Having 10 million active customers, Wise is an online bank account. It was formerly known as Transferwise. Having its headquarters in London, Wise’s offices are expanding throughout the world today.
Through Wise, you can both receive or transfer money from and to abroad. Sending money is also possible at the cost of very low fees. The use of real exchange rates and its transparency are the main attractions of this account. It’s a useful account for both companies and individuals.
Main Benefits of a Wise Account
- The Wise calculator makes it easy to know the fees you’re paying without signing up for the amount. Also, it uses the mid-market rate and shows you the fees upfront.
- The multi-currency account is another service, enabling you to hold 55 currencies in your account. It’s also possible to send money to 60 countries.
- ATM withdrawals are also free up to £200 per month.
- When you lock in a transfer, Wise guarantees the rate for two to 72 hours. Public holidays and weekends are also included in the period that Wise guarantees the rate.
How to Sign Up
To register for a Wise account, you can use your email address. Alternatively, you can sync up your Google, Apple, or Facebook accounts as well. You can also register on their website following the guides.
While making your first transfer, you’ll receive a security code and an email. After you complete these steps, you can set up your first transfer. You’ll also see an estimated time regarding at which time the amount will arrive.
At this step, you enter the information about whom you’re sending the money to. To verify your identity, you need to upload an image of you holding your photo or ID. Verification occurs almost instantaneously.
About Money Transfers
While sending money abroad, you pay the local currency into Wise’s local account. When the overseas recipient gets the money, they receive it from their Wise account in their country. In this way, the recipient receives the money in their own local currency. So, the money you send does not travel from one country to another. Wise both transfers and exchanges the money at the same time.
Wise Shows the Transfer Fees Simultaneously
Wise allows you to see the transfer fee before you make your transaction. You can use the converter on the main page of its website even without signing in. At each step, Wise informs you about how much to pay. In this way, you’ll not be subject to hidden fees.
Note that different fees apply depending on the currency and your transaction.
The Multi-Currency Account is a Useful Tool
The multi-currency account was known as TransferWise borderless account before. You can have multiple accounts through this feature. More than 50 currencies are available in the multiple-currency account. It enables you to use it like a local when you travel or relocate abroad. With a debit MasterCard, you can use it in more than 200 countries. When you have a relevant currency, no fee applies to your card transactions. There’s only a fee of £5 when you order the card.
If you have a GBP account and send money to another GBP account, Wise automatically uses your GBP balance. If the GBP balance is not sufficient for the transfer, it converts from another currency to complete the transfer. It’s also possible to transfer money from a bank or a card to your Wise account.
Business Account is Also Available
The business account is a useful one for businesses and traders. The business account has much in common with individual Wise accounts. You can open an account from anywhere in the world. Paying invoices, receiving payments from clients, and paying people abroad are all possible. You can also pay 1,000 people at once at a low transaction fee.
Regulators are Available in All Wise Countries Worldwide
Since 2010, Wise has cared about transparency and the security of funds. To this end, authorities in countries where Wise operates regulate the company.
Wise provides transparency and low transaction fees that make it still a popular option to choose.
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