Review of wise money transfer 2024

Review of wise money transfer offers a low-cost way to transfer money internationally with Wise.

  • They offer a mid-market rate on all transfers.
  • A recipient without a bank account won’t be able to use this feature.
Within minutes
Fastest Transfer Speed
$1Minimum Transfer Amount
$1,000,000Maximum Transfer Amount

Expert Review of wise money transfer

Unlike many of its competitors, Wise clarifies what you are paying in fees before you transfer. Many money transfer companies hide their fees and markups from users, making Wise a breath of fresh air. Wise offers account for standard users and business accounts, including Xero integration.

wise money transfer

I would be surprised if big names like Western Union and MoneyGram offered better rates, but other online-specific companies may offer better rates than Wise. Look into the Wise Multi-currency account if you travel overseas frequently or receive payments in foreign currencies.

READ ALSO:- wise vs xe money transfer

To lock in rates at competitive pricing, take advantage of market orders and forward contracts. Features

Fees and rates3.0 / 5.0
Download speed 4.0 / 5.0
Services 5.0 / 5.0
User experience4.0 / 5.0
Service to CustomersEmail, phone
Pay ByWe accept credit or debit cards, as well as bank transfers.
Receiving OptionsBank account

This review is trustworthy.

Wise is a breath of fresh air as it offers the mid-market rate, which money transfer companies can sometimes hide. Unlike many of its competitors, Wise lets you know upfront what you will be paying in fees. There are standard users who can send to other individuals as well as business accounts with extra features like Xero integration. MoneyGram or Western Union may appear to offer better rates when it comes to online transfers, but keep in mind that other money transfer specialists may still be able to offer better rates than Wise.

What are the benefits of using Wise?

  • It is easy to use. Creating an account and initiating a transfer took less than three minutes on the website.
  • Availability and affordability. In comparison with banks, Wise’s fees and exchange rates are almost always better.
  • On all transfers sent through its network, Wise offers the mid-market rate. You can access the mid-market rate. You only have to consider fees when comparing transfers.
  • The daily spending limit is high. Local transfers are limited to $1 million, and SWIFT transfers to $1.6 million.

A few things to keep in mind

  • Transfers only to bank accounts. There is no cash pickup option; funds must be there are multiple payment options. ACH or wire transfers can be used to pay using a debit card, credit card, or bank account. You can also pay with Google Pay and Apple Pay.t to the recipient’s bank account through the Wise app.
  • It is a two-step process. You will first send the money to Wise, and then Wise will deposit the funds into your recipient’s bank account. Taking this extra step can sometimes delay your transfer.
  • Social Security Number is required. You must provide your SSN and possibly other identification before sending your first transfer through Wise.
  • Fees. Wise relies on fees to make a profit since it offers the mid-market rate.

What are Wise’s transfer fees?

The costs associated with Wise are always disclosed upfront, so you’re always aware of them. It usually charges a fixed fee and then a small variable fee, usually a percentage of the amount converted.

The following factors also determine fees:

  • The amount. If you send more money, your fees will be higher. This is because a preset percentage calculates the fees. Each currency uses a different percentage.
  • The payment method. You can pay by bank ACH, bank wire transfer, debit card, or credit card – each has its fee based on the amount you send, but the percentage is generally the same.

We checked Wise’s fees for sending $1,000 to India on February 4, 2022.

Payment feeWise feeTotal fees
Bank debit (ACH)$1.60$5.90$7.50
Wire transfer$4.14$5.89$10.03
Credit card$38.92$5.70$44.62
Debit card$12.05$5.85$17.90

What are Wise’s exchange rates?

The advantage of Wise is that it uses the mid-market rate for transfers and lets you lock in a rate for a day or more to complete your transfer. Most money transfer providers add a markup to their exchange rate to make a profit.

The rates on Wise were similar to those on Google and XE when we compared them to the mid-market rate. Wise updates its rates frequently.

Is it possible to send money abroad using Wise?

The transaction can only be completed online through Wise, but it is easy to complete.

Sending money transfers online with Wise

You can have money sent in as few as a few minutes by following these six steps:

Step 1: Set up an account

  • Create a free account online or through the mobile app.

Step 2: Calculate your sending amount

  • Once you have entered how much you want to send and in what currency, you can view the fees and delivery time.

Step 3: Add the recipient’s information

  • Enter your recipient’s bank account information, including the routing and account number.

Step 4: Check your identity

  • Make sure you have your passport or a valid driving license on hand and provide evidence if asked.

Step 5: Pay

  • You can pay with a bank account, credit card, debit card, or digital wallet.

Step 6: Track your transfer

  • You can check the status of your transfer online or in the mobile app.

What payment options does Wise offer?

The following methods are available to US customers:

  • You can use a debit or credit card. Your payment will be processed immediately.
  • You can debit your bank account through ACH. It will take one to four business days for your funds to reach Wise.
  • Transfer of funds via bank wire. Your transfer may take up to one working day to reach Wise. Your bank may charge you additional fees.
  • Google Pay and Apple Pay are both available. The Wise mobile app can be used to access these services, which are processed immediately. However, these payment methods may incur a cash advance charge.
  • Wise Multi-currency account connected. Once Wise receives your payment, the funds are deposited directly into your recipient’s bank account. Currently, Wise allows users to make one-time transfers but does not offer recurring transfers.

What is the average duration of an international transfer with Wise?

Money transfer speed with Wise depends on how much you’re willing to pay in fees and when you send the transfer.

Using a credit or debit card will cost you more in fees, but your money will arrive instantly in your recipient’s bank account. Your credit card may charge you an additional cash advance fee, which further increases the cost of your transfer.

The fastest way to send money through Wise is usually an ACH payment through your bank, but it is the most expensive. Money usually reaches Wise within two days. In addition, it takes two additional days for the funds to be transferred to your recipient’s bank account.

Transfers typically take

What is the maximum amount I can send with Wise?

While Wise does have a limit on how much you can send, these are comparatively high – so it is a strong contender if you plan to send a large amount of money.

Your transfer limits are determined by what currencies you send to and from and how you pay. The maximum amount you can transfer in US dollars is $1 million via local transfers and $1,6 million via SWIFT transfers.

Is Wise safe to use?

The company was founded in 2010 and served millions of customers each year. The company is fully registered and accredited by many global agencies and follows the following global standards to protect your money:

  • Complies with regulatory guidelines. Wise is registered with the appropriate regulatory agency and follows the strict rules set by each country where it operates.
  • Data security at the level of a bank. Wise handles encryption and data storage in the same way as your bank.
  • Authentication with two factors. With the Wise mobile app, you can secure your account with 2FA and biometric locks.
  • 24/7 digital security team in-house. Security teams monitor transactions around the clock for suspicious activity and account logins for fraud.

What makes Wise different from other money transfer services?

Use the table below to compare Wise’s exchange rates and fees with those of other money transfer services. Nothing can stop you now!