Wise Review 2024

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

You will need Wise for the following situations:

No.ScenarioSteps to Receive Money Using Wise
1Receiving your salary in a new currencyOpen a Wise account, get local account details for the currency you want to be paid in, and share them with your employer.
2Receiving your pension from abroadGet your pension paid from the UK, directly to your Wise account.
3Receiving money while studying abroadShare your local account details with your organisation or family, and receive the money directly into your Wise account.
4Getting paid online for freelancer/digital nomadOpen a Wise account and share your account details with your clients to receive payments directly.

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

AUDAustralian dollar. Within Australia.
BGNBulgarian lev. Within Bulgaria.
BRLBrazilian real. Within Brazil.
CADCanadian dollar. Within Canada.
CHFSwiss franc. Within Switzerland and Liechtenstein.
CZKCzech koruna. Within the Czech Republic.
DKKDanish krone. Within Denmark.
EUREuro. 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.
GBPBritish pound. Wise can also send out GBP to bank accounts denominated in GBP with an IBAN.
HKDHong Kong dollar. Within Hong Kong.
HUFHungarian forint. Within Hungary.
IDRIndonesian rupiah. Within Indonesia.
INRIndian rupee. Wise sends out INR via RTGS, NEFT, TPT (as appropriate) to INR-denominated accounts in India. Can only receive INR from Indian residents.
JPYJapanese yen. Within Japan.
MYRMalaysian ringgit. Within Malaysia.
NOKNorwegian krone. Within Norway.
NZDNew Zealand dollar. Within New Zealand.
PLNPolish złoty. Within Poland.
RONRomanian leu. Within Romania.
TRYTurkish 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.
SEKSwedish krona. Within Sweden.

And here’s the second part:

SGDSingapore dollar. Within Singapore.
USDUS dollar. Wise can receive USD via ACH bank debit, domestic wire, and international Swift payment.
AEDEmirati Dirham. Within the UAE.
ARSArgentine peso. Within Argentina.
BDTBangladeshi taka. Within Bangladesh.
BWPBotswana pula. Within Botswana.
CLPChilean peso. Within Chile.
CNYChinese yuan. Within China, from a limited list of countries.
COPColombian peso. Within Colombia. Wise can only send COP to Bancolombia recipients within Colombia.
CRCCosta Rica Colón. Within Costa Rica.
EGPEgyptian pound. Within Egypt.
FJDFijian dollar. Within Fiji.
GELGeorgian lari. Within Georgia.
GHSGhana Cedi. Within Ghana.
ILSIsraeli shekels. Within Israel.
KESKenyan shillings. Within Kenya.
KRWSouth Korean won. Within South Korea.
LKRSri Lankan rupee. Within Sri Lanka.
MADMoroccan dirham. Within Morocco.
MXNMexican peso. Within Mexico.
NPRNepalese Rupee. Within Nepal.
PHPPhilippine peso. Within the Philippines.
PKRPakistani rupee. Wise can send payments to private recipients within Pakistan. Currently unable to send business payments to PKR.
THBThai baht. Within Thailand.
TZSTanzanian shilling. Within Tanzania.
UAHUkrainian hryvna. Within Ukraine.
UGXUgandan shilling. Within Uganda.
UYUUruguayan pesos. Within Uruguay.
VNDVietnamese dong. Wise can send payments to private recipients within Vietnam. Currently unable to send business payments to VND.
ZARSouth African Rand. Wise sends out ZAR via Swift international payment (in South Africa only) and local transfers.
ZMWZambian 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 CategorySpecific ServiceFee
Registering with WiseRegister for a Wise accountFree
Sending MoneySending moneyFee varies by currency; From 0.43%
Spending with Your CardWithdrawing 200 GBP per month per account2 or less withdrawals: Free
ATM fees over 200 GBP per month per account+ 0.50 GBP per withdrawal; 1.75%
Account Funding TransactionsTopping up e-wallets and other accounts in certain currencies2%
Getting the Wise Debit Card7 GBP
Converting MoneyFee varies by currency; From 0.43%
Holding Money in Your AccountHold 40+ currenciesFree
Invest with WiseInvest in the world’s largest companies0.6% annual fee
Receiving MoneyGetting 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 paymentsFixed fee per payment; 4.14 USD
Receiving CAD SWIFT paymentsFixed fee per payment; 10 CAD

How useful was this post?

Click on a star to rate it!

Average rating 5 / 5. Vote count: 1

No votes so far! Be the first to rate this post.

Leave a Reply

Your email address will not be published. Required fields are marked *