International money transfers continue to gain traction in this digital age as they have become a necessity. Whether you are a business owner, expatriate, or just an individual, it is always important to know ways to send or receive money from anywhere across the world. While there are services like PayPal, Western Union, and MoneyGram to make international transfers, do you know about Wise money service? That is what we’ll be looking at in this article.
What Is Wise Money Service?
Wise (formerly known as TransferWise) is an international money transfer service designed to make cross-border transactions transparent and efficient. It employs peer-to-peer (P2P) technology to match transfers and reduce the cost of currency conversion.
Founded in 2011 by Taavet Hinriku and Kristo Käärmann, Wise aims to provide an affordable alternative to traditional banking and money transfer services. Today, it has millions of users worldwide, as it has risen to the ranks of top money transfer services.
This money service supports over 50 currencies you can use in most countries except war-torn or hostile countries like Afghanistan, Chad, North Korea, Russia, Myanmar, etc.
But as every product or service has its perks and pitfalls, it begs the need to look into the review of this service to guide its new and existing users.
Review On Wise Money Service
1. Ease Of Use
The navigation across the Wise website and mobile app shows the platform’s user-friendliness with a sleek and intuitive interface. Account sign-up and verification are also straightforward, as it takes a few minutes to set up a Wise account. So, you can access this platform through your web browsers or download the Wise app on the Google Play Store or Apple Store.
It is easy to start sending money after your registration. You can use Wise by entering your preferred amount to transfer, choosing your recipient, and following the prompts.
You can use Wise money service for both personal and business transfers – making it similar to having a business account on Venmo or other money services.
2. Security
Wise employs the latest encryption and security measures to protect its users’ funds and other data. It should be noted that the money service is authorized and regulated by different financial authorities, including the Financial Conduct Authority (FCA) in the United Kingdom and the United States Financial Crimes Enforcement Network (FinCEN).
3. Transfer Fees
Transfer fees on Wise depend on the amount of transfer you are making, the currency of transfer that the recipient will receive, and the payment method.
For instance, a recent check found that the fees for sending $1,000 from the United States to Nigeria (with the recipient getting naira) ranged from $8.49 for a bank account to $54.61 for a credit card.
Wise money services often use the real exchange rate to calculate the cost of exchanging money from one currency to another.
4. Customer Review
Wise has a huge positive customer review across its platforms. There is an average of 4.2 rating from over 200,000 customer reviews on Trustpilot about the money service. Here are the key themes that hundreds of customers on the Wise website discussed:
Positive Reviews
- Fast, transparent, and inexpensive.
- User-friendly with no hidden fees.
- Trusted service.
- Simple, easy to use, and self-explanatory.
Negative Reviews
- Delay in transaction processing.
- Tedious documentation during the identity verification procedure.
How To Set Up a Wise Account
Here are the steps to open an account with Wise money service:
- Visit the official Wise website or download the app on the Google Play Store or Apple Store.
- Click on “Create an account.”
- Enter your email address.
- Choose your preferred type of account – personal or business.
- Confirm your “country of residence.”
- Verify your mobile number with a code.
- You must complete the verification procedure by providing ID documents and confirming your personal and contact information.
- Your account is ready after successful verification, and you can access local details for up to ten (10) currencies.
Frequently Asked Questions (FAQs) About Wise Money Service
Is Wise Money Service The Cheapest Way To Send Money Abroad?
Wise is not always the cheapest way for money transfers. But, on average, it is considerably cheap to use this service, depending on the origin and destination of the transfer.
Is Wise Safe?
Yes, it is safe to use Wise. This is because it is a legitimate financial services company with a license of operation from the FCA in the United Kingdom and FinCEN in the United States.
Does The Recipient Needs A Wise Account To Receive Money?
No, your recipient does not need a Wise money service account to receive your transfer. Enter their name and bank details, and Wise will process the funds.
Is Wise Safer Than PayPal?
Both money transfer services take security as a serious business on their respective platforms. They are also duly registered with relevant regulatory authorities in their countries/regions of operation.
The two services employ two-factor authentication and biometric authentication to access your accounts. So both are safe – which is why businesses and individuals continue to use them to receive payments.
For instance, it is possible to receive PayPal payments using Flutterwave in Nigeria and other countries. This is because of how secure PayPal is, as well as Wise.
Is Money Transfer A Bank?
No, Wise is not a bank. It is an international money transfer service that enables you to send money via its online platform.
Conclusion
We cannot overemphasize the importance of money transfer services to receive international payments from anywhere. Wise is one of the popular services people are using in this regard. But the review and setup process highlighted in this article would guide your decision on Wise money service.
Therefore, it is important to study more about Wise to know how it works fully and if its operation is available in your jurisdiction.
