Wise review: a wise choice for money transfers?

When it comes to sending money to other countries, I’ve discovered that using Wise has really changed the game for me. It’s not just about the ease; you’ll also save time and money by doing it this way. Wise has gone above and beyond the call of duty by establishing its very own payment network in order to get rid of the pointless difficulties and excessive fees that are often associated with transferring money internationally.

The company’s dedication to maintaining openness is one of the aspects of Wise that I value the most. There are no deceptive markups on exchange rates, no hidden fees, and no convoluted bundles that need to be decoded. When you make a transfer using Wise, you are able to view the whole cost of the transaction before you even begin the transfer process.

But that’s not the end of it. Wise provides something genuinely exceptional for customers that deal with different currencies on a regular basis, regardless of whether they are individuals or businesses in the form of the Wise multi-currency account. It’s something I’ve tried out for myself, and let me tell you, it’s a true game-changer. You have access to the fairest exchange rate on the market, which is the mid-market rate, and you are able to hold and exchange more than 50 different currencies in a one location for your convenience. Anyone who routinely works with overseas funds will find that this tool is an absolute godsend.

Wise Specifications

What Is Wise?

Wise, which was formerly known as TransferWise, provides a solution that is both simple and inexpensive for sending money all over the world. Users of this online platform have the ability to open accounts in multiple currencies. This account gives you access to 21 different currencies, and it also allows you to store, receive, and send money. Wise is a solution that, in essence, makes it more simpler to send and receive funds across international borders. After logging into your Wise account, you will have access to a list containing over 80 countries to which you are able to send money.

Simply choose the amount that you wish to send as well as the currencies that you wish to transfer. It may take a few of days for the designated account to display the results of any international transactions. You can move money from a Wise account to a standard bank account, which is a valuable feature of Wise. Transfers do not necessarily have to be made from one Wise account to another Wise account.

Wise review: Ease of Use

During our evaluation of the platform, we did not encounter any bugs that would prevent users from easily navigating the Wise website and app. The fact that there are so many nations and currencies to choose from, on the other hand, might make it feel somewhat daunting to try to keep track of the fundamentals of each different kind of transaction.

If you own an iPhone or iPad and want to use the free Wise app, the operating system on your device must be at least iOS 14.0. It is obtainable in a total of 15 different languages. There is also a free version of the Wise app available for Android devices; however, on the Google Play page for the app, the system requirements for operating the app as well as the number of languages supported by the app are not listed.

Wise protects user information by encrypting transmissions over HTTPS and requiring a two-step login process. The company maintains that it will never “misuse” or sell the information it collects from its customers. However, the app’s page on the App Store says that some types of data, including as contact information, financial information, and search history, may be gathered and connected to your identity.

Wise review: Support

There was no customer service number on the Wise website. Worse, Wise’s help center page indicated the support crew was “really busy” and suggested trying again later. Even worse: After being asked whether we needed help, clicking “contact us” brought back the same “busy” notice. This test took place on the Fourth of July, a federal holiday in the U.S., but what if customer service is unavailable and you need an urgent answer?

Under two weeks later, we contacted customer service again. We saw this notification in Wise’s online help center about live chat being “closed.” We tried calling Wise’s customer support, but an automated message said the lines were “closed at the moment.” We were told to contact Wise another means or check the website for phone hours. Email was one of the contact methods, but the Wise website didn’t list customer service hours.

Wise review: Work

Utilize this calculator to provide us with the amount of money you wish to transfer as well as the destination of that money. You will be able to review our fees as well as the exchange rate before making any commitments (please note that we always use the rate that is considered to be the mid-market rate).Create a free account with us, and then tell us who you want to send the money to, along with the details of their local bank account.

You can either pay with a credit card or a debit card, or you can make a bank transfer from your local bank to Wise’s bank account in your nation. You don’t need to worry about a thing because our cutting-edge technology connects local bank accounts in nations all over the world. When we send money, rather of using a single, more expensive international transfer, we make two transactions within our own country.

Final Words

In general, Wise is a very helpful tool that can be used for exchanging cash as well as making payments online. The platform does not add a commission or markup to its currency exchange rates, and international transfers can be completed in a very timely and effective manner. The platform features an intuitive user interface, simplifying a significant portion of the complexities associated with making foreign payments.

On the other hand, being wise does not come without its drawbacks. The transaction costs that are charged by Wise are more than those charged by many other platforms, and the list of countries that are supported may be limiting. There is likewise no provision for the delivery of cash or the acceptance of cash deposits.

Wise review: The Good and Bad

Wise has several useful extras and does not add fees or commissions when converting currencies. Transfer fees are higher than those of some of its rivals, which means using its services could be quite expensive. Other limitations include a cap of $100 per transaction and the inability to send money to less than 100 countries.

Questions and Answers