Wise 2024 Review: Pros & Cons

For more details, see our Ratings Methodology for Domestic and International Money Transfer Providers. There are three rates that determine how much your money transfer will cost and how much money your recipient will receive. The homepage has a cost calculator that makes it easy to see fees and rates, and FAQs are well-organized and helpful. Once you finish setting up a transfer, rates are guaranteed and you can cancel transfers that haven’t been converted or paid yet.

Perhaps the biggest difference between the two is that OFX does not charge transfer fees and Wise does charge them. Yet Wise stands out because it does not mark up the exchange rate for transfers; OFX hits customers with exchange-rate markups. Also, Wise offers a debit card and a multi-currency account, neither of which is available from OFX. It’s an option for some providers, but there might be a higher upfront fee and your credit card issuer may tack on costs such as interest and cash advance fees.

The need to verify your identity depends on where you’re sending money from and how much money you’re sending; Wise doesn’t verify your identity documents until you initiate your first transfer. We compare currency exchange and money transfer services in over 200 countries worldwide. We only display reputable companies which we have researched and approved. The information supplied on this site does not constitute financial advice.

In fact, if you synch your contacts in your smartphone you’ll even be able to make a payment with just a phone number or email address. In fact, more than 50% of Wise transfers are instant, and the vast majority of payments arrive within 24 hours. With a Wise account you can send money in 50+ currencies to 70+ countries.

If the recipient has a balance already in the currency you send, the money will be added to that balance automatically. If not, Wise will automatically create that currency balance for them, and the money will be added to the new currency balance, so there’s no hassle for the recipient at all. However, while you might have to visit a branch to verify your bank account, the good news is that you’ll be able to complete the Wise account verification process entirely online or in the Wise app. Email turned out to be one of the contact options, but we couldn’t find any information on the Wise website about hours of operation for the customer service team. Wise is a global technology company building the best way to move money around the world.

57% of cross-border payments are delivered instantly and 94% in under 1 day. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page.

How does Wise know which currency to use?

Here is a list of our partners and here’s how we make money. We believe everyone should be able to make financial decisions with confidence. Verifying your business account on Wise is entirely done online or in the Wise app. You’ll usually be asked to upload images of some key documents which can be used to verify both you and your business. If you have a US issued SSN or ITIN you’ll be able to enter this when you open your Wise account or make a Wise transfer. If you don’t you can also upload images of your ID and/or a selfie of you holding your ID.

Wise accounts offer a broad range of features to suit anyone living an international lifestyle – including an international debit card and local bank details to get paid fee free from 30+ countries. The financial tech company Wise, formerly TransferWise, offers a cheap way to send money from the U.S. to over 70 countries. You can ig broker review fund a Wise money transfer in various ways, such as with a bank account or credit card, but recipients need to have a bank account. Once you’ve registered your Wise account you can send money internationally and pay using your regular online banking service, a credit or debit card, or any balance you hold in your Wise account.

How do you withdraw money from Wise?

You’ll be guided through the process and can save your progress and come back to it if you need to. Transfering money with Wise is easy – and you can get started online or using the Wise app, without even needing to leave home. By the way, Wise prides itself on not using automated systems to answer beaxy exchange review customer service calls. Wise uses bank grade security and is regulated round the globe. On their website they use HTTPS encryption and 2FA for logins and passwords to transfer money. Wise to Wise transfers are super fast – your funds will arrive in seconds so you can use them right away.

1. After that, you’ll pay a low charge of 1.5 USD + 2% of the withdrawal value for each withdrawal.
2. In fact, more than 50% of Wise transfers are instant, and the vast majority of payments arrive within 24 hours.
3. Setup and login are easy; you can register for Wise by using an email address, or syncing up your Apple, Google or Facebook account, which isn’t typical for a transfer provider.

The exact paperwork and information required will vary based on the type of business you’re running – you’ll be able to follow the on-screen instructions to check what’s relevant for you. If you don’t have the currency you need, or if you don’t hold enough of that currency as a balance, Wise uses smart conversion technology to automatically convert from the best currency possible. If you’re making a withdrawal from an ATM using your Wise card, you’ll be able to make up to 2 withdrawals, worth no more than 100 USD, for no fee. After that, you’ll pay a low charge of 1.5 USD + 2% of the withdrawal value for each withdrawal. Wise has been created to offer an intuitive user experience with customers able to open a personal account on both the Wise Apple and Android apps, and the Wise desktop site.

in 18 countries

Banks, on the other hand, cam take 3 – 5 days to move money internationally. To keep customers and their money safe, Wise has to complete a verification step when you open an account or set up an international payment. This is to cmc markets review trustpilot comply with legislations around the world and prevent fraudulent or illegal account use – banks need to do this when customers set up accounts too. Transferring money from a Wise account to a bank account isn’t a smooth process.

Wise maximum sending limits are set by currency – usually you can send the equivalent of up to around 1 million GBP. Log into Wise to check the sending limits for the currencies you need. Taavet Hinrikus and Kristo Käärmann set up Wise (formerly known as TransferWise) in 2011.

Wise (company)

In contrast, sending money overseas with your local bank can take 3 – 5 days depending on the destination country – and even longer if the currencies involved are less commonly used. The good news is that your recipient does not need yo have a Wise account to be able to receive a transfer that was sent with Wise. Your Wise transfer will be deposited directly into the recipient’s bank account, so the recipient needs to give the sender their bank account details. Navigation of the Wise website and app is user-friendly, with no glitches during our test of the platform. However, because of the number of countries and currencies available, it can feel a little overwhelming to keep track of the basics (such as fees and exchange rates) for each type of transaction. 50% of Wise transfers are instant, and 90%+ arrive within 24 hours.