WISE, formerly known as Transferwise, is a low-cost online money transfer service abroad.
With Wise Transferwise, you can save a lot of money when you send money overseas compared to the conventional banks you have today.
| Description | Amount |
|---|---|
| Open an account | $0.00 USD |
| Minimum deposit | $0.00 USD |
| Transfer money to the same currency | Free |
| Transfer to foreign currency | 0.2 – 1% depending on currency |
| Receive money in EUR, USD, GBP or AUD | Free |
| Choice of foreign currency | More than 50 foreign currencies |
What is WISE?
Wise is a fintech (financial technology) company from England that serves money transfers from or to foreign countries and exchanges foreign exchange with the best exchange rates.
Today, Transferwise has more than 2,400 employees, 17 offices, and more than 10 million active users in 59 countries.
- Money TransferWISE consists of three main services, including:
- Transfer money abroad and exchange foreign currencies at the best rates.
- Open a free account and save over 55 different foreign currencies.
- Get a WISE MasterCard debit card that can be used worldwide.
This is also evidenced by the positive reviews obtained as many as 142,271 from Trustpilot, a review site for consumers and businesses around the world.
For those of you who want to create a WISE Transfer account, it's free. You just register via THIS LINK. So, what are you waiting for register now!
How Transferwise Works
Everyone can easily open a Wise account for free.
In short, Wise.com makes it possible to save, exchange, pay, receive and transfer many different currencies at the lowest cost over 50 countries.
To find out more about how it works, watch the video below.
You can store and exchange more than 50 foreign currencies as below.
History of WISE
Taavet Hinrikus and Kristo Käärmann are Transferwise founders (Founders). They are both from Estonia. Taavet was the first employee at Skype, so he was paid in Euros.
However, he lives in London, and needs Pounds Sterling to pay the bills.
Kristo works for Deloitte and lives in London. He is paid in pounds but has a mortgage in Estonia. He had to pay it in Euros.
They put together a simple scheme. Every month, they check Reuters to find a good exchange rate.
Kristo sent Pounds Sterling to Taavet's British bank account, and Taavet sent Euros to Kristo's account.
Both get the currency they need, and don't pay a penny in hidden bank fees.
Every month, they transfer their money in a conventional way which consumes their time and money.
They found a simple solution that became a billion dollar business. And finally TransferWise was formed.
WISE (formerly TransferWise) was born out of frustration. Sending money abroad is notoriously expensive due to hidden fees that must be paid to the bank.
A netizen from Indonesia said,
Generally, Indonesian banks charge a fee of $25.00 USD for a full transfer fee and IDR 50,000 for a telex fee (admin fee).
WISE eliminates all hidden fees and helps people send money overseas at the lowest possible cost.
How to Register Transferwise
- Click the “Register Now” button.
- Then, you will be directed to register online on the Wise.com site in a few minutes.
- After logging in, fill in your personal data, such as your desired email address and password.
- Users can choose "send money" or "add money".
- If you choose "send money", then enter the amount and currency you want to transfer.
- Enter your data and the required recipient data and confirm the transfer. In this case, as you can see from the image, the transfer takes only one business day. As a rule, all WISE transfers are processed within 1-3 business days.
- You can also transfer money to a foreign exchange account using a credit card or debit card.
- If you select "add money", then you can choose the desired account, such as Euro, USD, British Pound, and others. You can also enter the amount directly in the currency of another country and it is automatically converted into that currency.
- If you have a credit card or savings account, you can link your credit card with your Transferwise account to top up your Transferwise account.
- You can also send money to a bank account or bank debit card bearing the Visa or Mastercard logo. However, not all bank debit cards can send money to WISE. So, as much as possible do the test first. If it fails, you can use a credit card.
Identity Verification
In principle, no identification is required if you want to transfer money less than EUR 15,000. However, if you decide to transfer a larger amount, then verify your identity.
The identity card that will be requested is a passport, ID card, or driver's license. Your identity card will be required in digital form because it will be photographed via webcam.
WISE Features
Unlimited Accounts for Freelancers and Entrepreneurs
As explained above, you have the option of opening a free savings account with WISE.
If you are an entrepreneur, you can create a business account. It helps you to separate personal expenses and business expenses.
WISE App
You can complete all transactions via the WISE website or app which is available on iOS and Android.
In addition, for Transferwise logging into the account is also easy. You are only asked to enter the verification code sent via SMS. This verification is requested to increase the security of your Wise login account.
Connect Credit Card with WISE Account
If you have a credit card, you can use it for foreign currency transfers or to deposit in a savings account.
All you need to do is connect your credit or debit card to your TransferWise account.
Transferwise Advantages and Disadvantages
Just like any other financial product, WISE also has its advantages and disadvantages. Here are the advantages and disadvantages:
Advantages :
It's free to create an account and there are no admin fees.
Send money abroad at the cheapest and fastest cost.
Real and best currency exchange rates.
Users can know how much the transfer costs before sending money.
The platform is easy to use and can be accessed via a computer or smartphone.
Deficiency :
MasterCard debit cards are not yet available for customers from certain countries.
Customers must verify their identity if they want to transfer money abroad for 15,000 Euros.
Well, now you know the complete information about how this platform works. For those of you who want to create a free WISE Transfer account.
You just need to register via the button below. So, what are you waiting for, register now!