Wise Review 2021 (TransferWise) – Is Wise Safe?

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, formerly TransferWise, is currently the biggest money transfer company in the UK boasting £4bn in monthly turnover. It is completely safe to use the company’s services, like millions of other Brits, Europeans, Australians and Americans do every month, but there could be better options depending on your needs.

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.

86.8% Editorial rating.
125,000+
Aggregated reviews
95%
Level of Satisfaction
4
Industry Awards
2013-2019

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:

UK EU Australia USA UAE #1 Alternative - Moneycorp: Bespoke Service for Large Money Transfers
Headquarters:
Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ, UK
93.2% Editorial rating
7,000 Client Reviews
Minimum transfer:
£50 / €50 / $50 or equivalent
Why Them?
  • Industry Veterans since 1979, with Pristine Reputation and 95% Positive Client Reviews (£36.9in Transfers Annually)
  • Bespoke Currency Dealers for Clients with Transfers Above £5,000 and Corporate Clients
  • Offers Sophisticated Payment Solutions and Multi-Currency Accounts (Similarly to Wise), Hedging Tools (Not Offered by Wise)
+Read more
UK EU Canada #2 Alternative - Global Reach Group: 99% Positive Client Feedback
Headquarters:
20 Wood St, London EC2V 7AF
90.6% Editorial rating
10,000 Client Reviews
Minimum transfer:
£1,000/€1,000 or equivalent
Why Them?
  • 99% of its Past Clients Gave the Firm a Positive Review
  • Strong Global Reach with Offices in UK, Europe, and Canada
  • More than Two Decades of Experience
+Read more
UK #3 Alternative - Halo Financial - Excellent Platform & Assistance
Headquarters:
Battersea Studios 2, 82 Silverthorne Rd, Nine Elms, London SW8 3HE
89.3% Editorial rating
100 Client Reviews
Minimum transfer:
£1,000
Why Them?
  • Feefo 2020 Platinum Trusted Provider
  • Excellent Website and Online Flow
  • Highly Professional
+Read more
Wise Money Transfer Fees / Exchange Rates
Currency Sent

Wise.com Fee 2021 Updated


AUD

0.32% – 0.45%, depending on amount sent + $ 0.66 AUD fixed payment fee.


BRL

2.55-2.6%, depending on the amount sent + R$ 1.48 BRL fixed payment fee.


CAD

0.46% – 0.59%, depending on the amount sent + $ 1.77 CAD fixed payment fee.


CHF

0.3% – 0.43%, depending on the amount sentr + 0.58 CHF fixed payment fee.


CZK

0.33% – 0.45%, depending on the amount sent + Kč 6.50 CZK fixed payment fee.


DKK

0.31% – 0.44%, depending on the amount sent + kr 2.32 DKK


EUR

0.28% – 0.41%, depending on the amount sent + € 0.50 EUR fixed payment fee.


JPN

0.63% of the amount that’s converted + ¥ 63.00 JPY fixed payment fee.


NZD

0.35% – 0.49%, depending on the amount sent + $ 2.05 NZD fixed payment fee


TRY

0.66% Fee + ₺ 10.57 TRY fixed payment fee


USD

0.31% – 0.41%, depending on the amount sent + $6.25 USD fixed payment fee

Wise’s fees in 2021 vs TransferWise’s fees 2020 [Q2 Updated]

Between April – June 2021, Wise rolled out cost reductions across a number of its payment routes. In its Q2 report, Wise highlighted payments from Sweden (SEK) and Norway (NOK) to have reduced in cost, as well as a reduction in payment fees for transfers being converted to USD. We’ve spotted a few other changes in our independent analysis (more on this below).

Overall, fees are now lower when you send money from seven of Wise’s currencies, or when you send money to 15 of Wise’s currencies. The average fee across all currencies dropped to 0.67% – really quite impressive given that Wise processes payments to a number of “exotic” currencies.



Wise / TransferWise vs OFX

OFX had been in the business for twelve years when TransferWise emerged, and until the TransferWise 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 on FX markets and the upcoming events that might impact the currency pair of your payment.

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.
FeesRanging between 0.26% for CHF transfers to 2.01% for CLP (Chilean Peso). On average it is about 0.5%.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 DealerNo. 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.
WebsiteWise.comOFX.com


Wise / TransferWise vs WorldFirst (business clients and online sellers)

WorldFirst had been in the business for several years when TransferWise emerged, and until the TransferWise era they were considered the hip cross between financials and tech (not yet to be named FinTech back then). WorldFirst prides itself in a great online system and registration process, much like Wise.com, and has recently decided to offer new pricing for all FX transfers. Worth noting that WorldFirst accepts only business clients currently.

Wise (TransferWise)WorldFirst
Type of ClientsAll 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.
FeesRanging between 0.26% for CHF transfers to 2.01% for CLP (Chilean Peso). 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 DealerNo. 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.
WebsiteWise.comWorldfirst.com

Wise / TransferWise vs Currencyfair

Similar to TransferWise, Currencyfair is another company we think highly of. When you look at Transferwise vs Currencyfair you will notice many similarities. Two innovative companies which are constantly gaining market-share and offer tremendous rates. View the comparison below.

Wise (TransferWise)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.
FeesRanging between 0.31% for USD transfers above $135,000 to 2.6% 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 DealerNo. 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.
WebsiteTransferwise.comCurrencyfair.com

Wise / TransferWise vs Revolut

Revolut and TransferWise have crossover on two of their most popular products – online money transfers and multi-currency accounts (supported by a debit card to make payments from your balances). They are two of the most successful Fintechs to have launched in the UK and both boast many millions of customers. TransferWise 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 bank-to-bank money transfers. Nowadays, it looks like each of these tech companies is looking to expand and disrupt into different areas of financial services.

Wise (TransferWise)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.
FeesRanging between 0.31% for USD transfers above $135,000 to 2.6% 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 DealerNo. 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.
WebsiteTransferwise.comRevolut.com

More Wise International Money Transfers Account Review Information

Minimum transfer:
£1
€1
$1
CA$1
AU$1
Fees & Rates: Information available above. Generally speaking 0.5% is the average margin.
MTC-WF
REGULATION: Financial Conduct Authority Financial Transactions and Reports Analysis Centre Australian Securities and Investments Commission Customs and Excise Department FinCEN Reserve Bank of India Kanto Local Financial Bureau Japan Department of Internal Affairs New Zealand

Is Wise.com Safe? Is Wise reliable? (previously - TransferWise)

Company overview:

Wise, formerly TransferWise, has been one of the hottest startups to emerge over the last ten years and is considered a market leader in the Fintech sector, with a valuation of $11billion dollars. It has grown at a staggering pace, seeing its value soar by billions of dollars between each funding round it has completed, resulting in an $11billion valuation following Wise’s direct listing on the London Stock Exchange in July 2021.. In its 2020 roundup TransferWise reported that it is still moving more than £4bn every month for its clients. There are currently more than 2200 employees working for Wise.com in numerous offices across 4 continents around the world.

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 e