Better transfer fees than those of the local banks' for abroad transfers
November 29, 2022

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

Arpad Szucs | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with TransferWise

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.

Pros

  • 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

Cons

  • 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.
  • Sending funds
  • Receiving funds
  • Using the Wise credit card locally or abroad
  • 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...
  • Stripe
Wise has great transfer fees, while Stripe has online payment options. We are using both services since Stripe can be connected to our invoicing platform, and our clients can pay us with a few clicks. Wise, as far as I know, does not offer such integration, and all transfers must happen on their platforms (web or mobile apps). This is not bad, but payment automation can be configured; also, if you receive a payment for a service, you need to send the receipts manually, while with Stripe, it's all automatic.

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

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.

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