Are you looking for the cheapest international money transfer option? Wise Money Transfer is an inexpensive solution to transfer money among multiple countries. Wise is a platform that allows low-priced international money transfers. Today, Wise Money Transfer is used by over 13 million people globally. Most of these people have become loyal to the service.
Wise Money Transfer is relatively more accessible, cheaper, and straightforward than other platforms. Every month, its users transfer about £6 billion internationally. Compared with an average bank, this online platform helps them save about £3 million daily.
Wise allows users to transfer money to eighty-plus countries. It also enables transfers in countries not listed on its website. The only requirement for a transfer is that the recipient has an account number denominated in USD, GBP, or EUR.
Are you considering using Wise Money Transfer but are equally confused? Then you are at the right place. Let’s dig deep for a detailed analysis to decide if it is worth the hype.
What Is Wise?
Previously known as TransferWise, Wise now has a very simple interface. The Wise Money Transfer system has made sending money quite accessible to all. As a user opens the website, a cost calculator on the homepage welcomes him. It provides information regarding both; exchange rates and fees based on the transferable amount.
A user’s Wise account can operate on either bank accounts or credit cards. However, for a receiver, it is necessary to have a bank account. Moreover, with credit or debit cards, the service is often quicker than the transfers made with bank accounts.
Furthermore, Wise Money Transfer is entirely transparent with everything. International money transfer has become affordable for many with its low-priced transfer fees and satisfactory exchange rates. Therefore, several users have now become loyal to the service.
How Does Wise Money Transfer Work?
Getting started with a Wise account is quite effortless. It only takes a few minutes. A user either registers with an email or syncs his Wise account with his Facebook, Gmail, or Apple account. Similarly, once ordered, the card is delivered to their doorstep within a few days. For identity verification, Wise will ask for some identity documents.
Also, Wise often requests an identity and address confirmation upon considerable transfers. Furthermore, the Android or iOS apps have been highly rated per user experience.
Significant Features of Wise Money Transfer
Wise currencies
Wise offers 54 different currencies that we can exchange within the app. However, we can only make top-ups with the 19 following currencies. These include AED, BDT, CLP, CRC, EGP, HKD, GEL, IDR, ILS, INR, KES, MXN, LKR, NGN, NPR, MAD, MYR, PEN, PHP, PKR, RUB, THB, UAH, VND, ZAR, and CNY.
Moreover, current accounts are only offered in the 10 currencies. These include USD, EUR, GBP, AUD, CAD, NZD, SGD, TRY, RON, and HUF.
Top-up Methods
You can make Top-ups for a Wise Money Transfer by either of the following:
- Credit or Debit card
- Bank Account
- Apple or Google pay
Wise Customer Service
Wise offers customer support in the following ways:
- Live Chat: Available 24/7
- Phone Call: Available Monday to Friday from 10 a.m. to 3 p.m. ET
Wise Fees
From creating an account to making a Wise Money Transfer internationally – a few instances charge a mandatory fee. Although setting up an account is free, Wise will charge you 0.4% per annum if you have deposited more than €15,000 in EUR balance.
Debit Card
The Wise Money Transfer system charges $9, £5, or €8 to issue a debit card.
ATM Fee
The first two withdrawals, up to $100 per month, are free for new users. However, customers from Europe or the United Kingdom would have to pay an additional fee of 1.75%. Moreover, those from the United States would be charged 2% additionally.
Furthermore, after two monthly withdrawals, customers from UK/EU or the US would have to pay £0.5 or $1.5, respectively, with each withdrawal.
Top-up Fee
According to the currency and the method used for depositing money, Wise charges a top-up fee. There are some free ways to deposit currencies like EUR or GBP. However, no such options are available for USD.
Wise Money Transfer Fee
The fee will only depend on your transfer amount when transferring money without exchanging currencies. In simple words: the more the amount you transfer, the more the fee you pay, and vice versa.
Currency Exchange Fee
The Wise Money Transfer system charges a currency exchange fee for international transfers. This fee is based on the currencies of both countries. Usually, the fee ranges between 0.35% to 2% of the amount being exchanged.
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Pros And Cons of using Wise Money Transfer
Where Wise is renowned for its affordable rates, many complaints about its slow speed and limited phone support have resurfaced worldwide. As a result, many questions and confusions arise regarding this platform. Thus, the following are some pros and cons of using Wise Money Transfer.
Pros
- Transparency concerning all payments
- Low-priced fees and satisfactory exchange rates
- Quick delivery with credit or debit cards
- All services can be accessed through their website or mobile app
- Targets all uses – personal, business, as well as enterprises
- Listed on London Stock Exchange
Cons
- Slow delivery for bank transfers
- Customer service by phone is limited to work hours
- It doesn’t allow payments for cryptocurrencies, CFDs, and others.
- It is not a bank/holds no banking license.
- Offers no additional features such as insurance, investments, or loans
Final Thoughts
Wise Money Transfer has gained a lot of fame for its transparency regarding all costs associated with money transfers. Yet, at the same time, the variability of fee costs and exchange rates has been the primary cause of the uproar against it.
Therefore, like any other platform, Wise comes with its assets and liabilities. Nevertheless, it is certainly one of the cheapest options available. Therefore, if you are someone looking forward to low prices, Wise Money Transfer is the best choice for you. Visit our blog section to read reviews and informative blogs.