Wise

Wise Fees and Transfers

Wise charges a certain percent of the transfer amount, plus a flat fee for certain transfer routes (country combinations). The final fees and percentage are variable and largely depend on the currencies you are sending from and to and the total amount sent.

Wise sends certain currencies via the international SWIFT network, which most banks will charge a fee to receive. If you’re sending to these currencies, make sure you check with the receiving bank how much they charge for incoming SWIFT payments.

How Does it Work?

Wise uses the peer-to-peer network to match transfers currency from a sender to a receiver. However, the system converts currencies using the mid-market exchange rate, alleviating one of the major pains of traditional cross border FX transfers with the banks.

This saves on currency exchange rate fees, bank fees, commissions, or international bank wires. The process of transferring money is relatively easy. Simply navigate to the website and enter the amount you would like to transfer.

In addition to funding the transfer from your local bank account, for some currencies and countries’ combinations, you can also pay with a debit or a credit card (though paying by card employs an extra processing fee of up to 2% of the sending amount).

Apple Pay and Android Pay are also available for a number of limited currencies through the Wise mobile app.

How Long Does it Take?

Typically, customers can expect the money to be transferred anywhere between minutes and 3 working days. The time taken to transfer money is dependent on the specific currencies involved, the hours of bank operation, and local bank procedures. Sending money from a credit/debit card is usually faster than a bank account transfer, but employs additional fees.

Wise Top Highlights

Wise makes international money transfers simple and affordable with competitive rates with low fees.

• Whether you're a freelancer receiving payments from international clients or a business making regular overseas transfers, Wise offers a cost-effective alternative to traditional banking methods.

• Wise provides real exchange rates with no hidden markups, saving users money on international transfers.

• With Wise, users can transfer money safely and efficiently without the high fees associated with banks.

• Transfers are funded from your own bank account, as Wise does not accept cash deposits or check payments.

Privacy and Security

Wise is fully registered and authorized by the Financial Conduct Authority (FCA) in the UK under the Electronic Money Regulations 2011. The company is also licensed by the local financial regulatory agencies, such as Australia (ASIC), United States (FinCEN).

Following the regulatory requirements, Wise customers’ funds are held in segregated accounts, apart from the company’s own capital. The customers’ personal account data is stored in secured servers, and safeguarded by a 2-step login and verification procedures.

Customer Support

Most queries can easily be resolved by clicking on the support center bar and typing in a question or a search term. The FAQs are comprehensive and include a wide range of technical, banking, registration and currency conversion solutions.

However, if an issue is not resolved through this process, you can easily send an email or call the customer service line on the website.

Wise is focused on online support, with a comprehensive FAQ section. Phone support is imited by the office schedule, languages, and quality of service, as many customers testify.

Bottom line

Wise is internationally recognized as a safe and cost-effective mean of transferring money abroad, especially for relatively smaller sums. The fees are low, and there are no hidden charges tacked on. It is relatively easy to register, fund your account, and transfer money abroad. Since it is fully licensed and regulated with many global authorities, it is mostly safe and reliable to use.

Wise primarily uses bank transfers for its transactions, which can sometimes involve processing delays depending on the currency route and destination country. Transfer times vary, with many customers reporting transfers completed in just minutes. However, some users have mentioned occasional delays. For larger transfers over £50,000 (or equivalent), Wise offers dedicated support to help ensure a smooth process, guiding users every step of the way.