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.
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 other providers and local banks. Fast and reliable transfers with the lowest possible fees are essential for a business. We’re happy with Wise so far and plan to keep using them in the long term.
Pros
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
Cons
It's hard to tell anything, but a UI is never perfect.
Sometimes we had issues with confirming payment with the mobile app when paying with the Wise credit card.
While they still save you money, their fees went up a quite a couple of times already.
Likelihood to Recommend
Wise is a great option to take in deposits and payments for services offered online. In our case, we do web design & development, branding, graphic design & all kind of visual design services. Our clients are often abroad, and Wise helps us to receive funds quickly with very low transfer fees. When our clients don't know about Wise, we refer them to the service and send a few instructions on how to make a transfer. Wise it is less appropriate when we receive or send funds from our country. In this case, the bank fees are often less than what Wise would charge for the same transfer.
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, very effective at the receipt and cash management, and very timely. This makes it very simple for my clients to pay me in multiple currencies without the need for bank accounts in various countries.
Pros
Timely cash receipt
Timely cash transfer
Easy to use Dashboard
Cons
Continue to expand the currencies allowed for inbound payment.
Likelihood to Recommend
An outstanding solution for any global consultant/advisor to manage cash receipts and payments.
VU
Verified User
Consultant in Corporate (Human Resources company, 1-10 employees)
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 collecting funds. It is a really flexible way to get funds transferred internationally without worrying about transaction fees, or finding the right currency, or security.
Pros
Low transfer fee
easy to use
international transfer
Cons
More integration with other tools
easier to connect to bank directly
sending invoice directly from TransferWise
Likelihood to Recommend
I really like TransferWise as it is really simple. It allows for lots of funds transfer at a lower rate as compared to Stripe and Paypal. However the down site to it is that it requires the other party to have TransferWise as well. It can definitely use but on a business standpoint, a lot more need to be done from an accounting perspective,
VU
Verified User
Consultant in Corporate (Management Consulting company, 1-10 employees)
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 transfer those funds to traditional banks all over the world. This website has an easy to use interface and their customer service is decent as well. They offer personal and business accounts. They also offer a credit card I believe. I have used others and highly recommend transferwise!
Pros
currency conversion
online banking
Cons
clear fees
great FX rates
Likelihood to Recommend
TransferWise's website will convert currencies and send you easy to follow tracking information. You can receive money, convert that money and send that money to multiple places around the world.
We use it to pay contractors in foreign currencies. Our banks didn't provide foreign currency payment capabilities.
Pros
Setup is easy.
Clearly indicates rates & fees.
Locks in rates for a specified amount of time.
Cons
It was a little hard to set up with our bank account.
Likelihood to Recommend
Transferwise is great if you need to pay contractors or vendors in foreign currency. It's easy to use and pretty quick to get the payment to them. It's less expensive than bill.com or banking software.
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 far, we have only used TransferWise to pay an instructor in the U.K. Ease of setup, low fees, timely completion of the transaction, and a favorable exchange rate were major decision criteria.
Pros
Ease of setup.
Low fees.
Timely completion of transactions.
Favorable exchange rate.
Cons
More clarity on time required to verify a new payee's banking information.
Discount for nonprofit organizations.
Notification when transaction is accepted by the payee's bank.
Likelihood to Recommend
Our experience with TransferWise has been limited, so far, to making international payments to overseas contractors. It is very well suited to this use case. Because there is some setup time to verify the payee's bank account, it is not well suited to any situation where you must make an immediate payment. But, once the payee is verified, the transfer does take place within a period of hours. Note that if the receiving bank is not open at the time of transfer, it can take longer than that for both payer and payee to be sure the payment went through. But if you are able to take some time for the verification process and the transfer process, it is extremely easy to set up your account, set up your payee, and transfer the money. The website is clear and user-friendly. The fees are clearly communicated as well as the exchange rate so that you know exactly what will be debited from your account. We were very pleased with our experience with TransferWise.
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 beginning how easy it is to use. Ever since I started using TransferWise to be paid by my clients, I never had to worry about receiving payment for my services on time.
Pros
Send and receive money fast.
Notifies you for every transaction.
Small transfer commissions.
Easy to use in general.
Cons
I'd like to be able to use a "request payment" link without having to order the payment from my bank first.
Likelihood to Recommend
I really like TransferWise. If you want to make international payments or receive international payments, it's pretty easy to use. It's also easy to set up an account. I like I can send and receive money regardless of holidays.
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 easily and in multiple currencies without having to open bank accounts in different counties.
Pros
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.
Cons
They provide card service which is amazing, but it's not available in my country. It would be great if they could provide it to my country as well.
Likelihood to Recommend
If you are an individual or a small business owner who has international clients and wants payments from those customers then Wise is suited for them. It can help them receive payment easier and help prevent lots of fees.
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 easy for them. The important thing in using a payment processor is the ease of use, reliability, and that it saves money for both the employer and the employee. For us, TransferWise is the solution that does all of that.
Pros
Ease of Use
Low cost of transactions
Reliable transfer and timeliness
Cons
Setting up a recurring transaction would be great
It can sometimes be confusing to choose a type of currency that you are sending and they are receiving in.
Likelihood to Recommend
If you are sending money overseas to contractors, it's a fantastic platform that solves the problem. I've been using it for over a year and it's been the best international transfer protocol that I've used. The other important factor is that my contractors don't have to pay high fees and get paid in a timely manner. I haven't found any scenarios for my situation where it isn't a good fit. Perhaps local transfers wouldn't be necessary via the platform.
