Picture this: It’s 2011 in London, and two young Estonians are grappling with a pesky problem ā constantly swapping euros for pounds and vice versa. That’s how Wise was born!
Fast-forward to now, they’ve attracted 16+ million users and grown their team to more than 5,000+ employees, spreading across 17 countries. What a journey!
As a seasoned Wise user, I’ve got the inside scoop on this banking platform’s pros and cons. After deep-diving into their services, scrutinizing their fees, and sifting through heaps of user feedback, I’m all set to give you a clear and hones Wise review. Plus, with my banking background and a passion for dissecting financial products, I’m bringing you a review that’s as thorough as it gets!
Josep GarciaEFPA Financial Advisor
Wise Review Verdict
Time for the Wise verdict! If you’re looking to send money in different currencies without breaking the bank, Wise is your go-to solution. Imagine having the power to handle multiple currencies from a single account, all without a monthly fee ā perfect for those moments when you’re travelling and need to pay in another currency.
Personally, every time I use their interface, it’s a very pleasant experience, and I love its simplicity. However, dealing with cash can be a bit of a hassle, and definitely contacting support can be a hit-and-miss.
Wise Pros & Cons
Pros
Low Fees & Rates
Wise offers some of the lowest fees in the market for multiple currencies. It also offers rates close to the real ones, making operations even cheaper.
Ease of Use
Wise’s platform is intuitive and simple. Users can make their first transfer in under 5 minutes.
Transparency
Wise easily provides access to their terms, conditions, and service costs. They’re transparent and don’t hide info.
Reliability
Operating since 2011, Wise is trusted by millions and regulated by the UK’s FCA and other international bodies (e.g., EEA, USA, Canada, Australia, etc.).
Speed
Transfers are usually fast, typically completed within a couple of days. They also offer a faster option at a higher fee.
Interest Income
Earn interest on your balance with Wiseās investment fund option, which offers variable returns based on central bank rates.
Cons
Limited Banking Services
Unfortunately, Wise does not offer basic banking services, such as overdrafts or credit cards.
Deposits
Can only add money to your account for free with a bank transfer, it may take up to 2 days. Instant card deposits always come with a fee.
ATMs & Cash
Wise is less ideal for regular cash transactions due to its low free ATM withdrawal limit and no cash deposit option. It doesnāt have its own ATMs.
No Premium Plans
Unlike Revolut, Wise doesnāt offer premium plans with added services like travel insurance or better terms.
Support
I have had very frustrating experiences with their support, ignoring my emails and taking ages to answer.
What Do Wise Users Say Online?
Certainly, it’s quite surprising to see that Wise has garnered many positive customer reviews online. However, as is often the case, there are also negative reviews to consider.
To give you a better understanding of the complaints Wise receives, I’ve taken the time to analyse and categorize them in this study. I’ll also provide you with a graph to highlight the key issues.
When it comes to Wise, user complaints primarily fall into three main categories. Firstly, “Account Deactivation and Locking” takes the lead with 30.22% of the complaints. It appears that many users have their account access revoked for various reasons. Secondly, “Money Transfer Issues” account for 28.02% of the complaints, which is quite understandable given that Wise is primarily designed for currency fund transfers.
Lastly, “Customer Service” is also a significant concern, with 10.99% of the complaints ā I must agree with all these users disappointed by their support.
This study of online reviews and user feedback on Wise has been conducted by us. After gathering more than 350 online reviews, weāve categorized them into positive, neutral, and negative ratings and further classified the complaints using natural language processing (NLP) techniques. Source: Upcashwise.com
My (Real) Experience with Wise
I’ve used Wise for years, especially when travelling to the UK and on holidays. I find it cost-effective, and intuitive. Let me share what I learned from using Wise in my daily routine. See a screenshot of my real account with Wise.
Of course, I’d also like to give you a summary of what I, personally, love and what frustrates me about Wise. Let’s start with the positives:
- The fees and exchange rates for payments and transfers in multiple currencies (e.g., from EUR to GBP) are among the best ones in my experience.
- Not having a monthly fee for the account is also something you must love.
- Wise’s mobile app and web site work seamlessly, and it’s a very fast service. Also, they have an extremely easy-to-use app.
- Having accounts in multiple currencies, dozens of them in fact, is a unique feature of Wise. Also, with local bank accounts details for many countries.
- Wise also excels in card configuration ā it’s incredibly easy to activate or deactivate the card and choose which services to allow or restrict. And creating new virtual cards is very useful.
- Wise offers interest-earning accounts, with rates varying by currency and market conditions. It’s a pretty neat bonus!
However, there are also aspects that can be frustrating in day-to-day usage of this bank:
- As it lacks certain banking services prevents it from being my go-to primary account, it’s an excellent choice for a secondary one.
- Wise lacks certain services (such as cash or cheque handling) and complementary products (such as loans, insurance, etc.). Itās not normally an issue, but it has been frustrating at times.
- Keep in mind that Wise doesn’t have physical branches, so you should be comfortable with entirely online operations. It’s not a major issue for me, but I understand it may not suit everyone.
- Although you can make a certain amount of fee-free ATM withdrawals each month, if you exceed this limit and need cash, Wise can be a bit of a hassle.
- At present, Wise isn’t a full-fledged bank; it’s an electronic money institution, which comes with some limitations (e.g., no deposit guarantee fund).
- I’ve had my share of issues with Wise support. Brace yourself for a bit of a struggle if you need anything beyond the usual from their team.
Wise in Detail
Sending Money with Wise
Wise gained popularity for allowing money transfers to other countries without being gouged with crazy-high fees and manipulated exchange rates. The concept they used was simple yet revolutionary. Let me explain it with an example for better understanding.
Imagine you want to send money to a family member living in Spain. If you go to a traditional bank, they’ll charge a hefty fee for this transfer, and they’ll also apply a significant spread when converting GBP to EUR.
Let’s continue with the example…
You want to send your cousin, who lives in Marbella, ā¬1.170 (about Ā£1,000) for an emergency, or thatās what he said. Now imagine that I am living in Barcelona and have to pay a bill in the UK of about Ā£1.000 (around ā¬1.170). Both of us will send our transfer orders to Wise, and then they’ll cross our operations; my bill will be paid with your money, and your cousin will receive my money in Spain.
Since the money never ‘travels’, Wise is able to offer us the real exchange rate, and in return, they charge a fee (tiny compared to what some banks charge).
How Long Does it Take for Money to Arrive?
That’s a great question! Let’s explore the answer together.
The time it takes for money to arrive depends on the transfer type and involved currencies. Generally, there are a few options:
- Express Transfer: Higher fees apply, yet the funds are typically available in the recipient’s account within seconds. This requires using a credit or debit card for payment.
- Advanced Transfer: Ideal for sending funds from GBP accounts outside the UK or EUR accounts outside Europe. Uses the Swift network, often incurring additional bank fees, resulting in higher transfer costs.
- Low Cost Transfer: An affordable choice, typically delivering funds within 48 hours.
An excellent feature of Wise is its upfront notification of the estimated transfer completion time. Based on my observations, transfers are often completed within or even before this timeframe, smoothly and without issues.
Wise's Fees and Exchange Rates
When sending money, Wise charges fees based on three factors:
- Your chosen payment method
- The amount you send (the larger the amount, the lower the cost)
- Exchange rate of the currencies
Wise prides itself on transparency, always letting you know the fees youāll incur, the charge, and the amount the recipient will receive. In every comparison I’ve made with other services, they systematically turn out to be more affordable than average.
With Wise, you’re guaranteed the mid-market rate, the same rate banks use for interbank trading. Wise doesn’t add any markup to this rate. Wise stands out by not adding markups, unlike others that sneak in fees, saving you money.
What Other Fees Has Wise?
Truth be told, Wise doesn’t have many additional fees for their services. The key fees include:
- for exceeding the cash withdrawal allowance
- receiving USD and CAD via SWIFT or wire transfer
- One-time card shipping fee of $9.
It is noteworthy that Wise doesnāt impose any charges for card usage, monthly account subscriptions, holding funds in any accepted currency, and a multitude of other related activities.
| Criteria | Wise Fee |
|---|---|
| Convert Ā£1.000 in EUR | ā Ā£4.28 (0.43%) |
| Convert Ā£1.000 a USD | ā Ā£4.64 (0.44%) |
| Card one-time shipping fee | $9 |
| Yearly card subscription fee | $0 |
| Receive CAD payments via SWIFT | 10 CAD |
| Receive CAD payments via SWIFT | 4.14 USD |
| Receive no-wire transfer | $0 |
| Withdraw more than $200 per month | 1.75 + $0.50 |
| Wise stock (via fund) investment | 0.60% a year |
Price examples taken on January 28th, 2024
Countries & Currencies Available with Wise
Wise operates in about 160+ international countries. This includes every nation in Europe’s SEPA (like Spain, France, Germany), as well as the UK, USA, Australia, Canada, and more. Wise allows users to deal with different 40+ currencies.
- Fund your account in: USD, EUR, CNY*, JPY, GBP, CAD, AUD, CHF, BRL, SEK, NOK, DKK, SGD, TRY, PLN, NZD, RON, HUF, CZK, BGN, MYR, IDR.
- Receive money in: USD, EUR, GBP, CAD, AUD, SGD, PLN, MYR, NZD, RON, HUF, TRY.
- Hold these currencies: USD, EUR, JPY, GBP, CNY, CAD, AUD, CHF, HKD, SEK, NOK, DKK, SGD, MXN, PLN, ZAR, HUF, CZK, ILS, THB, MYR, RON, BGN, IDR, KRW, PHP, INR, EGP, TRY, NGN, UAH, PKR, VND, AED, NZD, MAD, KES, TZS, UGX, LKR, BDT, GEL, NPR, CRC, UYU, CLP, XOF, ARS
Wise Multi-Currency Account
Wise offers a Borderless Account, allowing you to hold and manage multiple currencies, like euros, pounds, dollars, or Argentine pesos. For many currencies, youāll be able to have local banking details, enabling international transfers and payments without commissions.
A key feature is the Wise card, linked to your Borderless Account. It allows payments in any currency, using the most cost-effective balance available. If the needed currency is in your account (e.g. you hold GBP and try to pay in GBP), transactions are free.
The card’s limitation is ATM withdrawals: you can only withdraw up to āā$200 every 30 days without commission, limited to twice a month. Beyond this limit, a 1.75 fee applies.
Wise does charge a $9 (one-time-only) if you need them to send you a physical card, but if you are happy to use virtual cards only you wonāt have a fee.
Is Wise Secure?
Wise is absolutely secure, being a duly established Authorized Electronic Money Institution under the supervision of the UK’s Financial Conduct Authority (FCA).
Furthermore, it holds similar licences to operate in countries like Australia, the United States, Belgium, Hong Kong, India, Japan, and others. You name it!
But beyond these formal aspects, there are several reasons why I consider Wise to be secure:
- First and foremost, I’ve been using it for several years without any issues.
- It’s a global company with 16+ million users and a workforce of more than 5,000+ employees.
- Numerous prestigious investors, like Virgin, have placed their trust in Wise and provided financial backing.
- Wise is a profitable entity, providing peace of mind as sudden disappearance is highly unlikely.
Additionally, their platform is secured with SSL encryption, and you can enable two-factor authentication. To access Wise, you’ll need to confirm a code on your smartphone. For their iOS and Android app, you can even activate access through facial recognition and fingerprint scanning.
Final Thoughts on Wise
Thanks to Wise, I’ve not only pocketed extra cash but also simplified my life when handling overseas money transfers or shopping on international websites. I’m a huge fan of their system.
I mainly use their service for sending money abroad and on trips. What stands out to me is the user-friendly interface, quick transactions, and its affordability. Plus, their adherence to strict regulations is reassuring. For anyone needing to make international transfers or payments, Wise is a fantastic option.
Here’s the best part ā getting a Wise debit card is a game-changer. It means saying goodbye to exorbitant fees and enjoying true exchange rates. You can manage all the currencies from one card.
However, there are downsides: the fee-free ATM withdrawal limit is only $200 every 30 days. It’s also important to note that Wise doesn’t offer some key banking features like overdrafts or credit cards. And in a head-to-head with Revolut, Wise is somewhat lacking, particularly in extra features like a budgeting app or investment options.
Visit WiseIf you have used Wise, tell us about your experience and what positive and negative aspects it has, please leave a comment.
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