Updated on 19 November 2023

Wise Review

Item: Wise
Rating: 4.5
Author: The Logician

If you’re looking for a cost-effective and secure way to transfer money internationally, Wise is a great option. Learn more about it via this Wise review.

Updated on 19 November 2023

4.5

Operates in 160 Countries and Supports 40 Currencies
It Is Regulated by the National Bank of Belgium
Transparent Prices and No Hidden Fees

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$0/free

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Recommended: Cheapest Global Transfers

Wise is a global financial technology company that allows you to receive and send money from 160 countries worldwide using 40 international currencies. It focuses more on providing low-cost ways for people to do business internationally, which is why it is among the cheapest and best payment methods to use for global transfers.

Cost	Fees Start From 0.43%
Minimum Balance Required	$0
Support	Support Is Available via Email, Phone, Live Chat, Help Center
Security	Dedicated Fraud Team, Real-Time Notifications, Two-Factor Authentication, Frequent Security Scans, BugCrowd, SOC 1 Type 2, SOC 2 Type 2, PCI DSS & ISO 27001 Certified, GDPR Compliant
Cashback	0.5%

Get Into the World of Cheapest Global Transfers with Wise

Having an online store requires a lot of patience and hard work. You need to develop a neat website, ensure a smooth checkout process, and still cater to the needs of all of your loyal and potential customers.

One tool that will help you provide secure payments is Wise. It focuses on providing low-cost ways for people to do business internationally while having top-notch security. And the best part? Wise supports 40 global currencies.

In my Wise review, I’ll focus on bringing the company closer to you, explaining all of its crucial insights, such as features, pricing, security, ease of use, third-party integrations, etc., providing a list of pros and cons, and recommending who Wise is best for.

So, let’s not waste more time and dive into the world of Wise!

Wise At A Glance

Wise began its journey in 2011 under the name TransferWise. The main reason why this payment method was launched is that it strived to make international money transfers fair, cheap, and straightforward.

Important

With Wise, you can hold balances in around 40 currencies and use its unique debit card to shop and spend while abroad.

In other words, Wise is a global financial technology company that allows you to receive and send money from 160 countries worldwide using 40 international currencies. During the years that passed by, this payment method established valuable partnerships with companies like GoCardless, Monzo, and Bolt.

Note

Prominent business people, such as PayPal co-founder Max Levchin and Richard Branson, have invested in the Wise vision.

Today, Wise counts more than 16 million users, which saved a lot of money and gained excellent experience that drove their business toward growth and more trust from their consumers. This is because the platform employs numerous features, and it avoids marking up its rates for currency exchanges.

So, if you’re intrigued by their way of work and want to become part of the Wise family, I’m here to help you!

Wise Features, Pricing, & More

Wise is one of the best payment methods platforms because it comes with a lot of perks for e-commerce freelancers and business owners. Due to them, you will experience success in no time and provide the best high-end security for your customers.

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That’s why I decided to point out some of the most significant elements that make the platform so well-ranked. Below, you will go into more detail about its features, ease of use, security, pricing, third-party integrations, customer support, and scalability.

Warning

These are just some of the aspects I find most important. Of course, you can review other elements as well and make a final decision.

Features

Wise is available in 160 countries and comes with some top-notch features that will satisfy your customers’ needs. For example, you can implement a multi-currency account, Wise card, Business Account, Wise assets, large transfers, etc. All of these features will help your consumers have a seamless checkout process while you’ll gain a better reputation and trustworthiness among consumers.

Multi-Currency Account: With this Wise feature, you can choose from 40 currencies to use or keep to hand in your Wise account and convert them in no time. More so, you can even receive money internationally with account details and IBANs for 9 currencies. The best part is that this account is entirely free and comes with minimal transfer fees. As a result, you save money and engage with customers from all over the world.

Tip

Your consumer can use local currencies, if available, or convert them for an extremely cheap rate.

Wise Card: One of the best Wise features is the possibility to open a Wise debit card. More precisely, you connect it to your Wise account and utilize it in various countries. You can use this card for online payments as well as to withdraw twice without any additional costs.

Warning

The Wise card costs $6.10, and you can withdraw only two sums up to $211. After that, you pay a $2 fee for withdrawals.

Wise Assets: Wise has a program called Wise Assets that enables you to invest money from your Wise account in the iShares World Equity Index Fund. The holdings of this fund include stocks from Apple, Microsoft, and Tesla.

Note

Wise allows you to grow money while spending online.

Large Transfers: As I already mentioned, Wise is a very cost-efficient payment method platform. More precisely, it comes with transparent and low fees, especially on higher sums. However, this refers only to sums that are higher than $100,000.

Important

Wise doesn’t add extra costs to the exchange rate, which allows you to see exactly how much each payment will cost before you or your customers make it.

Business Account: Another feature is the Wise Business account that you can use in order to add team members to the account and activate Wise API for automating your workflow. The Wise Business accounts are compatible with cloud-based accounting platforms, such as Xero and Quickbooks. Another perk of this feature is that you can use it to make batch payments for up to 1,000 people in different currencies. You only need to upload a single CSV file.

Tip

Wise API also contributes to fully automated payments.

Ease of Use

What draws a lot of users to Wise is its ease of use. More precisely, Wise has a user-friendly and simple navigation. Also, its dashboard is neat and doesn’t glitch.

Warning

You may only feel overwhelmed by keeping track of the fees and exchange rates for each type of transaction.

Furthermore, starting with Wise is very simple. You only need to enter personal information, such as name, date of birth, address, and phone number. After you do that, you’ll be requested to verify your identity by uploading a picture of your ID and address.

Security

One thing that you don’t have to worry about with Wise is your transaction’s security. This is because Wise prioritizes your online privacy and employs two-factor authentication in order to protect your transactions and accounts. It even has a fraud team that protects data by detecting the most advanced fraud methods.

What’s more, the Financial Conduct Authority (FCA) regulates the platform in the UK, while the Financial Crimes Enforcement Network (FinCEN) is responsible for this in the US.

Note

Wise has state licenses in the US for even better safety.

The US certifications of Wise include SOC 1 Type 2, SOC 2 Type 2, and PCI DSS. But that’s not all! Wise has an ISO 27001 certificate and is also GDPR compliant.

Customer Support

Wise always wants to be sure that its users have the best possible experience, which is why it provides customer support via live chat, phone, email, FAQs, and help center.

I must say, before I tested Wise, I read some reviews where customers weren’t satisfied with its support, as its experts claimed they were busy or they received delayed replies.

However, I didn’t encounter such a thing. I got a response within seconds when I reached out to them, and their agents were pretty kind and knowledgeable.

Warning

The live chat option doesn’t work on Saturday.

Scalability

Wise is an easily scalable payment method. While it doesn’t come with different plans that allow you to grow, Wise has a Business Account feature, where you can make bigger payments to 1,000 people at the same time. Due to this, you will be able to collaborate with other clients and expand your business in no time.

Third-Party Integrations

As I continued with more in-depth tests, I ran into a very unique aspect. Wise allows you to have third-party integrations with your partners that may be SEO specialists, marketers, or other e-commerce business owners. Due to this, you can centralize your partnership from a single platform and enjoy a simple money transfer process.

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Pricing

Wise tends to be as cost-efficient as possible. Due to this, you can create an account absolutely for free. However, when it comes to transaction fees and exchange rates, the company is pretty transparent about them, so let’s have a look.

Here are the transfer fees for $1,000 according to the method you’re using:

Wise account transfer – $6.98
Connected bank account – $9.12
Wire transfer – $11.64
Debit card – $19.50
Credit card – $46.19

Note

Wise has an annual fee of 0.29%, which is calculated in the exchange rates.

What’s more, the platform’s transaction fees start at 0.43%, and if you withdraw over $200, you pay a $2 fee.

Reputation

Last but not least, if you decide to go for Wise, you must be aware of its reputation. Luckily, Wise has an excellent reputation built over the 12 years on the market. You can notice this in the 16 million satisfied consumers over the years.

Tip

If you want to get a clear image of Wise, you should check out expert and user Wise reviews, but from people in your niche.

Wise Pros & Cons

Best for

Unique debit card
Free transfer between users of Wise
Transparent and low additional charges
It’s listed on the London Stock Exchange
Wide range of options for sharing and receiving money
User-friendly platform

Not good for

Withdrawals over $200 have a $2 fee
Variable fees
No cash delivery

Wise Standout Features

While I explained almost all Wise features, I left some of the best ones for the end. Besides its regular features, Wise has unique ones that help you improve your payment processes in no time. Here are its standout features:

Travel Money Card
Wise API
Invoice Generator
Business Calculators

Who is Wise Best For?

Wise is a pretty amazing payment method, but it may not be suitable for everyone. So, if you want to discover whether the platform is right for you, check out my point of view about who Wise is best for:

Companies in the European Economic Area (EEA), New Zealand, Switzerland, Australia, the UK, the US, and Canada
Individuals who want to benefit from lower transactional fees
Freelancers that want to collaborate with others and benefit from fast money transfers
Businesses that need to make frequent international payments
People who want to earn money while making online payments

Warning

These recommendations are based on my tests and personal experience. You are free to try Wise if you think it suits you.

Conclusion

Engaging with your clients from all over the world may be tough. You need to find proper payment methods and platforms that allow you to be in touch and provide low transaction fees. Luckily, all of this is now available within the same platform.

Wise is a fantastic payment method that allows you to expand your online store in 160 countries and accept 40 currencies. It has amazing features, such as a multi-currency account, mass payments, Wise debit card, compliance with security regulators, and large money transfers. It is also cost-efficient and provides decent customer support.

Do you think Wise is the right payment method for you? Go ahead and give it a try!

Best By The Logician

Discover my personal recommendations in my Best By section, ranked in quality according to my experience with the products.

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Frequently Asked Questions

Wise is a money service platform that is best for cross-border payments with low transaction fees and high-end security measures. Thanks to it, you can enjoy fast money transfers and saving money.

Yes, Wise is entirely free. You can create a Wise account within 2-5 minutes without the need to pay anything. However, if you want to get the Wise debit card, you should pay $6.10.

Yes, you can make a credit card payment with Wise. However, this has the highest fee possible. For example, if you want to transfer $1,000, you will pay a fee of $46.19/.

Wise offers a few customer support channels, such as live chat, email, phone, help center, and a FAQ section. Therefore, you will get an answer to your question in no time and solve your issue effectively.

Wise is available in 160 countries in the world. Besides this, you can choose from the 40 currencies it supports and use them for making a payment.

The best Wise alternatives are Payoneer, Stripe, Skrill, and Airwallex. All of them offer similar features and payment options. They also guarantee your transactions’ safety.

Yes, Wise is secure. It utilizes a two-factor authentication, it is GDPR compliant, and also has US certifications, such as SOC 1 Type 2, SOC 2 Type 2, PCI DSS, and ISO 27001.

Yes, Wise comes with a debit card that allows you to make online payments or share money with it. However, in order to get it, you need to pay $6.10.

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The Logician

Trademark of a Living Legend

Wise Review

4.5

$0/free

Recommended: Cheapest Global Transfers

Frequently Asked Questions

What is Wise?

Is Wise Entirely Free?

Can I Make a Credit Card Payment with Wise?

What Customer Support Channels Does Wise Offer?

In How Many Countries Is Wise Available?

What are the Best Wise Alternatives?

Is Wise Secure?

Does Wise Come with a Debit Card?

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