Wise Review

Wise Review: The Best Way to Send Money Internationally

Wise (formerly TransferWise) is the global leader in international money transfers, offering the real mid-market exchange rate with transparent, low fees. Founded in 2011 and now serving around 19 million customers, Wise has saved its users billions in hidden fees versus traditional banks.

Background

Wise was founded in 2011 by Taavet Hinrikus (Skype's first employee) and Kristo Käärmann in London. It listed on the London Stock Exchange in 2021 and moved its primary listing to the Nasdaq in the US in May 2026 (keeping a secondary London listing). Wise is regulated as an e-money/payments institution in the UK (FCA) and by equivalent authorities in 70+ jurisdictions. Importantly, Wise is not a bank — client funds are safeguarded in segregated accounts rather than covered by deposit-guarantee schemes (in the US, opting into the interest feature can add pass-through FDIC cover up to $250k via partner banks).

International Transfers

The core Wise product: send money internationally at the real mid-market rate. Unlike banks that add a margin to the exchange rate, Wise shows you exactly:

• The real exchange rate (same as Google/XE)
• The exact fee (variable, typically 0.5–2%)
• The exact amount the recipient will receive

Wise supports transfers to 80+ countries in 50+ currencies.

Wise Account (Multi-Currency)

The Wise Account is a multi-currency account with local bank details in around 10 currencies (USD, GBP, EUR, AUD, NZD, CAD, SGD, HUF, RON and more):

• Receive payments in foreign currencies without fees
• Hold and convert 40+ currencies simultaneously
• Send globally at low cost
• Wise Debit Card: spend abroad at the real rate (free ATM withdrawals up to £250/month as of the May 2026 change, then a percentage fee on the excess)
• Wise Assets / Interest: in eligible regions you can hold balances in a money-market fund to earn interest, or in Stocks — turning the account into a light savings/investing option (yields vary and aren't guaranteed)

Wise Business

Wise Business provides multi-currency accounts for businesses, including batch payments, API access, and team management — ideal for remote companies paying international contractors.

Wise vs Alternatives

Verdict

Wise is the best solution for sending money internationally, receiving international payments, or holding multiple currencies. For digital nomads getting paid from abroad or managing multiple currency accounts, Wise is essential.

• Real mid-market exchange rate
• Transparent fees
• Local bank details in 10+ currencies
• FCA regulated

• Not a full bank account (no overdraft, no credit)
• Transfer fees (small but apply)
• No crypto support