Formerly known as TransferWise, Wise is one of the cheapest online money transfer service that allows individuals and businesses to send and receive money internationally at a fraction of the cost compared to traditional banks, in much shorter time. In this blog, I'll explore how and where you can create various Wise accounts, as well as the benefits you stand to gain from utilizing this service. Wise money transfer service distinguishes itself from other services by being,
- Cost-Effective: Wise saves significant transfer fees - up to 8 times cheaper than the conventional banks.
- Transparent: No hidden fees or markups, you can see upfront pricing before making any transaction
- Fast and Reliable: Transfer money fast and safely. The first few transactions may take a couple of days for verification, but after that, it only takes seconds to reach the destination bank account in many countries.
"55% of transfers with Wise arrive instantly. 76% of all transfers arrive within an hour and 93% within a day."
- Convenient: Manage your transfers anytime, anywhere with the Wise mobile app or web platform.
- Secure: Wise is regulated by financial authorities in multiple countries, providing peace of mind for users.
- Wise Debit Card: You can use Wise debit card, to shop online, at the retail shops, and to withdraw cash in the many local currency with much better exchange rate then traditional exchange companies.
Open Wise Account
Creating a Wise account is super easy, just click on this button and follow on screen instructions,
Secure your account
It is extremely important to protect your account by 2-step verification, also known as Two Factor Authentication (2FA). You can set up 2-step verification in the Account Setting.
Note: Two Factor Authentication (2FA) adds an extra security step by asking users to provide two different forms of identification to access their accounts, typically a password and a unique code sent to their phone or authentication application such as Google Authenticator, Microsoft Authenticator etc.
Once you created the account, login to see your dashboard. Left side menu provides different options to arrange the recipients, Cards, Payments etc.
Transfer Money
Using Wise for money transfers offers swift and effortless transactions to over 150 countries worldwide. For me the best feature of using Wise is that it provides a comprehensive upfront display of every detail, including exchange rates, fees, estimated transfer times, and more, so that you are well aware of this before commiting the transfer.
You can use this link to make fee-free transfer up to £500.
Wise Debit Card
The Wise debit card offers convenient access to your funds and can be used for transactions worldwide. With features like competitive exchange rates and fee-free spending abroad, it's an ideal choice for frequent travelers and international shoppers.
Wise debit card enables you to take cash from ATMs abroad. You pay only a low fee on withdrawals after the first £200.
Wise debit card can be used with Google or Apple Pay. You can shop online and in person by digital card.
Wise debit card can send you notification for each transaction, so that you get alerts when card is used.
Wise Multi-Currency Account
Wise multi-currency account keep your currencies in one place, and convert them in seconds
Wise Travel Money Card
Use one card for all your travels. It's easy to use instantly as a digital card and you can add money to it from the app at the fair exchange rate.
Wise Business Account
Wise Business Account allows customers from overseas to pay you quickly, just as if they were local. Wise Business Account enables you to receive payments in 9 currencies for free. You can transfer money rapidly in 40+ currencies.
In the end, I share my highly positive experience of using the Wise service for several years, facilitating seamless international money transfers. With consistently better exchange rates, rapid transfers in minutes, and the sometime even within seconds, Wise has given me better experience than traditional banking. Additionally, the Wise Travel Money Card has proven to be both cost-effective and efficient for overseas use.