Wise Review
Comprehensive review and analysis of Wise's digital banking services
Quick Facts
- Founded
- 2011
- Head Office
- United Kingdom
- Active Customers
- 15+ million
- Total Funding
- $1.3 billion
- Employees
- 3000+
- App Store Rating
- 4.7/5
Pros & Cons
Pros
- Transparent fees
- Mid-market exchange rates
- Local bank details in multiple countries
- Business accounts available
- Fast international transfers
- Multi-currency account
Cons
- No credit products
- Limited investment options
- No cash deposits
- No interest on balances
Supported Countries
- United Kingdom
- European Union
- United States
- Australia
- New Zealand
- Singapore
- Japan
- Malaysia
Fees
- Account Opening Free
- Card Issue £5 one-time fee
- International Transfers Variable fee based on currency (typically 0.35-2%)
- ATM Withdrawals Free up to £200/month, 2% after
- Foreign Exchange Mid-market rate + transparent fee
Overview
Wise (formerly TransferWise) has transformed international money transfers since 2011. Known for transparency and competitive rates, it has expanded into multi-currency banking while maintaining its core strength in international transfers.
Key Highlights
- Global Leader: Pioneer in international money transfers
- Transparency: Clear fee structure and mid-market rates
- Multi-Currency: Hold and manage 50+ currencies
- Business Focus: Comprehensive business solutions
- Local Accounts: Bank details in 10+ countries
- Tech Innovation: Advanced mobile features
Market Position
- Leading international transfer provider
- Strong focus on transparency
- Expanding banking services
- Global presence
Key Features
Multi-Currency Account
- Hold 50+ currencies
- Local bank details in 10 countries
- Physical and virtual debit cards
- Direct debits in multiple currencies
- Real-time conversion rates
- Instant notifications
International Transfers
- Transfers to 80+ countries
- Mid-market exchange rates
- Transparent fee structure
- Quick delivery times
- Batch payments
- Regular transfer setup
Business Features
- Bulk payments
- API integration
- Multi-user access
- Accounting software integration
- Business debit cards
- Mass payment tools
Mobile Features
- Instant notifications
- Payment tracking
- Currency rate alerts
- Easy currency conversion
- Expense management
- Security controls
Security Features
- 2-factor authentication
- FCA regulated
- Bank-level encryption
- Instant card freezing
- Fraud monitoring
- Secure login options
Customer Support
- 24/7 customer service
- Live chat support
- Email support
- Comprehensive help center
- Community forum
- Business support team
Verdict
Wise excels in international money transfers and multi-currency banking. Its transparent fee structure and mid-market exchange rates make it a top choice for international professionals, businesses, and frequent travelers. The multi-currency account with local bank details in multiple countries is particularly valuable for those receiving international payments.
While it may not replace a traditional bank for all needs (no credit products or interest-bearing accounts), it’s an excellent complementary service for international banking needs. The platform’s focus on transparency and fair pricing, combined with its robust feature set, makes it a standout choice in the digital banking space.