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Wise

Score9.4 out of 10

43 Reviews and Ratings

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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 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.

Categories & Use Cases

Reviews

What users are saying about Wise.
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Great for international solo entrepreneurs

Ed OrozcoView profile
UX Designer at Ed Orozco Consulting (1-10 employees employees)

Use Cases and Deployment Scope

I use it to hold multiple currencies and as a primary business account.

Pros

  • 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

Cons

  • Sometimes it's confusing to switch between my personal and my business account
  • They have requested multiple times to submit identity verification documents, sometimes even twice in the same week which is annoying

Return on Investment

  • It's allowed my to easily receive payments from US clients which is neat
  • It's saved me a ton of time by syncing with my accounting software

Other Software Used

Stripe Billing

Better transfer fees than those of the local banks' for abroad transfers

Arpad SzucsView profile
Brand Designer | UI, UX & Visual Designer in Marketing at WhiteX.Design (1-10 employees employees)

Use Cases and Deployment Scope

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.

Most Important Features

  • Sending funds
  • Receiving funds
  • Using the Wise credit card locally or abroad

Return on Investment

  • We can save around 5% on our transfer fees
  • The online account management is easier than going into banks personally
  • There's no negative impact...

Alternatives Considered

Stripe

Other Software Used

Stripe

Transferwise - Your buddy for cross border transactions

Incentivized
Jenson Teo (赵俊杰）View profile
Business Development Director in Sales at RGF Professional Recruitment (51-200 employees employees)

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

Most Important Features

  • Low admin fee
  • No hidden charge
  • Safe to use, regulated by MAS
  • Easy to set up account (within minutes)

Return on Investment

  • We managed to save money as the admin fee is lower compared to banks
  • There is more transparency in the pricing as there are no hidden charges

Alternatives Considered

Apple Pay

Other Software Used

Saleswhale, Salesforce CMS, Lusha Extension

TransferWise: A wise choice.

Incentivized
Elaine Smith
Producing Artistic Director in Corporate at Clamour Theatre Company (1-10 employees employees)

Use Cases and Deployment Scope

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.

Most Important Features

  • Ease of use.
  • Low fees.
  • Good exchange rate.

Return on Investment

  • Enabled us to contract with an internationally-acclaimed teacher to provide actor training.

One of the best website to receive payments from international clients.

Incentivized
Bhabishya BhattView profile
Content Writer in Information Technology at Nepali Mind (1-10 employees employees)

Use Cases and Deployment Scope

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.

Most Important Features

  • Maintaining account in multiple currency.
  • Wise providing US bank details which makes it easier to receive payments.

Return on Investment

  • TransferWise has created positive impact on my business since I started using it.

Alternatives Considered

Payoneer

Other Software Used

Payoneer

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