Wise Account: International Money Transfer is Fast and Safe Now

Founded in the UK in 2011, Wise is an online platform that provides fast, easy, and safe money transfers around the world. You can send money fast because you don’t wait for any bureaucracy while using a Wise account. 

Besides these, it’s quite cheap and you can follow the currency exchange rates transparently. 

The Wise account is suitable for anyone and any institution who need to transfer money abroad. You can send money to people in other countries. You may also have different bank accounts in different countries. Wise allows money transfer between these accounts as well. 

How Does It Work?

You simply open an account on the website or on the app. You choose the currency and the amount of money related to your transaction. After this, Wise presents you with the currency exchange rate and the transfer fee. The cost calculator allows you to know the potential fees and rates beforehand.

You need to own a bank account before being able to use your Wise bank account.

Why People Use The Wise Account

After a short introduction as an answer to “What is Wise?”, you can learn the benefits of using this platform. 

  • First of all, it’s very safe to use Wise. It’s regulated by FCA (Financial Conduct Authority) in the UK, providing encryption
  • One can receive money even if he doesn’t have a Wise account
  • It’s possible to transfer money to 80 countries and over 50 currencies
  • You can see the real market rate for currency exchanges via Wise
  • Wise doesn’t charge you as much as banks and other entities normally charge you
  • Also, the sender and the recipient don’t pay for the transaction
  • Usually, transfer limits are high 

Wise and Wise card has many benefits! Let’s continue!

Opening a Wise Account

It’s quite an easy process to open your account. Go to the website of Wise and click the “Register” button. It’ll then ask you to enter your email address, password, and your country of residence. Then you’ll get a verification code or link via email. When you enter this, your account will be ready to use. 

Wise Review: Sending Money Through Wise

Sending money is also a smooth process through Wise review. As noted shortly above, you first choose the amount you’ll send. At this step, Wise informs you about the currency exchange rate and the fee you’ll pay at the end. 

Then, you’ll provide the information and bank account of the beneficiary in question. 

To verify your identity, you’ll get a security code by an SMS from Wise. After this step, you’ll transfer the money and pay the fee, and it’s complete. Within one to two business days, the transfer will arrive at the beneficiary’s account. 

Fees for Transferring Money Via Wise

As you’ve seen in the Wise review above, you’re subject to the commercial exchange rate and not the tourist exchange rate. This gives you relief thanks to the lower transfer rate through the commercial exchange rate. 

It’s also important to note that the fees will vary according to the payment method, the currency, and the amount you’ll send.  

For transfers, Wise costs you between one percent to 2.5 percent. There are no hidden fees. 

Transfer Limit While Using Wise Account

A Wise money transfer puts certain limits on the amount you send. Again, this also depends on the method of payment and the currencies of your transaction.

If there’s an excess of the limit, Wise informs you with a notification. For each currency, the limits are available on the pages of “Wise Currencies”.

Wise provides you with a debit card as well. However, only residents of the EEA (European Economic Area) can obtain the card. The cardholders can make payments and withdrawals with this card. 

At the end of this Wise review, you hopefully know the basics about this international money transfer platform. With all these perks, why not open an account today!