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
- 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
- There are Cheaper Options for Large Transfers
Wise’s fees in 2021 vs TransferWise’s fees 2020It’s worth noting that whilst Wise.com continues to offer some of the lowest money transfer fees in the industry, their fees have actually increased since 2020. As an example, EUR payments have moved from a fee range of 0.23%-0.33%, depending on the amount sent, to 0.28% – 0.41%.
Top Wise Money Transfer Competitors & AlternativesAlthough Wise, previously TransferWise, is a groundbreaking “new age” currency brokerage, and is completely safe to use, Money Transfer Comparison rated several companies with higher scores because we believe they provide a better solution for larger transfers. Below you can find some of the more prominent Transferwise competitors we have reviewed:
- Min Transfer: £/€/$ 100
- Currencies Supported: 39
- Offices : UK, EU, USA, India, South Africa.
- Our Rating : 97.8%
- Most Global Offices and Reach
No Fees from Anywhere
96% Client Satisfaction
- Min Transfer: £/€ 100
- Currencies Supported: 40
- Offices : UK, EU, Singapore, and Australia.
- Our Rating : 93.4%
- Extremely Tailored Service
MoneyFact's Best Provider Award
Diverse Hedging Options
- Min Transfer: £/€/$ 50
- Currencies Supported: 120
- Offices : UK, EU, Australia, USA, HK, UAE, and South America.
- Our Rating : 92.8%
- Extremely Tailored Service
Industry Veteran since 1979
Diverse Hedging Options
Wise / TransferWise vs WorldFirstWorldFirst 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 businesses clients currently.
|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 0.26% 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 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.|
Wise / TransferWise vs CurrencyfairSimilar 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.
|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 0.31% 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 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.|
More Wise International Money Transfers Account Review Information
Is Wise.com Safe? Is Wise reliable? (previously - TransferWise)
Here is a complete overview of TransferWise’s investment rounds:
|< Series||Amount Invested||Investors|
Index Ventures (VC), IA Ventures (VC), The Accelerator Group (VC), Kima Ventures (BV), Seedcamp (VC), Max Levchin
|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), IA Ventures (VC)
|Series C …||$58,000,000|
Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp (VC), Valar Ventures (VC)
|Series D …||$26,000,000|
Anderson Horowitz (VC), Valar Ventures (VC), Baillie Gifford (PLC Company)
|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 (VC), Valar Ventures (VC), Peter Thiel, Richard Branson, The Accelerator Group (VC), Kima Ventures (BV), Seedcamp (VC), Max Levchin, Mitsui & Co.
October 2017 update: TransferWise raised another $280,000,000 making it one of the most funded startups ever with a total of $440,000,000.
Secondary Share SalesIn May 2019 TransferWise announced it raised an additional $292 million through a secondary share sale – at the time valuing the company at $3.5 billion.e. This took the total funding in the company to a mammoth $689 million.
In July 2020 TransferWise confirmed a new $319 million secondary share sale, valuing the company at $5 billion dollars. Making it the second most valuable FinTech in Europe.
Preparing for IPOIn January 2021, the then TransferWise announced it had enlisted Goldman Sachs and Morgan Stanley to coordinate a planned initial public offering in London later this year. The Wise IPO will be one of the biggest Fintech listings to date and is expected to value the company at over $5 billion.
The move, 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.
From TransferWise to WiseTransferwise has recently rebranded itself to Wise (wise.com) because they help people with much more than just transfers. They offer the international account used by over 10 million people to live, work, travel, and do business around the world.
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 TransferWise/Wise international money transfers. On the basis that the two core products offered by Wise at the moment are international transfers and the Wise international account (both of which involve money transfers) we expect to see new financial services launched by Wise in the coming months.
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 TransferWise 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, TransferWise 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 TransferWise transacts these days (at least £4billion a month) means it will access cheap liquidity from its banking partners.
That doesn’t mean there aren’t peer to peer money transfer companies out there! Competitors Currencyfair (appearing on this page under “TransferWise vs Currencyfair”) is definitely putting the idea into practice. Using the Currencyfair money transfer , clients have the choice to either make a normal transfer for a rate provided to you by Currencyfair, or try to find a match and only trade if the peer-to-peer model is successful and currency flows in the opposite direction to yours (in which you will pay as little as 0.15% of your transfer).
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.
Update: TransferWise 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 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 TransferWise for their transparency either – sure they can be rather punchy with their marketing campaigns but there’s an obvious reason why TransferWise are happy to publicise their exchange rates and fees online but mainstream banks aren’t. TransferWise has nothing to hide – no wide spreads or sneaky payment fees.
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
Its low rates, transparency, great on-boarding process, and mind-blowing advertising campaigns have gained it a status as one of the largest payment providers in the world, as early as 5 years from its launch. This is a “startup” that is already moving billions across the globe and fighting with industry giants like Western Union and Moneycorp.
There is absolutely nothing to be concerned about when you use Wise to move money abroad. Wise is 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 are more keen than ever to get on board. The company is now available in more than 71 countries and is on track to move £48bn this year alone, with millions of clients from around the globe with an extremely high level of satisfaction.
TransferWise 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 this industry.
More recently you may have spotted Wise/TransferWise has opened an office in Belgium. The firm took the pro-active decision to gain a European license in Belgium so even in the event of a no-deal Brexit, where UK financial services firms lose their ‘EU passporting’ rights, they can continue to offer the same great service they do today. In the end, the UK/EU trade deal did not cover financial services, so it was a safe and very smart move indeed.
Do Clients Like TransferWise ? TransferWise Reviews from Across The Web
Less than 5% of these reviews are complaints, and 94% of them are positive.
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, TransferWise’s advertising campaigns have paid off and gained it serious recognition.
Clients 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 in their lives.
It appears that the main appeal of Wise for clients, even more than the fair and transparent exchange rates it offers, 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’. The smaller number of complaints we have encountered do appear to contradict the very things most clients praise about the service.
For example, some are complaining about the rudeness of the customer service. There are however thousands of reviews that support how kind and respectful the support was. Given the sheer growth of the company it is possible some staff are not as well trained as others. It must also be considered that the support team are not foreign exchange specialists – they can guide you through the TransferWise 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.
The same goes for the unpopular opinion that transfers are often delayed – this seems to be related to a specific problem at a specific time for a specific client, rather than an across-the-board problem. The most common reason it looks like these payments are being delayed is for compliance purposes as more information about the payment is required. This is certainly not an issue individual to TransferWise and is common across both banks and other money transfer providers.
Whether it’s for proof of payment or for opening an account, those complaining about excessive documentation appear to be unaware of the strict Anti-Money Laundering regulations that these sorts of companies must comply with. If additional documents are required, it is simply 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.
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, Formerly TransferWise Fees
So any cost savings TransferWise can make in Australia for example can be passed onto savings for consumers purchasing AUD. Transferring money from around the world incurs variable fees with TransferWise 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 $5.75, though the US is notorious for having high payment fees – 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 exotics.
The pricing is so carefully modelled that not only is the size and speed of payment considered, TransferWise also alter their payment fee depending on where your destination of payment is. So any cheaper payout method the firm can employ, TransferWise can then pass this saving onto the consumer too.
Exchange Rates: Here is the complete fee structure for payments sent in the currency specified below and converted to GBP (note 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):
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 2021|
|AUD||0.31% – 0.41% + 1.14 AUD||0.32% – 0.45% + 0.6 AUD|
|BRL||2.51% + 2.40 BRL||2.55% – 2.6% + 1.48 BRL|
|CAD||0.49% – 0.59% + 0.87 CAD||0.46% – 0.59% + 1.77 CAD|
|CHF||0.22% – 0.32% + 0.64 CHF||0.3% – 0.43% + 0.58 CHF|
|CZK||0.3% – 0.4% + 11.84 CZK||0.33% – 0.45% + 6.50 CZK|
|DKK||0.26% – 0.36% + 5.29 DKK||0.31% – 0.44% + 2.32 DKK|
|EUR||0.23% – 0.33% + 0.67 EUR||0.28% – 0.41% + 0.50 EUR|
|JPN||0.63% + 185 JPY||0.63% + 63 JPY|
|NZD||0.27% – 0.37% + 2.12 NZD||0.35% – 0.49% + 2.05 NZD|
|TRY||0.4% + 7.46 TRY||0.66% + 10.57 TRY|
|USD||0.27% – 0.37% + 1.23 USD||0.31% – 0.41% + 6.25 USD|
Despite increasing the fees over the last year, the exchange rates offered by Wise/TransferWise currency transfers are among the best in the business, and in no way comparable to other remittances companies (i.e. companies with low minimum transfers used by overseas workers to transfer money abroad to families). For instance Ria Money Transfer and Transfast’s margins are at around the 2-3% mark!
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. TransferWise 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 however, it seems that 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 2.5% the offering is pretty much in line with 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 1.18%, whereas flip this and make a payment from Brazil (BRL to GBP) and you’ll see a spread of 2.6%. 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.
Is it possible to beat Wise’s rates with popular currencies like Euro, 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 TransferWise as a benchmark before you approach other recommended companies and negotiate your price.
TransferWise First Trade Free TransferWise offers new clients the chance to conduct their first trade for free up to a certain cap (the purpose of this is to check how the system works rather than moving tens of thousands abroad without paying a dime).
Booking a Trade? Pay Attention to the Exchange Rate LockWise/TransferWise does offer a guaranteed rate for all of its transfers and will guarantee a clients rate for 24 hours for every currency except: AUD, BGN, BRL, CAD, CHF, EUR, HKD, HRK, JPY, RON, and SGD, where the rate is guaranteed for 48 hours. As long as Wise receives your money within that period, you’ll get the guaranteed rate.
Sometimes, however, it’s important for the recipient of a transfer to know exactly how much money they will receive even if you pay after the expiry of the guaranteed rate.
In order to secure the rate you see online you’ll have to ensure the amount lock icon is displayed on the Wise/TransferWise online platform and pay a 3% deposit of the total value of the transfer. If you don’t do this, and funds arrive to Wise later than 24/48 hours (depending on the currency), the rate will be determined at the time the money arrives at Wise, and not when the transfer was initiated. This means that due to fluctuations (and Wise/TransferWise is not even benefiting in this situation either) you could achieve a worse rate than you expected. Wise would then use some of your 3% deposit to make up the value of the transfer and ensure the same amount is received. Otherwise payments could end up lower than the agreed sum, which will require a second transfer or even cause a payment to be void.
On the flipside, if the rate improves after the initial 24/48 hour settlement period has expired, then TransferWise will refund the 3% deposit and possibly even more depending on how much the rate has changed.
On the flipside, if the rate improves after the initial 24/48 hour settlement period has expired, then Wise will refund the 3% deposit and possibly even more depending on how much the rate has changed.
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. Furthermore, some destinations like Canada, Australia or New Zealand have transfer limitations that prevent sending large amounts with TransferWise (or sending it in several instalments).
To summarise, this is a very good choice for remittances and small transfers. The company specialises in European corridors.
Global Reach & Service
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.
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 TransferWise :
- Wise is now supporting the USD / MXN Corridor
- Wise is now accepting Canadian clients
- Wise has a new office in Australia (Sydney)
- Wise has a new office in Brussels (Belgium)
- Wise has a new pricing model
|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|
|America||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|