Wise (formerly known as TransferWise until 2021) is an online service for cheap and speedy international money transfers.
Users pay lower and more transparent fees when transferring money with Wise compared to many traditional banks and other services.
Additionally, Wise uses the mid-market exchange rate without any markups, which also can save users money.
You can shop anywhere in the world without additional fees and at the real exchange rate.
You can hold and exchange over 40 currencies.
In this Wise money transfer review, you will learn the biggest advantages of the company, is Wise safe, how does Wise work, how to register, how to make your first transfer, and what to watch out for.
We also cover our Wise app review with hands-on testing results. You can read Wise reviews from other customers at the bottom of the page and share your experience if you already have one.
Important Things to Know About Wise
The company was founded as TransferWise in 2011.
In 2021, it shortened its name to Wise, and in 2023, it rebranded its vision to better reflect its international character.
Currently, Wise has over 14.8 million users worldwide, processes $84.9 billion in cross-border volume (H1 FY2026), and is listed on the London Stock Exchange.
This impressive growth has led many to ask, "Is Wise legit?" The answer is a resounding yes. Wise is a fully regulated financial institution, providing secure and efficient international money transfer services.
Our team has thoroughly researched and tested the Wise platform and app to determine if it's worth it.
And spoiler alert: we think it is.
First, let's review some key details about Wise in the table below.
While reading, you might want to compare this data with the banking services you currently use.
| Feature | Wise |
|---|---|
| U.S. customers are served by: | Wise US Inc., a financial company registered in the USA |
| Wise is best for: | Expats, digital nomads, international businesses |
| Wise is known for: | Cheap international money transfers |
| Account opening: | $0 |
| Receiving local payments (non-SWIFT) | $0 |
| Receiving USD wire payments | Fixed fee of $6.11 |
| Monthly fee: | $0 |
| Deposit methods from the U.S.: | Bank transfer (ACH), wire transfer, debit/credit card |
| Fee for sending USD: | From 0.57% |
| Transfer speed: | 74% arrive in under 20 seconds, 95% within a day |
| Wise debit card: | Visa debit card, $9 one-time fee |
| Currencies: | 40+ currencies supported |
| Minimum age: | 18 years |
A common question among potential users is, "Is Wise safe?" So let's answer it straight away.
Regulation
Wise is a regulated financial institution that prioritizes the security of its customers' funds and personal information.
In the United States, Wise US Inc. is registered with the Financial Crimes Enforcement Network (FinCEN) and is supervised by regulatory authorities in each state.
It employs state-of-the-art security measures, including data encryption and two-factor authentication, to protect user accounts.
Additionally, the company is transparent about its fees and exchange rates, further enhancing its trustworthiness.
If you frequently travel abroad or have a close one living overseas, Wise might be a cost-effective solution for transferring funds, saving you money and time.
Registration takes about a minute and is entirely intuitive. You can start by visiting the Wise website.
How Does Wise Work?
Wondering how Wise's does not charge mark-ups on their exchanges?
Interesting fact
The secret is that when you send money in another currency with Wise, it doesn't really need to be converted like it does in banks.
Here's how it works:
Wise has a bank account in every country it operates in.
So when you send money from the USA to a recipient in Mexico in pesos, your money doesn't even leave the country.
Here's what actually happens:
You make a local transfer from your USD account to Wise/TransferWise USA's account.
Wise transfers the due amount in pesos from its pesos account within Mexico to the recipient.
This simple mechanism allows the company to offer fairer exchange rates since actual currency conversion is not carried out.
Through the mobile app or the website, you can check at any time how much local currency you need to transfer for the recipient to receive the desired amount.
Wise Fees
Understanding Wise fees is crucial for users looking to make the most of this service.
Wise fees are clearly displayed before you make the transfer and vary depending on the amount, the currency, and how fast you want the transfer to be.
Fees typically start from 0.57% of the amount being sent, though this varies by currency route and payment method.
Explaining
If you're sending money from one account to another in the same currency, there will be no currency conversion fee. Wise, however, will charge a fee for the service.
On the other hand, if you transfer USD from the U.S. to pesos in Mexico, your transfer will be converted using mid-market rates.
Here's a breakdown of typical costs when sending $1,000 from the U.S. using different payment methods. Keep in mind that exact fees vary by currency route, so always check Wise's fee calculator for your specific transfer.
| Payment method | Typical fee on $1,000 | Speed |
|---|---|---|
| Bank transfer (ACH) | From $5.70 (0.57%) | 1-2 business days |
| Wire transfer | ~$7 fixed + variable | Hours |
| Debit card | Higher (varies by card) | Minutes |
| Credit card | Highest (includes cash advance fees) | Minutes |
How to Make a Wise Transfer
Understanding how to make a Wise transfer is essential for anyone considering this service.
Sending money abroad with Wise is fast. 74% of Wise transfers arrive in under 20 seconds, and 95% arrive within a day.
Some factors that can impact your transfer are:
The currency you send money in.
The country to which you're sending.
The way you pay.
Public holidays and banking hours.
Security checks.
Usually when you prepare to send a transfer, you will get an estimate about when your transfer will arrive.
And here is a step-by-step guide on how to make a Wise transfer:
Open a Wise Account
To send money abroad with Wise, you first need to open an account with them. You can do so by going directly to their website or by clickling the link below this tutorial.
Select Send Money
On the Wise homepage, above the left menu, you will find a green button that says 'Send money'. Click on it.
Enter the amount and desired currencies
Specify the amount you want to send and the respective currencies. Note that currently Wise supports same currency transfers only for EUR and USD transactions.
Choose a recipient
In the next step, you need to choose a recipient. You can send money to your account, another person, or a business.
Fill in the details
Fill in the recipient's bank details and email. If you don't know their account number, Wise will send them an email requesting them to fill in these details after you make your transfer. If they do not respond to the email, the transfer will be returned to you.
Verify your identity
If you haven't verified your identity yet, the platform will give you instructions on how to do so before your first Wise transfer. You will receive an email. Click on the link in it and follow the steps. You will need to take a photo of your diver's license and a selfie. Then Wise will ask you a few questions:
What is the primary purpose of using your account? Which countries will you send transfers to and from? What volume of funds do you plan to transfer? What is your main source of income?
Review the transaction
Once you're done with the previous step, Wise will present you with a summary of the arranged transaction.
Confirm and pay
Choose the method by which you want to transfer the money to Wise, review the total fee information, confirm the details, and complete the process.
Wise Ecosystem
The Wise ecosystem offers a comprehensive suite of services designed to make international money management easier.
Wise offers three main services:
Sending and receiving money abroad and currency exchange at real rates with low and transparent fees.
Free Wise account where you can hold over 40 currencies.
Wise Visa debit card to make payments worldwide in 160+ countries.
Each of these services can be used individually except for the debit card. To get it, you need to have a multi-currency Wise account.
Wise Card Review
The Wise debit card is now available in the U.S. as a Visa card. You can order a physical card or use a virtual card immediately after signing up.
The card works with Apple Pay and Google Pay, making it easy to use for everyday purchases and international spending.
For starters, the Wise debit card costs a one-time fee of $9 (or $11.58 for express delivery).
Additionally, with the Wise card you get:
40+ currencies supported.
No ongoing account fees.
Free ATM withdrawals up to $100 per month. After that, a fee of $1.50 per withdrawal plus a 2% commission applies.
Mid-market exchange rates with no markups.
The card is valid anywhere Visa is accepted, and you pay in local currency no matter where you are in the world.
Extra Tip
Want more features like crypto trading, travel insurance, and stock investing? Check out Revolut as an alternative.
Advantages and Disadvantages of the Wise Account
After testing and using Wise, we formed a decent idea of the service. This Wise account review aims to provide a balanced view of its pros and cons.
Let's start with the advantages:
Wise offers convenient international transfers at mid-market exchange rates with fees starting from 0.57%.
The mobile app is intuitive and easy to use, with instant transaction notifications.
74% of transfers arrive in under 20 seconds, with 95% delivered within a day.
Wise is a regulated financial company registered with FinCEN in the U.S.
The Visa debit card lets you spend in 160+ countries at real exchange rates.
Overall, Wise performs well in delivering what it promises - an alternative to standard bank transfers, security, and speed.
However, we found a few minor disadvantages that we cannot overlook:
Occasional verification delays, especially for new accounts or large transfers.
Only $100 in free ATM withdrawals per month, with fees after that.
No cash deposit options or physical branches in the U.S.
Credit card funding carries significantly higher fees than bank transfers.
Some users report occasional fund holds during transfers.
Wise FAQs
What is Wise?
Wise (formerly TransferWise) is an international money transfer service that lets you send money abroad at mid-market exchange rates with low, transparent fees. It also offers a multi-currency account and a Visa debit card.
Is Wise legit?
Yes, Wise is a legit and regulated company. Wise US Inc. is registered with the Financial Crimes Enforcement Network (FinCEN) and is supervised by regulatory authorities in each state. The company is also publicly listed on the London Stock Exchange.
Is Wise a bank?
No. Wise is a licensed financial services company, but it is not a bank. Your funds are held in regulated accounts, but Wise accounts are not FDIC-insured like traditional bank deposits.
Is Wise safe to use in the U.S.?
Yes. Wise uses data encryption, two-factor authentication, and is regulated by FinCEN and state authorities. The company has over 14.8 million users globally and processes billions in transfers each month.
How much does Wise charge for transfers?
Wise fees start from 0.57% of the transfer amount, depending on the currency route and payment method. Bank transfers (ACH) are the cheapest option. All fees are shown upfront before you confirm the transfer.
How long does a Wise transfer take?
74% of Wise transfers arrive in under 20 seconds, and 95% are delivered within a day. Transfer times can vary based on the currency, destination country, payment method, and security checks.
Is the Wise debit card available in the U.S.?
Yes. The Wise Visa debit card is available in the U.S. for a one-time fee of $9. It supports spending in 40+ currencies at mid-market rates and works with Apple Pay and Google Pay.
Can I send money from abroad to the U.S. with Wise?
Yes. If you live abroad and want to send money to the U.S., you can easily do so with Wise. The reverse is also true. You can send transfers with low fees from the U.S. to abroad.
Revolut vs Wise
When considering digital banking and money transfer services, it's common to compare Revolut vs Wise. If your goal is only to exchange and send money, Revolut and Wise are quite comparable.
However, in some other aspects, Revolut may be an interesting alternative.
Let's do a quick overview of the main similarities and differences:
| Revolut | Wise | |
|---|---|---|
| Free account | Yes | Yes |
| Debit card | Yes | Yes |
| Free business account | Yes | Yes |
| Debit card delivery | $0 | $9 |
| Virtual cards | Yes, up to 5 cards | Yes, up to 3 cards |
| Card type | Mastercard and Visa | Visa |
| ATM withdrawals | Depends on subscription. Free plan: 5 free withdrawals per month up to $200, 2% fee after | Free up to $100/month, then $1.50 + 2% fee |
| Free currency exchange | Up to $1,000/month (Standard plan) | No |
| Currency exchange fee | 0.5-2% during weekends | From 0.57% |
| Currencies you can hold | 25+ | 40+ |
| Investments (stocks, crypto) | Yes | No |
| App | Yes | Yes |
| Apple Pay / Google Pay | Yes | Yes |
| Loans | No | No |
Though, Revolut is a more widely known and used app in Europe, it could definitely offer some intriguing perks to US users, too.
The extra features it offers, such as travel insurance and higher exchange limits without fees, could be worth a more detailed inspection.
Wise/TransferWise Reviews
When researching "Is Wise safe to send money?" or "Is Wise.com safe?", it's helpful to look at user reviews.
No matter which website you check for Wise reviews, you will not have a hard time finding positive feedback.
On Trustpilot, for example, a site specialized in collecting user reviews for various services, Wise currently has a rating of 4.3 out of 5 from over 280,000 reviews. On Google Play, the app scores 4.5 out of 5 from more than 1.5 million reviews.
Positive Wise/TransferWise reviews highlight:
Cheap fees
Easy-to-use mobile app
Reliable international transfers
Convenience of the international debit card
To keep impressions balanced, here’s what negative comments share:
Blocked business accounts
Difficult access to customer service
Tip: Use services like Wise as intended. Do not store large sums of money in them to avoid misunderstandings.
Do you have experience with Wise?
Feel free to leave your feedback in the comments section at the bottom of the page and help others make the right decision.
Conclusion: Is Wise Safe?
After our comprehensive Wise review, we can confidently answer the question, "Is Wise safe to send money?" with "Yes, we do believe that Wise is safe for international money transfers."
This said, the service could come with higher fees and more limitations than some competitors.
However, the Wise app is easy to manage, transfers are fast, and the institution is regulated.
Understanding how Wise works is key to making the most of its services.
The Wise account offers a multi-currency solution, while the Wise Visa debit card provides convenient access to your funds worldwide.
Wise fees are transparent and generally lower than traditional banks, making it an attractive option for international money management.
We could talk for much longer, but actually, our best advice is: try it once and see for yourself.
Whether you're looking to make a one-time money transfer or set up a multi-currency account, Wise offers a secure and efficient solution for your international money needs.
