What is WISE (TransferWise)

Where does Wise operate?
List of countries where Wise operates:

Who is Wise suitable for

The service is suitable for various categories of users:
1. Individuals:

o People who frequently send money abroad to family or friends.
o Those working remotely for foreign companies and receiving payments in another currency.
o Travelers who often spend time in different countries and want to save on currency conversions.
2. Freelancers and remote workers:
o Freelancers working with clients from other countries who want to receive payments with minimal currency exchange losses.
o Professionals working on contracts with foreign companies.
1. Small and medium-sized businesses:
o Companies engaged in international activities and needing regular cross-border transfers.
o Businesses working with suppliers, employees, or contractors from other countries.
1. Users with multi-currency accounts:
o Wise also offers multi-currency accounts, which is especially convenient for those who regularly work with multiple currencies.
The service is particularly useful for those looking to avoid high bank fees and get more transparent conditions for money transfers and currency conversion.

Wise Account

Wise offers two types of accounts: personal and business accounts:
1. Personal Wise Account
This type of account is suitable for individuals and freelancers who want to send and receive money from abroad.
Features of the personal account:

• International transfers with low fees and interbank exchange rates.

• A multi-currency account (Wise Account) that allows you to hold money in various currencies (over 50 currencies).

• Virtual account details for currencies in countries like the USA, UK, Eurozone, and others, to receive money as local transfers.

• The Wise debit card (available in some countries), which allows you to spend money in different currencies with minimal fees.

• Currency conversion at the real market rate with transparent fees.

2. Wise Business Account
Wise Business is suitable for small and medium-sized enterprises engaged in international activities.
Features of the business account:

• The ability to send and receive international transfers with low fees.

• Opening a multi-currency account to manage funds in different currencies.

• Integration with accounting software to automate payments and bookkeeping.

• The ability to create multiple users and manage access (e.g., for accounting staff).

• Generating invoices and billing in various currencies for international clients.

• Bulk payments — the ability to send multiple payments to different countries at once.

Register a Wise account

Get a free transfer of up to £500

As for the exchange rate, Wise (TransferWise) performs currency conversion at the mid-market rate, which is the rate used by banks for internal currency exchanges. Wise does not add any markups, making transfers significantly cheaper.
The fee amount is always displayed in the calculator and is paid by the sender, while the payment system never charges additional fees from the recipient.
The website also offers a convenient calculator to estimate Wise fees during currency conversion.

Wise’s fees depend on the details of the payment: the chosen currency, the recipient’s country, the transfer amount, and the method of transfer. Wise uses two main fee models: fixed and variable.
The fixed fee varies depending on the transfer currency, while the variable fee depends on the amount and type of transfer. Typically, it ranges from 0.3% to 2.5%, depending on the currency and transfer method.
Wise provides a detailed breakdown of fees before sending money. Customers can see the total cost of the service, including both fixed and variable fees, before confirming the transfer. The larger the transfer amount, the higher the fee, as it’s calculated as a percentage of the total transaction. However, Wise's (TransferWise) fees remain relatively low and are often more competitive than those of most competitors.
Payment methods vary depending on the sending country. After specifying the countries involved in the transfer, the system will provide information on the fees for the chosen payment method or transfer type.
Wise also offers a convenient fee calculator Wise on its website, allowing users to calculate fees in advance.

Wise Fees and Commissions. Wise Exchange Rate

Wise is actively developing its services for small and medium-sized businesses, offering multi-currency accounts where companies can receive, hold, and convert money without the need to open separate bank accounts in each country. This makes it a convenient tool for international companies, especially those working with partners and clients worldwide.
How much does it cost to open a Wise Business account?
If you are in the EEA (European Economic Area) or the UK, there is a registration fee of £45 (or €50).
For other regions, the cost of a business account depends on where your company is registered, ranging from £16 to £42 (or the equivalent in another currency).

Wise for Business. Wise Business Account

Wise Physical Card

The Wise card is a debit card that allows you to make payments and withdraw cash worldwide using the funds from your Wise multi-currency account. The main advantage of the card is the ability to hold and convert money in over 50 currencies, using favorable exchange rates.
You can order a Wise physical card after registering and verifying your account. The cost of ordering the card is $9, which is significantly cheaper than getting a Payoneer card.
Where can the Wise physical card be used?
The Wise card can be used in almost any store worldwide. For convenience, it can be linked to Apple Pay or Google Pay, allowing you to make purchases even if the physical card is not on hand.
Wise offers easy card management through its app, where you can block or unblock the card, track spending, and receive instant notifications about purchases.
As of 2024, the Wise physical card has the following limits, which may vary depending on the country of residence and account type:
Cash withdrawal limits:
· Free withdrawals: In most countries, you can withdraw cash for free up to €100–€200 (or equivalent in another currency) per month. The limit may depend on the region and Wise’s terms.
· Fee after exceeding the limit: After exceeding the free limit, a fee of around 1.75% of the withdrawal amount is charged, plus a fixed fee of about €0.50 per transaction.
· Purchase limits in stores: The purchase limits in stores and online can reach €10,000–€30,000 per day, but this depends on the region and your account level (for example, after verification).
· Contactless payment (NFC) limits: Contactless payment limits depend on the country. In most countries, it's up to €50 per transaction without needing to enter a PIN. After that, verification is required.

Wise Multi-Currency Account

Register a Wise account

Get a free transfer of up to £500

A multi-currency account (also known as a borderless account) is not a traditional bank account; it offers 40+ currencies, debit and virtual cards, and account details for both personal and business use. It provides users with bank details for working in 6 different currencies, allowing you to receive transfers via Wise without fees. These transfers must come from the bank accounts of your partners.
You can open balances and hold funds in 50 different currencies. However, unlike a traditional bank account, you cannot get a loan on this account, and no interest is earned on the balance.
There is also an option to top up your balance manually. If you have multiple balances, you can exchange currencies between them. If you make a payment in a currency that is not available in your account, automatic conversion will occur.

Wise Security

Wise employs several mechanisms to protect user data and funds:

1. Data encryption: All data transmitted through the service is encrypted using modern protocols such as HTTPS and TLS, which protect information from interception and unauthorized access.

2. Two-factor authentication (2FA): Wise supports 2FA, requiring additional login confirmation, such as via a mobile device or email. This reduces the risk of unauthorized access even if a password is compromised.

3. Regulation and licensing: Wise is regulated by financial authorities in various countries. For instance, in the UK, the company is overseen by the Financial Conduct Authority (FCA). This ensures that Wise adheres to strict security and data protection standards.

4. Transaction monitoring: Wise uses advanced algorithms to monitor and detect suspicious activity, helping to prevent fraud and ensure the safety of transactions.

5. Fund storage: Customer funds are stored separately from the company’s own funds, providing extra protection in case of any company issues.

In summary, Wise places a strong emphasis on security, using modern technologies and adhering to strict standards in various countries.

In 2024, Wise continues to be one of the best platforms for international money transfers due to its transparent fee policy, innovative solutions, and high security standards. The ease of use, affordable fees, and fast transfer speeds make Wise a popular choice for both individual users and businesses worldwide.

Conclusion

Register a Wise account

Get a free transfer of up to £500