Wise has become a trusted choice for over 12.8 million people worldwide, offering fast and transparent international money transfers.
Its cost-effective transfer service claims to be up to five times cheaper than alternative providers and is used by both personal and business customers.
In this Wise money transfer review, I’ll look at the pros and cons of using the service to help you decide if it’s the best way to send money from the UK.
Wise Money Transfer Key Features
Here is a detailed overview of Wise’s main features for transferring money internationally.
Multi-Currency Accounts
Wise’s multi-currency account is a standout feature, enabling users to hold, manage, and convert funds in over 40 currencies. This functionality is ideal for:
- Frequent travellers who require access to multiple currencies on the go.
- Freelancers working with international clients and receiving payments in various currencies.
- Global businesses managing payments across international markets.
The account allows you to efficiently send, receive, and convert money within a user-friendly platform.
Transparent Exchange Rates
Wise uses the real mid-market exchange rate, which you’ll find on Google or Reuters, without hidden markups.
Many traditional banks and competitors inflate their rates, charging an additional percentage on top.
However, when you use Wise, you’ll see a clear breakdown of fees before confirming any transaction to ensure you get the best possible value for currency conversion whilst avoiding any surprise fees often hidden in exchange rate markups.
Wise Debit Card
Wise offers a debit card linked directly to your multi-currency account, available in countries such as the UK, the EU, and the US. Key features include:
- Spend in 175 countries using your local currency balance or with a low conversion fee when spending in a different currency.
- Access to free ATM withdrawals (up to set limits, such as £200 per month, after which small fees apply).
- Integration with Apple Pay and Google Pay for contactless payments and ease of use.
The debit card offers real-time conversion at Wise’s low rates, making it perfect for travellers or individuals regularly spending across currencies.
Fast Transfers
Wise is renowned for its transfer speed, which varies based on currency and payment method.
Transfers between major currencies (e.g., USD, GBP, EUR) are often completed almost instantly, with other transfers typically taking 1-2 business days, making it a reliable choice for time-sensitive transactions.
Wise achieves this efficiency by working with local banking networks rather than relying on traditional international wire systems, making it faster and more reliable than many competitors.
User-Friendly Interface
Wise’s intuitive design ensures a smooth user experience across its web platform and mobile app.
Both platforms are highly rated for their ease of use and accessibility. Intuitive multi-currency account management makes it easy to view balances, exchange rates, and transaction histories.
You’ll also be able to set up transfers in minutes and track their status in real-time, with email or app notifications when money reaches its destination.
Wise Money Transfer Pricing and Fees
Wise offers a highly transparent pricing structure for personal and business customers, ensuring clarity with no hidden fees. The cost of transferring money is typically broken down into two components:
- Flat Fee: Wise charges a small, fixed flat fee for some currencies. This ensures that customers know the minimum charge for their transfer upfront, regardless of the amount.
- Percentage Fee: Wise applies a percentage fee based on the transferred amount and currency. For example: Transferring £1,000 to EUR via a bank transfer costs approximately £3.88.
Transfers funded via debit or credit card may incur slightly higher fees than bank transfers due to processing costs.
Customers who send more than £20,000 (or equivalent) can enjoy discounted fees starting at just 0.1%. They can also access dedicated, premium support for peace of mind.
While personal accounts are free to open, business accounts have a one-time setup fee (e.g., £45 in the UK), after which standard transfer fees apply.
Wise International Transfer Pros and Cons
| ✅ Pros | ❌ Cons |
|---|---|
| Transparent, real-time exchange rates | No cash pickup services |
| User-friendly interface and mobile app | Limited customer support availability |
| Fast transfer speeds for certain transactions | Card payments can incur higher fees |
| Low fees fro small transfers | No dedicated account manager |
| Large transaction discounts | |
Wise Customer Feedback
As of January 2025, Wise has an “excellent” Trustpilot rating of 4.3 out of 5, based on 245.690 reviews.
Similarly, Wise’s app has an impressive rating of 4.7 out of 5 on the Apple App Store, with 85,000 reviews, and 4.8 out of 5 on the Google Play Store, based on 1.15 million reviews.
Many customers appreciate Wise’s low fees, competitive exchange rates, and the convenience of fast international transfers. The platform’s ease of use and user-friendly interface are also frequently praised.
However, some users have commented on challenges such as delays, unexpected fee increases, and blocked or lost funds.
Wise Security Measures
Wise is regulated by financial authorities in multiple countries, including the Financial Conduct Authority (FCA) in the UK, ensuring compliance with strict financial regulations.
Security measures like advanced encryption technology and two-factor authentication (2FA) are used to protect sensitive information and secure transactions.
Additionally, customer funds are held in separate accounts, meaning they are protected even if the company faces financial issues.
These measures ensure that both your money and personal information are kept safe during international transfers.
Wise Recent Updates and Recognitions
Starting with €10 million in transactions in its first year, Wise gained recognition and expanded globally, reaching £1 billion in monthly transfers by 2017.
In 2021, the company went public with a direct listing on the London Stock Exchange, rebranded from TransferWise to Wise, and introduced new services, such as interest-bearing accounts, through a partnership with BlackRock.
Wise was named the “Best App for Sending Money” in the 2024 Real Simple Smart Money Awards, reflecting its commitment to user satisfaction and competitive pricing.
Conclusion
Wise stands out as a trusted, cost-effective option for international money transfers. It offers transparent fees, fast speeds, and a user-friendly platform. Its multi-currency account and debit card provide added value for frequent travellers, freelancers, and businesses managing global transactions.
Using real mid-market exchange rates, Wise avoids hidden markups, making it cheaper than many banks and competitors. However, higher card payment fees and no cash pickup option may be drawbacks for some users.
With excellent customer reviews and a strong reputation, Wise is ideal for those seeking low-cost, fast, and reliable international transfers.
Disclaimer
The information provided in this article is for general informational purposes only and does not constitute financial advice. While we aim to ensure accuracy and relevance, the content may not reflect your specific circumstances or the most current developments in financial services.
Before making any financial decisions, including choosing a money transfer service, you should consult a qualified financial adviser who can provide guidance tailored to your individual needs and situation. Wise and other financial products mentioned in this article may not be suitable for everyone, and it is essential to consider all factors, including fees, exchange rates, and applicable regulations, before proceeding.
The use of this information is at your own discretion, and we disclaim any liability for decisions made based on the content provided. Always verify terms and conditions with the service provider directly.
FAQs
Yes, you can send money abroad with Wise. The platform supports transfers to over 170 countries using real mid-market exchange rates with no hidden markups. Transfers are often fast, with some completed instantly or within 1–2 business days, depending on the destination and currency.
Yes, Wise is safe for transferring money. It is authorised and regulated by financial authorities globally, including the Financial Conduct Authority (FCA) in the UK. The platform uses advanced security measures like encryption and two-factor authentication to protect user data and transactions.
Wise is an excellent option for transferring money internationally. It offers transparent, mid-market exchange rates without hidden markups. With fast transfer speeds, a user-friendly platform, and the ability to hold and manage multiple currencies, it suits personal and business users. However, fees can be slightly higher for card payments, and it lacks a cash pickup option.
Wise is often better than a traditional bank transfer for international payments due to its lower fees and real mid-market exchange rates, which banks typically mark up. Transfers are usually faster because Wise uses local banking networks instead of traditional wire systems. However, banks may still be preferable for certain services, such as cash deposits or uncommon currency transactions.
Wise supports money transfers to over 170 countries, covering major regions worldwide, including Europe, Asia, North and South America, Africa, and Oceania. Popular destinations include the US, Canada, Australia, India, and EU countries. The platform supports transfers in various currencies, ensuring global coverage for personal and business needs.
Wise does not support transfers to countries subject to international sanctions or regions with restrictive financial regulations. These include nations like North Korea, Iran, Syria, and certain parts of Sudan. Additionally, some currencies are not supported for transfers, even if the country is accessible. Wise regularly updates its list of supported countries, so it’s best to check its website for the latest restrictions.