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
View PricingOverview
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…
Recent Reviews
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
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).
Comparisons
Compare with
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
- 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.
- Direct Bank Payments
- Faster than most other
- Lower fees
- Verification process is weird
- Depositing amount could be tough
- They don't allow a lot of cards, weird
April 14, 2022
Best Solution for Global Consultants/Advisors
- Timely cash receipt
- Timely cash transfer
- Easy to use Dashboard
- Continue to expand the currencies allowed for inbound payment.
March 24, 2022
Transferwise - Good and Hardworking Program
- 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
- 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
March 23, 2022
TransferWise - Great Fees
- Low transfer fee
- easy to use
- international transfer
- More integration with other tools
- easier to connect to bank directly
- sending invoice directly from TransferWise
March 23, 2022
Great Currency Conversion Service
- currency conversion
- online banking
- clear fees
- great FX rates
March 23, 2022
Effortless Funds Transfers.
- Quick - because funds are transferred domestically, even when going international, you don't have to wait long.
- Easy - the printout of what information I needed to give the sending bank was complete and easy to understand.
- Affordable - the fees on both ends were minimal.
- Popularity - the bank I took the form to regarded it with suspicion at first. They had never heard of TransferWise and I had to wait for a while for them to authenticate it.
- 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.
- Good user interface.
- Cheaper transaction cost when working with different currencies.
- Fast transfer, always on the estimated time or earlier.
- Good communication with the customer so you always know where your money is.
- For large money transfers, the tax is a bit expensive so it would be nice if that was adjusted or if there was some economy of scale.
- Ability to schedule recurring transfers could be useful.
- Be able to transfer money by using a mobile phone number, like with Mobile Pay or Bizum, when the sender and receiver of the money are in different countries.
March 22, 2022
TransferWise: A wise choice.
- 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
- 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.
- It provided US bank account details which helps a lot while receiving payments from US clients.
- It helps to maintain multi currency accounts which is another best feature it has.
- It also has feature to request feature.
- They provide card service which is amazing, but it's not available in my country. It would be great if they could provide it to my country as well.
November 07, 2021
Seriously one of the best ways to pay your overseas workers!
- 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
- 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.
June 18, 2021
Be wise, choose TransferWise.
- It is a safe and secure platform and we have not had any issues with it.
- Interface is easy and process of sending is seamless.
- The conversion rate is not ridiculous and is actually what the conversion is.
- Transparent and low fees.
- The support could definitely be better and more available.
- Besides customer support, I do not really have any complaints.
- Low fees
- Reaches anywhere in the world
- Fast transfer
- Easy for receivers to enter their details privately
- Secure
- None so far
May 23, 2021
Good lightweight Forex platform
- 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.
- International transfers.
- Integrations with Stripe/Quickbooks to plan would be nice to have.
- 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
April 08, 2021
TransferWise Review
Score 1 out of 10
Vetted Review
Verified User
February 15, 2020
TransferWise is the BEST!
- International money transfers.
- Domestic money transfers.
- Time it takes to complete a transfer.
- Multi-user/team management.
March 13, 2019
Money without borders...
- 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.