Watch Monito's Video Review of Wise
A Youtube Creator at Monito, Jonny helps you understand all you need to know about hidden fees, exchange rates and the best services to move your money across borders.
Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.
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This video is a money transfer review of Wise. In it, we take a good look at its money transfer service by delving into its fees, how it works, the benefits of using it to transfer money, and much more.
Wise Review Video Transcript
In today's video, we're going to be reviewing Y's not the letter Wise, I mean, the company Wise, formerly known as TransferWise. Now they are a great company for sending money abroad with a fantastic reputation for offering reasonable prices on their transfers and not charging obscenely high fees *cough* PayPal *cough*.
Sorry, I think I have something caught in my throat. So Wise does have a great reputation. But is it all hype? Are they really any good? And can you trust them with your hard earned money? These are some of the questions we'll answer in today's video, and to do this, we'll be looking at how was ranked on our Monito score. Meaning by the end of the video, you'll have a better understanding of whether Wise is the money transfer provider for you. You could say you'll be wiser than when you started. Founded in 2011, Wise is a large and well-established company, moving over $70 billion a year across 57 currencies for over 10 million customers.
They have more than 2000 employees and before March 2021 were called TransferWise until they changed their name to Wise. However, it's important to note while the name may have changed, their service hasn't. They're a publicly traded company and are listed on the London Stock Exchange and are regulated by the FCA and HMRC, as well as other authorities in various countries.
So we're pretty confident that they're a trustworthy and credible company. That's why we rated them a ten out of ten for trust and credibility. Unlike many providers, when it comes to pricing Wise, are well known for their impressive transparency.
In fact, on their website, they've shared three principles relating to their fees. One, be radically transparent, two charge as little as possible and three, make transfers simple and instant. They charge as little as possible by offering an exchange rate equal to the mid-market rate, which is just the fancy term for the official exchange rate and what you would expect to use when sending money in a different currency. However, many providers use the exchange rate to make money from your transfer. Not Wise though, they only charge a low, clearly displayed fee on all their transfers. Wise really doesn't charge a lot when it comes to transferring money, especially compared to traditional banks and other providers like PayPal. The fact they convert your money to the official exchange rate, a.k.a. the mid-market exchange rate is pretty rare. Not many providers are doing that, and this has made them consistently one of the cheapest providers on our comparison engine.
And if you want to see for yourself, just visit Monito dot com and enter any transfer you'd like to make. It's very likely Wise will be one of the best, if not the best option for you. That's why we gave them a 9.2 for fees and exchange rates.
And what's also great is they automatically lock the exchange rate they offer you for a specific time. So after you've confirmed your transfer, if the exchange rate changes for the worse, you won't lose out, which is pretty cool.
Of course, Wise still has to make money and because their exchange rates are safe and accurate., they make their money through charging a fixed fee and a commission fee. Although that may vary depending on the countries that you're sending money from and to.
We opened an account with Wise and found registering to be quick and simple. There were clear steps during the process and not too much information. It even passed the Mum test as mine was able to sign up and she's 77.
Their service currently supports sending money to 71 countries, and from 43, they also cover over 1000 combinations of countries across 57 currencies. So it's very likely you'll be able to transfer money with them. And when it comes to how you make your transfer, most of those 57 currencies can be sent with a bank transfer.
They also offer debit and credit card payments for some transfers, as well as Apple and Android Pay via their Wise app. And in most cases, it's a very fast service when sending money with Wise. Their blazing fast speeds are a major selling point and a big reason why many people choose them.
For example, in Q3 of 2021, 40% of all Wise transfers were under 20 seconds. That's basically instant. Wise works in a different way to traditional banks, a way that's actually a lot smarter and not very complicated. Let's say I would send my friend £1,000 in India.
I deposit the money into a UK Wise bank account and then tell them to send it to my friend. Instead of sending it across borders, they just deposit the money into my friend's account from their Indian bank account all the time, using the official exchange rate and charging me just a small fee.
This method of transferring money is what allows them to be such a competitive and affordable online service. However, if you need to send money to a remote location, perhaps for cash pickup, then unfortunately you cannot use Wise. Instead, you need to consider providers such as Western Union, Remitly and WorldRemit, who we have also reviewed fully on this channel and at Monito dot com. Now, the Wise mobile app, like the website, is actually really well designed and very highly rated on both the Apple and Google stores, with most customers saying that it's an invaluable tool for anyone moving money internationally.
Although one person did write that it's rubbish and confusing, so I guess you can't please everyone. Speaking of which, their customer satisfaction is very high. They've received overwhelmingly positive reviews from customers across all platforms and on Trustpilot, I think around 85% of over 100,000 customers rated Wise five out of five.
That's pretty impressive and is why we rated them a 9.7 out of 10 among the hundreds of reviews we've researched. We found that customers think they're trustable service, as well as fast, transparent and affordable. Their customers also love how easy that platform is to send money, and there are no hidden fees.
They're also frequently praised for being helpful and knowledgeable customer service. Besides the user that said the app was rubbish and confusing, negative comments were few and far between. There were some mentions of delays and frustrations with the verification processes necessary to sign up.
However, that's not really a fault of Wise as it's something that's required by law. Wise is clearly one of the highest rated money transfer providers available, and with a 10 out of 10 for trust and credibility, you can guarantee that your money is safe in their hands.
Although we can't guarantee they'll be the cheapest for you, we did find that a fifth of Monito dot com comparison engine searches displayed Wise as the cheapest money transfer option, but the best thing you can do is visit Monito dot com and double check whether Wise will be the cheapest provider for you.
I should also mention that they have a multi-currency account that's a really smart way to pay in foreign currencies with less fees, and you can also use it to receive money in foreign currencies. This account has the option of a card as well, which I recently used while on holiday in Prague, and it definitely saved me some money as I'm typically charged a hefty transaction fee and currency exchange fee by my bank for making transactions abroad. I hope you enjoyed today's video if you want to learn more about another popular money transfer service, check out this review we made on Western Union and make sure to click just here to subscribe so you don't miss out on future uploads, and I'll see you on the next video. Goodbye.
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