Verified Wise Account

Wise is an easy-to-use online payment solution that simplifies international money transfers. It is fast, transparent, and usually less expensive than banks. Wise, formerly known as Transferwise, is an online platform that provides an easy and affordable solution for sending money worldwide. It allows users to open a multi-currency account to store, receive, and send money in 21 currencies.

With Wise, making and receiving international payments has always been challenging. Once you log into your Wise account, you will have access to over 80 countries where you can send money. You can choose the amount you want to ship and the currencies you wish to transfer. However, it's important to note that international transactions may take a few days to reflect in the designated account.

One of the most valuable features of Wise is that you can send money from a Wise account to a regular bank account. This means transfers don't necessarily have to be between two Wise accounts.

Main Features of Wise

To start with Wise, you must sign up for a free account. The simple sign-up process involves providing basic personal information such as your name, contact details, and address.

Once registered, you must upload a picture of your ID to verify your account. The verification process may vary based on the amount and the destination of the funds you send.

After your account is verified, you can access the platform's main features, which include:

Multi-Currency Account

Wise offers a free online account to send, receive, and store money in multiple currencies. The account supports 21 currencies and lets you send money to over 80 countries worldwide. Additionally, Wise offers reasonable exchange rates, making sending money abroad more accessible and cost-effective.

Wise Card

Wise provides a debit card linked to your Wise account, which you can use in numerous countries. Obtaining the card costs £5, and you can make two cash withdrawals monthly without any charges. In addition, you can use the card to make payments online.

Wise Assets

Wise Asset allows investing in iShares World Equity Index Fund, comprising 1500 stock holdings, from your Wise account.

Transfers and Fees

Wise is a popular payment platform known for its affordability in sending international payments. If you send larger payments, you can enjoy lower fees. However, this perk only applies to payments above £100,000.

One of the main advantages of using Wise is their low and transparent fees. They do not charge extra costs on top of the exchange rate, and you can always see the exact amount of each payment before making it.

Business Account

Wise provides both Individual and Business accounts. With a Wise Business account, users can enjoy a few additional benefits, such as adding team members to the account and accessing the API for workflow automation.

Wise Business accounts are compatible with cloud-based accounting platforms like Quickbooks and Xero. Additionally, businesses can use the account to make bulk payments for up to 1000 individuals in various currencies.

If you're looking for a convenient solution for international transfers, a Wise Business account can be an excellent choice. It also is a robust tool for automation or scheduling bulk payments.

Wise Pros and Cons

Explore the benefits and drawbacks of adopting the Wise platform with our comprehensive list below. Gain valuable insights into how this platform can enhance your operations and identify any potential challenges you may encounter.

Pros

• With Wise, you can easily send money to over 80 countries, hold and exchange more than 50 currencies, and use your Wise card to spend around 175 countries.
• The mid-market exchange rate is used for currency exchange.
• The fees are affordable and clearly stated, without hidden charges.
• Both personal and business accounts are available.

Cons

• There is no physical branch network or in-person customer service available.
• Transaction fees will be charged depending on the usage of your account.
• There is no provision to make cash payments or send transfers for cash collection.

Pricing

Wise provides free accounts for users to get started quickly. However, users are charged fees for currency transfers. The fee amount is calculated as a percentage of the transferred amount.

Wise uses the mid-market exchange rate to calculate the cost of currency exchanges. This rate does not include any markup, typically found on the "buy" and "sell" rates provided by banks. This can result in cost savings for users when making international transfers.

Wise charges a conversion fee and a nominal fee to complete any transfer. However, there are no fees for converting the amount when transferring within the same currency.

Who Is Wise For?

Wise is a platform that facilitates international payments for both individuals and businesses. It can be used by freelancers, frequent travelers, or anyone who needs to send or receive money internationally. Moreover, Wise is an intelligent choice for people who work or study abroad for a limited period. Businesses that require frequent international payments can also benefit from using the Wise Business platform.

Alternatives to Wise

Western Union

Western Union could be a good option if you're looking for an alternative to Wise and want your money paid in or paid out in cash. It's one of the world's longest-running and most extensive money transfer services, so you have many payment options. Additionally, Western Union has a robust branch network, allowing you to send money in person and pay in cash. Your recipient can also receive the funds locally in cash.

Western Union also supports transfers to and from bank accounts. However, fees are associated with these services, and exchange rates include a markup.

Pros

• Send more or less anywhere in the world.
• A good range of pay-in and pay-out options, including cash services.
• Trusted and long-established provider
• Get help in person at an agent location

Cons

• Fees apply, which can be on the high side.
• Exchange rates have a markup that varies depending on your payment setup.

Revolut

Revolut offers its US customers a range of account plans with multi-currency features and a linked physical, virtual, or metal card. This provides a great alternative to Wise cards for those looking to make international purchases.

The account can hold over 25 currencies and offers additional perks such as fee-free currency exchange, budgeting tools, stock options trading, and extra accounts for minors.

The standard account has no monthly fee, but you can upgrade to a fee-paying account for additional features. Transaction fees may apply depending on your select account tier and how you use it.

Pros

• Choose the account tier you prefer, including free Standard options
• All accounts come with linked international payment cards
• Free transactions are available based on the account tier you pick

Cons

• You'll need to pay a monthly fee to get all features
• Transaction and fair usage fees apply based on how you use your account

PayPal

PayPal is a renowned global payment platform that allows customers to hold a balance in over 25 currencies and receive payments from users worldwide. With its vast user base, PayPal is a convenient way to send and receive payments. You can also obtain linked debit, credit, and prepaid cards depending on your requirements. Payments accounts have no maintenance fees; however, transaction fees apply, including costs, when you convert currency into your account or make a payment.

Pros

• Global reach and huge user base
• Send payments instantly using just an email address
• Selection of different PayPal cards available for international use

Cons

• International transfers may attract a 5% fee plus a currency conversion charge.
• Currency conversion costs can be 3% - 4%

Payoneer

Payoneer offers business accounts to many customers, particularly those engaged in digital businesses. With Payoneer, you can quickly make and receive payments in various currencies, and you will be provided with receiving account details in several major currencies. Additionally, you can acquire Payoneer cards for payments and take advantage of other business features and services, such as working capital loans.

Pros

• Local receiving account details to get paid by customers and marketplaces
• Send payments to contractors and staff easily
• Payment cards and extra services like working capital loans are available

Cons

• Transaction and inactivity fees apply.
• Exchange rates have a markup of 0.5%