Wise Review 2022 (TransferWise) – Is Wise Safe?

Table of Contents

As of August 2021: TransferWise is now Wise.com and is a public company

Transferwise has recently rebranded itself to Wise Money Transfer (wise.com). The company went public via direct listing in the London Stock Exchange in July of 2021. More detail is available throughout this review, updated for August 2021.


www.wise.comWise, formerly TransferWise, is currently the biggest money transfer company in the UK boasting £4bn in monthly turnover. It is completely safe to use the company’s services, like millions of other Brits, Europeans, Australians and Americans do every month.

Wise.com pride themselves on a transparent fee structure and excellent exchange rates. The online system is easy to use and users are almost unanimously satisfied. Read more about all aspects of the firm in this TransferWise review.86.8%EDITORIAL RATING.125,000+Aggregated reviews95%Level of Satisfaction4Industry Awards
2013-2019

 

 Pros and Cons

ADVANTAGES +12

  • 0.5% FX Margin for Most Currency Routes
  • Same FX Margin for Transfers of All Sizes
  • Clear and Professional Offering
  • Multi-currency account
  • Very High Client Satisfaction
  • Trustworthy and Safe – Largest Money Transfer Company Today
  • Smooth Online System for Client Onboarding
  • Top 10 Best Online Website and App for 2021
  • Public Company, Listed on the London Stock Exchange
  • Innovative and Exciting
  • TransferWise Debit Card – Multi-Currency
  • Send and Receive Money only with Mobile Number (Australia)
  • Accepts Client from Brazil (New)

DISADVANTAGES -7

  • No Dedicated Dealer Guidance
  • No Discounts For High Volumes
  • No FX Options Offered
  • Does Not Handle Cheques
  • Not all currency accounts are held in the country of the currency
  • Prices increased from 2020 to 2021
  • All online journey – inadequate for people who like close and personal service


 

Wise Competitors / Alternatives: Better for Large Bank Transfers

Is there anything better than Wise / TransferwWise? Although Wise is a groundbreaking “new age” currency brokerage, and is completely safe to use, Money Transfer Comparison rated several companies with higher scores because we believe they provide a better solution for a larger bank transfer for your bank account. Below you can find some of the more prominent Transferwise competitors we have reviewed:UKEUAustraliaUSAUAE #1 Alternative – Moneycorp: Bespoke Service for Large Money TransfersMoneycorp ReviewHeadquarters:Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ, UK93.2% Editorial rating7,000 Client Reviews    Minimum transfer:£50 / €50 / $50 or equivalent
Why Them?

  • Industry Veterans since 1979, with Pristine Reputation and 95% Positive Client Reviews (£36.9in Transfers Annually)
  • Bespoke Currency Dealers for Clients with Transfers Above £5,000 and Corporate Clients
  • Offers Sophisticated Payment Solutions and Multi-Currency Accounts (Similarly to Wise), Hedging Tools (Not Offered by Wise)

+Read moreVIEW QUOTEUKEUCanada #2 Alternative – Global Reach Group: 99% Positive Client FeedbackGlobal Reach Group ReviewHeadquarters:20 Wood St, London EC2V 7AF90.6% Editorial rating10,000 Client Reviews    Minimum transfer:£1,000/€1,000 or equivalent
Why Them?

  • 99% of its Past Clients Gave the Firm a Positive Review
  • Strong Global Reach with Offices in UK, Europe, and Canada
  • More than Two Decades of Experience

+Read moreVIEW QUOTEUK #3 Alternative – Halo Financial – Excellent Platform & AssistanceHalo Financial ReviewHeadquarters:Battersea Studios 2, 82 Silverthorne Rd, Nine Elms, London SW8 3HE89.3% Editorial rating100 Client Reviews    Minimum transfer:£1,000
Why Them?

  • Feefo 2020 Platinum Trusted Provider
  • Excellent Website and Online Flow
  • Highly Professional
 

Currency Sent Wise.com Fee 2021 Updated

AUD
0.32% – 0.45%, depending on amount sent + $ 0.66 AUD fixed payment fee.

BRL
2.55-2.6%, depending on the amount sent + R$ 1.48 BRL fixed payment fee.

CAD
0.46% – 0.59%, depending on the amount sent + $ 1.77 CAD fixed payment fee.

CHF
0.3% – 0.43%, depending on the amount sentr + 0.58 CHF fixed payment fee.

CZK
0.33% – 0.45%, depending on the amount sent + Kč 6.50 CZK fixed payment fee.

DKK
0.31% – 0.44%, depending on the amount sent + kr 2.32 DKK

EUR
0.28% – 0.41%, depending on the amount sent + € 0.50 EUR fixed payment fee.

JPN
0.63% of the amount that’s converted + ¥ 63.00 JPY fixed payment fee.

NZD
0.35% – 0.49%, depending on the amount sent + $ 2.05 NZD fixed payment fee

TRY
0.66% Fee + ₺ 10.57 TRY fixed payment fee

USD
0.31% – 0.41%, depending on the amount sent + $6.25 USD fixed payment fee

 

Wise’s fees in 2021 vs TransferWise’s fees 2020

It’s worth noting that whilst Wise.com continues to offer some of the lowest transfer fees in the industry, their fees have actually increased since 2020. Plus, there is no hidden fees. As an example, EUR payments have moved from a fee range of 0.23%-0.33%, depending on the amount sent, to 0.28% – 0.41%.

You can send money quickly through this platform by opening your wise account. The platform also offers a debit card called a Wise debit card. This is one of the major money transfer services that can be used for the bank transfer or to send money to someone else's bank account. Check Current Fees on Wise



Wise Multi-currency account

Wise or TransferWise is an authorised payment institution and a leading money transfer business in the U.S. that offers multi-currency account through which you can receive payments, tax benefits, monthly salary and more. It gives you the opportunity to send money abroad at a reasonable exchange rate.

Wise / TransferWise vs OFX

OFX had been in the business for twelve years when TransferWise emerged, and until the TransferWise era they were considered the hip cross between financials and tech (not yet to be named FinTech back then). OFX prides itself in a great online system and registration process, much like Wise.com, but also has a team of dedicated support staff who are available locally to each country in which they operate. These are foreign exchange experts who can provide an update on FX markets and the upcoming events that might impact the currency pair of your payment.

  Wise (TransferWise) OFX
Safe? Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients. Yes, regulated by FCA and many more regulatory bodies. Transfers billions in foreign exchange each year, servicing millions of clients, and doing so for more than 20 years. Australian headquartered and listed on the Australian Stock Exchange.
Fees Ranging between 0.26% for CHF transfers to 2.01% for CLP (Chilean Peso). On average it is about 0.5%. The rate varies depending on the size of payment, but based onour data averages at approximately 0.5% to 0.6%. Clients who move larger volumes should negotiate an improved rate with OFX vs Wise.
Dedicated Dealer No. You will get all the support for system issues/help you require but currency guidance is not offered. Yes. You will be matched with one person taking care of your FX needs and you will be dealing with them exclusively. They will escort you through trades.
Website Wise.com OFX.com



 

Wise / TransferWise vs WorldFirst (business clients and online sellers)

WorldFirst had been in the business for several years when TransferWise emerged, and until the TransferWise era they were considered the hip cross between financials and tech (not yet to be named FinTech back then). WorldFirst prides itself in a great online system and registration process, much like Wise.com, and has recently decided to offer new pricing for all FX transfers. Worth noting that WorldFirst accepts only business clients currently.

  Wise (TransferWise) WorldFirst
Type of Clients All clients, all transfer sizes. Business, online sellers, and private customers are welcomed. Only business and online seller clients. Private customers are not welcomed.
Safe? Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients. Yes, regulated by FCA and many more regulatory bodies. Transfers billions in foreign exchange each year, servicing millions of clients, and doing so for more than 15 years.
Fees Ranging between 0.26% for CHF transfers to 2.01% for CLP (Chilean Peso). On average it is about 0.5%. 0.5% flat rate for transfers of all sizes above £1,000. Clients who move larger volumes can get 0.15%-0.25% margins.
Dedicated Dealer No. You will get all the support for system issues/help you require but currency guidance is not offered. Yes. You will be matched with one person taking care of your FX needs and you will be dealing with them exclusively. They will escort you through trades.
Website Wise.com Worldfirst.com


 

Wise / TransferWise vs Currencyfair

Similar to TransferWise, Currencyfair is another company we think highly of. When you look at Transferwise vs Currencyfair you will notice many similarities. Two innovative companies which are constantly gaining market-share and offer tremendous rates. View the comparison below.

  Wise (TransferWise) Currencyfair
Safe? Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients. Yes, regulated by the Central Bank of Ireland as well as by several other regulators. Transferred over £1bn since inception.
Fees Ranging between 0.31% for USD transfers above $135,000 to 2.6% for BRL transfers. On average, for popular routes, it is about 0.5%. As low as 0.15% FX margin if a transfer is matched through the online platform. If not, then reportedly 0.4% average margin of transfers of all sizes.
Dedicated Dealer No. You will get all the support you require but currency guidance is not offered. No. You will get all the support you require but currency guidance is not offered.
Website Transferwise.com Currencyfair.com


 

Wise / TransferWise vs Revolut

Revolut and TransferWise have crossover on two of their most popular products – online money transfers and multi-currency accounts (supported by a debit card to make payments from your balances). They are two of the most successful Fintechs to have launched in the UK and both boast many millions of customers. TransferWise launched with money transfers and expanded into digital banking, whereas Revolut began with digital banking (and an international currency card) and then expanded into online bank-to-bank money transfers. Nowadays, it looks like each of these tech companies is looking to expand and disrupt into different areas of financial services.

  Wise (TransferWise) Revolut
Safe? Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients. Yes, regulated by the FCA as well as in the US, Australia and many more countries. Again, transfers billions each year.
Fees Ranging between 0.31% for USD transfers above $135,000 to 2.6% for BRL transfers. On average, for popular routes, it is about 0.5%. 0% to other Revolut users. No fee on FX transfers if under your rather low £1k limit. 0.5% for international transfers above this.
Dedicated Dealer No. You will get all the support you require but currency guidance is not offered. No. You will get all the support you require but currency guidance is not offered.
Website Transferwise.com Revolut.com


 

More Wise International Money Transfers Account Review Information

MINIMUM TRANSFER: £1 €1 $1 CA$1 AU$1FEES & RATES:Information available above. Generally speaking 0.5% is the average margin.OFFICES IN > UK (2 Offices) Belgium USA Australia Estonia Hungary Japan UAEBrazil UkraineMalaysiaSingaporeREGULATION: Financial Conduct Authority  Financial Transactions and Reports Analysis Centre  Australian Securities and Investments Commission  Customs and Excise Department  FinCEN  Reserve Bank of India  Kanto Local Financial Bureau Japan Department of Internal Affairs New ZealandView more information on the official website – wise.com >

Is Wise.com Safe? Is Wise reliable? (previously – TransferWise)

Company overview:

Wise, formerly TransferWise, has been one of the hottest startups to emerge over the last ten years and is considered a market leader in the Fintech sector, with a valuation of $11billion dollars. It has grown at a staggering pace, seeing its value soar by billions of dollars between each funding round it has completed, resulting in an $11billion valuation following Wise’s direct listing on the London Stock Exchange in July 2021. In its 2020 roundup, TransferWise reported that it is still moving more than £4bn every month for its clients. There are currently more than 2200 employees working for Wise.com in numerous offices across 4 continents around the world. The platform also supports wire transfer through multiple currencies. The process requires the local bank details for an international transfer.

Wise, previously known as TransferWise, has definitely come a long way since its inception in 2010 (launched in 2011). It was established by two Estonian Fintech innovators, Taavet Hinrikus, (Skype’s first employee) and Kristo Käärmann, both of whom were working in the UK, and experiencing the high costs of bank-powered international money transfers. Quite early on in their journey to lower the costs of cross border remittances, they received a massive shot of encouragement in the form of two mega-investors who believed in the idea, and jumped on the TransferWise wagon. These two investors were PayPal’s co-founder, Peter Thiel, as well as Virgin’s founder Richard Branson.

Here is a complete overview of TransferWise’s investment rounds, prior to going public in 2021:

Series Amount Invested Investors
Pre-speed
$68,400 SeedCamp (VC)
Seed
$1,300,000 Index Ventures (VC), IA Ventures (VC), The Accelerator Group (VC), Kima Ventures (BV), Seedcamp (VC), Max Levchin
Series A
$6,000,000 SV Angel (VC), Valar Ventures (VC), Peter Thiel
Series B
$25,000,000 Valar Ventures (VC), Peter Thiel, Richard Branson, Index Ventures (VC), IA Ventures (VC)
Series C
$58,000,000 Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp (VC), Valar Ventures (VC)
Series D
$26,000,000 Anderson Horowitz (VC), Valar Ventures (VC), Baillie Gifford (PLC Company)
Series E
$280,000,000 Andreessen Horowitz and Mitsui & Co.
Total to date
$396,368,400 Anderson Horowitz (VC), Index Ventures (VC), IA Ventures (VC), Seedcamp (VC), Valar Ventures (VC), Peter Thiel, Richard Branson, The Accelerator Group (VC), Kima Ventures (BV), Seedcamp (VC), Max Levchin, Mitsui & Co.

Information from Angel.co

Most Recent Round – October 2017: TransferWise raised another $280,000,000 making it one of the most funded startups ever with a total of $440,000,000.

Secondary Share Sales

In May 2019 TransferWise announced it raised an additional $292 million through a secondary share sale – at the time valuing the company at $3.5 billion.e. This took the total funding in the company to a mammoth $689 million.

In July 2020 TransferWise confirmed a new $319 million secondary share sale, valuing the company at $5 billion dollars. Making it the second most valuable FinTech in Europe.

Direct Listing on the LSE – July 2021

Wise is the financial service provider that makes sending money abroad more quickly with low fees. In what was perhaps an understated move for a listing of this size, Wise went public in July 2021 via a direct listing. The move means no new shares were created for the firm and only existing shares kicked off trading on the LSE. Making Wise the largest company to perform a direct listing on the LSE that isn’t already traded on another stock exchange.

Wise shares opened at £8 a share, giving the company a market value of £8 billion ($11 billion), Twice the valuation it had received from private investors in 2020. By August 2021, Wise shares were valued at £9.70, representing a 20% increase in value over its first month being public.

The listing, which was said to be driven by Boris Johnson and Rishi Sunak in order to boost the UK economy, shows the increasing importance Fintechs are gaining in the market against traditional banks.

From TransferWise to Wise

Transferwise has rebranded itself to Wise (wise.com) just prior to the IPO because they help people with much more than just transfers. They offer the international account used by over 10 million people to live, work, travel, and do business around the world.

Co-founder and CEO of Wise Kristo Käärmann had this to say on the announcement, “Today our name catches up with who we’re already building for — a community of people and businesses with multi-currency lives… Wise is for all of us who live, work, travel, or support family around the world. It’s for those of us who want to cut out the middlemen that hold us back from being truly borderless.”

At MoneyTransferComparison our review will continue to focus primarily on TransferWise/Wise international money transfers. On the basis that the two core products offered by Wise at the moment are international transfers and the Wise international account (both of which involve money transfers) we expect to see new financial services launched by Wise in the coming months.How TransferWise Works – TransferWise “Peer to Peer Money Exchange” SystemIn its earlier days, TransferWise marketed itself by saying it was the world’s first and only Peer to Peer money transfer provider. The logic was simple – TransferWise would be able to beat the banks by finding two clients who need to transfer money in opposite directions (say, one client is transferring Pound to Euro, and the other one is exchanging Euros for Pounds). This way, they claimed, the savings would be immense.

What they didn’t take into consideration is how volatile the market is and the fact people normally want to trade money instantly. Similarly, if there are large payments that TransferWise customers wish to make or there are significant flows into certain currencies (say EUR for example) , it is difficult or even impossible to match those flows in the opposite direction. Long story short, TransferWise dumped this way of marketing themselves, and over recent years has made no reference on their website to the terms “peer to peer money transfer” or “peer to peer currency exchange”. The sheer volume TransferWise transacts these days (at least £4billion a month) means it will access cheap liquidity from its banking partners.

That doesn’t mean there aren’t peer to peer money transfer companies out there! Competitors Currencyfair (appearing on this page under “TransferWise vs Currencyfair”) is definitely putting the idea into practice. Using the Currencyfair money transfer , clients have the choice to either make a normal transfer for a rate provided to you by Currencyfair, or try to find a match and only trade if the peer-to-peer model is successful and currency flows in the opposite direction to yours (in which you will pay as little as 0.15% of your transfer).TransferWise advertising campaigns:The company has advertised heavily on billboards (including in the London underground), as well as on television and online. It is constantly covered by financial and technology journalists around the world, and has managed to get into the mainstream quicker than any other company in the money transfer industry.

Its campaigns were so effective, and so memorable, that even large banks began noticing them. The old slogan “YOUR BANK IS SECRETLY OVERCHARGING YOU ON INTERNATIONAL MONEY TRANSFER” was adjudicated by The Advertising Standard Authority, following complaints from these banks.

Update: TransferWise has suffered additional obstacles as a result of its advertising campaigns. In May 2016, the advertising watchdog commanded TransferWise to be more specific about the savings it offers in each route, in comparison to banks, rather than saying that it helps clients save 90% of transfer costs. TransferWise has also been mocked by the AmericanBanker magazine, as the company is now seeking bank funding. Our take on this? TransferWise is catching fire because it is growing at such a rapid pace. As a Branson-backed company, it appreciates any form of attention – positive or negative, and it works out perfectly.

You can’t knock TransferWise for their transparency either – sure they can be rather punchy with their marketing campaigns but there’s an obvious reason why TransferWise are happy to publicise their exchange rates and fees online but mainstream banks aren’t. TransferWise has nothing to hide – no wide spreads or sneaky payment fees.Awards    Mozo Experts Choice Awards – Australia’s Best International Money Transfer Provider, 2019

WEF Tech Pioneer in 2015

EY Entrepreneur Of The Year UK 2015

FT’s Boldness in Business Award, 2014

Best European Startup, Europas European Tech Startup Awards, 2013Regulated by: Financial Conduct Authority  Financial Transactions and Reports Analysis Centre  Australian Securities and Investments Commission  Customs and Excise Department  FinCEN  Reserve Bank of India  Kanto Local Financial Bureau Japan Department of Internal Affairs New ZealandConclusionWise/TransferWise is probably the hottest name in the whole money transfer industry. Established by notable entrepreneurs who became aware of a significant problem and sought to fix it, the company is taking an entirely different approach from the rest of the remittances industry.

Its low rates, transparency, great on-boarding process, and mind-blowing advertising campaigns have gained it a status as one of the largest payment providers in the world, as early as 5 years from its launch. This is a “startup” that is already moving billions across the globe and fighting with industry giants like Western Union and Moneycorp.

There is absolutely nothing to be concerned about when you use Wise to move money abroad. Wise is safe as can be. It has a sound financial structure, a solid business model, and it is the absolute epitome of client transparency. After many years of focusing on client acquisition and growth it has turned profit for the last three years and investors are more keen than ever to get on board. The company is now available in more than 71 countries and is on track to move £48bn this year alone, with millions of clients from around the globe with an extremely high level of satisfaction.

TransferWise is not a scam, although some people tend to think it is because of the ultra-friendly rates, while in fact, it is one of the most credible companies in this industry.

More recently you may have spotted Wise/TransferWise has opened an office in Belgium. The firm took the pro-active decision to gain a European license in Belgium so even in the event of a no-deal Brexit, where UK financial services firms lose their ‘EU passporting’ rights, they can continue to offer the same great service they do today. In the end, the UK/EU trade deal did not cover financial services, so it was a safe and very smart move indeed.


Share on twitter
Twitter
Share on telegram
Telegram
Share on facebook
Facebook
Share on reddit
Reddit
Share on whatsapp
WhatsApp
Share on vk
VK