Transferwise Reviews And The 7 Factors To Consider Before Using It

Following the advancements in technology, the methods of sending money from one country to another seem to be expanding. However, that expansion makes it harder for some people to choose what is best suited for their specific needs.

Now that you are interested in reading through some Wise.com reviews, we’ll be looking into the major factors to consider before signing up. Formally known as Transferwise, Wise.com has become one of the best ways to send money internationally.

Regardless of company size, your business can use this service to transfer and receive the money within the supported countries.

But what are these supported countries? Read on to find out. Looking at specific factors like the exchange rate, transfer fees, and transaction duration, you have to think through these and other factors before putting your money on the line.

And those are the things we’ll be analyzing in this Wise.com review post.

How Wise.com Works

Using Wise.com (formerly Transferwise), you’ll be able to send money internationally with your existing credit or debit card. In addition to that, you can send money into the company’s local bank accounts in selected countries where it is currently operating.

That’s what makes it possible to send money into the local bank accounts of the recipients across the company’s operating countries.

Another thing is the simplicity of the platform’s user interface. Whether you are a new or existing user, you just have to enter the amount to be sent and the recipients’ country.

When this is done, you’ll see the guaranteed exchange rate that will be used to execute the transaction.

Even when the intended recipient doesn’t have an account on the platform, you can still send money successfully to their account denominated in the US, GBP, and EUR.

The Safety First Consideration – Is Wise.com Safe To Send Money Internationally?

Irrespective of other Wise.com reviews you might have read online, the question of whether this platform is safe or not will still pop into your mind. In terms of safety considerations, transferring money through Wise.com has been confirmed to be safe for users around the world.

Founded in 2011, the online money transfer platform has been used by over 8 million people who move across different countries.

As an independent corporate entity, Wise.com is authorized and regulated by the Financial Conduct Authority in the United Kingdom. Within the United States, the company is also under financial services regulatory agencies like FinCen.

Inside some of the best online service review websites like TrustPilot, you’ll find over 100,000 Wise.com reviews.

Interestingly, the majority of these reviews look positive. At the time of this writing, the online money transfer services company employs the talent of over 2,451 employees who work to enable the secure exchange of over $6 billion in average monthly transfers.

Among these employees, Wise money transfer company acknowledged the engagement of a dedicated fraud protection team.

These are the people responsible for the 24/7 protection of your money and transactions.

Wise.com Reviews – The Supported Money Transfer Methods

What are the best money transfer methods available on Wise.com?

Is Transferwise available in the USA?

These are some of the questions that new users often ask when searching for the best websites to send money internationally.

This section will help you check if you have these supported methods or not. At the time of this writing, the supported transfer methods include the following.

Debit And Credit Card Transfer – You can use your standard credit or debit card to transfer money from one country to a recipient in another country. How the money is received will be dependent on the country, Transferwise supported currency and the recipient’s preference.

Transferwise (Wise.com) Borderless Account – Without going into a detailed Wise.com borderless account review, here is the basic definition. That is a multi-currency online money transfer account for Transferwise users. With this account, you can send money to 80 countries and receive it in 10 different currencies as the locals do.

Wise.com Supported Currencies For The Borderless Account

From Wise.com, you can get a local bank account to hold, receive, send and exchange any of the currencies mentioned above. And the best part is that the free borderless account promises t to be six times cheaper than conventional alternatives.

Please note that the currencies mentioned here are for receiving money. Meanwhile, you can use the Wise.com borderless account to hold and convert money into 54 other currencies.

Moreover, you can send money to recipients across 80 countries.

Wise.com Debit Card – Here is the third method of sending money through Transferwise (now known as Wise.com). Have you been thinking about Wise.com debit card review? It is the card that comes with the borderless account. Interestingly, it has some unique benefits as well. Check some of them below here.

Benefits of Wise.com Debit Card

1. Low conversion fees and zero transaction fees
2. Automatic real exchange conversion rate
3. Seamless ATM withdrawal across the supported countries
4. Receive money from 30 countries without any fees
5. Send money to 80 countries with ease
6. Shop and spend abroad without any currency conversion risk or hassle

These are the three means of sending and receiving money through Transferwise.

The one you choose will be dependent on your country and other related factors. With this card, the company claims to be 8X cheaper than conventional banks. However, you are bound to find some differences from one country to the other.

Wise.com Money Transfer Fees

Again, the money transfer fees are usually based on the type of transaction, transaction value, and the countries involved. With over 10 million active customers, you can bet that many people are finding Transferwise to be the cheapest option.

But how cheap you may want to ask? Well, let’s look at some of the core services below and the current Transferwise fees. From there, you’ll be able to compare what you have experienced on similar platforms.

Account creation

For all the types of money transfer services, you’ll get on this platform, account creation is 100% free. Whether you want the standard or Transferwise borderless account, there is no fee attached to that. That includes getting local bank accounts in all the supported countries and currencies.

Card Fees

When you sign up for the borderless account, you’ll need a debit card to go with it. Ordering the first card is about 5 GBP. Replacement, on the other hand, will cost around 3 GBP.

Spending From Account Balance

If you want to spend the same currency in your account, there is no fee stipulated for that.

On the main dashboard, you’ll be able to enter the amount you want to send from your balance as well as the recipient’s currency. Then the system will show the current fee for executing the transaction.

For example, sending 1000 GBP to someone within the EU will attract a fee of 3.69 GBP which is calculated as 0.20 fixed and 0.35% variable fees. In this case, sending a higher amount will naturally cost you more money.

ATM withdrawal

For the first two ATM withdrawals under 200 GBP in a month, you don’t pay any Transferwise fees. It’s 100% free, unlike other money transfer services that will give you a withdrawal card. When you go over this threshold, you’ll be paying 1.7% and 50 GBP based on the number of withdrawals or transaction value per month.

Receiving USD Wire Transfers

Assuming you want to receive USD wire transfers, the Wise.com fee is about $7.5 only. This service fee doesn’t have much to do with the transfer amount. Compared to Paypal, you may have to pay a transfer fee of around $60.

Sending Money

Depending on the currency you are sending and the recipient’s currency, the fee is about 0.20 GBP fixed and 0.35 – 1% variable amount. Regardless of how you look at it, it is still cheaper than some of the most popular online money transfer services online.
On the other hand, if it is GBP, AUD, and EUR direct debit, there are no fees attached to that.

The Exchange Rate Considerations

Unlike Paypal and other online money transfer platforms, there are no hidden fees with Transferwise. The beautiful part is that you’ll always see the difference in transfer fees and a guaranteed exchange rate the company will use to execute your transaction request.

That’s important when your recipients are living across different countries. Without any confusion, that level of transparency will make the payment processes, exchange rate calculations, and cost management easier to handle.

Wise.com Pros And Cons

Though it is easy to say that Wise.com is one of the best money transfer services today, some peculiarities might make it less ideal for some users. That’s the essence of looking at this pros and cons segment before you sign up. Meanwhile, we have included some other considerable alternatives. Read on to find out.

The Pros

• Cheaper transfer fees
• Transparent exchange rate calculation
• Lots of free transfers among Transferwise account holders
• Local bank account creation in 10+ countries

The Cons

• The slow verification process for first time recipients or transactions
• It doesn’t accept AMEX

Best Wise.com Alternatives For Money Transfer

Assuming you have used the platform and the experience wasn’t what you expected, you are bound to start looking for the best Transferwise Alternatives.

Whatever your reason might be, you don’t have to spend some time searching for this. Below are the most trusted and dependable alternatives to Transferwise.

1. Remitly
2. WorldRemit
3. PayPal
4. Revolut
5. Xoom by Paypal
6. Stripe
7. Coinbase
8. Payoneer
9. Escrow.com
10. Braintree
11. Square

Transferwise Reviews: The FAQs

What is cheaper than Transferwise?

Check out some of the best Transferwise alternatives mentioned in this post, and you’ll find some that are cheaper.

The best part is that you can calculate the transfer fees right on the page without signing up or initiating a transaction.

Is Transferwise the same as Wise.com?

The answer is an absolute yes. The company rebranded and changed its name from Transferwise to Wise.com. However, the company culture, products, and services are still the same.

Is the Transferwise debit card free?

To receive the debit card when you sign up for the free borderless account, you have to pay a 5 GBP issuing fee. In case of any replacement, expect to pay 3 GBP. Interestingly, the card will help you spend your money in any country without moving cash around.

Can I send money to a bank with Transferwise?

More than many other online money transfer services, this company provides its users with local bank account across the supported countries. Between these accounts, it is possible to send money to a bank using

Transferwise (Wise.com). However, you have to note that the transfer fees often vary from one country to the other. When you want to initiate a transaction, it’s always easy to calculate the bank transfer fees between the countries and currencies involved.

How do I withdraw money from Transferwise?

You can withdraw money through an ATM using the Transferwise debit card. The next option is to send the money into an account with supported currencies. Specifically for users in selected countries like the US and UK, ACH and wire transfers are also supported among the Wise.com withdrawal methods.

Final thoughts

With a detailed Transferwise review like this one, you’ll be to identify some of the most important factors to consider before you sign up. To make it worthwhile, try to put your payment processing and business priorities in focus while reading through some of the core features of this international money transfer service.

Considering the exchange rate transparency, lower fees, and high-end security, you’ll find some good reasons to choose Wise.com as a safe method of sending money internationally. With millions of users sending some money through the platform, there is a chance that Transferwise will work for you as others.

Meanwhile, if you didn’t find what you like, the alternatives mentioned in this post will be the right place to start. You can go check it out today. Make a comparison, and choose what’s best for your specific needs or current interests.