I have spent close to two decades watching businesses lose money to hidden transfer fees, so when people ask me about Wise, formerly TransferWise, I do not hand them the hype. I hand them the numbers.
How does Wise actually work?
Wise, the company formerly known as TransferWise, lets you send money internationally using the credit or debit card you already have. In selected operating countries you can also pay into the company's local bank accounts, which is how the money reaches your recipient's local bank account across the countries where Wise operates.
The interface is refreshingly plain. New or returning, you enter the amount and the recipient's country, and you immediately see the guaranteed exchange rate that will be used for the transaction. Even when the person on the other end has no Wise account, you can still send money into accounts denominated in USD, GBP, and EUR. No account gymnastics required.
Is Wise safe to send money internationally?
This is always the first question, and rightly so. Founded in 2011, the platform has been used by over 8 million people who move money between countries. As an independent corporate entity, Wise is authorized and regulated by the Financial Conduct Authority in the United Kingdom, and inside the United States it answers to financial regulators including FinCen.
On review sites like TrustPilot you will find over 100,000 Wise reviews, and the majority read positive. At the time of writing the company employs over 2,451 people and enables over $6 billion in average monthly transfers. It also runs a dedicated fraud protection team watching your money and transactions around the clock. If safety is your dealbreaker, this is a solid record.
What money transfer methods does Wise support?
There are three main ways to move money, and the right one depends on your country, the supported currency, and your recipient's preference.
- Debit and credit card transfer. Use a standard card to send money from one country to a recipient in another. How they receive it depends on the country and currency involved.
- The Borderless account. A multi-currency account that lets you send money to 80 countries and receive it in 10 different currencies the way locals do.
- The Wise debit card. The card that pairs with the Borderless account, with its own set of perks I cover below.
If you are weighing this against other e-wallets, my Skrill review is a useful companion read before you pick a home for your money.
Which currencies does the Borderless account support?
You can receive money in these 10 currencies:
- US Dollar
- Canadian Dollar
- New Zealand Dollar
- Australian Dollar
- Singapore Dollar
- European Euro
- British Pounds
- Romanian LEI
- Hungarian Forint
- Turkish Lira
With the Borderless account you get a local bank account to hold, receive, send, and exchange any of those. The free account promises to be six times cheaper than conventional alternatives. Note that the list above is for receiving money. For holding and converting, you can move money into 54 other currencies, and you can send to recipients across 80 countries.
What are the benefits of the Wise debit card?
The card that comes with the Borderless account carries a few genuinely useful benefits:
- Low conversion fees and zero transaction fees
- Automatic real exchange conversion rate
- Seamless ATM withdrawal across supported countries
- Receive money from 30 countries without any fees
- Send money to 80 countries with ease
- Shop and spend abroad without currency conversion risk or hassle
With this card, Wise claims to be 8X cheaper than conventional banks. Expect some variation from one country to another, so read the specifics for your own market.
How much does Wise actually cost?
Fees depend on the transaction type, its value, and the countries involved. With over 10 million active customers, plenty of people clearly find it the cheapest option. Here is where the money goes:
| Service | Fee |
|---|---|
| Account creation (standard or Borderless) | 100% free |
| First debit card | About 5 GBP |
| Card replacement | About 3 GBP |
| Spending your own account currency | No fee |
| Sending 1000 GBP within the EU | 3.69 GBP (0.20 fixed plus 0.35% variable) |
| First two ATM withdrawals under 200 GBP per month | Free |
| ATM withdrawals over that threshold | 1.7% and 50 GBP by number or value per month |
| Receiving USD wire transfers | About $7.5 |
| Sending money | 0.20 GBP fixed plus 0.35 to 1% variable |
| GBP, AUD, and EUR direct debit | No fees |
For context, that USD wire fee of roughly $7.5 stacks up against the roughly $60 you might pay with PayPal. If you run a business and want the bigger picture on rails, my breakdown of payment processing software puts these numbers in a wider frame.
How transparent is the exchange rate?
This is where Wise earns its reputation. Unlike PayPal and other platforms, there are no hidden fees. You always see the transfer fee and the guaranteed exchange rate before you send. When your recipients live across different countries, that transparency makes payment processing, exchange calculations, and cost management far easier to handle.
The tradeoffs are real, though. On the plus side: cheaper transfer fees, transparent exchange rate calculation, lots of free transfers between Wise account holders, and local bank account creation in 10+ countries. On the downside: the verification process can be slow for first-time recipients or transactions, and it does not accept AMEX. If you want help matching a payment stack to your business goals, come tell me about it on my contact page.
What are the best Wise alternatives?
If the experience is not what you hoped for, you have plenty of trusted options. The most dependable alternatives I would point you toward are Remitly, WorldRemit, PayPal, Revolut, Xoom by PayPal, Stripe, Coinbase, Payoneer, Escrow.com, Braintree, and Square. Pick based on your currencies, your fees, and your recipients, then run the comparison before you move a cent. You can see the kind of comparison work I do over on my services page.
Frequently asked questions
What is cheaper than Wise?
Several of the alternatives listed in this post can come out cheaper depending on your route and currencies, including Remitly, WorldRemit, Revolut, and Payoneer. The best move is to calculate the transfer fee right on the provider's page, without signing up or starting a transaction, and compare the real cost side by side.
Is TransferWise the same as Wise?
Yes, absolutely. The company rebranded and changed its name from TransferWise to Wise. The name on the door is new, but the company culture, the products, and the services behind it are still the same. If you used TransferWise before, you are using the exact same platform under a fresh label.
Is the Wise debit card free?
Not quite. To receive the debit card when you sign up for the free Borderless account, you pay a card issuing fee of about 5 GBP. If you ever need a replacement, expect to pay around 3 GBP. In return, the card lets you spend your money in any country without carrying cash around.
How do I withdraw money from Wise?
You have a few options. You can withdraw at an ATM using the Wise debit card, or send the money into an account in one of the supported currencies. For users in selected countries like the US and UK, ACH and wire transfers are also supported as withdrawal methods, so you can route funds straight into a local bank account.
Founder & CEO of RB Creative Digital. Nearly two decades in SEO and digital marketing for mortgage, aviation and AI-first companies, with clients in the UK, US and Romania. His work has been featured on Forbes, Entrepreneur and HuffPost.
LinkedIn · All articles by Radu
Edited and designed by Marius Stefan · Reviewed by Cristina Gabriela
Not sure which payment stack fits your business?
I have spent nearly two decades untangling fees, tools, and transfers for businesses. Tell me what you are building and I will help you choose what actually fits.
Get your AI visibility check