Wise Review: Pros & Cons

Our Verdict

Wise is a long-established money transfer company offering secure international money transfers and a multi-currency prepaid card at competitive rates. Customers can send currency to more than 160 countries in 40 currencies. 

Exchange rates and transaction charges are transparent, but it may be possible to find cheaper deals elsewhere depending on your specific transfer. Wise does not offer the option to send currency for cash pickup.

Pros

• fast and secure transfers
• lock in an exchange rate for 48 hours
• wide choice of money transfer options.

Cons

• some fees are higher than those of competitors
• customer support is limited
• no option for cash delivery or pickup.

Learn More

Via Wise's Website

Currencies available

Convert and hold 40 currencies

Monthly fees

£0

Payment options

Wire transfer, debt card, credit card, direct debit, Apple Pay

What is Wise?

Wise was set up in 2011 as a more innovative and cost-effective way to send money across borders. It aims to offer international money transfers in a way that is cheaper, quicker and more convenient than using a high street bank.

The company has more than 10 million active customers and facilitates money transfers in 40 currencies globally worth around £10 billion every month.

A major part of Wise’s appeal – which is important in a crowded market – is its relatively straightforward pricing structure for transfers. Wise uses the mid-market rate for all transactions applying a single fee, starting at 0.33% per transaction.

However, charges will vary depending on the currency, the size of the money transfer and the method of transfer – for example, bank transfers may cost less than a credit card payment. Find more information below.

Wise features at a glance

Wise offers two main services: international money transfer and a multi-currency account, which comes with an optional linked prepaid currency card.

• money transfer service
  Wise’s service offers money transfer in 40 currencies with methods including bank transfer, debit card or credit card payment, or Swift transfer (if you have a bank account overseas).
  
  If you have a Wise multi-currency account, you can also use funds preloaded into the account for a money transfer abroad and set up recurring money transfers.
  
  Wise uses the mid-market or interbank rate, with no markup on the exchange rate. You can choose to lock in a particular exchange rate for up to 48 hours.
  
  The payment method you choose, as well as the currency, destination and value of the transfer, will dictate how much you pay in fees for the transaction and how quickly the money will arrive.
  
  Wise says most bank transfers and card transactions typically arrive the next day, but in many cases the money arrives in the recipient’s bank account within minutes.
  
• multi-currency account and card
  The multi-currency account allows you to hold different preloaded currencies and also supplies a linked debit card for easy spending and cash withdrawals abroad. The card can be added to your digital wallet (for Apple Pay and Google Pay).
  
  Cardholders can make a maximum of two withdrawals per month, up to a total of £200, fee-free. Cash withdrawals over these limits will be charged. There are no additional fees for spending on the card, provided you have the preloaded currency in your account.
  
  You can set up recurring payments as direct debits from your Wise account, and you can also receive international transfers into the account, although fees may apply (which we explore in more detail below).

What does it cost to use Wise?

There is no monthly or annual fee for the multi-currency account, but there is a £7 fee to get the linked debit card. There’s also a £10.85 express delivery charge for the card if you need it quickly (within two days).

You can make two cash withdrawals overseas on the card per month up to a total of £200 without incurring charges. If you exceed these limits, the charge is a flat rate 50p per withdrawal and a 1.75% charge on the amount you withdraw over the £200 limit.

There is a £2.50 fee for a replacement card if yours is lost or stolen, but there is no inactivity fee on the account or card.

For international money transfers, Wise charges a single fee, which will be a percentage of the total transaction. The fee starts from 0.33% and will vary depending on the currency and transfer method.

Generally speaking, larger transactions tend to charge lower fees and end up being more cost-effective. Wise offers a discount on its fee for some transfers over £20,000, for example.

Bank transfers at Wise tend to be much cheaper than credit card transactions, as seen in the example below.

Wise has a currency calculator on its website so you can see the charges upfront for your specific money transfer before you go ahead. You can also use this to calculate whether sending more or less currency or using other payment methods is more cost-effective.

Is my money transfer safe with Wise?

Wise is regulated by the Financial Conduct Authority (FCA) as an electronic money institution. But while this means the company must take significant steps to ringfence and protect customers’ cash, it is not a licensed bank, and therefore customers don’t have protection for their money under the Financial Services Compensation Scheme (FSCS).

On its website, Wise says customers’ funds are safeguarded in dedicated bank accounts and covered by assets held by the company of the same value. It also runs dedicated anti-fraud and support teams.

Wise accounts are protected with two-step verification, which means when you log in you’ll have to verify your identity, usually by entering a code sent by text message, using your fingerprint, or face recognition.

Who should consider using Wise?

Holidaymakers or business travellers may find the Wise account and prepaid card useful and convenient, and a more cost-effective way to carry currency. But it is important to watch out for the cash machine withdrawal limits to avoid being hit with high fees.

Wise’s money transfer service is easy to use and comes with transparent pricing, which means if you’re making regular overseas money transfers, it could be worth considering. If you have an account, you can also set up recurring payments – although in this scenario, it will not be possible to lock in an exchange rate for future payment – known as a forward contract.

Depending on the currency and the method of transfer, Wise may not be the most competitive option, so shop around and compare different providers’ charges. Particularly if you need to transfer a large sum of money, the difference in fees between providers could be significant. Taking some time to do your research could save you money.

Wise customer support

Wise offers customer help over the phone, by email and via 24/7 live chat. The website also has a Help Centre section with various frequently asked questions and support around common problems, such as setting up payments and receiving money into an account.

If you have a complaint, you can report it by phone or by sending an email through the Wise website. If not resolved to your satisfaction, customers can take their complaint to the free and independent Financial Ombudsman Service, which will adjudicate.

What do customers say about Wise?

Wise has a Trustpilot rating of 4.3 out of 5 from more than 255,000 consumer reviews (April 2025), including 81% who rated the service as 5 stars.

Among recent customer reviews on Trustpilot, users said:

“It was easy and efficient to make the transaction. Money was received in minutes by the recipient.”

“Wise is an excellent service for international money transfers. It’s fast, easy to use, and offers great exchange rates with low, transparent fees. I’ve had a smooth experience every time.”

However, some users report slow responses to customer service issues, and higher fees than some other providers.

Opening a Wise account

To send money with Wise, you’ll need to create an account. To open a Wise account, you can apply online on the website or download the app to your phone or tablet.

After you have registered with some basic personal information and an email address, you’ll be asked to upload evidence of your photo ID, such as your passport or driving licence, to complete the application. However, this shouldn’t take more than a few minutes. It is important to factor in this time, however, when making your first money transfer with Wise.

Once your account is up and running, you can make payments from your bank to convert to the currency or currencies of your choice.

Wise money transfer: step by step

When you’ve registered for an account, you’ll also be ready to make international money transfers when you need to. Here’s our step-by-step guide to making a money transfer with Wise:

Step 1: Check the cost of your transfer

After logging into your Wise account, you can use the tools to find out what your specific money transfer will cost you in fees, and how much currency your recipient will get. You’ll also be able to see how long the transfer will take based on your criteria and payment method.

Step 2: Compare

Wise offers the facility to compare the quote it has supplied for your specific transfer with the rates on offer at major banks. In most cases, the Wise offer will be more competitive. However, it’s worth comparing Wise’s quote against other money transfer specialists at this point to ensure you’re getting the best deal.

Step 3: Complete the transfer

After selecting ‘continue’, you’ll be taken to a page to complete the details for your money transfer recipient. You’ll need the name (or business name) and bank details. To complete the transaction, you’ll then need to log in to your bank account to make the transfer to your Wise account to fund the payment.

Then you’ll be able to click that the payment has gone through, which prompts Wise to start your money transfer.

You can track the progress of your overseas transfer, including when the money arrives at its destination, in your Wise account or in the app.

What are the alternatives to using Wise?

International money transfer is a huge market, and there is a broad range of providers, from high street banks and remittance companies to money transfer apps, such as Wise. Consider different options, weighing up the pros and cons and the costs before committing to a particular service.

You can view our pick of the best money transfer apps. Plus, here are just a few alternatives to consider:

Revolut

Digital provider Revolut offers money transfer in 70 currencies and offers a free account with a prepaid debit card (similar to Wise’s service). There’s no fee to exchange currency on weekdays, up to a maximum of £1,000, and there is a relatively low 1% charge at weekends. Maximum limits apply to cash withdrawals using the debit card.

OFX

For global reach, it’s hard to beat OFX, which boasts its service can send money to 160 different countries. In contrast, with Wise, you can send money to around 80 countries.

OFX offers discounts for first-time customers making transfers in one of seven popular currencies, and there is no minimum transfer amount. OFX pricing is different to that of Wise in that OFX makes its markup through the exchange rate it offers, rather than adding fees.

TorFX

In a similar way to OFX, TorFX doesn’t charge transfer fees, but instead makes its margin through the exchange rate it offers for money transfers. It may be that for certain transfers, such as very large money transfers, for example, this could work out to be more cost-effective.

TorFX can transfer money in 40 different currencies to around 160 countries. It can usually offer forward contracts, which could be useful when transferring large sums, such as for an overseas house purchase.