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  • Benjamin Elliott

Complete Wise Review: Features, Pros & Cons. Is Wise Worth It?

Wise Review

Anyone looking for an efficient international money transfer service will have come across Wise. Wise is a user-friendly online payment solution that can take a lot of the hassle out of international transfers.

It’s fast, transparent, and often cheaper than banks. However, Wise does come with its own set of disadvantages.

Is Wise worth it? And who is the platform best suited for?

In this Wise review, we’ll break down all of the details you need to know about this platform.

What Is Wise?

Wise, formerly known as Transferwise, offers an easy and affordable solution for sending money around the world.

This online platform lets users open a multi-currency account. You can store, receive, and send money in this account, and access 21 different currencies.

Essentially, Wise is a solution to help make and receive international payments a lot easier. When you log into your Wise account, you can access a list of over 80 countries where you can send money.

Simply choose the amount you’re sending and select which currencies you will be transferring. International transactions can take a couple of days to reflect in the designated account.

A useful feature of Wise is that you can send money from a Wise account to a regular bank account - transfers don't necessarily have to be Wise to Wise.

Main Features Of Wise

For this Wise review, we’ll go over the sign-up process and main features of the platform.

Signing up to Wise is a straightforward process. You add your basic personal information (name, contact details, address) to register for a free account.

You might need to upload a picture of your ID to verify your account. This verification depends on how much money you send and where you send it.

Here are the main features you can access when your account is active.

Multi-Currency Account

This is the main feature of Wise. It’s a free online account that lets you send, store, and receive money in various currencies.

The account offers 21 different currencies, and as mentioned above, lets you send money to over 80 countries around the world.

Wise offers good exchange rates, which makes it easier to send money abroad.

Wise Card

Wise also offers a debit card connected to your Wise account, which can be used in many different countries. It costs £5 to get the card, and you can make two free cash withdrawals (up to C200) per month. You can also use the card for making online payments.

Wise Assets

Wise Assets is a feature that lets you invest money from your Wise account in the iShares World Equity Index Fund. This includes 1500 stock holdings.

Transfers and Fees

One of the main drawcards of Wise is that it’s supposed to be an affordable way to send international payments. Wise offers lower fees if you send larger payments. This applies to large payments over £100,000.

A big benefit of using Wise is that it offers low and transparent fees. There are no extra costs added to the exchange rate, and you can always see exactly how much each payment will cost before making it.

Business Account

Wise offers Individual and Business accounts. Wise Business users can access a few perks, like being able to add team members to the account and accessing the API to automate workflows.

Wise Business accounts are compatible with cloud-based accounting platforms like Quickbooks and Xero. You can also use the business account to make batch payments for up to 1000 people in various currencies.

The Wise Business account may not be the most robust tool for payment automation or scheduling bulk payments, but it is certainly helpful if your business is looking for a convenient solution for international transfers.

Wise Review: Pros and Cons

Here are the clear pros and cons of using the Wise platform.

Pros Of Wise

  • Wise lets you access a wide range of options for sending and receiving money. This makes international transactions a lot easier

  • Fees are transparent and generally low, with no markup on exchange rates

  • Transactions are generally fast

  • Wise is easy to use, and accessible online or from the Wise app

Cons Of Wise

  • Wise can offer some high transfer fees

  • There is no option available for cash delivery to homes or businesses

  • Limits and fees are variable, based on your country

  • Customer support is limited

Wise Review: Pricing

Wise offers free accounts, so anyone can easily get started on the platform. However, you pay Wise through fees on currency transfers. The fee amount is determined as a percentage of the amount being sent.

The platform uses the mid-market exchange rate to calculate the cost of different currency exchanges. Basically, this means the exchange rate that Wise uses doesn’t include a markup, which you would find on the “buy” and “sell” rates that banks offer.

This can save users money when making international transfers.

Wise charges a conversion fee and a nominal fee to complete any transfer. Although, transfers made across the same currency don’t have any fees for converting the amount.

Who Is Wise For?

Wise has been designed to make international payments easier, and it can be used by individuals and businesses.

If you send and receive money internationally, such as through freelancing or frequent travelling, then Wise is a great tool. It’s also a smart tool for anyone who works or studies abroad for a limited period of time.

Businesses that need to make frequent international payments can benefit from using the Wise Business platform.

Wise Review: The Bottom Line

Overall, Wise is a very useful tool for currency exchange and making online payments.

The platform doesn’t mark up its currency exchange rates, and you can make international transfers very quickly and efficiently.

The platform comes with a user-friendly interface, taking a lot of the complications out of international payments.

However, Wise does come with its downsides. Wise’s transfer fees are higher than many other platforms, and the list of available countries could be restricting. There is also no option for cash delivery or deposits.

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