Transferwise Review – Features, Pros, and Cons

10 Reviews

October 20, 2022 at 9:25 am in Money Transfers

Transferwise review, you will find the essential information about this money transfer service.

Two years after its founding, Wise was listed as one of the top 100 startups in the UK Wise’s initial investors included IA Ventures, Index Ventures, and Valar Ventures, a company owned by Peter Thiel, a co-founder of PayPal. In 2014, Richard Branson’s Virgin Group invested 25 million pounds in Wise.

Transferwise Review – At a Glance

Wise charges only mid-market exchange rates without additional fees.

Since its founding, Wise has rapidly grown to be a leading FX platform. It allows users to hold money in over 40 different currencies. Users can transfer money to over 50 countries. Find in this Transferwise review how it works.

Transferwise Review – The Pros

In this section of this Transferwise review are the main benefits Wise offers to customers:

Mid-Market Exchange Rate

The main perk Wise offers customers is what they call “mid-market exchange rate.” The exchange rate differs between the market, where traders buy and sell currency, and banks. The market rate tends to be lower compared to banks, which marks up a slightly larger rate to turn a profit. Some financial service providers, like PayPal, also have higher exchange rate markups to make a profit.

Wise promises customers a better deal by offering an exchange rate that is closer to the market rate rather than the bank rate. The idea is that customers can save money when transferring between a high-value and low-value currency.

Transparent Costs

One of the biggest perks Wise offers customers is transparent costs. The company promises that all fees the platform charges will be clearly stated. The company does not charge additional fees bundled together with the exchange rate, according to statements. One of the biggest snags in bank transfers is having to pay more than the market rate because of such hidden fees. The whole point of Wise is to eliminate that.

Multiple Currency Accounts

Transferwise review.

Well-Built Platform

Wise services are entirely digital. As customers expect, the company has an excellent app and a website to use on the go or at home. The software is highly user-friendly. The app and the web service are built with simplicity and accessibility in mind. So you can use it even if you are not, particularly computer savvy. The process is simple all you need is to find the swift code.

Good Customer Service

Wise typically scores high on customer service ratings. The platform has a telephone customer service line, in addition to email. You can try both methods if you need help using the platform.

Transferwise Review – The Cons

As speedy and low-cost as Wise can get, it’s not without drawbacks. In this Transferwise review are some:

Reliability Issues

Some customers have complained that Wise registers transactions as completed when the receiving bank does not. In situations where funds bounce from the recipient bank account, Wise lists the transaction in the completed stage as long as the platform sends the money. Customers have had to pay fees even for funds that were rejected on the receiving end.

Not as Safe as a Bank

While Wise is regulated, the authority that does so is not a government agency. Therefore, transactions on the financial platform don’t come with the same safety guarantees as a bank. Wise can be convenient and fast, but it doesn’t offer the same security that government-regulated financial institutions do.

Extra Verification to Process Transfer Requests

Customers have noted instances where Wise has demanded extra verification documents from account holders to complete transfers. A transaction may get rejected without notice from Wise due to documentation issues.

Conclusion

Wise is an online FX remittance system that’s designed especially as a workaround to excessive fees charged for international money transfers. The company offers access to high-value currencies at surprisingly low costs. There are no hidden fees in the currency rate, and the platform doesn’t charge exorbitant amounts to transfer any of the supported foreign currency.

It has a large portfolio with currencies for customers located in a diverse range of countries. Transactions are fast and convenient. There are some downsides, however, especially regarding the safety and reliability of the service. Wise doesn’t offer the same safety guarantee as a traditional bank.

While services can be unreliable at times, you can always get in touch with its excellent customer service. Most customers would just prefer the transactions to go through, of course. Wise doesn’t come with major security issues, but potential new users should be aware of what these could be.

It should be noted that Wise itself is a well-established company. It’s somewhat regulated and is ready to address customer inquiries. The company is totally legitimate, even if there are some issues with the services offered. Individual experiences, in general, can vary, so you might not encounter reliability issues that other customers experience.

Overall, Wise is probably one of the top non-bank foreign currency remitters out there. It’s highly convenient and offers access to account numbers in several different currencies. The platform is superbly easy to navigate. It’s well worth a shot if you want to transfer money internationally on a regular basis. When it comes to low fees, there is no other service that comes close to offering what Wise does.

Thank you for reading our Transferwise review.