Wise Review:

Budgeting

A Comprehensive Look at the Money Transfer Service

Disclosure: I am an affiliate partner of Wise and may receive a commission if you click through and sign up or make a purchase.

ITS GREAT

WHY?

Pros

Low and transparent fees
Uses mid-market exchange rate
Multi-currency account with local banking details
Easy-to-use app and web platform
Wise debit card for global spending
Scheduled payments and earning options

Wise is a popular online money transfer service that offers low fees, transparent pricing, and fast international transactions. With its multi-currency account and borderless card, it has become a preferred choice for travelers, expats, and businesses handling international payments. In this review, we will explore Wise's features, benefits, fees, overall usability, and my personal experience using the service.

The Wise homepage

Cons:

Customer support can be slow at times
Some transfers take longer than expected
Verification process can be strict

USING Wise

Big Title

I liked how the fees were transparent and it clearly stated when the money should land.

Overall i found the app very comprehensive.

External Accounts were easy to connect and gave me a good overview of my assets.

Wise gives you the option to order a physical card which is handy.

You can schedule payments, manage debits and request payments easily.

My Personal Experience with Wise

As someone who has used Wise extensively, I find the platform incredibly easy to use. Setting up an account was straightforward, with verification done via phone SMS followed by a password setup. The interface is intuitive, and I appreciate that fees are shown upfront. I found the exchange rate to be fair, and transfers were processed efficiently.

Additionally, Wise has a debit card, which can be ordered in app. The ability to pay in multiple currencies without excessive fees was a major advantage. I also liked the option to earn returns on my balance and the ability to schedule payments for recurring transactions. The only downside I noticed was that some transfers took slightly longer than estimated, but overall, the experience was smooth and reliable.

Customer Experience & Reviews Wise holds a 4.3-star rating on Trustpilot. While many users praise its low fees and reliability, some negative reviews cite issues such as delayed transfers and unresponsive customer support.

Key Features of Wise

Low Fees Guaranteed – Wise is known for its competitive and transparent pricing, often significantly lower than traditional banks and PayPal.
Global Reach – Wise supports money transfers to 231 countries and allows conversions between 29 to 50 currencies.
Transparent Transfer Times – Users are informed upfront about the estimated arrival time of their transfers.
Mid-Market Exchange Rate – Wise uses the mid-market exchange rate, ensuring users get the fairest rate possible without hidden markups.
Fee Transparency – The service displays all fees before confirming a transaction, avoiding unexpected charges.
Security Measures – Wise implements strict anti-money laundering procedures and two-step verification for account security.
Convenient Multi-Currency Account – Users can hold, send, and receive money in multiple currencies with dedicated account details.
Wise Debit Card – The Wise card (both digital and physical) allows users to make purchases globally with minimal fees.
Scheduled Payments – Users can schedule recurring payments for convenience.
Earnings on Balance – Wise allows users to earn daily returns on balances held in their accounts.

Fee Structure & Exchange Rates

Wise stands out for its low fees. For example:

Sending 1,000 AUD to GBP incurs a fee of 5.30 AUD.
Sending 500 AUD to USD has a fee of 4.03 AUD
Wise locks in exchange rates for 79 hours, protecting users against short-term fluctuations.

Final Verdict

Final Verdict Wise is an excellent choice for international money transfers, offering a cost-effective, user-friendly, and transparent experience. While customer service could improve, we found its low fees, fair exchange rates, and convenient features make it a strong competitor against traditional banks and payment services.

Overall Rating: 9/10