Wise Review

If you are looking to send money internationally, or don’twant to pay the high feesthat usually come with other payment services, you should give Wise a try.

Wise, formerly known as TransferWise, is a UK based company that offers online money transfer services, for numerous countries and currencies. The company claims it has solutions for some of thedeep rooted problems of the financial world, such as a lack of transparency, long transfer times and high fees.

Unlike otherbig online payment services, Wise doesn’t profit from exchange rates. In fact, they let you choose and calculate the best exchange rate for your needs. Overall the percentage charge on the transfers is minimal.

So how does it work?

To register you need to sign up online or via the app, with an email address or a Google, Facebook or Apple account. After registering your account you will have to verify youridentity by uploading a photo of your ID. To finish setting up the account, you just need to add money using your bank account, Apple Pay or your credit/debit card.

One account is all you need to send, receive and convert money in a variety of currencies. With great userreviews, user friendly app and website and no hidden fees, Wise is an affordable and recommended service.

For a more detailed review, please see the attached table:

Supported platforms Website – www.wise.com
App – Available on Google play and the App Store.
Customer verification process Registration – Sign up online or via the app with an email address or a Google, Facebook or Apple account.

Identity verification – Upload a photo of your ID. Topping up your account – Add funds using your bank account, Apple Pay or your credit/debit card.
Fees Account fees –
*When holding a balance higher than €15,000, there is an annual 0.40% fee.

*When receivingUSD wire transfers, there is a 7.50 USD fee.

*When converting currencies, there is a fee that changes depending on the currency

Fees Account fees –
*When holding a balance higher than €15,000, there is an annual 0.40% fee.

*When receivingUSD wire transfers, there is a 7.50 USD fee.

*When converting currencies, there is a fee that changes depending on the currency

Card fees – For ATM withdrawals higher than £200 a month, there is a 1.75% fee.
Payment methods Wise card, Apple Pay, Google Pay and a virtual account.
Limitsi See the attached link.
Contacts Address – TransferWise LTD, 6th Floor, The Tea Building, Shoreditch High Street 56, London E1 6JJ.

Mail – support@transferwise.com
Reviews Rated 4.6/5 starts on TrustPilot.

Low fees;
No hidden fees;
Fast transfers;
Staying updated with the market exchange rate;
Regulated by the FCA;
Wide variety of currencies;
Flexible exchange rate;
User friendly platforms;
User friendly registration process;
Various payment methods;
No minimumtransfer amounts;
High daily transfer limit.

Cons To sign up, you need to upload two documents;
High fees for large transfers;
Requires a Social Security number;
Cannot pay recipients via check;
Limited international reach;
There is a chance Wise will deactivate your
account.