Wise Money Transfer Reviews – 10 Reasons For Using Wise

Are you wondering about the best solution to withdraw and send money to multiple countries? The Wise comes with the ultimate solution for efficient transactions. This company just makes our life effortless and convenient in terms of transferring money. 

In addition, Wise does not charge extra for the same currency transaction. Fantastic company, right? 

Therefore, I believe Wise is an excellent option for sending and receiving money internationally. 

In this definitive guide, I will explore everything you should know before choosing this money transfer platform. And this is going to be the ultimate Wise money transfer reviews for you. So, let’s continue reading.  

What Is Wise Money Transfer?

Wise is a money exchange company that has already earned popularity. Wise was previously known as TransferWise. This company allows sending USD to around 70 more countries with small transaction fees. In addition, Wise does not cost any charge if you exchange money for the same currency. 

To transfer your money you will net a bank account or DEbid/Credit card only. Therefore, Wise is a trustworthy money exchange company.

My Experience With Wise!

I have been getting my monthly salary from another country. But I do not live in that country. That is why I must depend on my local bank. SAD! They were giving me less amount and cutting down higher fees which I was hating. I thought since I am earning, why are cutting my salary? 

Then I was searching for a better option so I can my salary without any unexpected cutting. 

Finally, I got my solution with Wise. this is such an excellent option for me to go with. They cut zero fees for my transaction. Also, they are giving me a bonus as well. GREAT, right?

After that, I thought why not share my experience so you can also get benefits like me? 

10 Reasons For Using Wise 

There are hundreds of reasons for using Wise instead of other transaction methods. But, here I will focus on the top 10 causes only. This will help you to take your educated decision.  Let’s explore what are the ten reasons why you should go with the Wise (before Transfer Wise).

1. Low fees: 

Wise charges some of the lowest fees in the industry for international money transfers. The company’s fee structure is transparent, and users can see exactly how much they will be charged before initiating a transfer. In many cases, Wise’s fees are significantly lower than those charged by traditional banks and other money transfer services.

2. Competitive exchange rates: 

One of the key advantages of using Wise is that the platform offers real-time, mid-market exchange rates. This means that users get a more competitive exchange rate than they would typically receive from a bank or other service, which can save them money on currency conversions.

3. Fast transfers: 

Wise is known for its fast transfer times, with most transactions completed within a few hours or a day, depending on the currencies involved and the time of day the transfer is initiated. This is particularly useful for individuals and businesses that need to send money quickly and reliably.

4. Multi-currency account: 

Wise allows users to hold and manage multiple currencies in a single account. This feature is handy for people who travel frequently or do business internationally and need to send and receive money in different currencies without incurring high fees.

5. User-friendly interface:

The Wise platform is easy to use and navigate, with a simple and intuitive interface that makes it easy to initiate and track transfers. The company also offers a mobile app, which makes it even more convenient to manage transfers on the go.

6. Robust security features: 

Wise takes security seriously and employs a range of measures to protect users’ personal and financial information. The platform is regulated by financial authorities in multiple countries, and the company uses encryption and other advanced security measures to keep user data safe.

7. Integration with other services:

Wise integrates seamlessly with other services like PayPal and Google Pay, making it easy to transfer money between accounts and services. This feature is particularly useful for individuals and businesses that use multiple platforms for their financial transactions.

8. Excellent customer support: 

Wise offers responsive and helpful customer support, with support available via phone, email, and chat. This ensures that users can get help quickly and efficiently if they encounter any issues or have questions about their transfers.

9. Transparent pricing: 

Wise’s fee structure is transparent, and the company is upfront about its costs and fees. This means that users can trust that they are getting a fair deal when they use the platform.

10. Environmentally friendly: 

Wise is committed to reducing its carbon footprint and has implemented a number of initiatives to minimize its environmental impact. For example, the company uses 100% renewable energy to power its data centers and offsets the carbon emissions from its business travel. This makes it a good choice for users who are environmentally conscious and want to support sustainable businesses.

Pros and Cons of Wise Money Transfer

Pros Cons
  • Offer online tracking 
  • Best international exchange rate
  • Fast and secure
  • Easy and zero FEEs
  • Initial transaction takes time but it’s for security purposes

How Does Wise Money Transfer Work?

Wise allows individuals and businesses to send and receive money across borders with low fees and competitive exchange rates. Let’s explore how Wise money transfer works below:

Sign up for an account  

To use Wise, you’ll need to sign up for a free account on the website or mobile app. Then you must provide some personal information, including your name, date of birth, address, and more.

Verify your identity 

Wise must verify your identity to comply with international money transfer regulations. You may be asked to provide a copy of your passport or other government-issued ID.

Enter transfer details 

Once your account is set up, you can enter the amount you want to send, the recipient’s details, and the currency you want to send. After that, you will be shown the exchange rate and fees upfront.

Fund your transfer 

You can fund your transfer using a bank transfer, credit card, debit card, or Apple Pay, based on your currency and the location you are sending.

Wise converts your money 

Once you have funded your transfer, Wise converts your money into the recipient’s currency at the real exchange rate, which is the rate you can find on Google or Reuters. Wise does not mark up the exchange rate, so you get a fair deal. No worry!

Money is sent 

Wise sends the money to the recipient’s bank account or card as you have mentioned. The speed of the transfer depends on the currencies and countries involved, but most transfers are completed within one to two business days.

The sender and receiver are notified 

Both you and the recipient will receive an email or SMS notification when the transfer is complete. Thus you can get to know about the transaction confirmation. 

That is how Wise money transfer works in a nutshell. And you can exchange cost-effective ways to send money internationally.

How To Create A Wise Account? (9 Step By Step Guide)

Now, let’s create your Wise account step-by-step.

Step-1: Go to the Wise website (wise.com) and click on the “Sign up” button in the top right corner of the page.

Step-2: Wise offers personal, business, and multi-currency accounts. Now you can choose the account type you want to open. Select the type of account that best fits your needs and click “Get started”.

Step-3: Then enter your email address and make a unique password that nobody can guess. I recommend choosing a strong password that includes numbers, a mix of letters, and symbols.

Step-4: Now, verify your email address by clicking on the link sent to your email. It confirms your email address and then activates your account instantly.

Step-5: Verified? Provide your personal information, such as your name, address, date of birth, etc. This information is essential to comply with regulatory requirements and prevent fraud.

Step-6: Wise supports over 50 currencies, so choose the account currency you plan to use most often for your transfers.  

Step-7: Link your bank account or debit/credit card. This allows you to add funds to your Wise account and transfer them to other accounts as well.

Step-8: Now verify your identity. You may need to provide additional identification documents, such as a passport or driving license, based on your country and account type.

Step-9: Once your account is set up and verified, you can transfer to other accounts. Also, you can see the exact amount the recipient will receive, including any fees and exchange rate fees.

That’s it! Following these simple steps, you can create a Wise account and enjoy low-cost, transparent, fast money transfers.

User reviews and ratings Of Wise Money Transfer

Most of the Wise user says they are happy with the exchange rate, transfer time, transaction story, and many more. Also, they are giving around 4.5 ratings for the user experience. You can check Wise.com for an accurate rating. 

Comparison with other money transfer services

Features Wise Paypal Western Union MoneyGram
Transfer speed 1-2 business days Up to 1 day Up to 3 days Up to 3 days
Currency supported  80+ 200+ 130+ 60+
Transfer fees Transparent and low with high exchange rate Same currency low High fee High fees
Transfer methods Mobile app, online Mobile app, online, and other Mobile app, online, and in person Mobile app, online, and in person
Transfer options  Debit/credit, bank transfer, local payment PayPal, Debit/credit, bank transfer,  Mobile wallet, bank transfer, cash pick up Mobile wallet, bank transfer, cash pick up
Transfer limits High limits for business and personal account  Depends on location and account type Depends on location and account type Depends on location and account type
Safety and security High security  High security  High security  High security 
Customer support 24/7 support via chat, phone, email, and help center 24/7 support via chat, phone, email, and help center 24/7 support via chat, phone, email, and help center 24/7 support via chat, phone, email, and help center

FAQs About Wise Money Transactions 

Is wise money transfer safe?

Definitely Wise is the safest money transfer platform you can trust. And Wise started its journey in 2011. From now on they are successful in their transaction. Every month over $5 billion changes by its users worldwide. I exchange thousands of dollars every month including other currencies as well. so, I would say you can keep your trust in Wise for high-ticket transactions. 

Is wise money transfer legit?

Wise money transfer is a legit method worldwide. This company is providing its service across the world with keeping its fame. Now Wise become a famous money transfer company across the globe.  Almost all of the government allows Wise to do their business without any barriers. 

Is wise safe to send money?

In terms of sending money, Wise is the best solution for anyone. This company takes only a few seconds to transfer your money. so, if you are looking for a fast and safe money transfer, you can go with Wise without any hesitation. 

What are the Wise money transfer fees?

Wise exchange fees vary depending on the amount you exchange and the currency. They charge the cost of transferring your amount and a small margin that they use to improve Wise betterment. Still, you can check to know exactly how much Wise is going to charge, click here for full details. 

how long does wise take to transfer money?

Usually, it takes a few seconds to transfer money. But when you send an account for the first time, it may take less than 24 hours to at best 2 days. This is because of the security purpose. 

What is the exchange rate for Wise money transfers?

The Wise money transfer exchange rate depends on your currency. It varies from currency to currency. So, you can check here to know the exact exchange rate now. 

Can I use Wise to receive money as well as send it?

Yes, you use Wise to transfer and receive money from anywhere in the globe. The nicest thing is that you can do transactions 24/4. 

How do I sign up for a Wise money transfer account?

To sign up, just go to Wise.com and click on the register section. After that give all the necessary documents for verification. 

What are the maximum and minimum transfer amounts with Wise?

Wise is an amazing platform to send small to a large amounts. if you are using a personal account, you can send up to $250,000 every year. But, the business account owner can send $1,000,000 per year. Also, you can send $10,000 per day and $250,000 within 60 days. Though business account holders can send $400,000 within 60 days period. 

The best part of Wise is it allows you to send even the smallest amount you want. Even if you want to send $0.01, you can go ahead. 

End Quote on Wise Money Transfer Reviews

So, I hope now you are clear why you should choose Wise for getting the best transaction experience. Still, if you have any questions regarding Wise, you can comment below. I will definitely answer ASAP. 

Happy Transactions!

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