Wise Review: Our Definitive Review of Wise's Money Transfers in 2023

All international money transfer services we review are put through a comprehensive and rigorous scoring methodology, which involves the testing of the platform's functionalities, assessment of customer reviews, fees, pay-in options, customer service, and business metrics.

The methodology is also powered by an analysis of millions of searches on Monito's comparison engine to determine each provider's competitiveness in terms of pricing. When the research is done, each Monito Score is then peer-reviewed by at least one Monito expert.

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Not always, but very often! According to data from Monito's comparison engine between April 2020 and 2021, Wise was the cheapest money transfer service of all on nearly one in every five searches, making them the cheapest of all on average. To see the cheapest money transfer service in real-time, run a search on Monito.

Rates vary by transfer origin and destination. For example, Remitly turned out to be the cheaper service for the following transfers:

• The United States to India;
• The United States to Mexico:
• Canada to India;
• The United States to the Philippines:
• Germany to Poland.

Small World is another one of the cheapest transfer services of all. It is often the cheapest service for the following pathways:

• The United States to Colombia;
• Spain to Argentina;
• Germany to India.

Source: Monito

Yes. Having received a 10/10 Trust & Credibility score on Monito, Wise Money Transfer is indeed a large and trusted international money transfer service. Customer funds used for transfers are protected in segregated accounts, independent of Wise's business accounts, and the company uses strong, industry-standard HTTPS encryption to secure and protect all transactions. Wise has managed international money transfers for over 10 million customers and has achieved a top rating of five stars out of five on Trustpilot across more than 115 thousand reviews, of which 93% are four- or five-stars. Moreover, Wise complies with the strict rules and regulations of every country where it does business, and the company checks and verifies every user to protect against fraud and money laundering. In the UK, Wise is a licensed Authorised Electronic Money Institution that's regulated by the FCA (Financial Conduct Authority) and HMRC (Her Majesty's Revenue and Customs). In the US, Wise is registered with FinCEN (Financial Crimes Enforcement Network).

Source: Wise, Trustpilot

Yes, Wise is safe and trustworthy. According to our comprehensive review of its service, Wise is indeed a fully legitimate financial services company that received a 10/10 Trust & Credibility score on Monito. Wise Money Transfer complies with strict rules and regulations of every country where it does business, and the company checks and verifies every user to protect against fraud and money laundering. In the UK, Wise is a licensed Authorised Electronic Money Institution that's regulated by the FCA (Financial Conduct Authority) and HMRC (Her Majesty's Revenue and Customs). In the US, Wise is registered with FinCEN (Financial Crimes Enforcement Network).

Source: Wise

It’s very easy to send money overseas using Wise's website or mobile app. If you don’t already have a Wise account, you’ll need to create one and provide several identification documents. If you have an account, you can log in. Specify the countries and currencies you’d like to send money between, and choose how much you want to send to the beneficiary. Then, you’ll need to enter details for the beneficiary, such as their name, address, how they want to pick the money up, and their bank account details. Finally, you'll need to choose how you want to pay for your international transfer and fund your currency exchange with a debit card, credit card, or bank transfer. Wise will then exchange your money using the real exchange rate (i.e. the one you see on Google), and you’ll see all the fees well before making the payment.

Source: Wise

It’s very easy to send money overseas through Wise's mobile apps on both Apple and Android. You’ll need to install the app and make sure you already have an account with Wise. Creating an account may mean you need to visit their website and upload identification documents. Specify the countries and currencies you’d like to send money between, and choose how much you want to send to the beneficiary. Then, you’ll need to enter details for the beneficiary, such as their name, address, how they want to pick the money up, and their bank account details. Finally, you'll need to choose how you want to pay for your international transfer and fund your currency exchange with a debit card, credit card, or bank transfer. Wise will then exchange your money using the real exchange rate (i.e. the one you see on Google), and you’ll see all the fees well before making the payment. The Wise Money Transfer smartphone app also provides some additional features including:

• Details of every beneficiary you’ve ever sent money to;
• Repeat previous transfers with a minimum of fuss;
• Fund transfers with Apple Pay.

Source: Wise

Wise does apply limits depending on how you’re transferring money. For standard money transfers to the bank account of a beneficiary in another country, they have an upper limit of US$1 million per transfer (the same limit exists for British pounds and Euros.) These limits to vary if you’re sending money out of the US and can also change depending on the countries and currencies you’re sending money between, the total amount you’re sending, and how you pay for the transfer. You may need to provide additional identification or other documentation if you’re sending more than US$10,000.

Source: Wise

Wise is one of the fastest money transfer services out there. In fact, the London-based service is one of the pioneers of fast money international transfers using its savvy network of global bank accounts and peer-to-peer transfer technology. According to Wise's Mission Update at the end of 2020, more than one third (34%) of its customers' total transfers arrive within 20 seconds, more than half (53%) within an hour, and four-fifths (81%) within a 24-hour period.

Wise is a large and trusted online money transfer provider that allows you to send money overseas quickly and easily. Since 2011, Wise has helped over 10 million customers exchange their currency and send it internationally. They provide various services, including sending money to people and businesses in other countries, allowing you to get paid in other currencies. Wise converts money between different currencies at the base exchange rate and charges meager fees. One of the best-known and well-loved money transfer providers, Wise is an extremely transparent service as they always use the best exchange rates available and tell you all the fees before you pay for any transfer. You can send money through their website or smartphone app, your money is safe and secure, and you’ll get regular status updates.

Sources: Wise, Wise Help Centre

You can close your Wise Account at any time. You will need to contact Wise customer service to close your account and they will tell you what you need to do. After closing your account, you can withdraw any funds for up to six years after the date of closure.

Source: Wise

No, you do not need your own Wise Money Transfer account to receive money sent via Wise; just a bank account will do. If you're looking to receive money on your Wise Multi-Currency, this will be very simple. Take a look at our in-depth review of the service to find out how.

No, your recipient does not need a Wise Money Transfer account to receive your transfer. Enter their name and bank details while preparing your transfer, and Wise will make sure the money goes straight to their account!

Yes, it is. Wise is very safe to use to send and receive money from abroad. They offer international transfers at the mid-market exchange rate with a transparent fee structure to millions of customers annually.

Yes, Wise partners with secure and authorized banks to send your money across borders.

Yes, Wise is available in the USA. American citizens and residents are eligible to open an account with them. We highly recommend it because Wise is among the cheapest international money transfer services between the United States and Canada.

Both companies take security very seriously and are duly regulated by the competent authorities in each jurisdiction in which they operate. Both services are integrated with Touch ID and two-factor authentification.

For international money transfers, Wise is not only faster and more transparent, but it is also a much cheaper option — in just about all cases. Whether you want to send money from the United States to Canada and from Brazil to Japan, Wise is likely the better option. This is largely because Wise only applies the mid-market exchange rate on your transfer, never pocketing hidden exchange rate margin fees.

Yes, Wise is legal. Wise US Inc. is registered with the Financial Crimes Enforcement Network (FinCEN). It is licensed as a money transmitter in the United States and is supervised by relevant regulatory authorities in each state, and it renews its federal license each year.

Yes, Wise only offers the option to send money via bank transfers. Wise does not do cash pickup or cash delivery. If you want cash services, then use the Monito comparison tool to compare and find the best money transfer specialist for you.

How do I transfer money with Wise?

1. Log in to your Wise account;
2. Type in the amount you'd like to transfer;
3. Specify the kind of transfer you'd like to make (ACH, Wire, SWIFT, debit card; Wise account transfer, etc);
4. Fill in your bank details.
5. Type in the bank details of your recipient;
6. Review your transfer details;
7. Confirm and wait for as little as seconds to up to two business days.

No, Wise is not a bank. Wise is an electric money institution that is authorized to send money domestically and internationally. Wise partners with legal and authorized banks in the countries that it operates in to offer its services to you. Wise does not provide debt instruments, such as loans or credit cards, to its customers.

To transfer money with Wise, provide the following information:

• Your recipient's legal name;
• Your recipient's bank account number;
• The routing number of your recipient's bank;
• Your recipient bank's BIC/SWIFT code (depends on the location of the transfer).

Wise is so cheap because it applies only the mid-market exchange rate on your international transfers. Typically, money transfer services make money by applying a rate that is weaker than the market rate and pocketing the difference. Instead, Wise charges low fixed fees.

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