Wise is a London-based financial technology company started by Estonian businessmen Taavet Hinrikus and Kristo Käärmann in January 2011. The company was formerly known as TransferWise before changing its current name. The company’s headquarters are in Shoreditch, England. It is one of the fastest-growing money transfer companies in the world. As of March 2022, the company had an operating capital of £48.7 million. In this article, you will get Wise Money transfer reviews to understand how it operates.
For your information, Wise claims to be the cheapest money transfer company in the world. It has stiff competitors such as Western Union, MoneyGram, Ria, Remitly, and SendWave. Despite having many competitors, it still stands tall. They must be offering services that keep customers coming back to transact more. You can save up to 8x on average compared to banks when sending money on the platform.
On the issue of exchange rates, there is no hide and seek game at Wise. You can get the actual exchange rates and save a lot of money. It is one of the most international money transfer companies since it allows you to send money to over 80 countries. That makes it easy to send money home using the service if you work far away from home. It supports various currencies, and the good thing is that you can send money straight to your recipient’s bank account.
Process To Open A Wise Account
Wise allows you to make transactions online. You must open an account online to carry out your transactions within minutes. You can either open a personal or a business account with an email address and create a strong password. Generally, you can follow the guidelines below to open a Wise account.
- Visit Wise.com.
- Tap on the ‘Register’ button.
- Enter your email address and tap ‘Next’.
- Choose a personal or business account.
- Select your country from the drop-down menu.
- Enter and verify your phone number
- Create a strong password.
- Tap ‘Sign Up’.
It only takes a short time to open your account and start transacting. You can even open your account with your Google, Facebook, or Apple account. Once your account becomes active, you should verify your identity using your government ID.
After verifying your account, you can then top up your account. You can add funds using your debit card or credit card, bank account, or Apple Pay. Also, you can share your account details with others to receive payments.
Services Of Wise Account
After opening your account, you can begin using it for your transaction activities. These include the following:
i) Shop online
Wise allows you to shop online from stores across the world. You can pay with the actual exchange rates and avoid excessive charges when you use banks. Again, you can easily pay using the local currency of the company you are purchasing from. That allows you to avoid Dynamic Currency Conversion fees. Paying online with Wise is secure. You can authorize payments using 3-D Secure authentication and get instant notifications when you spend.
ii) Spend abroad
Wise gives you a debit card that allows you to spend in local currencies in the country you visit. You can freeze and unfreeze your card to prevent unauthorized users from your online account. The card allows you to spend in more than 200 countries. Again, you can withdraw money from 2.3 million ATMs. You can tap or swipe anywhere or use Google Pay and Apple Pay in countries they are supported.
iii) Receive money
Wise account allows you to receive funds from all over the world. You can receive your payments like a local such as salary, pension, invoice payments, and share profit. Interestingly, you can even link your account to platforms such as PayPal and receive funds from anywhere. If you rent houses abroad, tenants can always pay you through Wise. After getting your money, you can convert them to 53 currencies.
iv) Pay your bills
You can easily manage bills for your mortgage and utility across currencies with Direct Debit in Europe, the US, the UK, and Canada and pay the businesses like a local.
v) Send money
You can send money to people worldwide in just a few taps. The recipients can decide how they want to receive their finances.
The Procedure To Send Money Through Wise
Once you create your account, you can send and receive money. To send money through the platform, you can follow the steps below.
- Log in to your Wise account online.
- Navigate to ‘Send money’. Using the app, you can tap ‘Send’ to set up a transfer.
- Enter the amount you’d like to transfer. To ensure that the recipient receives an exact amount of money, you should type that amount into the Recipient Gets Box. After that, Wise will automatically tell you how much you require for the transaction.
- Indicate the kind of transfer you’re making.
- Fill in your details, such as your address. Wise needs the info to comply with financial regulations.
- Enter the recipient details. You can even add their bank details to send money to their account. Enter their bank account details if you do not have their email address.
- Review the details of the transfer to ensure everything is okay.
- Choose the transfer type and how to pay. You can pay from your bank account to wise since it is cheaper.
- Wise then sends you an email about the transfer. The recipient also gets an email about the transaction.
Money Amount You Can Send On Wise
Wise has various limits depending on the currency used. For example, you can send up to one million USD per local transfer. Again, you can send up to 1.6 million USD per SWIFT transfer. When sending from your Wise USD currency account, you can transfer up to 6 million USD.
Summing Up
Wise is a London-based financial technology company started by Estonian businessmen Taavet Hinrikus and Kristo Käärmann in January 2011. The company was formerly known as TransferWise before changing its current name. You can open your account online and carry out transactions such as sending money, receiving money, paying bills, and much more. The platform supports numerous currencies. You can use your bank account or Wise balance to fund transactions.
