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What is Wise? (formerly known as TransferWise)

Wise is an online money transfer company that provides a cheaper and quicker way to send money overseas. 

Wise was established in 2011 by two good friends, which were both working away from home and were looking for a better way to send money when needed. 

Today Wise has millions of customers across 71 countries and processes more than $5 billon dollars every month.
  • Fast, Cheap and Reliable

  • Supports over 54 currencies

  • Great Exchange Rates

How it works

Wise is a peer-to-peer service which enables customers to enjoy the ability to send and receive funds almost instantaneously.  Once you’ve used the service and successfully transferred the funds, the system will process your subsequent bank transfers in a matter of minutes. 

Wise holds a bank account in various countries, therefore once you’ve sent your money your actual funds remain with Wise and the respective balance gets processed through the bank accounts in a recipient’s country. It provides an excellent cost-saving opportunity for a customer as well as the ability to bypass the bank’s slow processing times and additional paperwork required if sending amounts over a certain limit

Key features:

  • Send payments overseas, or open a multi-currency account to hold and exchange 50+ currencies
  • Transparent pricing – no markups are added to the mid-market exchange rate, and all costs are clearly shown before you confirm any transaction
  • Modern approach to moving money internationally – Wise has its own payment network instead of relying on the outdated SWIFT network favored by bank


Key stats:

  • 12 million customers, sending over $8 billion a month, and saving around $4 million a month compared to using normal banks
  • Send money to 80+ countries, with market beating delivery times
  • Hold and spend 54 international currencies from your Wise multi-currency account for individuals and business customers
  • Personal customers can get a Wise international debit card to spend and withdraw in 200 countries – Apple and Google Pay compatible
  • Receive payments like a local in 10 currencies with your own US routing number, UK account number, euro IBAN and more

Wise customers can send money to 80+ countries around the world. Payments can be made online and in the Wise app, and are deposited right into the recipient’s bank account. That means that – unlike some providers – your recipient won’t need to create their own Wise account to get their money.


Once you’ve established your transfer with Wise, they can quickly and securely send money abroad. A money transfer may happen immediately or may take up to two days.

Timing varies by currency and country and is based on how quickly your recipient’s bank can process your payment.

Bank transfers take longer than card payments, which are immediate. The verification process may lenghten the transfer times, so make sure the ID checks have been completed and approved before making the payment.

Is it safe to use?

Wise is regulated by authorities around the world, inlcuding the FCA (Financial Conduct Authority) in United Kingdom, ASIC (Australian Securities and Investment Commission) in Australia and FinCEN (Financial Crimes Enforcement Network) in United States. 

The website is fully protected from fraud and theft with no reported data breaches in the last few years. It uses a 2FA, which gives a customer additional protection.