We have tested it for the United Kingdom, Germany, and Portugal. Why? Because it takes time for Wise to receive, convert, and then deliver your money abroad.

If the transfer is funded through bank accounts (as opposed to debit cards or credit cards), the journey can take a few days, or even over a week at times. Wise money transfers can either be quite fast or slow, depending on how the transfer is funded. You can send money to 80 different countries in more than 50 currencies. Wide Coverageįew platforms offer as wide a coverage as Wise does. Wise fees are much cheaper than the above traditional alternatives.

Additionally, both the sender and the recipient pay an additional fee for the transfer. Most traditional banks, financial institutions, and exchange offices charge up to 5% in hidden fees when you are making a currency exchange and an international money transfer. It clearly shows what this fair value is and what fees you should expect for the exchange and the transfer. Wise provides you with a chart of the actual rate transparently. This is the fairest rate to be passed on to the consumer. The actual rate fluctuates all the time.Īlthough banks do not advertise the actual rate, it can be found on the internet. The actual market rate for currency exchanges is the average of sell-side and buy-side rates of a given currency. Receiving money through Wise is also possible even if the recipient doesn’t have a Wise account. The transfer process is notified via email or the Wise app in order to ensure transparency and security. In the event of financial difficulties or bankruptcy, the consumer funds are protected. Both entities provide institutional-level security and encryption (256-bit SSL data w/ 2048-bit key).Īdditionally, consumer account funds are kept separate from those of corporate accounts. Wise is a licensed electronic financial institution regulated by the Financial Conduct Authority (FCA) and His Majesty’s Revenue and Customs (HMRC) in the UK. Sometimes, our community members ask “ Is Wise (TransferWise) Safe to Use?” Our answer is yes.

Let’s delve into some of these advantages.

Wise 365 review