Wise: International Transfers

Description

Wise: International Transfers is a game-changer for anyone who needs to send money across borders without getting hammered by hidden fees. The app formerly known as TransferWise has built a solid reputation for offering exchange rates that are typically much closer to the mid-market rate than traditional banks. Wise makes international money transfers remarkably straightforward with a clean interface that shows you exactly what you're paying and when your recipient will get the funds. Users can send money to over 80 countries and hold balances in multiple currencies simultaneously using their multi-currency account feature. The company was founded by Estonian entrepreneurs frustrated with the high fees they encountered when transferring money between countries.

Key Features

• Transparent pricing: Wise shows you all fees upfront before you confirm your transfer. You'll see exactly how much the recipient will get and what you're paying in fees with no surprises later.
• Multi-currency account: Hold and manage money in over 50 currencies and get local bank details for 10 major currencies. This feature essentially gives you local banking capabilities in multiple countries without needing to open separate accounts.
• Wise card: The Wise debit card lets you spend money around the world at the real exchange rate. It automatically uses the cheapest currency in your account when you make purchases abroad.
• Quick transfers: Many transfers are completed within minutes, with the app providing accurate estimates of delivery times. For some currency routes, Wise offers the fastest transfer speeds in the industry.

Tips for Using Wise: International Transfers

1. Set up payment methods in advance before you need to make an urgent transfer. Adding and verifying bank accounts or cards takes time, so having everything ready will save you stress when you need to send money quickly.
2. Use the rate alerts feature to get notified when exchange rates reach your desired level. This can help you transfer money when the rate is most favorable, potentially saving you money on larger transfers.
3. For recurring payments, set up automatic transfers to save time and ensure consistency. You can schedule monthly, bi-weekly or custom recurring transfers that will process automatically without you having to manually initiate each one.
4. Consider funding your transfers with ACH bank transfers rather than debit cards when possible. ACH transfers typically have lower fees than card payments, which can make a significant difference for larger transfer amounts.

How to Download and Use Wise: International Transfers

1. Download the app by clicking on the Google Play Store button if using Android, or use the Apple Store button for iOS. The app is free to download and you can create an account directly from your phone without any subscription fees.
2. Set up your profile by verifying your identity with a government ID and providing your address details. Wise requires this verification to comply with financial regulations, but the process is usually quick with most verifications completed within a day.
3. Add a recipient by entering their banking details and the currency you want them to receive. Once your recipient is set up, you can choose how much to send, review the fees and exchange rate, select your payment method and confirm the transfer.

Final Thoughts

After using Wise for several international transfers, I'm genuinely impressed by how much money it saves compared to traditional bank transfers. The transparency about fees is refreshing in an industry that typically buries costs in poor exchange rates. While the verification process can be a bit tedious for first-time users, it's a one-time inconvenience that's worth the long-term benefits. The app isn't perfect—sometimes transfers to certain countries can take longer than estimated and customer service response times vary. That said, Wise has become my go-to recommendation for friends and family who need to send money internationally without getting ripped off by hidden fees.