Wise has transformed the way millions manage money internationally. Founded in 2011 and regulated by entities such as the FCA and FinCEN, this London-based fintech offers multi-currency accounts, an international debit card, and transfers with fees starting from 0.42%. Although it is not a bank and has some regional limitations, its transparency, security, and speed make it one of the favorite options for those who need to move money between countries.
How Wise Works
Wise, formerly TransferWise, is a fintech platform specializing in international transfers, designed to minimize fees and maximize transparency. It uses the mid-market exchange rate, without hidden markups, which radically sets it apart from traditional banks and other money transfer services.
Opening and Verification Process
Opening a personal account with Wise takes only a few minutes. A valid form of identification (passport, ID card, or driver's license) is required and, in some cases, proof of address such as a utility bill or a bank statement. Verification is typically completed within 2 business days.
Fast and Secure Transactions
Wise allows you to send money to over 160 countries and in more than 70 currencies, with funds typically credited the same day. Everything is backed by top-notch security measures, such as two-step authentication, compliance with PCI DSS, and ISO 27001 certification.
Transfers at the real exchange rate
Quick and online account opening
Highly regulated globally
Intuitive and functional mobile app
Debit card for international use
Fees, Commissions, and Currencies
One of the pillars of Wise is its transparent fee structure. Instead of inflating the exchange rate, they charge a clear fee starting at 0.42% plus a fixed fee that varies depending on the currency (for example, $0.63 for transfers in USD). This clarity has been one of the main reasons for the platform's global success.
Borderless Multicurrency
Users can hold more than 40 currencies in their account and send money in over 70. Additionally, Wise provides local bank details in more than 9 currencies, which simplifies receiving payments in different countries without additional hassles.
Flexible Deposits and Withdrawals
Wise allows funding through bank transfer, debit/credit card, Apple Pay, Google Pay, and Trustly, depending on the country. Withdrawals can be made to bank accounts or through the Wise card, which allows free withdrawals of up to $100 per month at ATMs.
No minimum deposit
Clear and visible fees before each transfer
No hidden margin in the exchange rate
Instant currency conversion
Support for freelancers and digital nomads
Pros, Cons, and Use Cases
Wise has been designed with simplicity, security, and efficiency in mind. However, like any platform, it has strengths and weaknesses that are worth considering before choosing it as your main solution for international finances.
Key Advantages
Some of the most attractive features of Wise include its low fees, access to multiple currencies, international debit card, and speed of transfers. Additionally, its app is highly rated on both Android and iOS, and its infrastructure rarely experiences outages.
Limitations to Consider
Despite its advantages, Wise is not a bank: it doesn't offer products like loans, savings accounts, or interest. It also lacks physical branches, and its availability in certain currencies (such as the USD) may be limited in specific regions. Identity verification may take longer than expected in some cases.
Ideal for expatriates and frequent travelers
Customer support via email, phone, and in-app chat
Real-time alerts for tracking transfers
Complies with regulations from over 15 global regulators
No demo account or additional financial products
Conclusion: Is Wise Worth It?
Yes. For those looking to move money between countries without losing on fees or unfavorable exchange rates, Wise is one of the best options on the market. Its transparency, speed, and ease of use position it as an essential solution for global citizens, freelancers, and small businesses operating internationally.