period of 60 working days, i.e. 3 months, in order to comply with their legal obligation, which [I feel] is totally unrealistic and unjustified for due diligence!!!! [I believe] they closed our account without respecting the legal [two] months notice which applies to all financial institutions regulated by the FCA. Despite several emails, [I feel that] they continue to provide the same more or less standardized response without any justification or request from their compliance department. I have noticed on Trustpilot and other rating[s] websites that many other people or companies have significant funds blocked by
Wise [...]
February 15, 2020
TransferWise is the BEST!
We use TransferWise to send money overseas or to other clients/vendors here in the US. It makes transferring money in any currency a breeze and allows you to move money without handing over access to the business bank account. In addition, you can even get local banking details to receive funds locally in other countries.
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.