Wise Detailed ReviewRates, Fees, Limits, Safety and More
Last updated: October 28, 2025
Founded in 2011, Wise (formerly TransferWise) aims to make the international transfer process as cheap and easy as possible. Wise is a financial company for people that travel, live and work internationally. It makes sending money overseas up to 8 times cheaper than banks. It's the fairest, easiest way to manage your money across borders.
For instance, if you're sending money to friends and family overseas, taking a new job opportunity abroad, or a business dealing with international partners and suppliers, Wise is for you. Having gained an impressive reputation in the international money transfer industry, Wise has received investment from Richard Branson and Peter Thiel (PayPal founder) and continues to expand its services across Europe, the United States and other regions around the world.
Wise offers the mid-market exchange rate to customers when you want to send money overseas. The mid-market rate is the halfway point between the buy and sell prices listed on global currency markets. In other words, it offers a more competitive rate compared to other providers on the market.
A better alternative to international business banking
Wise offers a free online account that makes doing business in multiple currencies a lot cheaper and easier. Send, spend, and receive at the real exchange rate.
With the Wise business product:
- Easily pay overseas employees and recurring invoices with the batch payments tool
- Get international bank details in one click and get paid for free
- Pay vendor invoices in multiple currencies online
- Manage expenses and make one-off payments on the go
Wise multi-currency account
The borderless account is a platform that offers true multi-country banking for anyone that needs it. You can hold and convert 40+ currencies at the real exchange rate, with local bank details. Its one account to send money, receive money, and spend around the world up to 8x cheaper than the banks.
With one click you can get:
- Australian account number and BSB code
- British account number and sort code
- European IBAN
- US account number and routing number
Customers can use their bank details in place of an overseas bank account, which means they can get paid and spend in local currencies with zero currency conversion cost or receiving fees. Freelancers and small businesses can attract customers worldwide, expats, second homeowners and global nomads can move between countries with financial ease.
Opening a bank account abroad is incredibly difficult without a local proof of address. For expats, freelancers, small businesses and anyone else managing money between countries, the borderless account is invaluable.
Wise as an alternative to SWIFT transfers
When you send or receive an international wire with your bank, you might lose money on a bad exchange rate, which is like a hidden fee. That's because the banks still use an old system to exchange money. We recommend you use Wise, which is usually much cheaper. Wise's smart technology:
- Gives you a great exchange rate and a low, upfront fee every time.
- Moves your money as fast as the banks, and often faster – some currencies go through in minutes.
- Protects you with bank-level security.
- Serves 40 currencies, 150 countries, and over 4 million customers.
- Whether you're getting paid by businesses or clients abroad, or simply receiving money from friends or family, with the Wise Borderless Account you can get instant international bank details to receive money from over 150 countries around the world.
- 5/5 star rating and more than 50,000 reviews on TrustPilot.
Is Wise secure?
Yes, Wise is fully authorised by the UK's Financial Conduct Authority (FCA). This means that the business is subject to European rules (the Payment Services Directive) designed to protect customers who use payment services. As part of these rules to protect customers, Wise has to keep customers' funds separate from their own. Wise also has to demonstrate financial health and strict anti-money laundering procedures.
Supported Currencies
Wise supports currency transfers between Euro, British pound, US Dollar, Australian Dollar, Swiss Franc, Canadian Dollar, Polish Zloty, Swedish Krona, Norwegian Krone, Danish Krone, Hungarian Forint, Czech Koruna, Bulgarian Lev, Romanian Leu, New Zealand Dollar, Brazilian Real, Singapore Dollar, Japanese Yen (SWIFT only), South African Rand (SWIFT only).
It also supports transfers from all the above currencies to Indian rupee, Hong Kong Dollar, Malaysian Ringgit, Philippine Peso, Pakistani Rupee, Moroccan Dirham, Thai Baht, Emirati Dirham, Ukranian Hryvna, Indonesian Rupiah, Colombian Peso, Georgian Lari, Turkish Lira, Mexican Peso, Russian Rouble, South Korean Won, Chinese Yuan, Sri Lankan Rupee, Bangladeshi Taka.
Transfers from these currencies to all other supported currencies and many other routes are coming soon. Currently there are 38 currencies offered in total.
Customers
Wise is rated 9.5/10 on independent customer review site Trustpilot based on over 30,000 reviews. Wise does not have a "typical customer" as their service has reduced the cost of sending money abroad so significantly. Anyone who lives, works, studies or does business abroad will find significant savings.
That said, there are several broad groups Wise is particularly popular with at the moment. These include:
- Expats who are paid in one currency, but spend their money in another.
- Freelancers who get a rotten deal from the banks and brokers alike.
- British pensioners who have retired to Spain and want to see their retirement funds go further.
- Small and medium-sized businesses. Every small business needs to make their cash go as far as possible. This is particularly true of startups who raise overseas investment don't want to see 5 percent of it go to the banks!
Platforms
Currently the main trading channel is Wise's webpage. You can make payments after creating an account either directly to a bank account, via email or through Wise chat. There is also a mobile application that customers can use.
Some key facts and figures
- Wise was founded in 2010, launched in 2011.
- Wise employs more than 600 people from 42 nationalities.
- Customers are transferring more than GBP 500 million every month through Wise and saving more than GBP 22 million compared to using other providers.
- You can send money from 35 countries and receive money in 150 countries using Wise, adding up to total of more than 5 thousand routes.
- Wise has over a million customers.
Additional Information
Legal and Regulatory Compliance
Wise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. The Card is issued by Wise Ltd pursuant to license by Mastercard International Inc. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Helpful Links
RemitFinder blog about how Wise (formerly TransferWise) works
RemitFinder's Wise vs Revolut detailed comparison
RemitFinder blog on top 7 best international money transfer apps
RemitFinder blog on the best ways to send money from the United States
Awards, Prizes and News
2015: World Economic Forum Tech Pioneer
2015: Ranked No. 8 on CNBC's 2015 Disruptor 50 list
2014: Placed on the FinTech50 for second year in a row
2013: Winner at the World Summit Awards
2012: Startups.co.uk's list of the top 100 UK start-ups
2012: Wired UK Start Up of the Week
2012: East London's 20 hottest tech startups by The Guardian
2012: One of five start-ups to watch at Seedcamp's 2012 US Demo Day
Deals
Reviews
My transfer was cancelled without any prior warning or notification. When I contacted customer support I was told that it was cancelled because I did not provide needed identification documents on time, however these identification documents were not requested of me (customer support admitted that they did not send a request for these documents). Support was subsequently refusing to complete the transfer, insisting that I should start a new transfer, even though exchange rates changes and the delay with the transfer have caused me to lose hundreds of dollars. Their support acknowledged that the cancellation was due to an error on their part, but were unwilling to complete the original transaction (I did not ask for any compensation for the damages due to the delay, only for them to respect the original exchange rate that they "guaranteed" at the time I made the transfer online). Currently I have lost my trust that if Wise makes a mistake with the transfer they will own up to it and correct their mistakes. Furthermore, they have so far refused to tell me how I should provide the needed identification documents, and so I cannot trust that any further transfers will go through. If you decide to use their services, I recommend you make sure that you have backup plans in case of delays and exchange rate hikes that might occur if they unexpectedly and unilaterally cancel the transfer.
Very good!