This TransferWise review was updated to reflect the company’s new brand, Wise Money Transfers, and its new fee scheme since going public via direct listing in the London Stock Exchange in July of 2021.
Wise.com pride themselves on a transparent fee structure and excellent exchange rates. The online system is easy to use and users are almost unanimously satisfied. Read more about all aspects of the firm in this TransferWise review.
Pros and Cons
- 0.5% FX Margin for Most Currency Routes
- Same FX Margin for Transfers of All Sizes
- Clear and Professional Offering
- Very High Client Satisfaction
- Trustworthy and Safe - Largest Money Transfer Company Today
- Smooth Online System for Client Onboarding
- Top 10 Best Online Website and App for 2021
- Public Company, Listed on the London Stock Exchange
- Innovative and Exciting
- TransferWise Debit Card – Multi-Currency
- Send and Receive Money only with Mobile Number (Australia)
- Accepts Client from Brazil (New)
- No Dedicated Dealer Guidance
- No Discounts For High Volumes
- No FX Options Offered
- Does Not Handle Cheques
- Not all currency accounts are held in the country of the currency
- Prices increased from 2020 to 2021
- All online journey - inadequate for people who like close and personal service
Is Wise the best choice for me?
Depending on usage. Wise is undoubtedly very cheap and has slick technology in place, as well as a high functional multi-currency account. If you constant required to send and/or receive small payments in multiple currencies (bank to bank), and happy to do it all online, then TransferWise is great. If you have larger requirements such as a property deal, transfer of a mortgage, large business payment and so forth then we believe you could benefit from using a currency broker as per below.
Wise Competitors / Alternatives: Better for Large Transfers
Although Wise is a groundbreaking “new age” type of service, and is completely safe to use, Money Transfer Comparison rated several companies with higher scores because we believe they provide a more comprehensive “premium” type of solution, as opposed to Wise’s “plain vanilla” offering. Below you can find some of the more prominent Transferwise competitors we have reviewed: