Wise Review 2024: Way of Receiving Money (and Sending) Online

You will need Wise for the following situations:

Wise’s Features

Creating a Wise account is quick and straightforward, often completed within minutes. Wise guides you through the process, requiring basic details like your name, birth date, address, and phone number. Alternatively, you can use your existing Apple, Facebook, or Google accounts to sign up, a feature not commonly found in other money transfer services.

After setting up your account, Wise may ask for identity verification, usually by submitting a photo of your ID and a document confirming your address. This process typically wraps up within two business days. Identity verification depends on the origin of your funds and the amount being transferred. This step is initiated with your first transfer.

Debit Card

Holders of a Wise account have the option to obtain a Wise debit card. This card is usable in several countries, though not universally. It comes with a one-time fee of $9 USD. You are entitled to two free ATM withdrawals each month, up to $100 each. Subsequent withdrawals cost $1.50 USD each, and there’s a 2% fee for withdrawals exceeding $100.

The card is also functional for online shopping, as well as for Apple Pay and Google Pay.

Multi-Currency Account

The multi-currency account, offered for free, enables you to send, store, and receive funds in various currencies.

Bulk Transfers

Sending substantial amounts (exceeding £100,000 in U.S. dollars per transaction) with Wise is more cost-effective, with reduced fees for these larger transactions.

Wise Investments

With the Wise Assets program, you can invest funds from your Wise account into the iShares World Equity Index Fund, which includes shares from major companies like Apple, Microsoft, and Tesla.

Currencies supported by Wise

Currency	Description
AUD	Australian dollar. Within Australia.
BGN	Bulgarian lev. Within Bulgaria.
BRL	Brazilian real. Within Brazil.
CAD	Canadian dollar. Within Canada.
CHF	Swiss franc. Within Switzerland and Liechtenstein.
CZK	Czech koruna. Within the Czech Republic.
DKK	Danish krone. Within Denmark.
EUR	Euro. Wise can send out euros to SEPA-compliant bank accounts within SEPA, and to bank accounts denominated in EUR with an IBAN outside of SEPA. Can also receive euros through Swift from outside the SEPA zone.
GBP	British pound. Wise can also send out GBP to bank accounts denominated in GBP with an IBAN.
HKD	Hong Kong dollar. Within Hong Kong.
HUF	Hungarian forint. Within Hungary.
IDR	Indonesian rupiah. Within Indonesia.
INR	Indian rupee. Wise sends out INR via RTGS, NEFT, TPT (as appropriate) to INR-denominated accounts in India. Can only receive INR from Indian residents.
JPY	Japanese yen. Within Japan.
MYR	Malaysian ringgit. Within Malaysia.
NOK	Norwegian krone. Within Norway.
NZD	New Zealand dollar. Within New Zealand.
PLN	Polish złoty. Within Poland.
RON	Romanian leu. Within Romania.
TRY	Turkish lira. Wise can receive TRY locally from within Türkiye and internationally through Swift. Can only send TRY to bank accounts located in Türkiye, denominated in TRY.
SEK	Swedish krona. Within Sweden.

And here’s the second part:

Currency	Description
SGD	Singapore dollar. Within Singapore.
USD	US dollar. Wise can receive USD via ACH bank debit, domestic wire, and international Swift payment.
AED	Emirati Dirham. Within the UAE.
ARS	Argentine peso. Within Argentina.
BDT	Bangladeshi taka. Within Bangladesh.
BWP	Botswana pula. Within Botswana.
CLP	Chilean peso. Within Chile.
CNY	Chinese yuan. Within China, from a limited list of countries.
COP	Colombian peso. Within Colombia. Wise can only send COP to Bancolombia recipients within Colombia.
CRC	Costa Rica Colón. Within Costa Rica.
EGP	Egyptian pound. Within Egypt.
FJD	Fijian dollar. Within Fiji.
GEL	Georgian lari. Within Georgia.
GHS	Ghana Cedi. Within Ghana.
ILS	Israeli shekels. Within Israel.
KES	Kenyan shillings. Within Kenya.
KRW	South Korean won. Within South Korea.
LKR	Sri Lankan rupee. Within Sri Lanka.
MAD	Moroccan dirham. Within Morocco.
MXN	Mexican peso. Within Mexico.
NPR	Nepalese Rupee. Within Nepal.
PHP	Philippine peso. Within the Philippines.
PKR	Pakistani rupee. Wise can send payments to private recipients within Pakistan. Currently unable to send business payments to PKR.
THB	Thai baht. Within Thailand.
TZS	Tanzanian shilling. Within Tanzania.
UAH	Ukrainian hryvna. Within Ukraine.
UGX	Ugandan shilling. Within Uganda.
UYU	Uruguayan pesos. Within Uruguay.
VND	Vietnamese dong. Wise can send payments to private recipients within Vietnam. Currently unable to send business payments to VND.
ZAR	South African Rand. Wise sends out ZAR via Swift international payment (in South Africa only) and local transfers.
ZMW	Zambian kwacha. Within Zambia.

Wise Fee

The table below provides a clear overview of the various fees associated with different services offered by Wise, including account registration, money transfers, ATM withdrawals, card services, currency conversion, holding funds, investing, and receiving money.

Service Category	Specific Service	Fee
Registering with Wise	Register for a Wise account	Free
Sending Money	Sending money	Fee varies by currency; From 0.43%
Spending with Your Card	Withdrawing 200 GBP per month per account	2 or less withdrawals: Free
	ATM fees over 200 GBP per month per account	+ 0.50 GBP per withdrawal; 1.75%
Account Funding Transactions	Topping up e-wallets and other accounts in certain currencies	2%
Getting the Wise Debit Card		7 GBP
Converting Money		Fee varies by currency; From 0.43%
Holding Money in Your Account	Hold 40+ currencies	Free
Invest with Wise	Invest in the world’s largest companies	0.6% annual fee
Receiving Money	Getting account details in 10 currencies (AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, USD)	Free
	Receiving AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire)	Free
	Receiving USD wire payments	Fixed fee per payment; 4.14 USD
	Receiving CAD SWIFT payments	Fixed fee per payment; 10 CAD