Wise (TransferWise) Review: What You Need To Know!

If you would like to have our opinion on Wise to help you know whether to use this service to send money abroad? You are in the right place!
This guide breaks down the pros and cons of TransferWise's service and product offering. Our desire is to give you the essential practical information in order to feed your own opinion. 

This review, therefore, lists the strengths and weaknesses of Fintech so that you make your choice in full knowledge of the facts.

And we start immediately with a table that summarizes our Wise (TransferWise) reviews you need to know:

Wise (TransferWise) Review: In Summary
Customer Reviews	TrustPilot: 4.6/5
Our opinion on Wise	15/20
Good Points	✔️ Competitive exchange rates ✔️ Fast and reliable international transfers ✔️ Simple online subscription ✔️Responsive customer service ✔️ Free multi-currency account ✔️ No running costs ✔️ Free bank card
Negative Points	- Limited payment methods - Non-optimal geographical coverage - Constraints related to the regulations in force
Current Offer	- Sponsorship: 50€ for the sponsor!

Wise Review: In summary

Our Wise review is generally positive. The Fintech offers a very competitive innovative solution on bank charges and exchange rates between currencies. The service is reliable for secure transactions.

Monitoring transactions is easily done from its online customer area, particularly from the mobile app, which allows you to manage your multi-currency portfolio independently for free. And, if there is a problem, customer support is responsive.

Our TransferWise review in a nutshell:

• Competitive exchange rates

• Fast, reliable, and secure service

• Free Mastercard debit card

• Free multi-currency accounts for individuals and businesses

Our opinion on Wise is, therefore, positive. 

Wise(TransferWise) Review: Our more detailed analysis!

In our opinion, Wise is initially interested in the functioning of the main Fintech service: international money transfer. Our analysis then tackles the functionalities of the mobile application, then the range of means of payment to settle the transaction online.

This guide also includes a section on Wise(TransferWise) prices, the extent of geographical coverage, and multi-currency and pro bank accounts. This TransferWise review is supplemented by an analysis of user feedback, which helps to draw a conclusion in the form of a summary.

Wise(TransferWise) Review: Overview
Open user account	Free
Exchange rate	Average market rate
Geographic coverage	70 Countries
Number of currencies	50 Coins
Multicurrency account	Free
MasterCard debit card	Free
Business account offer	Free
Welcome offer	None
Sponsorship offer	According to Country
Mobile app	Yes
Mobile payment	Apple pay & Google pay
Means of payment	Credit card transfer
Check	No
Cash	No
Payment by email or phone	No
Service client	International
Recharge	Credit card transfer

 Wise(TransferWise) Review: How it works

Our Wise opinion is that the operation of the international money transfer service is accessible to everyone. The subscription procedure is simple to carry out and the opening of an account is particularly quick. The online form is easy to fill out and the data is secure.

Here are the features of how TransferWise works:

• Online account opening

• International money transfers via an online form

• Monitoring of the transfer in progress

• Alert upon receipt of the transfer by the beneficiary

Here are the advantages of the Wise(TransferWise) service:

• Very fast creation of a Wise account: the user opens his account online in a few seconds, from the website or the mobile application and provides his supporting documents electronically.

• Simple operation to do: to send funds internationally, simply enter the amount, the destination country, and the beneficiary's bank details via an online form.

• Follow-up of the processing of the operation: from his account, the user can see at any time at what stage the transfer is. The beneficiary is notified when the money has arrived.

• Notification of receipt of funds: as soon as the funds are paid into the beneficiary's account, the user is alerted.

In our opinion, Wise simplifies the process of signing up and sending money internationally. From his account, the user can follow the steps for sending funds and receives an alert when the beneficiary receives the funds. The operation of this platform is accessible to all thanks to well-designed and easy-to-use web tools.

Now that you know our opinion on the operation of the platform, let's now focus on our Wise opinion on the qualities of the mobile application.

Good To Know: Join Wise Today & Get A Fee-Free Transfer Of Up To 500GBP

 Wise(TransferWise) Review: The Mobile App

Our Wise(TransferWise) review of its mobile app is positive. The navigation is fluid and the features numerous. The tools provided make it easy to manage your Wise account and above all to manage operations independently. The user experience is therefore largely positive as evidenced by user reviews.

Here are the main features of the Wise mobile app:

• Wise Account Management

• Manage its operations

• Invite friends to use the platform

The advantages of the Wise mobile app are:

📱 Simple and efficient account management: the user manages his account independently, transmits his supporting documents, and easily tracks his transfers in progress. The visibility of information is clear and the interface is ergonomic.

🔣 Manage operations easily: from the mobile app, the user manages all of their operations, from sending to receiving funds through transfer monitoring.

👂 Interesting referral function: users can invite their entourage to register for Wise and thus benefit from its advantages.

⭐ A good rating on app stores: on Google Play, users have given a rating of 4.2/5 and on the App Store, the mobile app has a rating of 4.7/5.

The only drawback to note concerns the absence of a general counter per currency to have the real-time equivalent of the portfolio.

👉 In summary, in our opinion Wise and its mobile app are favorable. Users can perform all their operations with just a few clicks from this ergonomic and well-designed mobile app. The only downside observed was the absence of the general account by currency.

The Wise mobile application is available on the AppStore and Google Play download platforms. It is compatible with iPhone, iPad, and Android devices. Now place this Wise opinion into the analysis of payment methods.

Wise Review: Payment Methods

Our Wise review of its payment methods is mixed, as the offering isn't optimal. Bank transfers are advantageous, fast, and secure. The use of a credit or debit card, even dematerialized, is also practical, but restricted to certain currencies. Cash, check, or payment by mail or telephone are however impossible.

The Wise payment methods you should know are:

• International bank transfer

• Bank card

The benefits of Wise payment methods are:

🏦 Fast and secure payment thanks to bank transfer: paying the operation costs requires retrieving the contact details and the Wise reference, then switching to your bank account to make the payment.

💳 Useful credit card payment: 16-digit Visa, Mastercard, and Maestro debit or credit cards can be used to make payments on Wise.

The disadvantages of Wise payment methods are:

• ⚠️ An incomplete range of means of payment: Wise being a 100% dematerialized service, constrained by the rules of the supervisory authorities, the customer cannot pay the cost of the operation in cash, by check, or by mobile phone.

• Limited credit card payments: Wise credit card payments are limited to major currencies.

It is possible to use related means of payment to settle the costs of transferring money from one country to another such as Swift international transfers (beware of bank charges), mobile payment via Google Pay or Apple Pay ( pay attention to credit card accounting), and online payment via national solutions (iDeal in the Netherlands, Trustly in Spain, SOFORT in Germany, etc.).

👉 In our opinion, Wise offers quite limited payment methods. Bank transfers are fast and secure, and payment by credit card is very convenient, however, payment in cash and checks is not authorized.

Paying fees on international money transfers logically makes you want to look in more detail in this TransferWise review on the operator's competitive rates.

Wise Reviews: Pricing and Fees

Our Wise opinion is that the rates are competitive. The Fintech offers an average exchange rate favorable to the user and guarantees a price list with no hidden costs. His credit card is free and there are no account maintenance fees. The account is accessible to everyone and the operating costs are zero.

Wise Prices And Fees: In Summary
Account creation	Free
Get European IBAN	Free
To receive money	Free
Send money (flat fee)	0,63€
Withdrawals up to £200 per month	Free (2% above)
Order debit card	7€
Payment of account currencies	Free
Outgoing international transfers	Between 0.35% and 2%

Here are the main facts to remember about the Wise price list:

• Credit card at 0€

• Order of the bank card at 7€

• Real exchange rate

• No account fees

The benefits of Wise fares are:

✔️ Competitive rates: the user pays low transfer costs which are broken down into fixed costs and a commission as a percentage of the amount transferred.

💶 No hidden costs: the total cost of the operation is clearly displayed in full transparency before the validation of the operation.

❤️ Cost based on the real exchange rate: TransferWise guarantees the rate displayed during information entry for a given period, before applying the mid-market rate without markup like banks do.

💸 No fees for the operation of the Wise multi-currency account: creating/maintaining/closing the account, obtaining the European IBAN, and receiving money are not charged by the platform.

💳 Transactions with the TransferWise card at an attractive rate: free currency spending and real-time conversion fees and withdrawals are free up to a limit of £200 per month free, then charged 2% of the amount.

Let's illustrate the competitiveness of TransferWise prices with an example comparing price differences with other market players:

Wise: Competitive Fees
Sending €1000 with:	Money for beneficiary (total after fees)	Of which shipping costs
Wise	895,69 GBP	8,64 €
AIB	891,65 GBP	6 €
ING	891,30 GBP	0 €
PayPal	863,73 GBP	1,99 €

 

For sending €1,000 by international transfer, the most attractive rates are those of the TransferWise international transfer platform, because the beneficiary recovers 895.69 GBP on €1,000.

👉 Our Wise review and pricing are very positive. The rates charged by the platform are among the most competitive on the market and the low cost of the multi-currency account is very attractive.

Now that you know our Wise opinion on its prices, we will take a look at the geographical coverage of the platform.

Wise Review: Geographic coverage

Our Wise review and geographic coverage are favorable. Fintech covers most major countries in the world. The countries of destination are always more numerous with time. The range of foreign currencies is also constantly being expanded to benefit as many people as possible.

Expatriates and seconded employees, therefore, benefit from good geographical coverage.

Here's what you need to know about TransferWise's geographic coverage:

• 70 countries covered

• 52 currencies available

• 14 international TransferWise offices

Here are the advantages of the geographical coverage of the international money transfer service:

🌎 A presence on all continents: more than 70 destination countries for international money transfers

💵 Many accessible currencies: the service is valid in 52 currencies, and the offer is constantly updated and expanded to best meet the needs expressed by users.

📡 A network of agencies located around the world: TransferWise has 14 offices around the world to manage its eight million customers.

👉 In our opinion, TransferWise has excellent geographic coverage. This dense range of services allows the international money transfer specialist to manage the sending of 5 billion dollars every month. 

Obviously, the network is still under construction, but TransferWise also knows how to adapt to demand thanks to waiting list procedures.

Let's direct our attention in this TransferWise review to the multi-currency account which allows you to keep several foreign currencies in your wallet.

 Wise Review: Multi-Currency Account

Our Wise take on the multi-currency account is nuanced. This account is intended for individuals and professionals who regularly carry out international transactions and will therefore be useful for other profiles. Real exchange rates are advantageous and there are no hidden fees.

 
The Mastercard debit card is convenient for paying and getting paid. Apart from a bank transfer, account funding is more complex.

Here are the features of the Wise multi-currency account:

• A free account with no account fees

• European IBAN

• Mastercard credit card

• No cash deposit or checks

The benefits of the Wise Multi-Currency Account are:

🕑 Simple and fast account opening: the user quickly opens his multi-currency account online by simply completing his profile and uploading his supporting documents.

👨‍💻 A practical account to transfer money: the subscriber can be paid worldwide by obtaining a European IBAN, or receive more than 50 currencies to store and convert at an attractive rate.

💸 No account maintenance fees: opening, maintaining an account and closing are the three free operating costs of the multi-currency account.

💳 Access to a free Mastercard debit card: the user can pay in any currency worldwide.

✈ Currency transactions at attractive rates: withdrawals are free worldwide provided the sum is not exceeded by £200 per month and conversion fees for foreign currency payments depend on the real-time rate.

The disadvantages of the multi-currency Wise account are:

Limited recharging methods: if incoming transfers are free, refills by credit card are chargeable (0.2% of the amount) and cash or check deposits are unavailable.

An international-only account: Wise's multi-currency account is unsuitable for customers transacting only in the eurozone.

👉 In summary, our Wise multi-currency account review is positive. The multi-currency account is very convenient for people who juggle currencies. 

The operation is simple and free, while the conversion costs are minimal (commission between 0.35% and 2%).

 
The customer pays and is paid at the real exchange rate, which allows him real savings. On the other hand, the offer is useless if the client only carries out transactions in the eurozone.

The Fintech also distributes an offer intended for professionals, an offer that we will study immediately in our opinion on the Wise service.

Our opinion on TransferWise services for businesses

Our take on TransferWise is that the business offering performs well for international businesses. The easy-to-use solution allows secure transactions in nearly 50 currencies and 70 countries.

 
Ideal for international trade, the offer is compatible with Apple Pay and Google Pay mobile payment solutions. The geographical coverage is less wide, but the prices are very competitive.

Here are the Wise services for businesses:

• International transfers in 70 countries

• Free receipt of payment

• Mastercard credit card available

The benefits of TransferWise pro services are:

🌎 Convenient international service: the customer can pay bills and pay people abroad in nearly 50 currencies.

💸 Attractive rates: the customer receives the money as a "local" person, and therefore does not pay any fees.

The disadvantages of Wise pro services are:

⚠️  Non-optimal means of payment: the pro account is only linked to a single Mastercard bank card.

Less dense geographical coverage: absence of certain geographical destinations and prohibition of certain monetary routes for pro accounts.

Wise is gradually expanding its Enterprise offer, as illustrated by the implementation of work automation with the in-house API and mass payment. Another favorable element in our opinion of Wise pro: estimated rates 19 times cheaper than those displayed by Paypal.

👉 Our opinion on Wise and its pro services is nuanced. Sending and receiving international transfers is very convenient and the rates are competitive, however, the geographical coverage is less attractive for pros and the pro account is only associated with a single Mastercard bank card.

Now, in our Wise review, we're going to look at the strengths and weaknesses of TransferWise customer service.

Wise Review: Customer service

Our Wise review of customer service is positive. As international money transfer is a service that can scare novice customers, customer service is committed to reassuring and informing its users. 

With the website, mobile application, and social networks, there are many communication channels and support is easily reachable.

Here are the benefits of customer service:

📡 Numerous communication channels: users can reach customer support by phone, e-mail from the personal online space and the mobile application as well as via the main social networks like Facebook and Twitter

👨‍💼 Responsive customer service: French customer support is easily reachable and answers user questions in French

🌎 Physical points of sale available around the world: Wise has 14 offices around the world to welcome and inform its customers

❓ A complete FAQ on the site: many questions are answered, which allows users to obtain answers at any time of the day and week

The only downside to Wise customer service is the time slots. Indeed, telephone support is available from 9 a.m. to 4 p.m. in France.

👉 In summary, in our opinion Wise has very good customer service. The many communication channels, the responsiveness, and the presence of physical offices around the world are real assets.

Before concluding this Wise review, let's summarize customer reviews about the Fintech's product and service offerings.

What do Wise customers say?

Our opinion of Wise is that customer feedback has been positive. They appreciate fast, reliable, and inexpensive service. The rates are considered competitive and the use of the mobile app is accessible to all.

Some negative points emerge in relation to certain bugs on money transfers or even Wise accounts that are generally closed for regulatory reasons.

On the Trustpilot site, the specialist in international money transfers obtains 4.6 stars out of 5. Here is how the 98,000 user reviews of Wise break down:

• 86% Excellent

• 8% Good

• 2% Medium

• 1% Bas

• 4% Bad

Feedback about Wise is identical on the Apple (4.7/5 out of 4,000 reviews) and Google Pay (4.2/5 out of 88,000 reviews) stores.

Here's what to remember about positive Wise customer reviews:

🤝 Quality of service: customers are pleased with the reliability of service over time and the speed of transactions.

❤️ Costs are advantageous: real exchange rate and various tariffs are welcomed by customers, but some fees may vary depending on the destination country.

📱 Ease of use: customers appreciate wise's web tools from which they can manage their user accounts and carry out their operations in a few clicks.

Here's what to remember about negative Wise customer reviews:

The service sometimes experiences technical bugs: the user experience suffers from connections made impossible by the network from time to time.

Canceled operations: some returns express their dissatisfaction following operations suspended for requests for supporting documents or even canceled in the event of the closure of accounts following the application of the security rules in force.

👉 In summary, Wise customer reviews are quite positive. Users are satisfied with the quality of service and the speed of international transfers, the rates are one of the most recurring advantages in customer returns, however, some report the cancellation of their operations or even the closure of their account for reasons administrative.

We'll end our Wise review with an overall summary of the platform's strengths and weaknesses.

Conclusion:

Our Wise review is positive. The rates are competitive compared to the competition and the service is reliable, fast, and easy to handle. Opening a Wise account is available to anyone from the website or mobile app.

The debit card and the multi-currency account are a real added value in terms of cost and exchange rate. One area for improvement would be to offer an enhanced range of payment methods.

✈️ On the offer, Wise targets people who travel or transfer funds in foreign currencies. Expats, digital nomads, posted workers, and migrants: all appreciate the service in its entirety which translates into excellent ratings (4.6 stars out of 5 on Trustpilot and 100,000 customer reviews on Wise).

💸 On prices, Wise optimizes exchange rates by keeping low-cost bank fees. The subscription to the multi-currency account and the bank card are free. Ditto for foreign currency payments from the account and ATM withdrawals up to £200 per month.

🗺️ On geographical coverage, Wise provides more than 70 destinations and nearly 50 currencies to send. However, it is not yet optimal with certain areas insufficiently served. But the operator fills in these blank areas to offer the most comprehensive service possible.

🔒 On transaction security, Wise uses biometric recognition connection mechanisms (Face ID, Touch ID). As for deposits, the electronic money institution is supervised by the Financial Conduct Authority (FCA) of London. The funds are placed in a holding account: Barclays in the United Kingdom and Wells Fargo in the United States.

📱 On the Wise pro offer, companies are paid in foreign currencies by saving money thanks to exchange rates with no markup applied. Finally, professionals appreciate useful app features such as Xero (accounting), mass payment, payment, workflow automation API, etc.

While it doesn't mask some downsides, this comprehensive Wise review is an incentive to try out the service for yourself. The opportunity to tell us what you think!

Disclaimer:

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