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Wise Review - Money Transfer Costs and FXcompared’s rating

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Rating based on expert reviews by FXcompared
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Rating based on expert reviews by FXcompared
Last updated | October 7th, 2021

About Wise

Formerly known as TransferWise, Wise is a private, UK-based peer-to-peer online money transfer company, which launched in 2011. Headquartered in London, with additional regional headquarters in Belgium and the United States, the firm offers money transfer services to over 70 countries. Wise can also act as a ‘borderless bank account’, providing the ability to accept, send and hold funds in multiple currencies, and it issues a debit card for international use.

Wise is an online-only provider and does not have any physical branches. The main website is available in 12 languages, including English, French, German, Italian, Japanese, Hungarian, Polish, Portuguese, Russian and Spanish. The company is registered as a money service business and is authorized to trade by the Financial Conduct Authority (FCA) in the UK and other regulatory bodies across the globe including FinCEN in the US.

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Rating based on expert reviews by FXcompared
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Rating based on expert reviews by FXcompared
Amount Received £ 200.00
£ 0.00 Average money saved. Saving vs. Banks
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USDn/a
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AUDn/a

0.0/5
Poor
Rating based on expert reviews by FXcompared
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Wise focuses on making transfers more affordable by charging low fees and offering a true mid-market exchange rate, with a zero mark-up. There is a fixed fee, dependent on how you will send the money: from your bank account, with a debit or credit card, or from an international account outside the UK. The website displays these fees clearly when you start to set up a transfer online. This is different from most banks who will charge an above-market exchange rate, often with the margin bundled in with fees which they are not always transparent about. Transfers by credit card (and debit card for some currencies) will incur an extra fee.

Go to Wise

Wise will offer you

  • Fast, convenient money transfers
  • Low, transparent fees
  • A true mid-market exchange rate
  • The ability to send funds to over 70 countries, in 49 currencies

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Other International Money Transfer Quotes

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

More InfoLess Info
FXcompared Rating
4.2/5
Outstanding
Amount Received
USD $231.76
GBP £10.31
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.1588 ?
Speed:1-3 days ?

OFX (UK)

Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

More InfoLess Info
FXcompared Rating
4.5/5
Exceptional
Amount Received
USD $233.86
GBP £12.06
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.1693 ?
Speed:not specified ?

Azimo

Est. 2012

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

More InfoLess Info
FXcompared Rating
4.0/5
Outstanding
Amount Received
USD $235.88
GBP £13.75
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.1794 ?
Speed:1-5 days ?

WorldRemit

Est. 2009

Use the code '3FREE' and pay no fees on your first three money transfers

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

More InfoLess Info
Amount Received
USD $237.35
GBP £14.97
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.1867 ?
Speed:within 24 hours ?

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

More InfoLess Info
FXcompared Rating
3.8/5
Very Good
Amount Received
USD $225.46
GBP £5.05
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:£10.00 ?
Exchange Rate:1.1273 ?
Speed:1-3 days ?

MoneyGram

Est. 2004

MoneyGram is a leading remittance provider serving countries across the globe.

 

More InfoLess Info
Amount Received
USD $238.04
GBP £15.54
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.1902 ?
Speed:within 24 hours ?

Western Union

Est. 1851

The Western Union Company is a financial services and communications company based in the United States.

More InfoLess Info
Amount Received
USD $236.42
GBP £14.20
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.1821 ?
Speed:in minutes ?

Wise

Est. 2010

Wise is an online only provider

More InfoLess Info
FXcompared Rating
4.2/5
Outstanding
Amount Received
USD $238.36
GBP £15.82
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:£1.13 ?
Exchange Rate:1.1918 ?
Speed:1 day ?

Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
USD $221.03
GBP £1.35
saved vs. banks
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Fee:£9.50 ?
Exchange Rate:1.1051 ?
Speed:1-5 days ?

PayPal

Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

More InfoLess Info
FXcompared Rating
3.9/5
Very Good
Amount Received
USD $232.84
GBP £11.21
saved vs. banks
START YOUR
TRANSFER NOW!
Fee:No Fee ?
Exchange Rate:1.1642 ?
Speed:not specified ?

Where does Wise work?

You can send money from 43 countries to over 70 countries with Wise. Currently supported are international transfers to India, Canada, Nigeria and China, among many others.

How does Wise make money?

Wise earns money through its very reasonable transfer fees that are clearly laid out on the website. They do not take an extra mark-up on exchange rates, as do many banks and transfer services.

Can I transfer the same currency using Wise?

Yes, you can make regular transfers, moving the same currency from one country to another, such as USD to USD, or GBP to GBP. You can also hold multiple currencies in your Wise borderless account.

Is my money safe with Wise?

Wise is a safe, legitimate, reliable, and trustworthy money transfer service. It is authorised and regulated by the Financial Conduct Authority (FCA) in the UK, FinCEN in theUS, FinTRAC in Canada, ASIC in Australia and other regulators in each of the key territories it operates in. It is trusted by millions of customers worldwide.

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Why you can trust FXcompared's reviews

FXcompared's goal is to help you find the best money transfer provider for your needs. 

We have been comparing money transfer companies longer than anyone else (over 10 years) and work with the leading money transfer providers across the globe.

We have deep knowledge of the money transfer sector including our own data and intelligence arm allowing us to provide the level of in-depth reviews and analysis we have offered here.

We have had a relationship with Wise for a number of years which allows us to access their exchange rate and fees information and we have many checks in place to ensure this is accurate. Partnerships with providers like Wise help us provide our site and services free of charge to our users.

© FX Compared Ltd 2023

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.