Wise Review

Wise Review Summary

Wise Company is a financial technology company that was founded in 2011 in London by Kristo Käärmann and Taavet Hinrikus. The company provides tools and solutions for the payment industry. It was established with a focus on the Finnish financial services industry. Among its products is a mobile wallet. The company is expanding its services to include insurance and other financial products. The Wise financial Company is expanding into new geographic regions. While the company has already been approved by the U.K. regulator, they are looking to add additional services to their offerings. The multi-currency accounts offer users exposure to hundreds of stocks.

Wise review
Wise Features

Wise Year Established

2011

Wise International Clients

Wise accepts international clients.

Wise Age requirement

18 years

Wise Currencies Offered

54 online

Wise Minimum Transfer

US$1.00

Wise Transfer Fees

0.5%-1%

Wise Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

Wise Employees

2243

Wise Turnover

27000000

Wise Regulation

Financial Conduct Authority (FCA)

Wise Fees

Wise transfer fees are 0.5%-1%.

Fees with Wise may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by Wise, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

Wise Client Rating

Wise has a rating of 4.

Number of Wise customers

11000000

Wise Website

wise.com

Wise Supported Languages

English, French, German, Hungarian, Japanese, Polish, Portugese, Romanian, Russian, Spanish, Turkish

Wise Review

Wise review
Pros and Cons of Transferring Money with Wise

Most of the time money transfers with Wise will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with Wise money prior to submitting an application to Wise.

Can you easily afford the Wise fees, are the exchange rate costs reasonable with Wise?

Wise review
Wise Advantages

  • Wise has been in business over 4 years
  • Wise has aa good rating.
  • Wise offers PayPal as a payment method
  • Wise offers Neteller as a payment method
  • Wise offers Skrill as a payment method
  • Wise is availble in many international countries.
  • Wise offers a wide range of money transfer currency options.
  • Wise offers phone support.
  • Wise offers email support.
  • Wise offers an Apple iOS mobile application.
  • Wise offers an Android Google Play Store mobile app.

Wise review
Wise Disadvantages

  • Wise does not offer PayPal as a payment method
  • Wise does not offer Neteller as a payment method
  • Wise does not offer Skrill as a payment method
  • Wise does not offer a mobile wallet.
  • Wise does not offer Home delivery for money transfers.
  • Wise does not offer Cash pickups for money transfers.
  • Wise does not offer Money orders.
  • Wise does not offer Livechat support.

What Is Wise?

Wise is a financial service company, that offers its clients money transfer services.

Wise was founded in 2011 by Venkatesh Saha and has offices in London, UK.

Wise provides money transfer services to its 11000000 customers who are from all over the world including US, UK, Eurozone, Canada, Australia, New Zealand, Asia, South America.

The London, UK Wise business was founded in 2011 to deliver money orders locally and internationally.

Do Wise Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is Wise Trusted And Established?

Wise is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

Wise was established in 2011 in London, UK, and has been in operation for around 11 years Wise have a head office in London, UK.

Wise review
How much does it cost to send a Wise Transfer?

Wise money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. Wise only charges 0.5%-1%, when compared to other money transfer service providers.

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How much can I send with Wise?

The maximum transfer amount with Wise is up to US$1,000,000 (varies based on currency) (or its currency equivalent) online.

While Wise charges a small percent of transfer fees, the brand offers reasonable exchange rates.

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Wise Money Transfer Terms and Conditions

When transferring money with Wise, it is crucial to keep tabs on the following:

  1. Wise Speediness. Often the need to money transfer may be urgent and time critical.
  2. Wise Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. Wise Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. Wise Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. Wise Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. Wise customer service should respond to your queries quickly and work with you to resolve any issues that you have.

Wise review
How Wise Compares To Other Money Transfer Companies

NameWiseXE Money TransferWise Business
Usedby1100000028000000011000000
Transfer Time1-2 business days1-4 business days1-2 business days
Min TransferUS$1.00US$1.001 USD
Max TransferUS$1,000,000 (varies based on currency)US$500,000.00 (or equivalent)1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
Payment MethodsBank transfer, debit card, credit card, SOFORT transferBank transfer, credit card, debit cardBank transfer, debit card, credit card, SOFORT transfer
iOS Appyesyesyes
Android Appyesyesyes

Wise review
Wise Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through Wise or imposed by Wise. Your Wise money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your Wise account.

Wise review
Wise Fees & Exchange Rates

Several money transfer platforms like Wise charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case Wise may charge for a currency exchange.

Wise review
Wise Transfer Fees

A transfer fee is the sum of money that a money transfer operator like Wise charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

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Wise Exchange Rate Margins

Exchange rate margins are how Wise, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like Wise quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with Wise to see what their exchange rate margin is.

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Wise Methods to Transfer Funds

A Wise fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

Wise enables users to transfer money using bank transfer, via none.

Wise review
Wise Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

Wise offers every available world currency to its customers. We list the major Wise supported currencies below.

Wise Money Transfer Currencies
NameCurrencies
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NGN, NPR, PHP, PKR, RUB, THB, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, BDT, BHD, BTN, HKD, IDR, ILS, INR, JOD, JPY, KWD, LKR, MYR, NPR, OMR, PHP, PKR, QAR, RUB, SGD, THB, TRY, TWD, VND, BAM, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, RSD, SEK, BBD, CAD, CRC, DOP, GTQ, HNL, JMD, MXN, TTD, USD, XCD, AUD, FJD, NZD, TOP, WST, ETB, GHS, GMD, GNF, KES, MAD, MUR, MZN, RWF, SLL, TND, TZS, UGX, ZAR, ARS, BOB, CLP, COP, GYD, PEN, PYG, UYU
AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, ARS, AUD, BDT, BGN, BWP, CAD, CHF, CLP, CNY, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
ALL, ARS, EUR, BSD, BDT, XOF, BOB, BRL, BGN, BIF, USD, XAF, CLP, CNY, COP, KMF, CRC, HRK, CZK, DOP, EGP, ETB, FJD, GMD, GHS, GTQ, GNF, GYD, HNL, HUF, INR, IDR, JMD, JPY, JOD, KES, MGA, MWK, MYR, MXN, MAD, NPR, NGN, PKR, PYG, PEN, PHP, PLN, RON, RUB, RWF, SLL, ZAR, KRW, LKR, TSZ, THB, TND, TRY, UGX, UYU, VND, ZMW
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
EUR, GBP, USD, CAD
AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYN, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUC, CUP, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PRB, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SRD, SSP, STD, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW

Wise review
Wise Transfer Options

Wise offers the following transfer options:

Wise Money Transfer Options Compared
NameTransfer Options
Bank deposit, mobile wallet deposit
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up, home delivery, mobile wallet deposit.
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit
Bank deposit, cash pick-up , door-to-door delivery
cash

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with Wise. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

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Who Wise Services Are Available To

Wise offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

Wise Country Restrictions

Wise does not operate in the following countries :

  • North Korea

Certain countries are restricted because Wise is not allowed to legally operate in those regions or it is not economically viable for Wise to provide money services in these regions.

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Wise International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your Wise money transfer is quick and simple with the modern Wise online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the Wise website.

The Wise website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

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Wise Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. Wise has a minimum transfer amount of US$1.00.

Wise review
Wise Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, Wise does not have a maximum transfer limit when the user is paying through phone. There is however, a US$1,000,000 (varies based on currency) limit per transaction for online transfers.

Wise review
Wise Money Transfer Fees and Charges

These are the fees charged by Wise and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

Wise review
How Long Does It Take to Get a Wise Money Transfer

Wise money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like Wise, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from Wise.

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Wise PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. Wise is not a publically listed company. Wise is a privately owned company.

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Wise Money Orders

The charges for issuing money orders with Wise are 0.5%-1%.

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Wise Mobile Top Up

Wise offers mobile top ups.Wise mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

Wise COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with Wise directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are Wise Money Transfers Best For

There may be many reasons you are looking to action a money transfer with Wise. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

Wise money transfers are best for people looking for looking for a reliable fast money transfer service.

Wise Guide for Fast Money Transfer Approval

For Wise to be able to process your money transfer application as quickly as possible make sure you have everything Wise need. If you and Wise need to go back and forth it may delay the Wise application process. Make sure every piece of information you give Wise is accurate.

Please note that you must have at least a minimum of one active bank account for Wise to process your money transfer.

Wise Application Time

Application time refers to the amount of time you have to wait for your Wise registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the Wise system.

Wise Approval Time

It is the time it takes for Wise money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

Wise Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your Wise money transfer has been approved the money should be in your account within four working days.

Wise review
Things to Check Before a Wise Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering Wise money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

Wise review
Wise Customer Support

Wise support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. Wise customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a Wise money transfer you will want to speak to a Wise representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

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Does Wise Offer Live Chat?

Customers can reach out to Wise through live chat to resolve Wise money transfer account issues or difficulties with their Wise account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

Wise review
How does Wise Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like Wise you will want to know how Wise compares with other leading online money transfer companies. See how Wise compares below.

  1. Visit Wise alternative XE Money Transfer

    Used By: 280000000
    Currencies Available: 76
    Transfer Fees: none
    Payment Methods: Bank transfer, credit card, debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$500,000.00 (or equivalent)
    Year Founded: 1993

  2. Visit Wise alternative Wise Business

    Used By: 11000000
    Currencies Available: 55
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  3. Visit Wise alternative Wise Multi-Currency Account

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  4. Visit Wise alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  5. Visit Wise alternative Remitly

    Used By: 3000000
    Currencies Available: 63
    Transfer Fees: 0-3.99$
    Payment Methods: Bank transfer, credit/debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$20,000.00
    Year Founded: 2011

  6. Visit Wise alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  7. Visit Wise alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  8. Visit Wise alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  9. Visit Wise alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

  10. Visit Wise alternative Moneycorp

    Used By: 15000000
    Currencies Available: 161
    Transfer Fees: none
    Payment Methods: debit card via our online platform or a wire transfer, cash
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 50 USD/GBP/EUR
    Max Transfer: none
    Year Founded: 1962

Wise review
Wise Website and Mobile Apps

Wise has a website available online but it may be useful to manage your Wise account from your mobile device like your tablet or phone.

Wise offers an Android mobile application on the Google Play store.

Wise offers an Apple IOS mobile application for iPhones and iPads allowing Wise to users to check their Wise accounts on their iOS mobile devices.

Wise review
Wise Deposit and withdrawal Methods

Wise offers the following Money Transfer payment methods: Bank transfer, debit card, credit card, SOFORT transfer. All of significant bank systems are all acknowledged with Wise.

Wise offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that Wise may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from Wise.

Wise review
Is My Money Safe With Wise?

Wise is a reliable, secure, and trusted option for sending money overseas. Wise are registered and regulated with the Financial Conduct Authority (FCA).These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by Wise customers.

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Wise Financial Regulation and Safety of Wise Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like Wise that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that Wise is fully licenced as a money transfer company.

Wise review
Wise Payment Services Regulations and Wise

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

Check Wise is financially regulated. Wise is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that Wise Possess a responsibility of care to their clients.

Is Wise Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like Wise are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on Wise and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

Wise Segregation of Client Funds

Wise as part of their regulation are required to segregate client funds from Wise company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

Wise regulatory requirements mean that Wise Money Transfer funds and your funds should be totally separate. Wise cannot use any money that is still legally yours to conduct Wise daily business like paying Wise suppliers and costs. Your funds should be kept by Wise in a segregated bank account.

Wise Regulation Checklist

  • Check whether Wise has authorisation to offer consumer credit
  • Check the type of activities that Wise are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of Wise list on their website and the regulator match.

Wise Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it's gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

Wise goes to great lengths to protect your Wise account from fraudulent use. We explain some of Wise anti-fraud features below:

  1. Wise has SSL encryption that protects the customer's private information.
  2. Wise has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The Wise platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their Wise account, as you are instantly aware of every Wise transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with Wise, the Wise accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and Wise delivery instructions.

Wise Monitors Your Account for Suspicious Transactions

Wise has systems and controls in place to detect fraudulent activity and protect Wise client accounts from misuse. If Wise detect a questionable transaction on your Wise account, Wise will contact you to verify the transactions legitimacy to ensure your Wise funds are safe.

How Does Wise Make Money?

Wise and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. Wise also earn money via foreign exchange rates.

Money transfer companies like Wise and banks need to survive, so they make money on interest from accounts and money transfers.

Wise Frequently Asked Questions

We list some of the most frequently asked Wise questions below.

Is there a limit to how much I can transfer with Wise?

You can transfer up to US$1,000,000 (varies based on currency) at a time.

When will I receive my Wise transfer?

It normally takes 3-5 business days.

Is it possible to cancel my Wise transaction?

If you need to cancel your transaction due to any reason, kindly contact us on this number 44 20 7033 0296.

How old do you have to be to sign up to a Wise account

To signup to a Wise account you will need to be at least 18 years old.

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Is Wise a Scam?

Wise have been in operation since 2011 and have over 11000000 customers and 2243 employees. Wise is not a scam.

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Sending money online with Wise

Sending money with Wise is a single process once you have registered and verified your Wise account and payment methods.

  1. Go to the Wise website
  2. If you have a Wise account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell Wise how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the Wise exchange rate and any fees.
  7. Pay for your Wise transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a Wise money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your Wise account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive Wise money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. Wise allows for a deposit directly into your bank, credit union or other financial account.

Wise Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. Wise allows you to pick up money in person at a Wise agent location.

Wise Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

Wise Does not support mobile wallets.

Wise Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. Wise do not offer home delivery money transfers.

When was Wise founded?

Wise was founded in 2011.

Is Wise Any Good?

Wise have a rating of 4 and are financially regulated, Wise can be considered a good money transfer company.

Is it easy to close my Wise account?

Its is easy to close you Wise account. You will have to make sure any outstanding payments and fees due to Wise are paid in full Before Wise will fully close your account. Make sure when closing your account Wise send you an official confirmation that your account is closed and no more monies are due to Wise.

Does it take long to setup a Wise account?

No, setting up a Wise account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your Wise account in 1-3 days.

Where are Wise based?

Wise are based in London, UK

Countries where Wise is legal?

Wise is legally allowed to operate in over 39 countries.

How do I track a Wise Money Transfer

You can track a Wise money order by calling Wise or by tracking the order online. Call Wise number on 44 20 7033 0296. The Wise automated phone system will take a few details and give you a status update. You can go online to the Wise website and check the status of a money transfer at any time.

If you have a Wise online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the Wise transaction, use the Wise payment reference number on the Wise website to check the status of the transfer.

Can I cancel my Wise transfer?

The way that you cancel a Wise transfer depends on how you created and sent the Wise money transfer originally.

You may need to contact Wise by phone on 44 20 7033 0296, through their website at wise.com or via email [email protected] Requests are typically processed within 30 days, and you may be charged a cancellation fee by Wise.

If you made the Wise transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the 'Transaction Details' page. If you do not have a Wise account, use the 'Track a Transfer tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a Wise transfer on their website.