Wise Money Transfer Review

Wise vs banks for international transfers

Wise offers an exchange rate that matches the mid-market rate (0%) and fees of 0.33%.

Let’s see how that compares to banks across core countries, alongside some other key features:

Wise is cheaper and faster than using a bank in almost all money transfer scenarios.

The clear pricing structure is appealing and the app and website experience make the process simple.

It’s pretty simple to see how much it will cost as soon as you input the details of the transfer.

We have picked a bank per country. For more banks and details on how the cost of using a bank can impact a transfer can be found on our bank fees page.

You can also compare Wise pricing to other money transfer providers. This will show you exactly how much cheaper they are than using a bank through our comparison.

Why are people choosing Wise?

Wise has an easy to use app, offers simplicity and can also support the ability to spend abroad as well.

So, why are people choosing Wise?

• For regular payments abroad: The core benefit of the app is for regular payments, such as sending money home or paying for services. TWith the multi-currency option you can convert money in your own account before sending. This makes it easier for the recipient to receive money as well. In effect you make a ‘local’ payment from within Wise. Expats, international students or those travelling for extended periods of time all benefit.

• For larger amounts: Wise has transfer limits up to $/£1 million per transfer. For statement purchases like property, or international tuition fees, it's an option. As we’ve said, this can be a little self-service, so you may feel more comfortable using a currency broker for

• For receiving money: Multi-currency accounts are the best way to take control of how you receive money from abroad. With Wise, customers can use a multi-currency account to receive a ‘local’ payment. This can be converted or used for sending money or spending at a later date.

• For earning interest: One of the perks of Wise is the ability to earn interest on EUR, USD and GBP balances. This can be done from any location, including Canada and Australia.

• For spending when abroad: Using Wise for spending when abroad makes sense when you consider the 0.33% exchange rate. Particularly when compared to the 2% upwards you’d pay with a bank. ATM withdrawals are limited to around $200 or equivalent per month, before charges of 1.5% are added.

• For business transactions: Wise offers a business platform that can be hooked up to accounting software, like Xero. It aids in international expense management and offers transfers at the mid-market rate.

Why wouldn’t you choose them?

• If you need cash pickup: Wise isn’t suitable if you need to send to a cash pickup location. Opt for a different provider, like Remitly or WorldRemit in this scenario.

• If you want to access currency risk tools: Wise supports large payments, but not things like forward contracts which can lock in a rate for up to a year. To get access to currency risk management you will need to use a currency broker. Our top choice is Regency FX.

Features

Multi-currency account

We’ve mentioned the multi-currency account a few times, but how does Wise stack up?

The account offers 10 local accounts, these are bank details in each of the currencies.

These are:

There are also SWIFT/BIC and IBAN details for other countries as well, which takes the table number of potential accounts to 23.

You can also hold up to another 48 currencies and there are SWIFT / IBAN details as well.

With this account you can also spend in any of the currencies using a multi-currency card.

Compare multi-currency accounts

Looking for a multi-currency option specifically? Wise features on our list of accounts - along with a few others.

Compare accounts

Wide range of sending currencies

Coverage on Wise is one of the best in the industry. Essentially you can access over 40 currencies and send them to 78 countries around the world.

Interest rates

It is possible to earn interest on balances in USD, EUR and GBP.

At the time of writing (September 2024) these interest rates are:

• GBP: 4.49%

• USD: 5.06%

• EUR: 3.44%

These rates are possible because Wise has invested in government bonds. Be aware that this interest rate could change, or in the worst case scenario, become negative. In the event interest rates turn negative you will be losing money.

P2P options

Wise is widely used. If you need to make regular payments to the same person, you can both take advantage of the P2P option.

This lets you pay users through a Wisetag. This makes transfers much easier and usually pretty much instant.

The QR code can also be used to send to people without Wise as well. These people can make a payment to you through the code and do not need your Wise bank details.

It’s a small perk, but does make receiving money a little easier through Wise.

Business payments

Wise Business supports international payments and can help manage global business finance.

The key areas of Wise Business are:

• Exchange rates at mid-market rate (0%)

• Fees of 0.33% of the transaction amount

• Multi-currency access to 10 accounts

• Batch payment processing that allow you to pay up 1,000 recipients in one transaction

• Accounting software syncing with the likes of Xero, QuickBooks and Sage

• Receive money into local accounts through transfers, raised invoices and other payment links

• API access to customise the tool to your internal platforms

Receiving money

For receiving money, Wise is a good option.

The range of multi-currency options means you can control how you receive money. This will allow to avoid high bank fees for receiving from somebody else’s bank account.

Outside of that, the account is simple to use and withdraw funds from.

You can receive through your Wisetag, or the bank details Wise gives you, it really is that simple.

Ultimately, Wise is the best way to receive money - although UK users might prefer Zing.

Limits

Wise has limits on transferring of up to $2 million.

They have recently launched an account managed option, which we will be testing as well. This does make using them for larger transfers a potential option.

Although, if you need to send a lot of money at the moment, we’d recommend a currency broker.

Transfer speed

Data on the Wise website says 96% of transfers arrive on the same day. However, it’s difficult to say this is exactly true, as every transfer is different.

What we can say is, we’ve always found Wise to be fast. Transfer of smaller amounts are pretty much instant. Larger transfers within a few hours.

This being said, the amount you are transferring, and where you are sending it from and to, will impact the actual speed of the transfer.

For accurate speed, it is always best to search live results.

Regulations

Across different countries, Wise is regulated in different ways.

Wise holds the following regulations:

Customer service

Wise gets a little bit of stick for its customer service. It is very ‘modern’ in the sense you’ll need to use FAQs and automation before getting help from a person.

You’ll also need to be logged in to an account to get this customer service.

Keep in mind Wise is cheaper than most providers. Most of the fee being paid is going towards the technology, as opposed to a customer service team.

This can put people off. What can be a confusing aspect of personal finance, it would be good to be able to access more support.

For customers looking for hands on account management, opt for Regency FX. Overall cost will be a little higher, but you’ll be dealing with people, which can make the whole process simpler.

Not keen? There’s other options