Wise Review

Our Verdict

Wise is the best international money transfer service.

GetASearch Score: 8.5/10

Rating: 4.5/5 (3210 reviews)

Score Breakdown

What is Wise?

Wise (formerly TransferWise) is a financial technology company that has fundamentally changed how individuals and businesses send money internationally. Founded in 2011 by Kristo Käärmann and Taavet Hinrikus in London, Wise went public on the London Stock Exchange in 2021 and now serves over 16 million customers, processing £12 billion in cross-border transfers every month. The core innovation behind Wise is its peer-to-peer matching system. Instead of sending money through the traditional SWIFT banking network - which involves multiple intermediary banks, each taking a cut - Wise maintains local bank accounts in countries around the world. When you send money from the US to Europe, Wise receives your dollars in its US account and pays out euros from its European account. This eliminates correspondent banking fees and dramatically reduces both cost and delivery time. Wise supports transfers across 160+ countries and 40+ currencies, with most transfers completing within hours rather than the 3-5 business days typical of traditional banks. The platform charges a transparent fee that's clearly displayed upfront, typically 0.4-1.5% of the transfer amount depending on the currency corridor and payment method. Critically, Wise uses the mid-market exchange rate - the real rate you see on Google or Reuters - with zero markup, unlike banks that typically add 2-5% to the exchange rate. The Wise multi-currency account extends functionality beyond simple transfers. Users can hold money in 40+ currencies simultaneously, receive payments like a local in 10+ currencies (with local bank details in USD, EUR, GBP, AUD, and more), and spend globally with the Wise debit card at the mid-market rate. The card works in 200+ countries and automatically converts currencies at the point of sale. For businesses, Wise offers batch payment processing, accounting software integrations (Xero, QuickBooks, NetSuite), team member access controls, and an API for automating international payments. The Wise Business account serves freelancers, SMBs, and enterprises processing high volumes of cross-border transactions. Security and regulation are taken seriously. Wise is authorized by the FCA in the UK, FinCEN in the US, ASIC in Australia, and equivalent regulators in every market it operates. Customer funds are held in safeguarded accounts at major banks, separate from Wise's operational funds. Two-factor authentication, biometric login, and fraud monitoring protect individual accounts.

How We Tested Wise

Our team tested Wise (formerly TransferWise) over 4 weeks in January 2026, sending 20+ international transfers across 8 currency corridors (USD→EUR, GBP→INR, AUD→PHP, etc.). We measured actual delivery times against quoted estimates and compared total fees (including exchange rate markups) to banks and competitors. We tested the multi-currency account, Wise debit card for international purchases, and business account features. API integration was evaluated for developer use cases.

Interface & Usability

Wise's interface is designed around clarity and transparency, which aligns with its mission to make international money movement fair and simple. The dashboard shows your multi-currency account balances at a glance, with quick-action buttons for sending, receiving, and converting money. The transfer flow is exceptionally well-designed: enter the amount, see the exact fees and exchange rate (with a comparison to bank rates showing how much you save), choose the delivery method, and confirm. The entire process takes 2-3 minutes. Real-time tracking shows exactly where your transfer is at each stage. The multi-currency account lets you hold 40+ currencies simultaneously, each with local bank details. You get a UK sort code and account number, a US routing and account number, a European IBAN, and Australian BSB, among others. This means you can receive payments in multiple currencies as if you had local bank accounts in each country. The Wise debit card converts currencies at the mid-market rate with a small conversion fee (typically 0.35-1.5% depending on the currency pair). For travelers and remote workers paid in foreign currencies, this eliminates the 2-4% markup that traditional banks charge on foreign transactions.

Fee Structure & Transparency

Wise's pricing model is its strongest differentiator. Instead of hiding fees in inflated exchange rates (as most banks do), Wise charges a transparent, upfront fee and converts at the mid-market rate: - **Transfer fees**: Vary by corridor and payment method, typically 0.3-2% of the transfer amount. Paying by bank transfer (ACH/SEPA) is cheapest; debit/credit card payments cost more - **Conversion fee**: Built into the transfer fee, based on the currency pair. Major pairs (USD/EUR, GBP/EUR) are cheapest - **Holding fees**: No fees for holding money in any currency - **Receiving fees**: Free for most currencies when receiving via local bank details - **ATM withdrawals**: First $100/month free, then a small fee applies Wise's fee calculator shows the total cost before you initiate any transfer, and the guaranteed rate locks in for a specified period. The "Compare" feature shows how much you'd pay with traditional banks, which typically reveals savings of 3-8x.

Security & Regulation

Wise is publicly traded on the London Stock Exchange (WISE.L) and regulated by multiple financial authorities globally: - **FCA** (UK): Authorized Electronic Money Institution - **FinCEN** (US): Registered Money Services Business, licensed in all 50 states - **ASIC** (Australia): Australian Financial Services License holder - **MAS** (Singapore): Major Payment Institution license Customer funds are held in safeguarded accounts at major banks (JPMorgan Chase, Barclays, Deutsche Bank), separate from Wise's operational funds. This means customer money is protected even if Wise were to become insolvent. Two-factor authentication, biometric login, and real-time fraud monitoring protect accounts. Wise processes over $12 billion in cross-border transactions monthly, making it one of the largest non-bank payment processors globally.

Customer Support

Wise offers customer support through: - **Help center**: Extensive self-service articles covering transfers, account setup, and troubleshooting. Available in 15+ languages - **In-app chat**: AI-assisted chatbot that handles common questions and escalates to human agents when needed - **Email support**: Available for complex issues with typical 24-48 hour response times - **Phone support**: Available in select markets for urgent account issues Support quality is generally good for straightforward transfer issues but can be slow for complex account verification or compliance holds. Some users report frustration with extended verification processes, particularly for large transfers or transfers to less common corridors. Wise's community forum allows users to share experiences and tips, and the company's blog provides regular updates on new corridors, features, and regulatory changes.

Wise Features

Wise Pricing

From 0.4% per transfer

Best For

• International freelancers
• Expats
• Travelers

Not Ideal For

• Domestic-only transfers
• Full banking needs

Final Verdict

Wise is the best international money transfer service.

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