What is wise ?
Wise is an online bank that offers a cheap way to send money from the US to many countries and has some of the highest exchange rates.
- Wise will provide you with your own (single, UK and CAD …) free bank accounts and you can start accepting them immediately.
- Deliver in minutes. Fast delivery is possible for debit or credit card transfers.
- Low fee. Fixed costs in many countries are a combination of a lump sum of almost $ 1 and less than 1% of the transfer amount. Credit card costs are higher. Using an ACH transfer from your bank account as a debit card is probably cheaper. If you pay by transfer to Wise, your fee is the same as an ACH transfer, but your bank will probably charge you (see the transfer fee for more than 40 banks for more details).
- No price surcharge. Unlike banks and other money transfer providers, Wise does not charge a rate for its transfers. It focuses on the mid-market rate, which fluctuates from minute to minute.
- Slower delivery times for bank transfers than other providers. Bank account transfers can take more than a week, as each step in the process (smart receipt, conversion, and delivery) can take days. But in the four countries we surveyed (India, Mexico, Germany and the United Kingdom), the average total number of hours is up to three or four working days.
- Phone support is limited in the US You can only contact customer service by 10:00. by 3 pm ET on weekdays.
Wise transfer methods and options
Wise offers several ways to transfer money. Here is a detailed description of sending and receiving options, such as transmission limits:
- Channel Feed: Via the Wise website and mobile application.
- Payment options: Bank accounts (ACH, SWIFT or transfer), debit card, credit card, Apple Pay or Google Pay.
- Shipping options: Bank accounts only. Note that some providers have places to withdraw money abroad that allow you to send money to those who do not have a bank account.
- Transfer Limits: The minimum varies by destination, but can be up to $ 1 in the countries we surveyed; The maximum for most Americans is $ 15,000 per day with ACH and $ 1.6 million per international transfer when funded by bank transfer.
How does Wise stack up against other options?
Wise online and mobile services often allow you to send money abroad quickly and cheaply, but it’s not always the easiest. Compare that to other ways of sending money around the world, especially if speeding up bank transfers is important to you.