Wise Review: The Cheapest Way to Send Money Abroad
Have you been wondering about the cheapest way to send money abroad? In this Wise review, I've got you covered! Wise, formerly known as TransferWise, has greatly improved how we send money internationally since it started.
Since moving to Sweden in 2018, I've used Wise monthly to send money to the Philippines. My experience has been consistently excellent. They offer competitive exchange rates, making them a top choice for cost-effective international transfers.
I've tried other money transfer apps, but none matched up, so I always find myself returning to Wise.
In this Wise review, I'll explain everything you need to know about this platform. Is Wise worth it? Who benefits the most from using WIse?
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Wise App Overview
Overall, I highly recommend Wise to anyone looking for an easy, affordable way to manage and transfer money internationally. The multi-currency account feature of Wise lets you hold, manage, and send money in over 40 different currencies. This makes it an exceptionally versatile tool for managing finances globally, especially for those living abroad.
What is Wise?
Wise, previously called TransferWise, stands out among money transfer companies for its transparent fee structure and real-time exchange rates. These features frequently make it the most affordable option for sending money overseas, often completing transfers within 24 hours.
The Wise app streamlines the process of international money transfers. Its user-friendly interface lets you track transfers in real time.
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Wise Features
In this Wise review, I've found that Wise's key features, including its speed, low cost, and multi-currency accounts, are incredibly useful for managing finances in different currencies.
Instant Transfers
One of Wise’s most impressive features is the speed of its transfers. In my experience, transfers to the Philippines are often completed within an hour, which is significantly faster than traditional bank transfers.
Multi-Currency Accounts
Wise enables you to open and manage accounts in multiple currencies, which is a key feature for sending money abroad. This is particularly useful for me, as I frequently send Philippine pesos to my family living in the Philippines.
Transparent Fees
The fees for Wise's transfer service are reasonable and transparently communicated upfront. With no hidden charges, the fee structure is fair, closely aligning with the market exchange rate, and proportionate to the amount being transferred.
Business Account
Wise allows you to open both Personal and Business accounts. The Business Account is particularly ideal for small companies dealing with international transactions and multiple currencies.
It offers everything you need to grow your business and operate internationally without the high fees and administrative hassle of a traditional bank.
The Wise Business account also integrates with accounting platforms like Quickbooks, simplifying financial management and offering functionalities like batch payments and instant transactions in multiple currencies.
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Pros of Wise
- Quick and reliable money transfers.
- Competitive and transparent exchange rates.
- Multi-currency account management.
- User-friendly app interface.
- Ability to track the progress of transfers.
- Hold cash 40+ currencies for free.
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Cons of Wise
- Limitations are based on the user's country of registration; for example, the debit card option is not available for accounts registered in the Philippines.
- A fixed fee of 4 USD for receiving USD wire payments.
Wise Review: My Experience with the Cheapest Way to Send Money Abroad
As a user of Wise's money transfer service, I frequently send money overseas to my family in the Philippines, and find the process incredibly straightforward. The app's interface facilitates online money transfer with ease, eliminating any learning curve.
The verification process was also efficient and quick, an important factor when comparing international money transfer services. Holding various currencies in my Wise account and having access to specific bank account details for each, like Euro or US dollars, is a notable benefit.
But, a limitation I face is that, with my account being set up in the Philippines, I cannot order a physical Wise debit card. This feature would be highly convenient for my travels due to its multi-currency capabilities, so I rely on Revolut for that instead.
Even with this limitation, the convenience, speed, and affordability of Wise are outstanding, making it a great option when sending money internationally. It gives me peace of mind, knowing I can quickly send money back home, especially in emergencies.
Who is Wise for?
Wise is ideal for:
- People regularly send money abroad.
- Travelers or digital nomads need to manage finances in multiple currencies.
- Individuals seeking the cheapest way to send money abroad will find Wise to be a clear, affordable option compared to traditional bank transfers.
Wise Pricing
Wise offers a transparent pricing structure, standing out with its exchange rate markups. When comparing international money transfers, you'll notice that Wise's fees vary depending on the amount being transferred and the currencies involved.
These fees are typically lower than those of traditional banks. Additionally, you can use Wise's currency converter on their website to get an estimate of your fees and the exchange rate.
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Wise Alternatives
- Western Union: Widely known for its extensive global network, offering money transfer services in over 200 countries. This makes it a reliable option for sending money to remote areas where other services might not be available.
- Remitly: Remitly is the best money transfer service for those seeking a cash pick-up option, which Wise doesn't offer.
- WorldRemit: Similar to Remitly, you have the option to send money not only to mobile wallets and bank accounts but also to cash pick-up locations across the globe.
- Revolut: One of the highly rated money transfer apps and is best suited for customers located in the UK, EU/EEA, and US.
FAQs About the Cheapest Way to Send Money Abroad
What is the least expensive way to transfer money internationally?The least expensive way often varies based on the destination, currency, and transfer amount. Services like Wise, known for low fees and real mid-market exchange rates, are generally cost-effective. To ensure you're getting the best deal, it's crucial to compare international money transfer rates on different platforms
How can I send money internationally without a fee? It's rare to find a service that allows international money transfers completely free of charge, as most will have either a direct fee or a margin on the exchange rate. However, some services offer fee waivers or low-cost promotions, especially for first-time users.
What is the safest and cheapest way to send money internationally? To ensure both safety and affordability, choose a regulated and reputable transfer service like Wise. These platforms offer competitive rates and adhere to stringent security standards, balancing cost-effectiveness with secure transactions.
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Final Thoughts: Is Wise the Cheapest Way to Send Money Abroad?
As someone who uses Wise every month for international transfers, I definitely think it's worth it. It's easy and straightforward, which I love. They show all the fees upfront and usually have better rates than the banks, saving me money each time I send.
I really like being able to hold different currencies in my account, as highlighted in my Wise review. It makes dealing with money from different countries much simpler. The app is also really user-friendly, so anyone can use it without any hassle.
Sure, there are some limits, like not being able to get their card in some countries, but overall, Wise has been great for me. Transfers are quick too, often done in just a few hours.
So, if you often send money abroad or deal with money in different currencies, I'd definitely recommend Wise. It's not just about the cost - it's also super convenient and gives me peace of mind. For me, Wise has been a really good choice for sending money overseas, as I've shared in this Wise review.
