Company name: Transferwise LTD- Service description: Bank to bank international money transfers via an online platform.
- Website address: www.wise.com
- Website Languages: English, French, Italian, German, Spanish, Polish, Portuguese, Hungarian, Russian and Japanese.
- Review Summary: Wise.com (formerly known as TransferWise) was established to enable clients, especially expats and immigrants, to send their money home or buy properties abroad for cheap. In order to accommodate savings, they offered an affordable exchange rate and fees of only 0.5% of the money being transferred.
- This has made the company incredibly appealing to customers while allowing them to break through the competition and become one of the top 10 startups in the world today. It comes off as highly recommended by everyone, clients and media alike, and we are no different – use this firm to maximise your savings.
- Recommendation: Hot, new, exciting, and the pricing is straightforward. What a great way to send money online. Cheapest rates below £5,000 or equivalent in other currencies (view Wise.com exchange rates here).
Rating:
One of the most known money transfer companies worldwide.
A great choice for small money transfers.
Visit Wise.com and Get a Free Quote
Wise Data:
| Offices | UK, Estonia, USA, Hungary, Ukraine, Japan, Australia, Singapore, Malaysia |
| Regulation | FCA, FinTRAC, FinCEN, and many more |
| Minimum Transfer | £1 |
| Max Transfer | Variable limits for each currency route |
| Wire Fees | Variable depending on the currency |
| Exchange Rates | Good |
| Press & Awards | Numerous awards |
| Sign-Up | Online |
| Trading | Online system, app |
| Dedicated dealers | No |
| Quality of website | Highly informative |
Wise (formerly TransferWise) Video Review
Wise Alternatives – Similar services:
- WorldFirst Review
- Currency Solutions Review
- Moneycorp Review
- TorFX Review
- Global Reach Review
- CurrencyFair Review
- Currencies Direct Review
Wise Fees:
| Fee: | To | From | Minimum fee | Threshold | Notes |
|---|---|---|---|---|---|
| HUF | 0.70% | 0.70% | 420 HUF | 60 000 HUF | |
| INR | 0.7%* | – | – | – | *Except for payments from USD to INR, where the fee is 1.5% for amounts below $5000, and 1% for amounts above. |
| JPY | 0.5%+* | 0.5%+* | 1 000 JPY | 30,000 JPY | *Sending to and from Japan is via SWIFT and carries a higher fee from our side of 1000 JPY as well as extra banking charges. |
| MAD | 1.50% | – | 30 MAD | 2 000 MAD | |
| MXN | 1.50% | – | 32 MXN | 2130 MXN | |
| MYR | 0.70% | – | – | – | |
| NGN | 1.00% | – | 900 NGN | 90,000 NGN | |
| NOK | 0.50% | 0.50% | 10 Kr | 2 000 Kr | |
| NZD | 0.70% | – | – | – | |
| PHP | 1.00% | – | 145 PHP | 14 500 PHP | |
| PKR | 0.50% | – | – | – | |
| PLN | 0.50% | 0.50% | 5 PLN | 1 000 PLN | |
| RON | 1.00% | 1.00% | 10 RON | 1 000 RON | |
| SEK | 0.50% | 0.50% | 10 Kr | 2 000 Kr | |
| SGD | 0.50% | – | – | – | |
| THB | 1.50% | – | 100 THB | 6,500 THB | |
| TRY | 1.00% | – | 6 TRY | 600 TRY | |
| UAH | 3.00% | – | 45 UAH | 1500 UAH | |
| USD | 0.50% | * | * | * | *Fees for transfers from USD are calculated slightly differently. For more information, please see our USD specific FAQ here. |
| IDR | 1,5% | – | 1 IDR | 14,500 IDR |
Here are some of their live rates for example on the most popular currencies:
Estimated rates Euro to Pound Sterling:
Estimated rates Pound Sterling to Euro:
Estimated rates Pound Sterling to US Dollar:
Estimated rates US Dollar to Australian Dollar:
Wise.com Supported Currencies:
Send/Receive
EUR – Euro
GBP – Pounds Sterling
USD – US Dollar
AUD – Australian Dollar
CHF – Swiss Franc
CAD – Canadian Dollar
PLN – Polish Zloty
SEK – Swedish Krona
NOK – Norwegian Krone
DKK – Danish Krone
HUF – Hungarian Forint
CZK – Czech Koruna
BGN – Bulgarian Lev
RON – Romanian Leu
Send but no Receive
INR – Indian Rupee
SGD – Singapore Dollar
NZD – New Zealand Dollar
HKD – Hong Kong Dollar
MYR – Malaysian ringgit
PHP – Philippine Peso
BRL – Brazilian Real
NGN – Nigerian Naira
PKR – Pakistani Rupee
MAD – Moroccan Dirham
CLP – Chilean Peso
THB – Thai Baht
AED – Emirati Dirham
UAH – Ukranian Hryvna
IDR – Indonesian Rupiah
COP – Colombian Peso
GEL – Georgian Lari
TYR – Turkish Lira
Swift Only:
ZAR – South African Rand – Wise sends out ZAR via SWIFT international payment (They cannot currently receive ZAR).
Offices:
Wise is one of the newest FX companies to have a big impact in this disruptive trend in the money transfer market. As of today, they have 10 offices in London – UK, Tallinn – Estonia, New York – USA, Tampa – USA, Budapest – Hungary, Cherkasy – Ukraine, Tokyo – Japan, Sydney – Australia, Singapore – Singapore, Kuala Lumpur – Malaysia. But as the company gets bigger and bigger, they will want to cover more and more countries, which will surely lead to the opening of more offices across the world. We will keep you updated if anything changes in the meantime.
Regulation:
Wise is a company regulated by the Financial Conduct Authority (FCA) so you can rest assured that your money is in good hands and that nobody will scam you. So please stop asking yourself if Wise is safe or if TransferWise is legit and reliable because both are the same company and it’s highly regulated.
If you don’t know what the FCA does, here are their main three objectives:
- Protect consumers
They secure an appropriate degree of protection for consumers. - Protect financial markets
They protect and enhance the integrity of the UK financial system. - Promote competition
They promote effective competition in the interests of consumers.
Press:
Ever since they first entered the market, all the major financial media outlets have had only good words about Wise money transfer. Here I will list just a few of them:
- http://www.economist.com/blogs/schumpeter/2013/01/international-money-transfers
- http://www.nytimes.com/external/venturebeat/2011/02/03/03venturebeat-ex-skyper-shakes-up-currency-exchange-93758.html?ref=technology
- http://www.bbc.com/news/business-14808977
- http://www.theguardian.com/uk/2012/jul/08/east-london-20-hottest-tech-companies
- http://www.wired.co.uk/magazine/archive/2011/08/start/data-banking
Wise is essentially one of the most sought after companies in the money transfer industry, and possibly the most recognisable of them all in spite of the relatively short time of existence. There is a genuine hype relating to everything about this firm! High-end investors like Richard Branson, sexy design, incredible growth, $100m+ in investments, $1bn+ in valuation… nothing like anything this rather grey industry has ever seen before. With that being said, it doesn’t necessarily say Transferwise is a different product than any of its competitors. This is why we have conducted a few Wise (TransferWise) Vs. Competitor comparisons for your enjoyment below.
TransferWise compared to other similar companies:
- Wise Vs. World First
- Wise.com Vs. CurrencyFair
- Wise Money Transfer Vs. PayPal
- Wise Vs. Payoneer
- Wise.com Vs. World Remit
Registration Process:
With one of the friendliest platforms, the registration process with Wise is quick and easy. In just a few minutes you will be able to make money transfers to your desired location.
The whole process consists of just 5 simple steps:
1. Enter Currency Details
Enter how much money you want to send and in what currency. Wise will automatically show you how much the transfer will cost and how much money the receiver will get in the end. So there is no wondering about any hidden fees. What you see is what you get.
2. Enter Personal Details
Enter your full name, address, phone number etc. Pretty straight forward.
3. Who are you sending money to
Enter the details of the beneficiary. This can be another person/company or even yourself if you decide that you want to exchange your money for a different currency.
4. Review your transfer details
Ensure that everything is in order one last time before making the transfer.
5. Add the funds
Decide on the method of funding your account with Wise. You can choose from the 3 options listed below:
I believe that most of you will use a credit card, in which case you will need to enter the card details – similar to any buying process online. And that’s it, you’re done.
Support:
With Wise you have support readily available for you. You can approach the company online, through telephone or via email (in English, Spanish or French) during work hours Mon-Fri. But you also have an elaborated support center with 99% of all potential queries addressed.
Wise Review Summary
Wise is one of the cheapest solutions for low-value remittances
Wise.com has great rates and fees for everyone! This Wise (former TransferWise) review shows that you don’t have to transfer 100,000 pounds or dollars anywhere to be eligible for the same rates that small businesses get! Wise is a fair and ethical solution for overseas remittances, with a transparent fee structure and a highly intuitive money transfer system.
It’s true that the solution they provide isn’t as comprehensive as some other companies do (other remittances companies offer cash pick-ups and mobile top-ups, while other money transfer companies offer dedicated foreign exchange dealers and Forward contracts) — but it’s a great solution, perhaps the best of its kind for the company’s target audience.
Rating: – Top Rated