Wise Review: Is It Worth It?
In this Wise review, we will be examining whether or not Wise is a good fintech banking option.
Background and History
Wise, established in 2011, embarked on a mission to revolutionize the landscape of international money transfers, addressing the perennial issues of cost, equity, and complexity.
During the span of the last decade, Wise's transformative approach has resonated with a substantial user base, now boasting an impressive 8 million customers. This diverse community collectively facilitates the movement of more than £4 billion each month through the Wise platform. The impact is not merely monetary; it's practical. By doing so, users are liberating themselves from the financial strain imposed by conventional bank fees, an accumulated relief of £3 million daily.
One of the standout contributions in Wise's evolutionary journey is the introduction of the multi-currency account, a pivotal innovation that simplifies financial management across borders. With the capacity to accommodate over 50 currencies concurrently, this feature empowers users to navigate the intricacies of global transactions with unparalleled ease. An inherent flexibility further characterizes this offering, enabling seamless currency conversions according to individual preferences.
Complementing this capability, Wise has extended its reach to encompass the Wise debit Mastercard—an embodiment of practicality. This card seamlessly integrates into the financial lives of its users, facilitating transactions and withdrawals with an emphasis on convenience and security.
The narrative woven by Wise is one of empowerment—deviating from the labyrinthine structures of traditional banking and embodying a commitment to economical, equitable, and user-centric financial solutions.
Subscription Plans
Wise offers two different plans, both of them are free.
If you use our link below, you will get 1 Free Transfer.
Wise Multi-Currency Account
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Spend in any currency, receive money for free, and send money around the world with your own foreign currency account.
Wise Business Account
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A business account to send and receive multiple currencies with the real exchange rate. Do business without borders.
Features
Effortlessly manage a spectrum of currencies through the convenience of your smartphone—a service that not only streamlines operations but redefines the financial landscape, championed by Wise.
The compelling advantage is clear: Wise offers a superior exchange rate, coupled with a reduction in fees that outperforms the conventional channels of banks and PayPal. With the ability to hold a diverse array of 40+ currencies, the power is yours, devoid of charges for this privilege. Seamlessly initiate money transfers directly from your currency balances, further simplifying the process.
What sets Wise apart is its commitment to transparency—the real exchange rate is the fulcrum upon which conversions between currencies pivot, ensuring fairness and accuracy in each transaction. And if the need arises to transfer funds to another bank, rest assured that the cost will be easy on your pocket.
Embracing modernity, Wise empowers users with the freedom to promptly freeze or unfreeze their cards, a testament to the control at your fingertips. The Wise debit Mastercard, adept at transcending currency boundaries, orchestrates intelligent conversions at optimal rates during transactions, ensuring a seamless, financially sound experience.
For those immersed in the dynamic world of multiple currencies—be it due to global work commitments or personal choices—a Wise account seamlessly aligns with your needs. Beyond convenience, it presents an opportunity to receive diverse currencies without incurring charges. The provision of bespoke bank details in key regions—US, UK, Eurozone, Australia, and New Zealand—facilitates direct deposits from any corner of the globe. This is made possible through:
- British account number and sort code
- European IBAN
- Australian account number and BSB code
- New Zealand account number
- US account number and routing number
The ability to manage more than 50 currencies caters not only to immediate transactions but also to strategic planning, minimizing the impact of exchange rate fluctuations and prepping for forthcoming transfers.
The culmination of these features extends to the core ethos of Wise—an empowerment that transforms your multi-currency account into a versatile tool for seamless, cost-effective transactions across a global spectrum of currencies.
Safety
The commitment to regulatory compliance is at the core of Wise Inc.'s operations. Evidencing this dedication is its registration with the Financial Crimes Enforcement Network (FinCEN), a pivotal step in upholding the integrity of its money service business. The bestowed money service business registration number, 31000065314305, is emblematic of Wise's adherence to established standards.
In conjunction with its registration, Wise operates as a licensed money transmitter in specific states—a testament to its proactive engagement with regulatory frameworks. The oversight it undergoes is thorough, with regulatory authorities in each state supervising its activities, a testament to its commitment to operational transparency and accountability.
For territories beyond these states, Wise has forged a collaborative alliance with its partner financial institution, Community Federal Savings Bank (CFSB). This partnership serves as the conduit for offering money transmission services in these regions, further bolstering Wise's credibility. Supervised by the Office of the Comptroller of Currency, CFSB's regulatory standing further reinforces the trustworthiness of the financial services provided.
Within the United States, Wise's financial operations are underpinned by relationships with two established banks—Community Federal Savings Bank (CFSB) and Wells Fargo. These institutions collectively contribute to the underpinning of Wise's operations and services. Importantly, all three banks, including Wells Fargo, are protected by the Federal Deposit Insurance Corporation (FDIC), a cornerstone in safeguarding depositor interests.
The tangible endorsement of Wise's approach lies in the confidence of its user base—surpassing the 5 million milestone. These users have placed their faith in Wise to facilitate their global monetary movements. Evidencing the impact of this trust, Wise oversees transactions that collectively exceed $4 billion each month—a numerical testament to the real-world significance of its operations.
Pricing
Your Wise multi-currency account is free to open. It's also free to get bank details and free to receive money using them.
There are low, transparent fees to convert currencies, add money to your account, and send money to a bank account.
Wise Pros & Cons
Wise: Pros
- Free account
- Low fees
- Reliable
- High security
Wise: Cons
- No banking license
- Doesn't have a premium plan
- Doesn't offer cashback
Wise Review: Verdict
Wise is a fantastic platform for wiring funs overseas and saving a lot of money in the process.
It's a transparent and trustworthy company, it has very low fees, the app works great and so does the desktop version of it.
Wise has huge investors backing it, it has over 6 million users and your funds should be safe with them.
It would be great to see Wise offer some more perks and premium paid account options like other fintech companies such as Revolut, N26, and Monese do.
If you'd like to get a Wise account with + 1 Free Transfer, and free delivery, simply follow the Wise Referral Link below!
Nuno Sequeira
As a filmmaker with extensive experience across multiple areas of content creation, my work has been featured internationally, and I’ve had the honor of serving as both a speaker and jury member at numerous prestigious events. However, in recent years, I’ve grown increasingly disillusioned with the direction of the art world, prompting a shift in my focus toward disciplines I believe will be pivotal for the future: cybersecurity, self-education, web design, and investing. These interests have culminated in the launch of RushRadar, a platform dedicated to exploring these vital topics and empowering others to navigate the evolving digital landscape.