Should I use Wise?
Cons:
Pros:
What is Wise (ex-TransferWise)
Official Website:
Wise Review: Our Opinion
Here at Money Transfer Comparison, we have followed every step of the meteoric rise Wise had to the top of the international money transfer industry. The fintech, formerly known as TransferWise, is currently the largest money transfer company in the UK, boasting over £9bn in monthly turnover. Wise understood the changing demands of customers and was one of the first to roll out a tech-oriented solution that made international transfers easier, faster and cheaper.
Wise.com pride themselves on a transparent fee structure which hovers around 0.5% of the total value of the transfer. The online system is easy to use and based on a 4.2 / 5 TrustScore from over 195,000 customer reviews, it is fair to say that users are generally satisfied. The Wise app is highly rated for functionality with ratings of 4.7 / 5 on Google Play and 4.6 / 5 on Apple Store. On the downside, its platform is less geared towards high-sum transfers, as it does not offer a bespoke currency brokerage service like competitors Currencies Direct, TorFX, or moneycorp. The proportion of negative customer reviews has also drastically increased since 2022.
Wise, traded on the stock exchange as LSE WISE, is indeed a legitimate money transfer company. Millions of other Brits, Europeans, Australians and Americans use its services on a constant basis. Just be aware they have been freezing a number of accounts recently.
Click here to visit Wise (TransferWise).
Current Rates?
Where is Wise Available?
Is a Wise account the best choice for sending money abroad?
We believe that Wise is one of the best, and safest, options for:
- Transferring smaller amounts of money abroad online.
- Multi-currency bank accounts to receive and hold money.
- Prepaid multi-currency card for international travel.
Minimum transfer:
£1 
€1 
$1 
CA$1 
AU$1 At the same time, we believe Wise (Transferwise) may not be the optimal choice for transferring large amounts of money, as its purely “online” journey is lacking in comparison to a currency broker, who provides more informed guidance along the way. Through our industry knowledge, analysis of transaction data and speaking to prospective customers, clients feel SAFER when using a broker to transfer money overseas. Clients who make higher value transfers are much more likely to place that trade over the telephone. They prefer speaking to a dedicated currency dealer for peace of mind, something Wise does not offer.
We have listed the top Wise alternatives below.
Who Are the Top 3 Competitors of Wise?
Below you can find three Wise alternatives that clients and we at Money Transfer Comparison rated higher than Wise. These three providers are a subset of our selection of best international money transfer services. They all have a more close-up-and-personal approach for customers moving larger volumes of money, whether that be business clients, financial professionals or simply those wanting to hedge their FX risk (using a Forward Contract for example).
- Min Transfer: £/€/$ 250
- Currencies Supported: 120
- Offices : UK, EU, USA, HK, and UAE.
- Our Rating : 92.8% 🌟Best for Large Transfers🌟
- Business Oriented, Many High Profile Business Customers
Industry Veteran since 1979
Safest and Most Geared Towards Large Amounts
Up Close and Personal Service by Professionals
Fix Today's Rates for Up to 2 Years with a Forward Contract
- Min Transfer: £/€/$/A$/NZ$/$CAD 100
- Currencies Supported: 140
- Offices : UK, EU, USA, Australia, NZ and Canada.
- Editorial App Rating : 98.4%
- Min Transfer: £/€ 1,000
- Currencies Supported: 138
- Offices : UK, Europe.
- Our Rating : 90.6%
TrustPilot Rating : 4.3 / 5 - Very Quick to Respond in a Friendly Manner
Competitive Rates and No Wire Fees
Very High Customer Satisfaction
Operating from Cornwall, Less Operating Costs Rolled Over to Customers
Directors Have Dozens of Years of Industry Experience
… does the fact we have higher rated providers mean that Wise is unsafe or a scam? Of course not. Money Transfer Comparison has determined that Wise is safe to use, and the company is certainly legitimate.
Is Wise.com Safe? Is Wise Legit?
Wise, formerly TransferWise, is one of the hottest startups to emerge over the last ten years and is considered a market leader in the fintech sector. Since inception, it has grown at a staggering pace, seeing its value soar by billions between each funding round and ultimately resulting in an £8.8bn valuation at Wise’s direct listing on the London Stock Exchange in July 2021 (though this is now down to £6.8bn – more on this below).
In its latest quarterly trading report, Wise reported moving £28.2bn in transfer volumes between Apr – Jun 2023 (an average of circa £9.4bn per month and up on the £26.7bn transferred in the first three months of the year). There are currently more than 2200 employees working for Wise.com in numerous offices across 4 continents around the world.
Note: This Wise review for 2023 was updated to reflect the company’s new brand, Wise Money Transfers, and their continuous release of new fee schemes which make some transfer routes cheaper and some more expensive.
Wise, previously known as TransferWise, has definitely come a long way since its inception in 2010 (launched in 2011). It was established by two Estonian Fintech innovators, Taavet Hinrikus, (Skype’s first employee) and Kristo Käärmann, both of whom were working in the UK, and experiencing the high costs of bank-powered international money transfers. Quite early on in their journey to lower the costs of cross border remittances, they received a massive shot of encouragement in the form of two mega-investors who believed in the idea, and jumped on the Wise wagon. These two investors were PayPal’s co-founder, Peter Thiel, as well as Virgin’s founder Richard Branson.
Here is a complete overview of then-TransferWise’s investment rounds, prior to going public in 2021:
| Series | Amount Invested | Investors |
|---|---|---|
Pre-speed
| $68,400 | SeedCamp (VC) |
Seed
| $1,300,000 | Index Ventures (VC), IA Ventures (VC), The Accelerator Group (VC), Kima |
Series A
| $6,000,000 | SV Angel (VC), Valar Ventures (VC), Peter Thiel |
Series B
| $25,000,000 | Valar Ventures (VC), Peter Thiel, Richard Branson, Index Ventures (VC), |
Series C
| $58,000,000 | Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp |
Series D
| $26,000,000 | Anderson Horowitz (VC), Valar Ventures (VC), Baillie Gifford (PLC |
Series E
| $280,000,000 | Andreessen Horowitz and Mitsui & Co. |
Total to date
| $396,368,400 | Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp |
Information from Angel.co
Secondary Share Sales
In May 2019 Wise announced it raised an additional $292 million through a secondary share sale – at the time valuing the company at $3.5 billion. This took the total funding in the company to a mammoth $689 million.
In July 2020 Wise money transfers confirmed a new $319 million secondary share sale, valuing the company at $5 billion dollars. Making it the second most valuable fintech in Europe.
Direct Listing on the LSE – July 2021
In what was perhaps an understated move for a listing of this size, Wise went public in July 2021 via a direct listing. The move means no new shares were created for the firm and only existing shares kicked off trading on the LSE. This made Wise the largest company to perform a direct listing on the LSE that isn’t already traded on another stock exchange.
The listing, which was said to be driven by Boris Johnson and Rishi Sunak in order to boost the UK economy, shows the increasing importance fintechs are gaining in the market against traditional banks.
Wise shares opened at £8 a share, giving the company a market value of £8.8 billion ($11 billion), twice the valuation it had received from private investors in 2020. By September 2021, Wise shares were valued at £11.50, representing a 30% increase in value over its first two months being public. However, this gain was short lived and in June 2022 the share price slumped to £3.60. As of May 2023, the share price recovered to £5.45 per share and by October 2023 this increased further to £6.80. Wise has a current market cap of £6.8 billion, representing a 23% drop on the original listing value.
From TransferWise to Wise
Transferwise rebranded itself to Wise (wise.com) just prior to the IPO in order to better reflect the full range of financial services it provides – much more than just Wise money transfers. For example, they also offer wise bank accounts which are used by over 10 million people to live, work, travel, and do business around the world (accompanied by the Wise debit card).
Co-founder and CEO of Wise Kristo Käärmann had this to say on the announcement, “Today our name catches up with who we’re already building for — a community of people and businesses with multi-currency lives… Wise is for all of us who live, work, travel, or support family around the world. It’s for those of us who want to cut out the middlemen that hold us back from being truly borderless.”
At MoneyTransferComparison our review will continue to focus primarily on Wise international money transfers. We also take a look at the Wise multi-currency account (formerly Wise borderless account) as this plays a central role in making and receiving money transfers.
Wise Unveils a New Look
In January 2023, at the same time that Wise hit 16 million registrations, the firm unveiled a brand new look. Ditching its trademark blue, the rebrand revealed a new font and new imagery based around a fresh green palette.
Wise CEO Kristo Kaarmann announced “Our new look is inspired by the millions of people and businesses worldwide that use Wise today.” The new brand has been designed to make the Wise customer experience consistent, wherever a customer is based.
CEO Kristo Kaarmann Faces FCA Investigation After Tax Breach
In July 2022 it was announced CEO Kristo Kaarmann is being investigated by U.K. regulators after tax authorities found he failed to pay a tax bill worth over £720,000. Kristo Kaarmann has already been fined £365,651 by HMRC for defaulting on the tax bill in 2018. The FCA is now looking into whether Kaarmann failed to meet regulatory obligations and standards. The investigation could have significant ramifications for Wise and its chief executive Kaarmann who could be forced to step down and cease working in the industry if regulators deem he fails the “fit and proper” test. The investigation remains ongoing and advisory group Glass Lewis warned investors that any regulatory investigations into directors should be a cause for concern and legal proceedings could dent the valuation of Wise. As of October 2023, the matter remains unresolved.
In its earlier days, the then Transferwise marketed itself by saying it was the world’s first and only Peer to Peer money transfer provider. The logic was simple – Wise would be able to beat the banks by finding two clients who need to transfer money in opposite directions (say, one client is transferring Pound to Euro, and the other one is exchanging Euros for Pounds). This way, they claimed, the savings would be immense.
What they didn’t take into consideration is how volatile the market is and the fact people normally want to trade money instantly. Similarly, if there are large payments that Wise customers wish to make or there are significant flows into certain currencies (say EUR for example), it is difficult or even impossible to match those flows in the opposite direction. Long story short, Wise dumped this way of marketing themselves, and over recent years has made no reference on their website to the terms “peer to peer money transfer” or “peer to peer currency exchange”. The sheer volume Wise transacts these days (at least £9 billion a month) means it will access cheap liquidity from its banking partners.
Questions Raised Over Wise Compliance Protocols?
At the start of 2022, Wise said it made “significant improvements in our controls and security checks that keep your money safe. Unfortunately this meant more transfers being subject to checks, delays or other hurdles”.
The result seems to be an increase in the frequency that supporting documents are requested in order to process a transfer and a significant uptick in the number of Wise accounts to be deactivated. Ultimately, this suggests Wise is either going overboard on its compliance checks, or that they weren’t up-to-scratch in the first place. Whatever it is, it doesn’t paint Wise in a good picture.
In August 2022 the firm was fined $360,000 by Abu Dhabi regulator, the Global Market’s Financial Services Regulatory Authority (FSRA). The regulator “found that Wise did not establish and maintain adequate AML systems and controls to ensure full compliance with its AML obligations… Wise did not dispute the FSRA’s findings and agreed to settle at the earliest opportunity.”
The company has advertised heavily on billboards (including in the London underground), as well as on television and
online. It is constantly covered by financial and technology journalists around the world, and has managed to get
into the mainstream quicker than any other company in the money transfer industry.
Its campaigns were so effective, and so memorable, that even large banks began noticing them. The old slogan “YOUR
BANK IS SECRETLY OVERCHARGING YOU ON INTERNATIONAL MONEY TRANSFER” was adjudicated by The Advertising Standard
Authority, following complaints from these banks.
Wise has suffered additional obstacles as a result of its advertising campaigns. In May 2016, the advertising watchdog commanded TransferWise to be more specific about the savings it offers in each route, in comparison to banks, rather than saying that it helps clients save 90% of transfer costs. TransferWise has also been mocked by the AmericanBanker magazine, as the company is now seeking bank funding. Our take on this? TransferWise is catching fire because it is growing at such a rapid pace. As a Branson-backed company, it appreciates any form of attention – positive or negative, and it works out perfectly.
You can’t knock Wise for their transparency either – sure they can be rather punchy with their marketing campaigns but there’s an obvious reason why Wise are happy to publicise their exchange rates and fees online but mainstream banks aren’t.
In a rare piece of negative media, it seems that new fintech Atlantic Money has played Wise at their own game. Atlantic Money has garnered significant media attention for its letter to the U.K. Competition and Markets Authority in which they feel they’ve been delisted from the Wise currency calculator for the pure and simple reason that they were cheaper than Wise on larger-sized transfers. Wise removed Atlantic Money as it was “no longer deemed a legitimate competitor”.
Due to unfortunate factors, the senior leadership team at Wise has undergone significant change in 2023. CFO Matt Briers is resigning later this year in order to make a full recovery from a severe cycling accident he had in 2022 – an announcement which caused the Wise share price to drop by 4%. What’s more, CEO Kristo Kaarmann is taking an extended 3-month sabbatical from Wise, a move which is said to be completely separate from his ongoing tax investigation by the FCA. During his period of absence, Kaarman will be replaced as CEO by current Chief Technology Officer, Harsh Sinha, and rumours have surfaced this could lead to a permanent switch, seeing Karmann take on the role of Executive Chairman.
Wise is entering a crucial period of its journey. Despite being one of the few fintechs that’s actually turning a profit, the share price remains circa 30% down from listing. Surging inflation will test low fee business models and broader downside sentiment on fintechs is making investors weary.
WEF Tech Pioneer in 2015
EY Entrepreneur Of The Year UK 2015
FT’s Boldness in Business Award, 2014
Best European Startup, Europas European Tech Startup Awards, 2013
Financial Conduct Authority Financial Transactionsand Reports Analysis Centre
Australian Securities and Investments Commission 
Customs and ExciseDepartment
FinCEN 
Reserve Bank of India 
Kanto Local Financial Bureau Japan Department of Internal Affairs New Zealand Wise (ex-TransferWise) is probably the hottest name in the whole money transfer industry. Established by notable entrepreneurs who became aware of a significant problem and sought to fix it, the company is taking a mostly different approach from the rest of the remittances industry.
Its low rates, transparency, great on-boarding process and successful advertising campaigns have gained it a status as one of the largest payment providers in the world. This is a “fintech” that is moving billions across the globe every month and fighting with industry giants like Western Union and Moneycorp.
On the whole, there is nothing to be concerned about when you use a Wise account to move money abroad. Wise is as safe as can be. It has a sound financial structure, a solid business model, and it is the absolute epitome of client transparency. After many years of focusing on client acquisition and growth, it has turned profit for the last three years and investors remain keen to get on board. The company is now available in more than 71 countries, has over 17 million customers and moved £28bn in the last three months alone.
If there is a concern, it has to be around the recent changes in compliance protocols. Huge numbers of account holders have had their accounts frozen and have been left unable to access their money. It is taking a significant amount of time for these account holders to then pass the required checks in order to get their money returned. This could be very worrying to existing account holders but new account holders should know from the outset whether they’re able to use the platform or not.
Wise is not a scam, although some people tend to think it is because of the ultra-friendly rates, while in fact, it is one of the most credible companies in the industry.
More recently, you may have spotted Wise opening an office in Belgium. The firm took the pro-active decision to gain a European licence in Belgium so even in the event of a no-deal Brexit, where UK financial services firms would lose their ‘EU passporting’ rights, they could continue to offer the same great service. In the end, whilst a deal was made the UK/EU trade deal did not cover financial services, so it was a safe and very smart move indeed.
CEO Kristo Kaarmann’s current investigation by the Financial Conduct Authority has to be highlighted. Whilst we’re well aware of finance magnates managing their finances offshore, it’s not very often they fail to meet their UK tax obligations. It certainly seems an unusual case and one we’ll have to follow closely.
Do Clients Like Wise? Wise & Transferwise Reviews
from Across The Web
There are 195,000+ Wise/Transferwise reviews available on TrustPilot, which is more than any other company in the foreign currency payments industry. As of October 2023 the firm has a TrustScore of 4.2 / 5, down on the 4.4 / 5 rating as of May 2023,and even lower than the 4.5 / 5 rating the firm scored in January 2023 and the 4.7 / 5 rating the firm scored at the end of 2020. That’s quite the dropoff after the last eighteen months and if the current trend of negative reviews continues, the score will surely further decline.
Overall, 8% of reviews are complaints, 2% are neutral and 90% of them are positive. Out of recent reviews in 2023, most are negative, which is concerning.
A small amount of the reviews seem to be placed by marketers who are promoting the service (trying to push their discount codes), but the amount is rather insignificant. Seemingly, Wise’s advertising campaigns have paid off and gained it serious recognition.
- Works “as expected” – no glitches
- Easier to on-board with than other companies
- Better rates than other companies and banks
- Accurate and timely
- Responsive and kind support
- Polite and non-pushy approach
- Easy to learn how to use
- Excessive documents required to sign up
- Some debit and credit cards not approved for use
- Delayed transfers
- Rude customer service
- Some currencies are not available in the system
- Very slow and difficult to get money back
- Accounts frozen without warning
- Slow to respond to emails
On the whole, clients who can access their account, seem to be almost unanimously satisfied with every aspect of Wise’s service. Some students, expats, and immigrants have even said that this company has made a substantial change to their lives.
It appears that the main appeal of Wise, even more than the fair and transparent exchange rates, is the smoothness of the entire experience. An automated online on-boarding process is a huge advantage for the younger generation, and they have become avid users. The words that keep popping up in client reviews are ‘quick’, ‘efficient’ and ‘painless’.
However, the number of negative reviews is growing fast, primarily driven by the number of new Wise accounts which have been deactivated. It seems Wise experienced some technical glitches with its verification process in 2022 but the more worrying concern is the number of account holders who cannot currently access their money. Multiple users are reporting that they’ve supplied all information requested by Wise and despite chasing up the Wise support team countless times, they’ve been left stranded, unable to access their money for weeks, or even months.
Whether it’s for proof of payment or documents required to open an account, there are strict Anti-Money Laundering regulations that companies such as Wise have to deal with. When additional documents are required to open an account, it is because the local regulator for the required jurisdiction (such as the FCA) demands that from the firm. Similarly, if you’re required to send supporting documentation for a payment (this is usually quite rare) then it is simply the firm ensuring they are not facilitating an illegal transaction. In this sense, Wise is no different from the rest of the market, but one has to question whether they had the correct checks operating in the first place and if they’ve handled the move to close so many client accounts in the correct manner. As it stands, it’s generating the firm a lot of heat. The lack of urgency by Wise to return money from blocked accounts is even causing some customers to feel like they’ve been scammed.
Aside from the significant issue around accounts being frozen, complaints are either about the lack of customer service or a delay to their payments. It must be noted that the support team at Wise are not foreign exchange specialists – they can guide you through the Wise platform but won’t discuss external factors that could impact the rate you achieve. If you’re looking for this then you should consider Currencies Direct or WorldFirst. Wise asks for a period of two days to respond to emails. Seemingly, they don’t seem to care so much for fast customer service as they do fast transfers.
The most common reason it looks like payments are being delayed is for compliance purposes as more information about the payment is required. This is not an issue individual to Wise and it’s common across both banks and other money transfer providers, but the frequency in which Wise is receiving these complaints is alarming. There’s no doubt that Wise is putting more payments through enhanced compliance checks than it did in the past. You may see this as either a positive or negative, but if you’re going to make a payment be prepared with supporting documentation to avoid unnecessary delays.
The critics that complain of unsupported currencies are justified, as Wise doesn’t support as many currencies as some of its competitors like Currencies Direct, but we can’t downgrade Wise’s score based on that, as it’s very clearly stated on their website which currencies are handled and which ones are not. Clients who are complaining about this have simply failed to read the information that is readily available.
Wise Review by our reader Wasim Chamma, submitted May 22, 2021
“4 years of experience, a summary review. Here’s my review of Wise (previously known as Transferwise) after 4 years of experience with them, so it’s not a shallow, neither haters nor excited person’s review.
To start, I joined Wise before they had their local support in my country and I had all contacts via overseas, even had their debit cards sent to me from overseas, and I was all excited to start this neiche P2P exchange. started by adding funds to the account by directing few payments from overseas to it and I’m all happy with the exchange rate, the speed of transfers and ease of use. Soon after I was so happy to start recommending it to friends, local businesses and family.
Some of whome already joined and started exchanging and transferring through them thanking me for it. It’s all good and happy land while using the account occasionally.
And now when I started using the account seriously (when I decided to direct my BnB (Bed & Breakfast) share of private work to them) and they started blocking incoming payments till I ask my clients for their private details (D.o.B & residency details). I was uneased about it but continued working, to find out few days later (with no warning, no notice of any breach) all of the sudden when I was using the app I got the notice “your account was deactivated contact the appeals team”. which was all weird. I thought it was a mistake till I saw the same on mobile browser and on laptop too. 4 days later (after my email to appeals team trying to find out and being proactive about any details that might mistakenly triggering any AI to alert my account) they came back to me saying that they’re reserving their reasoning and will block my account. So now a week with no access to my money nor ability to trade summarises services through your network.
Summary: it’s all nice and happy till someone in the accounts team decides to deactivate your account, and they’ll do it with no hesitation nor explanation or reasoning, while breaking your access to your assets and stopping your operation.
I feel sorry to all the reffers I did previously as these people will suffer just like I did.”
Wise Fees and Wise Exchange Rates
Fees: Wise regularly updates its pricing model in line with the costs it experiences. In each update, some currency corridors become cheaper while some corridors increase in price. In recent years, the firm decided to base prices solely on the relevant costs incurred for the specific currency or country involved in your payment, rather than subsidising certain routes with income from other currencies.
Transferring money from around the world incurs variable fees with Wise but they are as low as under 1 Euro for most destinations from Europe, and less than £1 for transfers from the UK. Payments from the USA are slightly higher at a cost of $4.18, though the US is notorious for having high payment fees, regardless of whether you pay by ACH or wire transfer. Just be sure to fully understand the pricing structure for your currency corridor, particularly if you are trading any exotic currencies.
The pricing is so carefully modelled that not only is the size and speed of payment considered, Wise also alters their payment fee depending on where your destination of payment is. So any cheaper payout method the firm can employ, Wise can then pass this saving onto the consumer too.
In November 2022, Wise was even able to remove fees for same-currency transfers of Sterling, Euro, Hungarian Forint and Singapore Dollar. Interestingly, the reasoning provided by Wise as to why they were able to make the move was due to the higher rate of return they had been receiving on the customer deposit balances they had been investing.
Lars Trunin, UK head of product at Wise, said: “We’re happy to be in a position to pass on the economic benefits from the balances customers are holding with us through these new prices”. In this sense, Wise very much goes against the grain in the industry and is the only known provider to invest its customers’ deposits, as opposed to simply holding these funds in segregated accounts at major banking institutions. Wise is completely transparent with regards to the banks it holds customer deposits with and the investments it makes. Wise has invested customer deposits into what it regards as low-risk assets – UK and US Government bonds. All information is available from wise.com but it’s something for you to decide if you’re happy with it. The net interest income made by Wise on customer balances jumped 29 per cent to £56m in the final quarter of its 2023 financial year, and in the first quarter of the 2024 financial year, this has even grown to £71.4m.
Exchange Rates: Here is the complete fee structure for payments sent in the currency specified below and converted to GBP (be aware fees have increased when you send money TO GBP from any currency in 2023. Payment fees and spreads can vary slightly depending on where money is being sent so be sure to use Wise.com’s online calculator first):
| Currency Sent | Wise.com Fee October 2023 Updated |
|---|---|
 AUD | 0.35% – 0.48%, depending on amount sent + $ 0.54 AUD fixed payment fee. |
 BRL | 1.89-1.96%, depending on the amount sent + R$ 2.59 BRL fixed payment fee. |
 CAD | 0.40% – 0.56%, depending on the amount sent + $ 3.33 CAD fixed payment fee. |
 CHF | 0.35% – 0.49%, depending on the amount sent + 0.60 CHF fixed payment fee. |
 CZK | 0.37% – 0.50%, depending on the amount sent + Kč 5.44 CZK fixed payment fee. |
 DKK | 0.44% – 0.57%, depending on the amount sent + kr 2.53 DKK |
 EUR | 0.40% – 0.56%, depending on the amount sent + € 0.45 EUR fixed payment fee. |
 JPN | 0.66% of the amount that’s converted + ¥ 70.00 JPY fixed payment fee. |
 NZD | 0.35% – 0.48%, depending on the amount sent + $ 0.29 NZD fixed payment fee. |
 TRY | 1.06% Fee + ₺ 21 TRY fixed payment fee. |
 USD | 0.34% – 0.50%, depending on the amount sent + $4.18 USD fixed payment fee. |
As Wise, formerly TransferWise, is a completely “online” platform that enables people to send money abroad, it is
often compared to Paypal, one the world’s largest online payment providers.
 Destination |  Real Exchange Rate | Amount Received for £1,000: | |
|---|---|---|---|
 |  | ||
Australia | 1 Pound is $AU1.73 AUD | 1,707.33 AUD | 1,650.30 AUD |
 UAE | 1 Pound is 4.87 AED | 4,793.55 AED | 4,647.56 AED |
Canada | 1 Pound is $CA1.71 CAD | 1,682.04 CAD | 1,630.82 CAD |
Switzerland | 1 Pound is CHF1.33 CHF | 1,323.19 CHF | 1,270.00 CHF |
Eurozone | 1 Pound is €1.14 EUR | €1,135.16 EUR | €1,089.53 EUR |
Please note these are simulated prices and not the real rates and mistakes can occur in calculation or in our foreign currency exchange rate feed
| Currency Sent | TransferWise Fee 2020 | Wise Fee Q1 2021 | Wise Fee October 2022 | Wise Fee October 2023 |
| AUD | 0.31% – 0.41% + 1.14 AUD | 0.32% – 0.45% + 0.6 AUD | 0.32% – 0.45% + 0.66 AUD | 0.35% – 0.48% + 0.54 AUD |
| BRL | 2.51% + 2.40 BRL | 2.55% – 2.6% + 1.48 BRL | 2.07% – 2.14% + 4.26BRL | 1.89-1.96% + 2.59 BRL |
| CAD | 0.49% – 0.59% + 0.87 CAD | 0.46% – 0.59% + 1.77 CAD | 0.37% – 0.53% + 3.47 CAD | 0.40% – 0.56% + 3.33 CAD |
| CHF | 0.22% – 0.32% + 0.64 CHF | 0.3% – 0.43% + 0.58 CHF | 0.28% – 0.42% + 0.75 CHF | 0.35% – 0.49% + 0.60 CHF |
| CZK | 0.3% – 0.4% + 11.84 CZK | 0.33% – 0.45% + 6.50 CZK | 0.34% – 0.47% + 7.39 CZK | 0.37% – 0.50% + 5.44 CZK |
| DKK | 0.26% – 0.36% + 5.29 DKK | 0.31% – 0.44% + 2.32 DKK | 0.36% – 0.49% + 2.67 DKK | 0.44% – 0.57% + 2.53 DKK |
| EUR | 0.23% – 0.33% + 0.67 EUR | 0.28% – 0.41% + 0.50 EUR | 0.31% – 0.47% + 0.46 EUR | 0.40% – 0.56% + 0.45 EUR |
| JPN | 0.63% + 185 JPY | 0.63% + 63 JPY | 0.72% + 91JPY | 0.66% + 70JPY |
| NZD | 0.27% – 0.37% + 2.12 NZD | 0.35% – 0.49% + 2.05 NZD | 0.35% – 0.45% + 0.41 NZD | 0.35% – 0.48% + 0.29 NZD |
| TRY | 0.4% + 7.46 TRY | 0.66% + 10.57 TRY | 1.03% + 21.78 TRY | 1.06% + 21 TRY |
| USD | 0.27% – 0.37% + 1.23 USD | 0.31% – 0.41% + 6.25 USD | 0.31% – 0.47% + 4.25 USD | 0.34% – 0.50% + 4.18 USD |
2021 – Price Hike
The Wise pricing update in 2021 looked to have increased variable fees for a number of currencies when being converted to GBP. The fixed payment fees came down slightly vs 2020 but it’s the variable fee (processed as a %) which has a much larger impact on the price you have to pay for your transfer.
Compared to 2020, USD saw an increase in both the variable fee/spread and the fixed payment fee. The best rate possible on a USD transfer used to be 0.27% but, in 2021, it moved to 0.31%. The fixed fee of $6.25 was also much higher compared to the $1.23 fee in 2020, though it was still some way short of the $40+ US banks charge for international payments.
First Price Hike in 2022
The 2022 update for Wise money transfers impacted some important corridors. Payments sent from GBP and EUR became more expensive and bearing in mind a large majority of Wise’s 6+ million active customers are based in the UK & Europe, this is likely to have a big impact. A payment from EUR to GBP used to be capped at 0.41% but then moved to 0.47%. A payment from GBP to EUR used to be capped at 0.35% but could then be as high as 0.41%.
There was also a notable increase in fees for sending money from TRY, a variable fee of 1.03% replaced the old fee of 0.66% and the fixed payment fee increased from 10.57 TRY to 21.78 TRY.
Q3 2022 – Another Price Hike
Wise raised prices again on 1st October 2022 for customers who send money from USD, CHF, CAD, JPY, HUF, MYR, TRY, INR, SEK, PLN, CZK, DKK, NOK and RON to any other currency and those sending money to USD, INR, THB, PHP, IDR, MYR, MXN, PLN, PKR, KRW, VND, MAD and HUF from any other currency.
The reasoning provided by Wise was twofold; firstly, they explain that foreign exchange markets have been more volatile in recent times and that this has made it more expensive for them to buy and sell currencies. Secondly, the increase is required so they can continue to sustainably invest in their payment infrastructure to offer a faster and more convenient service.
2023 – Significant Rise in Cost for EUR to GBP Transfers
In April 2023, Wise announced they were increasing fees when you:
- Send money FROM EUR to any currency.
- Send money TO GBP from any currency.
- Pay for a USD transfer using a debit/credit card.
Given the changes impact both when you send money from EUR and when you send money to GBP, it obviously had a significant impact on the cost of sending money from Europe to the UK, such as transferring money from France to UK.
To send money from EUR to GBP before April 2023 the fees were anywhere between 0.32% – 0.45%, depending on the amount sent. This increased to anywhere between 0.39% – 0.54% in the most recent price hike. Substantially more than EUR to GBP transfer fees back in 2020 which were anywhere between 0.23% – 0.33%, depending on the amount sent. In fact, the 2020 worst case rate of 0.33% (for small transfers) cannot even be achieved as the best possible rate (for high value transfers) in 2023, is now 0.39%.
Fees have also seen a sharp increase when you send money to GBP from DKK (Denmark) and CHF (Switzerland).
DKK to GBP transfers have moved from anywhere between 0.36% – 0.49% to 0.44% – 0.57%, depending on the amount sent. Substantially more than the 2020 fee of 0.26% – 0.36%.
CHF to GBP transfers are now charged at 0.35% – 0.49%, depending on the amount sent vs 0.28% – 0.42% in 2022 and 0.22% – 0.32% in 2020.
For payments to GBP from most other currencies, variable payment fees have increased by 0.03%.
With the uptick across the board in variable payment fees (which remain the most influential figure in transfer costs), it looks like Wise has tried to soften the blow by slightly reducing its fixed payments fees for transfers to GBP. Though you’re almost certainly looking at a net-negative, unless you’re sending a very small sum.
In the Autumn of 2023, Wise announced an increase in fees for USD transfers made outside of the US. Be sure to check the Wise calculator to understand exactly what payment fees you’ll be charged for USD transfers to non-US receiving countries.
Overall, while it may appear as a small increase in variable fees with each pricing update, we can see that the net increase from 2020 to 2023 is certainly not insignificant.
Wise Fees in Perspective
With all that said and despite the changing nature of fees over the last few years, the exchange rates offered by Wise currency transfers are still among some of the best in the business, and in no way comparable to other remittance companies (i.e. companies with low minimum transfers used by overseas workers to transfer money abroad to families). To put Wise’s fees into perspective, Ria Money Transfer and Transfast’s margins are around the 2-3% mark.
What’s more, their commitment to passing on savings is even demonstrated by the small micro changes they make to payment fees, such as when sending money from EUR, where the fixed fee has moved from 0.50 to 0.46. Many firms would not bother with such small amendments to fees like this at all.
In some particular countries, Wise is cheaper (for example, the UK), while in Canada and the USA, it is great, but not as cheap as in other countries. Wise is a good option for sending money to/from some traditionally difficult markets for remittance, such as India and Indonesia, where brokers will traditionally charge you a much higher fee.
In some countries, like Brazil, Wise is making strides to reduce the overall cost of transfers but we’re sure Wise hasn’t been able to reduce fees by as much as it would like. These are currencies that are usually more expensive to transfer money from anyway (“exotic”) and at 1.96% the offering from Wise is a little below the 2.5% average in the market. As always Wise tries to give you savings where possible though – a payment from the UK (GBP to BRL) attracts a spread of 1.11%, whereas flip this and make a payment from Brazil (BRL to GBP) and you’ll see a spread of 1.96%. That’s why it’s always worth using the Wise free pricing calculator so you’ll know exactly how much you’ll need to pay.
Can Wise Continue to Honour its Low-fee Approach now its Publicly Traded?
The reasoning provided by Wise for its price hikes to GBP and EUR in June 2022 and April 2023 was that they themselves were starting to incur higher transfer costs from banks and other providers in these regions. While we have no reason to doubt this, we can’t help but wonder if the company will soon start to come under pressure to boost its returns now that it is publicly traded. Since its listing in July 2021 the Wise share price has fallen by more than 50%. Originally trading at 880p, the share price peaked at 1150p a couple of months after launch, before it gradually slumped to 311p in June 2022. Since then, it’s been better news for Wise as their FY2023 financials reported significant YoY increases in trading volumes, turnover, gross profit and EBITDA. As of October 2023, the share price is sitting at 680p. However, this still remains around 30% down on its opening price. Wise CEO and co-founder Kristo Käärmann has always had a steadfast commitment to drive the cost down for the end consumer but 2024 could prove his toughest test of nerve to date.
Is it possible to beat Wise’s rates with popular currencies like EUR, USD, AUD?
The fact that Wise is transparent and straightforward is generally very positive, but it is the company’s disadvantage when it comes to high volume transfers. Due to the fact that other companies like Currencies Direct have flexible pricing models, if the transfer is over GBP 25,000 (or equivalent in another currency), it is likely that they could offer cheaper rates than Wise. However, it’s always recommended to use Wise as a benchmark before you approach other recommended companies and negotiate your price. Conducting a cheap money transfer comes down to a number of factors and to have all bases covered, it’s best to see our guide to the cheapest way to transfer money internationally.
Limits: Wise.com has variable limits for each currency route.
| Currency | Limitation |
|---|---|
NZD | NZD 2,200,000 |
AUD | AUD 1,800,000 |
USD | USD 6,000,000 |
EUR | EUR 6,000,000 |
 RON | RON 5,300,000 |
 SEK | SEK 12,500,000 |
CAD | CAD 8,000,000 |
Wise, formerly TransferWise, is cheaper than almost any competitor when it comes to small or medium-sized transfers inside Europe. Its 0.3%-0.5% margin on major currencies, with small payment fees, represents an average saving of approximately 0.5%-1% against the average quote from other companies for small transfers.
With some destinations, it is not necessarily the cheapest even for smaller transfers, but as long as the margin is at 1% or less, it will be around what other companies are offering.
For large transfers, their pricing system is definitely beatable by traditional FX institutions, such as moneycorp.
To summarise, this is a very good choice for remittances and small transfers. The company specialises in European
corridors.
Global Reach & Service
UK (2Offices)
Belgium USA Australia 
Estonia 
Hungary 
Japan 
UAE Brazil 
Ukraine Malaysia Singapore Ways to approach: Email or Telephone
Translations: Italian, French, Russian, German, Spanish, Portuguese, Polish, Hungarian, Romanian,
Turkish, Japanese.
Accepts Clients: Listed Below.
Currencies Handled: 49 – 21 you can both BUY and SELL + an additional 28 currencies BUY ONLY (i.e.
send money to)
Client Reviews: Love the support team.
Wise has a very unique model when it comes to international money transfers. Other companies are usually more oriented towards a dedicated service and appeal mostly to clients who want to transfer £5,000+, and specifically focus on clients who need to move tens or hundreds of thousands of pounds. Wise, however, provides sharp margins to everyone and encourages clients of all sizes to use their system, while not offering dedicated dealers, hedging or any of the “complicated” options for large private clients or business clients.
That creates a situation in which Wise Money Transfers is a great solution for people who want to conduct smaller transfers and is a valid solution for those who need to move large amounts abroad – but not every person who wants to move big volumes is happy to do the entire transaction online.
New on Wise:
- Wise is now supporting the USD / MXN Corridor
- Wise is now accepting Canadian clients
- Wise launches local CAD Wise bank accounts (Feb 2021)
- Wise accepts Interac e-Transfers to fund deals from Canada (2022)
- Wise launches Wise debit card in Canada + Brazil (2022)
- Wise multi-currency account launched in Malaysia (2022)
- Send money to Touch n Go and BigPay eWallets in Malaysia (2022)
- Some more from Indonesia – previously 315m IDR, now 1.39bn (2022)
- Link UK bank account and transfer directly within Wise app (2022)
- Send money to bank cards and Alipay wallet in China (2022)
- Wise allows customers to earn interest on deposits (2023)
- Wise integrates with Swift to offer faster international transfers to financial institutions (2023)
Clients accepted from:
| Continent | Countries |
| Europe | Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey and the UK |
| Americas | All US states except Hawaii and Nevada, Brazil, Canada |
| Australia and Oceania | Australia, New Zealand |
| Asia | Hong Kong, Japan, Malaysia, Singapore, UAE |
| Africa | Morocco, South Africa |
Additional Functionalities
None. Spot contracts (instant currency exchange) only.
The Wise debit card is available to both private and corporate clients, for use online and in-person at any visa accepting merchant around the world. Simply preload funds into your wise bank account and spend anywhere in the world with the wise debit card.
The wise multi-currency account allows clients to both make and receive payments and hold balances in over 40 currencies. In 10 countries, the Wise bank account is held in-country. For example a EUR account is held in Europe and includes a European IBAN account number, a USD account is held in the USA and comes complete with a US routing number and a GBP account has a UK account number and sort code. This makes it easy to make payments like a local and avoid excessive international transfer fees. The other 40 or so Wise bank accounts, which are not held locally, have a UK account number format and IBAN, based in London.
Below is a recap provided to us by Wise explaining the entire functionality offered by the Wise multi-currency account:
- Make international payments up to 19x cheaper than PayPal and up to 8x cheaper than regular
banks - Receive payments into a Wise bank account from overseas without high recipient or conversion
fees
– including platforms like Amazon and Stripe - Get unique account details for UK (including UK account number and sort code), Europe, US
(including US routing number), Canada, Singapore, Australia, New Zealand, Hungary & Turkey - Hold and convert between 50+ currencies all through one Wise account
- Use the wise debit card globally to spend from your Wise balances
- Make & handle payments via desktop or mobile app on Android & iOS
“Request Money” functionality – an option to send a payment request through the Wise system that auto-generates a link enabling the person/company sending the payment to move money via Wise.com easily into your Wise bank account,
similar to Payoneer’s receive money system.
The Wise Business Account allows SMEs to hold funds and make/receive payments without the high rates, hidden charges and monthly fees that SMEs have come accustomed to. Key features include:
- Pay invoices and suppliers, buy inventory, handle payroll, in 70+ countries
- Make up to 1000 payments in one go via a batch CSV file or automate payments via API
- Send USD, EUR & GBP payments to recipients all over the world eg. USD payments to Chinese suppliers
- Synch your Wise accounts with Xero, QuickBooks & FreeAgent
- Settle up to 80 bills in one process with QuickBooks
- Allow your team to spend online and in-store with the Wise business debit card
- Add team members to help with reporting and payments via multi-user access
- Support CVS, XML and PDF for statement downloads
“Request Money” functionality – an option to send a payment request through the Wise system that auto-generates a link enabling the person/company sending the payment to move money via Wise.com easily into your Wise bank account, similar to Payoneer’s receive money system.
An intuitive and attractive app, which receives a 4.7 / 5 rating from over 570,000 user reviews on Google Play. The app focuses on the actual functionality of sending money, and does so well, with very few bug reports. Customers can also view their Wise account balances and convert currencies between their different Wise bank accounts.
International Money Transfers in USA: Connect your Wise USD account details to 6,000+ apps in the US with Plaid. Making it easy to move money between Wise and a number of popular finance apps like Venmo, Robinhood, Mercury, Chime and many more. This means customers no longer have to move money to a legacy US bank before using any of these apps, making it easier to side-step the cumbersome and expensive traditional banks.
Wise has had a multi-year partnership with global payroll provider Deel, allowing Deel customers to make payroll payments in AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HUF, JPY, MYR, NOK, NZD, PLN, RON, SEK, SGD, TRY, USD. Recently, they even expanded the offering to allow Deel customers to make payroll payments just by using the employees’ email address. This raises a good point about much of Wise’s additional functionalities – they may not necessarily be available directly on the Wise platform and other businesses integrate with Wise technology via API in order to improve the offering of their fintech business.
Wise account holders from the UK, Europe and USA are now eligible to earn interest on their balances through the Wise Interest (Wise Cashback) system. Keep at least 39 GBP, 68 EUR or 32 USD in your account to qualify for monthly payments.
Rates were updated on 10 August 2023 to:
- 3.37% for EUR
- 4.82% for GBP
- 4.99% for USD
The app is definitely ideal for expats and digital nomads who are constantly on the move and have a frequent requirement to send small volumes overseas. With a really slick UI, it’s easy to manage your account balances, spend using your Wise debit card, and initiate international payments all through one app.
However, using Wise is really problematic if you want to make a large transfer as there’s no hedging tools such as forward contracts or limit orders This means there’s no opportunity to hedge your currency exposure for the future, leaving you at the whim of the currency exchange rate on the date you’re looking to trade. What’s more, you don’t have a direct route through to a personal account manager should anything go wrong with the transfer. There’s no chat functionality with Wise, which is unusual for a tech company, and you either face long delays in getting a response on email or you can speak with a generic customer service representative on the phone, if you get through.
The ability to earn interest or ‘cashback’ is certainly a welcome addition, and it makes Wise the first provider to offer this through a digital bank account.
Wise vs OFX vs WorldFirst vs Currencyfair vs Revolut
Wise vs OFX
OFX had been in the business for twelve years when TransferWise emerged, and until the Wise era they were considered the hip cross between financials and tech (not yet to be named FinTech back then). OFX prides itself in a great online system and registration process, much like Wise.com, but also has a team of dedicated support staff who are available locally to each country in which they operate. These are foreign exchange experts who can provide an update
| Wise (TransferWise) | OFX | |
| Safe? | Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients. | Yes, regulated by FCA and many more regulatory bodies. Transfers billions in foreign exchange each year, servicing millions of clients, and doing so for more than 20 years. Australian headquartered and listed on the Australian Stock Exchange. |
| Fees | Ranging between 0.22% for CHF transfers to 1.96% for BRL (Brazilian Real). On average it is about 0.5% – 0.6%. | The rate varies depending on the size of payment, but based onour data averages at approximately 0.5% to 0.6%. Clients who move larger volumes should negotiate an improved rate with OFX vs Wise. |
| Dedicated Dealer | No. You will get all the support for system issues/help you require but currency guidance is not offered. | Yes. You will be matched with one person taking care of your FX needs and you will be dealing with them exclusively. They will escort you through trades. |
| Website | Wise.com | OFX.com |
Wise vs WorldFirst (business clients and online sellers)
Behind Wise, WorldFirst is arguably the second largest money transfer company to emerge from the UK. Originating in 2004, it’s also been around for seven years longer. Whereas Wise launched with the idea it would be built around a slick, online offering, WorldFirst began as a traditional currency brokerage and steadily built its tech solutions to be one of the leading payment providers for online sellers and SMEs. The WordFirst tech may not be quite as slick as Wise but a number of positive traits have continued from their original launch – customer service is paramount, FX forwards are possible and SMEs transferring enough volume will be assigned their own dedicated dealer to discuss a tailored currency strategy, unique to the requirements of their business.
| Wise (Wise Account) | WorldFirst (Global Account) | |
| Type of Clients | All clients, all transfer sizes. Business, online sellers, and private customers are welcomed. | Only business and online seller clients. Private customers are not welcomed. |
| Safe? | Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients. | Yes, regulated by FCA and many more regulatory bodies. Transfers billions in foreign exchange each year, servicing millions of clients, and doing so for more than 15 years. |
| Fees | Ranging between 0.22% for CHF transfers to 1.96% for BRL. On average it is about 0.5%. | 0.5% flat rate for transfers of all sizes above £1,000. Clients who move larger volumes can get 0.15%-0.25% margins. |
| Dedicated Dealer | No. You will get all the support for system issues/help you require but currency guidance is not offered. | Yes. You will be matched with one person taking care of your FX needs and you will be dealing with them exclusively. They will escort you through trades. |
| Website | Wise.com | Worldfirst.com |
Wise vs Currencyfair
Similar to Wise, Currencyfair is another company we think highly of. When you look at Wise vs Currencyfair you will notice many similarities. Two innovative companies which are constantly gaining market-share and offering tremendous rates. View the comparison below.
| Wise | Currencyfair | |
| Safe? | Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients. | Yes, regulated by the Central Bank of Ireland as well as by several other regulators. Transferred over £1bn since inception. |
| Fees | Ranging between 0.22% for CHF transfers to 1.96% for BRL transfers. On average, for popular routes, it is about 0.5%. | As low as 0.15% FX margin if a transfer is matched through the online platform. If not, then reportedly 0.4% average margin of transfers of all sizes. |
| Dedicated Dealer | No. You will get all the support you require but currency guidance is not offered. | No. You will get all the support you require but currency guidance is not offered. |
| Website | Wise.com | Currencyfair.com |
Wise vs Revolut
Revolut and Wise have crossover on two of their most popular products – online money transfers and multi-currency accounts (Revolut has its own version of the Wise multi-currency account and Wise debit card). They are two of the most successful Fintechs to have launched in the UK and both boast many millions of customers. Wise launched with money transfers and expanded into digital banking, whereas Revolut began with digital banking (and an international currency card) and then expanded into online cross-border money transfers. Nowadays, it looks like each of these tech companies is looking to expand and disrupt into different areas of financial services.
| Wise | Revolut | |
| Safe? | Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients. | Yes, regulated by the FCA as well as in the US, Australia and many more countries. Again, transfers billions each year. |
| Fees | Ranging between 0.22% for CHF to 1.96% for BRL transfers. On average, for popular routes, it is about 0.5%. | 0% to other Revolut users. No fee on FX transfers if under your rather low £1k limit. 0.5% for international transfers above this. |
| Dedicated Dealer | No. You will get all the support you require but currency guidance is not offered. | No. You will get all the support you require but currency guidance is not offered. |
| Interest Rates | Wise offers interest rate accumalating through its Wise Interest programme. | Revolut enables customers to invest through various means, including fixed interest rates. |
| Website | Wise.com | Revolut.com |
Wise Review Scoreboard
- Credibility Score - 90%90%
- Client Feedback - 95%95%
- Fees, Exchange Rates - 97%97%
- Global Reach, Availability, Service - 85%85%
- Added Values - 67%67%
Wise Review Summary
Wise, previously Transferwise, is a behemoth in the international money transfer space. Due to an unprecedented level of transparency, coupled with a very powerful online trading system and mobile app, Wise has appealed to millions of customers across the globe. The Wise Account enables customers from all over the world to make payments for cheap, as well as receive foreign exchange payments into their Wise.com account. Additionally, customers can hold funds in any currency, spend it through a Wise Card, and even earn interest via Wise Interest (Wise’s cashback system).
Wise money transfers is one of the best “do it yourself” solutions for individuals and businesses alike and the user experience is potentially the best you can find in the online money transfer space.
With that being said, the Wise (Transferwise) money transfer experience is not for everyone. Based on customer surveys, there is a significant amount of customers who don’t feel safe with DIY methods when it comes to transferring, or receiving, large amounts of money abroad. Instead, they want a designated account manager with expertise in foreign currency. Someone who can provide assistance at any point, whether that be for the payment procedure or guidance on the currency markets. They need someone who is readily available and local to their country — this is exactly what Wise doesn’t offer. Wise is an online money transfer system, not a currency broker. As such, we believe it is less apt for large volume money transfers.
What’s more, the firm is arguably entering its most challenging period to date.
It’s under closer scrutiny than ever before as a public company and is having to find both a profit model and compliance model to suit its big reputation. For now, this has led to slightly higher fees for the majority and slower payments for some. For a not insignificant amount of account holders, it’s even resulted in account deactivation. On some occasions, without prior notice, making customer money frozen for weeks or even months.
The above, coupled with the CEO being investigated for tax evasion, alongside major board turnover, make us at Money Transfer Comparison wonder – “What’s next for Wise money transfers?”