Overview
What is Wise?
Wise, formerly TransferWise, from the company of the same name headquartered in London, provides international accounts and payment solutions for businesses. Wise helps businesses pay international invoices, vendors, and employees with the real exchange rate, in 80 countries, boasting cheaper…
Read moreLearn from top reviewers
Great for international solo entrepreneurs
Rating: 9 out of 10
June 19, 2024
Vetted ReviewVerified User
I use it to hold multiple currencies and as a primary business account.
Consultant - Other
UX Designer
Ed Orozco Consulting
5 years of experience
Better transfer fees than those of the local banks' for abroad transfers
Rating: 9 out of 10
November 29, 2022
Vetted ReviewVerified User
We use Wise (formerly TransferWise) in our web design business to send and receive funds through their service. Their exchange rates are way better than those offered by many ...
Consultant - Marketing
Brand Designer | UI, UX & Visual Designer
WhiteX.Design
4 years of experience
Worked very well for me, verification process could be better
Rating: 10 out of 10
April 18, 2022
IncentivizedVetted ReviewVerified User
I started using Wise by reference from a client from the US (back when it was named TransferWise). As I am a freelancer I needed to get paid by clients from different countrie...
Professional - Information Technology
Frontend Web Developer
Upwork
4 years of experience
Best Solution for Global Consultants/Advisors
Rating: 10 out of 10
April 14, 2022
IncentivizedVetted ReviewVerified User
I use the system for receipt of payments on invoice payments from my clients in multiple currencies and management of funds transfers. The system/service is very easy to use, ...
Verified user
Consultant
1 year of experience
Transferwise - Good and Hardworking Program
Rating: 7 out of 10
March 24, 2022
IncentivizedVetted ReviewVerified User
The organization used transfer wise to pay near-shored contractors.
General Manager - Corporate
General Manager
Porch Group
5 years of experience
Transferwise - Your buddy for cross border transactions
Rating: 9 out of 10
March 23, 2022
IncentivizedVetted ReviewVerified User
Problem we faced to grow our business and operate internationally are the high fees, hefty admin, and headache of a local bank. With transferwise (fintech solutions as they ar...
Director - Sales
Business Development Director
RGF Professional Recruitment
3 years of experience
TransferWise - Great Fees
Rating: 10 out of 10
March 23, 2022
IncentivizedVetted ReviewVerified User
It helps with the payment process of my company. Allowing me to pay a freelance contractors or receive payments from other contractors as well. It allows a digital way of coll...
Verified user
Consultant
3 years of experience
Great Currency Conversion Service
Rating: 10 out of 10
March 23, 2022
IncentivizedVetted ReviewVerified User
This is a great online currency conversion/online banking service. You can have money deposited into this website's account, and convert it to multiple foreign currencies, and...
Consultant - Finance and Accounting
Finance Consultant
Kemp Mill Consulting
1 year of experience
Effortless Funds Transfers.
Rating: 10 out of 10
March 23, 2022
IncentivizedVetted ReviewVerified User
My use of TransferWise has been personal. My father passed away in the Fall of 2020. One of my siblings lives in Japan and it was necessary to find a way to transfer his inher...
Administrator - Other
Systems Manager
Pacific Lutheran University
2 years of experience
Transferwise makes it easy to send payments in foreign currency.
Rating: 7 out of 10
March 23, 2022
IncentivizedVetted ReviewVerified User
We use it to pay contractors in foreign currencies. Our banks didn't provide foreign currency payment capabilities.
Manager - Finance and Accounting
Controller
Petersons LLC
3 years of experience
Use of Transferwise for easy and smart cross-currency money transfers.
Rating: 9 out of 10
March 22, 2022
IncentivizedVetted ReviewVerified User
It was useful to easily transfer money across countries that use different currencies, being the transaction cost lower than using our bank.
Verified user
Engineer
3 years of experience
TransferWise: A wise choice.
Rating: 10 out of 10
March 22, 2022
IncentivizedVetted ReviewVerified User
We occasionally contract with theatre teachers who are based overseas to provide Zoom classes. We needed to find an affordable and efficient option to pay these teachers. So f...
Board Member - Corporate
Producing Artistic Director
Clamour Theatre Company
2 years of experience
Best online money transfer platform
Rating: 10 out of 10
March 22, 2022
IncentivizedVetted ReviewVerified User
Living in Spain it's complicated to be paid by clients overseas. That's where TransferWise comes in. I discovered the platform more than 7 years ago and I loved from the begin...
Consultant - Marketing
Digital Marketer
Self-employed
7 years of experience
One of the best website to receive payments from international clients.
Rating: 9 out of 10
March 22, 2022
IncentivizedVetted ReviewVerified User
I use Wise to receive payment from my international clients for my freelancing works. And since I started using Wise, it has helped me a lot to receive the payment even more e...
Employee - Information Technology
Content Writer
Nepali Mind
1 year of experience
Seriously one of the best ways to pay your overseas workers!
Rating: 10 out of 10
November 7, 2021
IncentivizedVetted ReviewVerified User
I use it to pay my overseas contractors every week. It is the primary way that we pay our workers, and it makes sending their payments a breeze! It's easy for me, and it's eas...
C-Level Executive - Corporate
Creative Director & Owner
Creative Nomads
1 year of experience
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Awards
Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards
Reviewer Pros & Cons
Pricing
View all pricingATM Fees over 100 USD per month
2%
Cloud
One time/%
Accounting Funding transactions
2%
Cloud
One time/%
Receiving USD wire payments
4.14 USD
Cloud
One time/%
Entry-level set up fee?
- No setup fee
For the latest information on pricing, visithttps://wise.com/us/pricing/business
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
Starting price (does not include set up fee)
- $0.41 one-time fee
Product Details
- About
- Integrations
- Competitors
- Tech Details
- FAQs
What is Wise?
Wise Integrations
- QuickBooks Online
- Xero
Wise Competitors
- PayPal Payments Pro
- Rapyd
- TheGuarantors
- Voxpay
Wise Technical Details
Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
---|---|
Operating Systems | Unspecified |
Mobile Application | No |
Frequently Asked Questions
Wise, formerly TransferWise, from the company of the same name headquartered in London, provides international accounts and payment solutions for businesses. Wise helps businesses pay international invoices, vendors, and employees with the real exchange rate, in 80 countries, boasting cheaper rates than traditional banking options. It also helps to make faster, lower-cost payouts to all business customers, freelancers, employees, investors, and suppliers around the world.
Wise starts at $0.41.
PayPal Payments Pro, Rapyd, and TheGuarantors are common alternatives for Wise.
The most common users of Wise are from Small Businesses (1-50 employees).
Comparisons
View all alternativesCompare with
Reviews and Ratings
(41)
Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content?
- Business Problems Solved
- Pros
- Cons
- Recommendations
TransferWise, also known as Wise, has been utilized by users to reduce transaction fees and administrative costs for international transactions. Freelancers have found it valuable for receiving payments from international clients in multiple currencies without the need for multiple bank accounts. Businesses have benefited from the ease of setup, low fees, timely transactions, and favorable exchange rates when paying overseas contractors through TransferWise. With its fast transfers and low fees, TransferWise has become an essential solution for businesses. It has also provided freelancers in countries where PayPal is not available an alternative option to receive payment directly into their bank accounts. TransferWise has simplified the process of sending money abroad by reducing bureaucracy and expensive taxes associated with traditional banks.
Users appreciate TransferWise for its clear and transparent fees that prevent unexpected surprises during transactions. Its user-friendly interface, decent customer service, and ability to deposit and convert funds into multiple foreign currencies are well-received. Users highly recommend TransferWise for its ease of use, speed, and cost-effectiveness in transferring funds internationally. The platform has proven to be a reliable and fast option for transferring inheritances across borders with lower costs compared to traditional wire transfers. In Spain, TransferWise has been trusted by individuals to receive timely payments from overseas clients without any hassles. Businesses have used it to pay overseas contractors and vendors while reducing currency conversion and wire transfer costs. Managing USD payments from companies worldwide and making payouts to employees and contractors have been made easier with TransferWise. The platform's flexibility and cost-effectiveness in transferring money across countries with different currencies are appreciated by users.
While most users have had positive experiences, some have raised concerns about account closures without sufficient notice, which they find unfair and unrealistic. Additionally, there have been reports of difficulties with customer support, including standardized responses and a lack of assistance from the compliance department regarding blocked funds. Nevertheless, the regulatory oversight by the FCA provides users with a sense of security and trust. TransferWise offers competitive exchange rates, allowing users to save money on currency conversions. Overall, TransferWise provides a convenient and user-friendly platform for managing and tracking international transactions, ensuring prompt and secure fund transfers. It has gained popularity among freelancers, remote workers, and businesses dealing with international payments.
Easy-to-use Platform: Users have consistently found the platform to be easy to use, intuitive, and user-friendly. Many reviewers have stated that they didn't encounter any difficulties or complications during the transfer process. The visually appealing user interface and easy navigation further contribute to a positive user experience.
Low Fees and Transparency: Reviewers appreciate the transparency and low fees offered by the platform. They find it to be a cost-effective solution for their money transfers, especially compared to traditional banks. Many users have mentioned that the platform provides accurate conversion rates and doesn't have any hidden fees, making it a reliable choice for their financial transactions.
Timely Completion of Cash Transfers: The timely completion of cash transfers is frequently mentioned as a positive aspect by users. They are satisfied with the speed at which their transfers are processed and receive their funds promptly. This reliability in transferring money contributes to a positive overall experience for users.
Slow and difficult customer service: Many users have expressed frustration with the slow and challenging nature of TransferWise's customer service, finding it difficult to reach support representatives and experiencing delays in resolving their issues.
Confusing user interface: The platform's user interface and user experience design have received criticism from numerous reviewers for being confusing and unintuitive. This has resulted in difficulties navigating through the platform and executing transactions smoothly.
Limited availability of card services: Users in certain countries have voiced complaints about the lack of availability of card services on TransferWise. This limitation restricts their ability to make payments using cards on the platform, causing inconvenience for those affected.
Users commonly recommend TransferWise for its effectiveness in crossborder transactions and receiving income in foreign countries. They suggest that it is particularly useful for personal transfers of small amounts, as well as for professionals, freelancers, and companies who need to receive money from different countries at low commission and without bureaucratic processes. While some users find TransferWise hard to beat for what it does, others express concerns about the service cost for transferring money, considering it expensive. Despite this, users generally recommend using TransferWise and believe there is nothing to lose.
Reviews
(1-24 of 24)
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Great for international solo entrepreneurs
Rating: 9 out of 10
June 19, 2024
EO
UX Designer
Ed Orozco Consulting (Design, 1-10 employees)
Vetted Review
Verified User
5
years
of experience
Pros and Cons
It's really great for sending and receiving payments
The app is easy to use and fast
I can create a digital card so I don't need to carry a physical one around
Better transfer fees than those of the local banks' for abroad transfers
Rating: 9 out of 10
November 29, 2022
AS
Brand Designer | UI, UX & Visual Designer
WhiteX.Design (Design, 1-10 employees)
Vetted Review
Verified User
4
years
of experience
Pros and Cons
Sending money abroad
Receiving money from abroad
Great transfer rates
Very good and easy to use web interface
Provides a handy credit card
Really nice mobile app for online usage
Worked very well for me, verification process could be better
Rating: 10 out of 10
Incentivized
April 18, 2022
FA
Frontend Web Developer
Upwork (Internet, 10,001+ employees)
Vetted Review
Verified User
4
years
of experience
Pros and Cons
Direct Bank Payments
Faster than most other
Lower fees
Best Solution for Global Consultants/Advisors
Rating: 10 out of 10
Incentivized
April 14, 2022
Verified User
Vetted Review
Verified User
1
year
of experience
Pros and Cons
Timely cash receipt
Timely cash transfer
Easy to use Dashboard
Transferwise - Good and Hardworking Program
Rating: 7 out of 10
Incentivized
March 24, 2022
AG
General Manager
Porch Group (Internet, 501-1000 employees)
Vetted Review
Verified User
5
years
of experience
Pros and Cons
Reliable payments
Low transfer charged
Easy to use
Good customer service
Transferwise - Your buddy for cross border transactions
Rating: 9 out of 10
Incentivized
March 23, 2022
JT
Business Development Director
RGF Professional Recruitment (Management Consulting, 51-200 employees)
Vetted Review
Verified User
3
years
of experience
Pros and Cons
Easy to set up (within minutes)
Safe to use as it is regulated by the MAS
A small fee to convert currencies in our account and no hidden fees in the rate they offer us
TransferWise - Great Fees
Rating: 10 out of 10
Incentivized
March 23, 2022
Verified User
Vetted Review
Verified User
3
years
of experience
Pros and Cons
Low transfer fee
easy to use
international transfer
Great Currency Conversion Service
Rating: 10 out of 10
Incentivized
March 23, 2022
ML
Finance Consultant
Kemp Mill Consulting (Accounting, 1-10 employees)
Vetted Review
Verified User
1
year
of experience
Pros and Cons
currency conversion
online banking
Effortless Funds Transfers.
Rating: 10 out of 10
Incentivized
March 23, 2022
SD
Systems Manager
Pacific Lutheran University (Higher Education, 501-1000 employees)
Vetted Review
Verified User
2
years
of experience
Pros and Cons
Quick - because funds are transferred domestically, even when going international, you don't have to wait long.
Easy - the printout of what information I needed to give the sending bank was complete and easy to understand.
Affordable - the fees on both ends were minimal.
Transferwise makes it easy to send payments in foreign currency.
Rating: 7 out of 10
Incentivized
March 23, 2022
CL
Controller
Petersons LLC (Education Management, 11-50 employees)
Vetted Review
Verified User
3
years
of experience
Pros and Cons
Setup is easy.
Clearly indicates rates & fees.
Locks in rates for a specified amount of time.
Use of Transferwise for easy and smart cross-currency money transfers.
Rating: 9 out of 10
Incentivized
March 22, 2022
Verified User
Vetted Review
Verified User
3
years
of experience
Pros and Cons
Good user interface.
Cheaper transaction cost when working with different currencies.
Fast transfer, always on the estimated time or earlier.
Good communication with the customer so you always know where your money is.
TransferWise: A wise choice.
Rating: 10 out of 10
Incentivized
March 22, 2022
ES
Producing Artistic Director
Clamour Theatre Company (Entertainment, 1-10 employees)
Vetted Review
Verified User
2
years
of experience
Pros and Cons
Ease of setup.
Low fees.
Timely completion of transactions.
Favorable exchange rate.
Best online money transfer platform
Rating: 10 out of 10
Incentivized
March 22, 2022
CM
Digital Marketer
Self-employed (Marketing & Advertising, 1-10 employees)
Vetted Review
Verified User
7
years
of experience
Pros and Cons
Send and receive money fast.
Notifies you for every transaction.
Small transfer commissions.
Easy to use in general.
One of the best website to receive payments from international clients.
Rating: 9 out of 10
Incentivized
March 22, 2022
BB
Content Writer
Nepali Mind (Information Technology & Services, 1-10 employees)
Vetted Review
Verified User
1
year
of experience
Pros and Cons
It provided US bank account details which helps a lot while receiving payments from US clients.
It helps to maintain multi currency accounts which is another best feature it has.
It also has feature to request feature.
Seriously one of the best ways to pay your overseas workers!
Rating: 10 out of 10
Incentivized
November 07, 2021
JR
Creative Director & Owner
Creative Nomads (Marketing & Advertising, 1-10 employees)
Vetted Review
Verified User
1
year
of experience
Pros and Cons
Ease of Use
Low cost of transactions
Reliable transfer and timeliness
Make payments easily with transparent fees
Rating: 9 out of 10
Incentivized
June 23, 2021
Verified User
Vetted Review
Verified User
1
year
of experience
Pros and Cons
TransferWise has helped us send money easily.
It has been received from people we have worked with easily.
The fees are transparent.
The conversion rates are accurate.
Be wise, choose TransferWise.
Rating: 9 out of 10
Incentivized
June 18, 2021
Verified User
Vetted Review
Verified User
2
years
of experience
Pros and Cons
It is a safe and secure platform and we have not had any issues with it.
Interface is easy and process of sending is seamless.
The conversion rate is not ridiculous and is actually what the conversion is.
Transparent and low fees.
TranferWise is amazing, send money around the world at a very low cost
Rating: 10 out of 10
Incentivized
May 31, 2021
LH
Founder
Custom Logo Shop (Graphic Design, 1-10 employees)
Vetted Review
Verified User
1
year
of experience
Pros and Cons
Low fees
Reaches anywhere in the world
Fast transfer
Easy for receivers to enter their details privately
Secure
Good lightweight Forex platform
Rating: 8 out of 10
Incentivized
May 23, 2021
HG
CEO (Chief Executive Officer)
Verbz Labs Inc (Computer Software, 11-50 employees)
Vetted Review
Verified User
2
years
of experience
Pros and Cons
Fast and simple to set up.
Reduced cost for overseas transfers verses traditional banks.
Great to manage online payments from enterprises for a SAAS product in USD
Rating: 8 out of 10
Incentivized
May 22, 2021
BA
Founder (SAAS Product Head)
zipBoard.co (Internet, 11-50 employees)
Vetted Review
Verified User
1
year
of experience
Pros and Cons
International transfers.
Simple, easy, and cost-effective way to transfer funds internationally
Rating: 9 out of 10
Incentivized
May 22, 2021
DO
Mentor & Coach
Mastery To Success Pty Ltd (Professional Training & Coaching, 1-10 employees)
Vetted Review
Verified User
1
year
of experience
Pros and Cons
Simple to set up
Clean user interface and easy to set up transfers
Can track the fund transfer and has a clear outline to the process and the steps
Get email notification of transfers
Can be used for personal account or business account
Minimal fees compared to banks
Good customer support
Easy to upload required documents to set up the account
TransferWise Review
Rating: 1 out of 10
April 08, 2021
Verified User
Vetted Review
Verified User
1
year
of experience
TransferWise is the BEST!
Rating: 10 out of 10
Incentivized
February 15, 2020
Verified User
Vetted Review
Verified User
3
years
of experience
Pros and Cons
International money transfers.
Domestic money transfers.
Money without borders...
Rating: 10 out of 10
Incentivized
March 13, 2019
Md
Senior Visual Designer
Oswaldo Cruz Foundation (Fundação Oswaldo Cruz) — Fiocruz (Research, 10,001+ employees)
Vetted Review
Verified User
1
year
of experience
Pros and Cons
It makes really quick transactions. You can transfer money to any personal account abroad really fast.
Transferwise charges very little for their service, in comparison with regular bank transfers and traditional providers as Western Union.
It shows the charges for the transaction up front. Such a cost is fixed, avoiding unpleasant surprises afterward.