For those seeking an international money transfer service that prioritizes speed and transparency, Wise could be a strong choice. Despite not always being the cheapest option, Wise’s lack of markup on exchange rates and straightforward fees can be appealing. London-based Wise processes over £8 billion in international transactions monthly, serving over 13 million customers globally.

Signing up for Wise is quick and easy. You can register with personal details or through your Apple, Facebook, or Google account. Verification might be needed, usually by uploading a photo ID and proof of address, depending on the transaction size and destination.

Debit Card

The Wise debit card, available for a one-time fee of $9, allows for two free ATM withdrawals per month, with a 2% fee on any amount above $100. The card supports online payments and mobile transactions through Apple Pay and Google Pay.

Multi-Currency Account

Wise offers a free multi-currency account for holding, sending, and receiving money in various currencies.

Large Transfers

Lower fees apply for large transfers exceeding the equivalent of £100,000 in a single transaction or multiple transfers monthly.

Wise Assets

Wise Assets allows users to invest in the iShares World Equity Index Fund, including stocks in companies like Apple, Microsoft, and Tesla.

Wise’s fees vary based on the transfer amount, recipient currency, and payment method. For example, sending €1,000 EUR to Poland (PLN) could cost between €6.98 and €46.19, depending on the method used.

Transfer method	Total transfer fees	Amount received (PLN)
Wise account transfer	€6.98	4,600.00 PLN
Connected bank account	€9.12	4,550.00 PLN
Wire transfer	€11.64	4,600.00 PLN
Debit card	€19.50	4,500.00 PLN
Credit card	€46.19	4,300.00 PLN

Wise uses the mid-market exchange rate, which is fairer compared to the marked-up rates often used by banks. Transfers between Wise accounts in the same currency incur no conversion fees, though there is a nominal transfer fee.

Wise supports money transfers from the U.S. to 50 countries and to over 80 countries worldwide. Delivery times vary, with half of the transfers completed within an hour. Recent checks showed delivery times ranging from a few seconds to five business days, depending on the destination and payment method.

The Wise website and app are user-friendly, though the extensive options can be overwhelming. The app is available for iOS and Android devices, with secure HTTPS encryption and a two-step login process to protect user data.

Wise’s customer support can be challenging to reach, especially during busy periods or holidays. While they offer email support and a help center, finding immediate assistance can be difficult.

Compared to OFX, Remitly, and Xoom, Wise stands out for its transparent fees and lack of exchange rate markup. However, it does have higher transfer fees and fewer supported countries than some competitors.

Wise vs. OFX

OFX offers transfers to more countries without fees, but with exchange rate markups. Wise’s debit card and multi-currency account are unique advantages.

Wise vs. Remitly

Remitly supports cash deliveries and faster transfers with its Express option. Wise provides options like Apple Pay and Google Pay, which Remitly lacks.

Wise vs. Xoom

Xoom allows cash pickups and bill payments, not offered by Wise. However, Wise’s lower fees on large transfers and additional features like a debit card give it an edge.