Wise Money Transfer, formerly known as Transferwise, is an online international money transfer service that allows you to send money abroad at a very competitive exchange rate and fast delivery. The name transferWise comes from the idea that it transfers Money like a text message (i.e., straight). It leverages the peer-to-peer model, enabling customers to make payments directly to each other instead of going through traditional banks.
Transferwise, now Wise began operating in 2011 to make international money transfers simple, fair, and cheap. The company’s growth has been rapid as its unique model allows it to undercut traditional banks on cost every time someone uses it. In 2016 alone, it signed up more than 100,000 new customers worldwide (compared with 80,000 in 2015). Today, Wise has 12 million customers and processes 80 million dollars of payments in a month.
Wise is a well-constructed way to send money across borders. It easily beats out competitors due to its incredibly low fees, easy transfer interface, and straightforward customer service. The company offers its customers a variety of services, including:
Wise Transfer Features
- Send Money to over 80 countries at competitive rates using the Wise website or Wise App. The fee for sending transfers is lower than other providers because Wise does not use banks or other financial institutions as intermediaries when sending transfers. Instead, the company uses its technology platform, which reduces costs and enables them to offer better rates for its customers.
- Receive Money – The transfer prices vary depending on where you live and where you want to send your money, but they are always cheaper than other internet money transfer companies. Users also receive Money directly into their bank account or have it deposited into their Wise account (which they can then use to send money abroad). When receiving transfers, there are no fees. Still, there may be some limitations on how much you can receive from each person depending on what country they are sending from and where it needs to go (i.e., if your friend sends $100 from Nigeria, this may only be enough for $50 worth of purchases in Germany).
- Wise Borderless Account: This account lets you pay bills in multiple currencies without incurring foreign transaction fees or currency conversion charges. You can set up automatic payments to pay your bills on time, whether they are due (or when).
- Wise Currency Card: This card lets you withdraw cash from ATMs worldwide without paying additional fees — choose which currency you want to withdraw, scan your card at any ATM, and get your money immediately.
Wise has inadvertently raised the standards for all peer-to-peer money transfer platforms. The new standard is that alternative services will have to provide similar levels of transparency and convenience to compete. Wise provides several accounts for individual and business clients to maximize this.
Wise Main Account Types
- Savings account – Wise savings accounts are for customers who make regular transfers to other transferWise members. The transfers can be in any direction in the same currency. You can transfer up to £1 million per month with your savings account.
- Business account – You can use the business account for alternative traditional bank transfers or payment providers such as PayPal or Stripe. Wise business accounts are for businesses that regularly send Money abroad. These accounts come with lower transfer fees and faster speeds than personal accounts, but they do have some restrictions on how many transactions you can make each month (no more than 100).
- Multi-currency account – Wise multi-currency accounts are for customers who want to hold multiple currencies simultaneously. It becomes easy to manage your finances when traveling or trading across borders. You can transfer up to £5 million per month with your multi-currency account.
TransferWise has changed the game by making it possible to transfer money internationally without relying on banks or other intermediaries. It is an excellent alternative to traditional bank transfers, but it is not without drawbacks.
Here are some pros and cons of using Wise:
Pros of Using Wise Money Transfer
- Cheaper than banks – Wise’s fees are much lower than those charged by traditional banks. They are less than half the price!
- No hidden fees – Unlike some banks, which charge extra fees for international transfers, there are no hidden costs with TransferWise. You know how much it will cost before you even initiate the transfer from start to finish.
- Easy to use – Transferring Money with Wise is incredibly easy and convenient — paperwork is not required. There is no need to visit a branch or go through an additional verification process like many traditional bank transfers. You can even send money using your phone!
- TransferWise is a peer-to-peer money transfer service. It works by transferring money from one currency to another at the real exchange rate —, which means you can save up to 10% when sending money abroad.
- TransferWise works using an algorithm to convert your money from one currency into another at mid-market rates. This means that it does not charge any fees or commissions on transfers. Instead, it makes its money by charging you a small fee when you deposit or withdraw your funds directly into/from your bank account (these are “currency conversions”).
Cons of Using Wise Money Transfer
- Transfers are not instant. Unlike PayPal and other payment providers, TransferWise does not offer instant service for sending money abroad. Instead, it takes three working days for funds to arrive at their destination.
- TransferWise does not accept cash deposits as some other services do. Suppose you need cash on hand immediately after receiving your money from abroad. You will have to transfer it back to your bank account first before withdrawing it or via an ATM withdrawal card that works internationally.
- Some TransferWise users have complained about problems with their transfers, including slow processing times and high fees. However, these claims arise from anecdotal evidence from a few individuals and are not representative of the experience of most customers.
The best ways to transfer money abroad is a hotly debated topic with numerous factors to consider and individual needs, but there are several options. Now that you have seen the pros and cons of using TransferWise, you should be able to make an informed decision.
Getting Started on Wise
Wise is the digital age’s answer to moving Money internationally. You create an account, give it some basic info, and then fund your account with the amount you want to transfer (e.g., $500).
Once that Money has been loaded into Wise’s system, it is time to send some of that cash over to a friend in need ($100). Wise will search for the best exchange rate, keep an eye on the market trends, and generate that FX hedging smartly — all transparently within your Wise experience.
How to Sign Up for an Account With Wise
To complete the sign-up process, you will enter basic contact information, including your name, email address, and phone number. Here is a simple step that will guide you through
Step 1: Click the website Wise.com and click Register at the top right corner.
Step 2: Key in your email address, or log in using your Facebook account, Google account or an iOS account.
Step 3: Define the type of account you want to create, either a business or personal account.
Step 4: Choose your primary country of residence.
Step 5: Verify your phone number with a code and create a password for your account. Wise password should be a minimum of 9 characters and Must contain Letters and numbers.
Step 6: Verify your email address and prove your identity. After which, you will be ready to either receive or send money.
How Can I Deposit Money to a Wise Account?
Wise money transfer lets you send money to family and friends at the real exchange rate. It takes a short time to reflect on the receiver’s bank account.
You can top up your Wise wallet through the following steps.
- Log in to your Wise account using the website Wise.com.
- Click receive money then Select the base currency you would like to use, then confirm.
- Enter the amount of money.
- Select the mode of payment.
- Wise will provide you with steps to complete your deposits depending on the method of payment chosen.
How to Transfer Money From Wise to Kenya via M-Pesa
You can also transfer money from the Wise account to Kenya M-Pesa.
Many people think it is costly to set up a Wise account abroad, but it does not have to be. With just a few taps, you can transfer finances from your Wise account to M-Pesa; you will have to follow the following instructions:
Step 1: On the dashboard above, click on send money.
Step 2: Enter the value of money you want to send.
Step 3. Describe the type of transaction you wish to make.
Step 4. Type in the receiver’s details.
Step 5: Verify the details of your Wise transfer. The money transfer takes at least thirty minutes.
You can send Money from Wise to Mpesa and local banks. You will provide the recipient’s full name, M-Pesa number, the bank details in each case. Once you have added everything, hit send, and your money will be on its way.
Wise Fee for Receiving Money
- There is no fee when receiving funds in your Wise account. However, there is a $4.14 fee for receiving U.S. dollars, domestic, or SWIFT wires in your account.
How to Download Wise App
Downloading the Wise app is easy!
- If you are using an Android device, the best way to download the app is on your phone’s Google Play Store.
- If you have never downloaded apps from there before, enter “Wise” into the search bar and then hit “Install.”
- If you are using an iPhone or iPad, go search for “Wise” in the App Store.
- Once downloaded, open up the app and follow along with instructions on how to set it up!
Features and Benefits of Using the Wise App
A wise app is an excellent tool for anyone who wants to get their finances. The Wise app is to help you attain your financial goals. Here are some of its features and benefits:
- It is free!
- It is easy to use and intuitive.
- You can connect your bank accounts and credit cards.
- Set up alerts, so you never miss a payment again!
On the app, you can also:
- Invite friends to Join Wise
- Send Wise verification documents
- Set Lock money transfers
- Set up new transfers with previously used Wise account
- Pay via Apple (iOS) and Google (Android) Pay
- Set up 2-factor verification-step login
However, email transfers cannot be executed on the Wise app.
Key Takeaways From Wise Review
- Wise register and sign up is free.
- You can top up your Wise accounts via bank transfer and send money to friends, family, or businesses.
- Add a debit or credit card to your Wise account to start sending money abroad. Enter your existing card details, and there will be a quick check on your address, mobile number, and bank account, so you can get started straight away.
- To verify Wise account creation, you must prove your identity and address by taking a selfie with your passport or driver’s license and uploading it online.
- You can download the Wise app on your phone or tablet to send Money.
- Sending Money from Wise is easy and secure.
Wise Contact Information
For further information regarding Wise, or when you are having difficulties using Wise, you can reach out to Wise customer service using the Wise contact email firstname.lastname@example.org and +442036950999.
Wise provides an innovative business model and infrastructure to make money transfers cheaper, faster, and more accessible. It has simplified sending Money overseas by automating transfers and eliminating costly overseas withdrawals and transfer fees.
In addition, based on existing customer reviews, this company has built a strong reputation for delivering on its promises, making it one of the fastest-growing financial services startups in recent years.