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Transferwise - Your buddy for cross border transactions
March 23, 2022

Transferwise - Your buddy for cross border transactions

Jenson Teo (赵俊杰） | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with TransferWise

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.

Do you think Wise delivers good value for the price?

Yes

Are you happy with Wise's feature set?

Yes

Did Wise live up to sales and marketing promises?

Yes

Did implementation of Wise go as expected?

Yes

Would you buy Wise again?

Yes

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.