Wise : Full Review, Testing, and Presentation (2024)

What is Wise?

Wise, formerly TransferWise, is a revolutionary fintech that is shaking up the World of international money transfers and online banking.

Founded in 2011 with two Estonians expatriates in London (head office), Kristo Käärmann and Taavet Hinrikus, the startup quickly won the market thanks to its innovative and transparent approach.

The initial observation is simple: Traditional banks charge exorbitant fees for transfers abroad, with unfavorable exchange rates. Wise offers a much more affordable and fair alternative, by allowing its users to send, receive, and spend money internationally at the real exchange rate, with a fixed and transparent commission.

Fintech offers now a revolutionary multi-currency bank account, which allows you to hold, send and spend money in over 50 currencies.

With its Mastercard debit card, you can pay in the local currency anywhere in the world, with no hidden fees. A valuable tool for travelers, expatriates, international freelancers...

With more than 15 million users worldwide, Wise has established itself as a major player in decentralized finance.

Son Successful IPO in 2021 testifies to the maturity of its model and its ability to combine positive impact and profitability. An inspiring success story that proves that technology can be a great tool for making finance more fair and inclusive.

Wise Features: Banking Without Borders

Wise is packed with features to facilitate managing your money internationally.

Here is an overview of the main characteristics that make it successful.

1. International money transfers at the real rate

This is the historic feature of Wise, the one that made it famous. Fintech makes it possible to send money abroad in an ultra-fast, secure and economical way.

Critical review : Wise transfers are unbeatable in terms of speed and cost. By always applying the real exchange rate with no hidden margin, fintech is a reference on the market. The only downside is that transfer amounts may be limited on some more exotic currencies. But overall, it's the most cost-effective option for sending money internationally.

2. Multi-currency bank account

This bank extended its offer by launching a Wise multi-currency account very complete.

You can therefore own and manage up to 50 different currencies in the same account.

Critical review : The Wise account is a small revolution for anyone who juggles multiple currencies. Its key asset: being able to obtain local bank details in 10 countries, and thus be paid like a local. We also appreciate the instant conversion at the real rate, and the convenient sub-accounts to categorize your expenses. The only thing missing: overdraft and interest-saving options to turn it into a real current account.

3. Mastercard debit card

To spend your money, Wise offers a multi-currency Mastercard debit card very beneficial for everyone.

A Wise account also offers possibility to create a virtual card on demand in a few seconds.

Critical review : The Wise card is your passport to spend without counting in the 4 corners of the world. No more the headache of exchange fees and hidden commissions, you pay everywhere in the local currency at the real rate. The support for mobile payments and contactless withdrawals brings real comfort to daily life. We just regret the slightly low withdrawal limit - 1500€/month (or its flashy green color that everyone is watching 😆), but it's a lesser evil compared to the huge advantages of the card in this Wise account.

4. Wise Business API for businesses

Wise Business offers an API for businesses that want to integrate its bank account payment services into their own product.

A way to offer a seamless international experience to their customers or employees.

Critical review : The Wise Business API is a very powerful solution for integrating international payments with a third-party service. Volume rates are very competitive, and the turnkey widgets make it much easier to set up. It may take a bit of technical skill for the initial integration, but it's clearly worth the effort. An essential for companies with an international dimension.

5. Cross-platform mobile application

The Wise account is available on all your devices via an intuitive mobile application (iOS and Android).

So you can access your account, make transfers and manage your card in a few clicks, wherever you are.

Critical review : The Wise app puts all the power of fintech in your pocket. We find all the key functionalities (transfer, card, account...) in a simple and elegant interface. Browsing is smooth, transfers are done in seconds, and security is there with options like FaceID. The only downside is that sometimes we would like more customization options. But overall, it is a perfect way to manage your money on a daily basis.

In summary, a Wise bank account offers a very complete set of tools to manage your money internationally, all in a smooth and transparent user experience. Whether for one-off transfers, payments abroad or multi-currency management on a daily basis, fintech puts the best of technology at the service of simple and fair banking.

How to open a Wise account in minutes

Are you seduced by the advantages of Wise and want to take the plunge?

Opening a bank account is child's play. Follow the step-by-step guide.

1. Go to the website or download the application

The first step is to go to the official Wise website (wise.com) or download the mobile application, which is available on iOS and Android. Click on the “Register” button to start the process.

2. Choose account type

Wise offers you two types of bank accounts: Personal or Business.

Select “Personal” if you want to use Wise privately, or “Professional” if you want to use Wise for your professional activity (freelance business account, entrepreneur, etc.).

3. Enter your personal details

Fill in your basic personal information:

• First and last name
• Email address
• Password
• Country of residence
• Phone number

You will receive a confirmation code by SMS and email to secure the creation of your account.

4. Verify your identity

Like any financial institution, Wise is legally required to verify your identity.

You will need to provide an official identity document (passport, identity card, driver's license) and a recent proof of address (electricity bill, bank statement...).

You have two options For KyC :

• Upload a photo of the documents
• Use your webcam or camera for real-time verification

The The process is generally validated within a few minutes, but may take up to 2 business days in some cases.

5. Enter your sources of income

Wise will ask you to specify the sources of the funds you plan to deposit (salary, savings, inheritance...). It is a classic anti-money laundering step, nothing intrusive.

6. Make your first deposit

Once your identity is validated, you can make your first deposit to activate your account.

Wise accepts bank transfers, card deposits (except prepaid Visa/Mastercard), and even Apple Pay in some cases.

The minimum deposit is €20 (or something) equivalent in another currency).

The funds are credited almost instantly and you can start using your bank account!

7. Order your debit card (Optional)

If you want, you can order your Wise debit card from the “Card” tab.

Choose the billing currency (that of your country of residence), check your delivery address and validate.

The card is usually shipped within 2 to 5 working days. (reception in 10 days for me)

That's it, you've opened your Wise account and can take full advantage of the neobank features. Whether for send money abroad, spend in another currency or simply manage your money on a daily basis, you have chosen simplicity and transparency.

All you have to do is explore all the possibilities of Wise as you need them: currency conversion, creation of sub-accounts, setting payment limits...

Each feature is designed to simplify your life as a global citizen.

If you have any questions during the registration process or while using your account, feel free to check the Wise Help Center or contact customer support. Their teams are responsive and always ready to guide you.

So, ready to revolutionize the way you manage your money internationally? With Wise, Banking without borders has never been easier.

Open your bank account now and give yourself the means to achieve your ambitions, wherever your projects take you!

Pricing and fees

One of Wise's strong markers is its ultra-transparent fee policy. Far from the convoluted price schedules of traditional banks, fintech relies on clear costs, without unpleasant surprises.

Here's what you need to remember.

International money transfers

That's Wise's core business, and that's where fintech is the most beneficial. For each transfer, you pay:

• The Real exchange rate, with no hidden margin. This is the famous median interbank exchange rate, updated in real time.
• One fixed commission, announced in complete transparency. It depends on the amount sent and the currencies chosen, but is around 0.5% on average.

For example, for a transfer of €1000 to Poland, the commission will be €4.54 in total. It's 7 times cheaper than most traditional banks !

Multi-currency bank account

Opening and maintaining a Wise account is completely free. You only pay for the services you actually use:

• La conversion between your currencies at the real rate (as for a transfer)
• Incoming or outgoing transfers depending on the currency (generally free in €)

Only certain bank card deposits may be charged (1.75% for non-European cards for example).

Mastercard debit card

As for the account, the Wise card is free (no order fees or account maintenance fees). Payments in the currency of your balance are free of charge.

You only pay for:

• For withdrawals from distributors: 2 free withdrawals up to €200/month, then 1.75%
• For payments in a currency that you do not have in balance: the real exchange rate + a fixed commission of up to 2%

Wise Business API

The price list for businesses is based on monthly trading volume :

• Under €100K/month: 0.4% commission + €0.80 per transaction
• Between €100k and €1.5m/month: 0.3% commission + €0.60 per transaction
• Between €1.5M and €3.5M/month: 0.2% commission + €0.40 per transaction
• Over €10M/month: personalized quote

As icing on the cake, Wise is committed to Lower its rates even further when it reduces its own costs. A virtuous approach that contrasts with the usual opacity of the banking sector.

At Wise, transparency is not just a marketing argument, it's a real reason for being. By displaying fair prices that are understandable to everyone, fintech proves that another path is possible, for the benefit of users. A disruptive and inspiring model.

Alternatives to Wise

While Wise is unquestionably a leader in the market for international money transfers and multi-currency banking, it is not alone in this promising niche.

Let's review 3 great alternatives to see what's in their belly:

1. Revolut : British challenger

Revolut is another English neobank that has experienced a meteoric rise in recent years. Like Wise, it focuses on international banking and money transfers to seduce travelers and expatriates.

Key features 🎯

• Multi-currency account (28 currencies)
• Multi-currency debit card
• International money transfers
• Cryptocurrency and stock trading
• Budgeting and saving tools

Pricing 💰

• Free: Standard card, median exchange rate during the week, transfers at 0.5% over €1000
• Premium (€7.99/month): Premium cards, median weekend exchange rate, unlimited transfers, travel insurance
• Metal (€13.99/month): Metal card, cashback on purchases, 1% interest rate, dedicated concierge

Our Take 👍

Pros : integrated trading, budget management tools, comprehensive premium offer

Cons : cheaper rates and fees than Wise, fewer currencies supported

2. N26: German lifestyle neobank

N26 ROAD is a German mobile bank that is very popular among urban millennials. If she is less focused on the international market than Wise, it nevertheless offers solid functionalities for travelers.

Key features 🎯

• Full mobile current account
• Mastercard debit card
• Sub-accounts to categorize your expenses
• Free transfers in the SEPA zone
• Integrations with Transferwise and Investdor

Pricing 💰

• Standard (free): virtual card, 3 free withdrawals per month, free international payments
• You (€9.90/month): You Mastercard card card, 5 free withdrawals, purchase guarantee, travel protection
• Metal (16.90€/month): Metal card, free withdrawals and payments, travel insurance, priority customer service

Our Take 👍

• Pros

Pros : excellent mobile experience, competitive rates, especially in the Eurozone, cards with a high level of insurance

Cons : few currencies managed directly, international transfers via partners only

3. Western Union: Historic Money Transfer Giant

Western Union is not a neobank, but a money transfer juggernaut for over 150 years. While it has long been synonymous with paper-based international mandates, it knew how to take the digital turn to stay in the race.

Key features 🎯

• Money transfers in 200 countries and territories
• Sending online, from the app or at a relay point
• Reception in cash, on bank account or on mobile
• Dedicated platforms for businesses
• Real-time tracking and notification

Pricing 💰

• Variable costs depending on the amount, country and method of shipping/receiving
• Ex: Sending €1000 to Brazil: €5.90 by standard bank transfer, €23.90 by express transfer
• Exchange rate including a margin: to be checked on a case-by-case basis

Our Take 👍

Pros : global network of agencies, possibility of sending and receiving in cash, support for secondary “corridors”

Cons : higher-than-average fees, less fluid user experience than a dedicated app, opaque exchange rates

In the end, Wise is doing well against these three challengers.

👉 Revolut may be the closest in terms of offer, but it has less attractive rates.

👉 N26 seduces by its mobile experience but remains limited to Europe.

👉 As for Western Union, it is paying for its status as a historical player with digitalization that can still be improved.

Wise stays ahead of the curve thanks to its unbeatable rates, its transparency and its specialization. Its unique mix of low-cost transfers and multi-currency bank accounts makes it the ideal solution for global citizens who want to optimize their money.

FAQs

Is Wise cheaper than banks?

Yes, Wise is on average 7x cheaper than traditional banks for international transfers, thanks to its real exchange rate system and fixed commission. You can compare yourself with the comparison tool on the Wise website.

Do you need a minimum deposit to open a Wise account?

No, there is no minimum deposit to open a Wise account. You can start with the amount you want, in the currency of your choice. The only costs are those related to use (transfers, exchange, withdrawals...).

Can you trust Wise for the safety of your money?

Yes, Wise is a regulated company that meets the highest security standards. Your money is secured in top-tier banks, and all transactions are authenticated and encrypted. In addition, Wise is supervised by the financial authorities of the countries where it operates (FCA in the UK, FinCEN in the USA...).

How do I contact Wise customer support?

Wise customer support is available via chat from the app or website, or by phone at +44 808 175 1506. The hours are Monday to Friday from 7 am to 4 pm. You can also consult the online help center that answers the most frequently asked questions.

Final Verdict

At the end of our analysis, one thing is certain: Wise is deeply shaking up the codes of traditional finance.

By tackling international transfers head-on, the Fintech has highlighted the opaque and expensive practices of banks. Better still, it proved that it was possible to do otherwise, by offering quality service at a fair price.

That is the great strength of Wise. : having been able to build a clear value proposition from the start, beneficial for the user. Where neobanks often simply repaint a traditional model in the colors of tech, Wise is deeply reinventing the relationship with money. With its “peer-to-peer” system, fintech bypasses unnecessary intermediaries to offer the fairest possible exchange rate. A small revolutionary gesture that changes the lives of millions of people.

This obsession with transparency and fairness is found at all levels: The rates are clear, without asterisk or lines in small gray font.

The user experience is fluid, with a clear and professional background. Customer service is responsive and human, far from the disembodied standards of banks. Everything is done to restore power and trust to the user.

Of course, Wise is not free of flaws. We can regret the absence of savings or credit products, which still limits fintech to a banking “overlay” role. One can also question the solidity of its model in the face of ever more fierce competition, especially in the international transfer segment.

But these limits seem almost anecdotal in the face of the fresh air that Wise brings to the market.

By challenging the status quo, by showing that it is possible to reconcile user value and profitability, fintech is paving the way for a new era in finance. A fairer, more transparent, more inclusive era.

So is Wise the perfect neobank? Probably not, though It's the one I've been using mostly today since I've lived in Canada 🇨🇦 or during all my international trips 🌎.