Wise Reviews & Insights

Score9.4 out of 10

43 Reviews and Ratings

Community insights

TrustRadius Insights for Wise are summaries of user sentiment data from TrustRadius reviews and, when necessary, third party data sources.

Pros

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.

Wise Reviews

4 Reviews

Mid-sized Companies (51-1,000 employees)

Transferwise - Good and Hardworking Program

Rating: 7 out of 10

Incentivized

March 24, 2022

Use Cases and Deployment Scope

The organization used transfer wise to pay near-shored contractors.

Pros

Reliable payments
Low transfer charged
Easy to use
Good customer service

Cons

sometimes deposits money in strange and multiple intervals
sometimes has trouble working with certain banks

Likelihood to Recommend

The program works well for us transferring payments to those near shore on a bi-monthly basis. It was easy to set up and use. I do think that as the contractor base grew they had a harder time keeping up with the number of transactions at one time.

Adam Guenther

General Manager in Corporate at Porch Group (Internet, 501-1000 employees)

Vetted Review

5 years of experience

Transferwise - Your buddy for cross border transactions

Rating: 9 out of 10

Incentivized

March 23, 2022

Use Cases and Deployment Scope

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 are not a bank), we managed to lower the fees and admin fee for our transactions. Also Transferwise helps to automate our international payouts and we can integrate transferWise with our exisitng platform. Transferwise is also regulated by the Monetary Authority of Singapore (MAS) so it gives us a peace of mind when we are using it.

Pros

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

Cons

Takes a longer time to reach customer service
Need to work on a better UI/UX design
Can be quite confusing at first on how it works as we thought they are a bank

Likelihood to Recommend

For a small business looking to expand internationally, transferwise offers lower admin fee and no hidden fee which is very important. It also remove the hassle and headache of setting up accounts with the local banks. Other than the low fees, the best part is we can use transferwise safely with a peace of mind as it is being regulated by the MAS. Lastly, any small business can set up their transferwise account within minutes which is very convenient.

Jenson Teo (赵俊杰）

Business Development Director in Sales at RGF Professional Recruitment (Management Consulting, 51-200 employees)

Vetted Review

3 years of experience

View profile

Effortless Funds Transfers.

Rating: 10 out of 10

Incentivized

March 23, 2022

Use Cases and Deployment Scope

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 inheritance to him. TransferWise was not only very easy to use but was lightning fast. I've sent traditional international wires, which usually require multiple days to make it overseas. TransferWise has a domestic office that serves as a go-between for transfers. So, even though the money I was sending was going international, the wire was domestic. This made it cheaper on the sending bank side (domestic wire transfers were less than international transfers). But best of all, the money was sent and released to my brother within one business. That's incredible! I used TransferWise several times to move funds over to him and would use it again any day.

Pros

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.

Cons

Popularity - the bank I took the form to regarded it with suspicion at first. They had never heard of TransferWise and I had to wait for a while for them to authenticate it.

Likelihood to Recommend

As long as both entities involved in the transaction have an account and communicate well, I see TransferWise working quickly and effectively in all situations.

Sarah Daggett

Systems Manager at Pacific Lutheran University (Higher Education, 501-1000 employees)

Vetted Review

2 years of experience

View profile

Use of Transferwise for easy and smart cross-currency money transfers.

Rating: 9 out of 10

Incentivized

March 22, 2022

Use Cases and Deployment Scope

It was useful to easily transfer money across countries that use different currencies, being the transaction cost lower than using our bank.

Pros

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.

Cons

For large money transfers, the tax is a bit expensive so it would be nice if that was adjusted or if there was some economy of scale.
Ability to schedule recurring transfers could be useful.
Be able to transfer money by using a mobile phone number, like with Mobile Pay or Bizum, when the sender and receiver of the money are in different countries.

Likelihood to Recommend

Transferwise it is great for transferring money across countries (never for transfers within the same country) and when the countries in question use different currencies. It is very quick, especially if the amount is not big. For larger amounts, it would take longer so it would be good only if you are not time-constraint.

Verified User

Engineer in Marketing (Wholesale company, 501-1000 employees)

Vetted Review

3 years of experience

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