Atlantic Money Customer Reviews & Alternatives

Is Wise a Good Money Transfer App?

Yes, Wise is one of the cheapest and easiest ways to send money abroad. Highly recommended. Wise also won Best Money Transfer App in the 2025 Good Money Guide Awards.

But in a nutshell… Should you use Wise? Yes. Is it cheap? Yes. Is it easy to use? Yes. Is it safe? Yes.

Since Wise was founded back in 2011, I’ve followed its progress. There are many firms that shout loudly about wanting to disrupt an industry. But most of the time, it’s marketing hyperbole.

However, in Wise’s case, it has disrupted how we send money around the world – by making it cheap and making it easy.

The only reason not to use Wise is if you already bank with Starling, as the fees are pretty similar and you probably don’t want another app on your phone if you don’t need it.

Truly Disruptive

A few years ago, before Wise was founded, I wanted to send €30 to a friend in Munich. It was an absolute nightmare. I was banking with NatWest, which wanted £20 as a minimum fee for sending the money to a European bank account. Next I tried PayPal – still expensive. So I withdrew €30 in cash from a Euro cash machine in London, put it in an envelope and sent it through the post.

The only other option was the inconvenience of visiting a Western Union shop.

Thankfully along came TransferWise. It was a boom time for money transfer apps but this one had the best story: it was circumventing “evil” banks by transferring money abroad using P2P networks. If you needed to transfer €30 to Germany, it matched you with someone in Germany who wanted to transfer €30 to England.  No need to do any FX, and therefore less in fees to pay.

It also had fantastic marketing – for example stripping off to the pants in front of the Bank of England to protest “rip-off” banking charges. It was a stroke of genius, really, as British people love seeing naked people, and hate banks.

Of course liquidity gaps need to be filled when there isn’t someone on the other side of your transaction and TransferWise used firms like Currency Cloud (now owned by Visa) to ensure that customers always got the best price.

Richard Branson was also an investor. So there you go.

Over the years, Wise as grown by being easy to use and charging low fees.

How Does Wise Work?

Wise offers international money transfers and a multi-currency account with a pre-paid card. You can send 40+ currencies to 160+ countries, and hold 40+ currencies in a Wise account.

You can pay into your Wise account by debit card, credit card or bank transfer. If you have funds in a multi-currency account, you can use those to fund a transfer when sending money abroad. And you can choose to lock in a rate for up to 48 hours.

Wise says international transfers typically arrive in seconds.

Wise matches up buyers and sellers of currency in different countries, rather than physically transferring money internationally.

Wise Customer Service

We’ve marked Wise down a bit as it doesn’t provide a telephone number. This is fine for small transactions but if you’re sending a large amount of money abroad, you may be better off using a currency broker. Wise does offer a call back service for amounts over £80,000, though.

With a broker, you can phone up an account executive or dedicated dealer, who can provide updates on your transfer or help out immediately with any issues.

But all in all, Wise customer support, is fairly efficient.

Is Wise Safe?

Wise is about as safe as you can get for sending small amounts of money abroad.

Wise is not a bank – it doesn’t have a banking licence in the UK but is authorised by the Financial Conduct Authority as an “e-money business”, which means funds are ring-fenced but not protected by the Financial Services Compensation Scheme (FSCS).

Wise is listed on the LSE (LON:WISE) with at market cap of around £9.6 billion, as at January 2026. That is well up from where it was at its IPO, but even though lots of tech firms listed in 2021, it was a pretty bad time to come to market, and most have performed poorly since then because of overall market conditions and over ambitions venture capitalists wanting a return on their investments. So the stock markets also think Wise is pretty good.

Since TransferWise launched, the group has grown to provide money transfers to over 15 million customers sending more than £12 billion a month.

It’s a shame it is planning on ditching the London stock markets for the glamour of high valuations in the US.

Using a listed app is helpful as you can see how it’s faring financially. If the Wise share price starts to go down, this could indicate potential financial problems and be a sign to switch to a different app.

Apps & Platform

Wise makes it incredibly easy to transfer money abroad – the app is really simple to use. If you have a large amount of money to send, you’re better off with a currency broker because they can help with market timing and lock in exchange rates with forward contracts and currency options. Plus if you ask nicely and are transferring enough money, a broker might undercut Wise’s exchange rates and fees. Remember, that in FX, everything is negotiable.

Wise is also venturing into other products, like multi-currency bank accounts and investing.

• Related guide: How to get the best exchange rates when sending a large amount of money abroad

Pricing

Wise is among the cheapest money transfer apps and it displays the fees clearly on the website and app, but it’s not the absolute cheapest. We found Atlantic Money offering GBP-USD transfers at the interbank rate plus £3. But I suspect that isn’t sustainable and it’s only one corridor, while Wise offers 21 currencies. If you want to know more about Atlantic Money, you can read my interview with the founders, Neeraj Baid and Patrick Kavanagh (who helped build Robinhood), and make up your own mind about the service.

Research & Analysis

Wise doesn’t really have any currency forecasts, which is fine because exchange rates are hard to predict. But it would be nice to have at least some commentary on the markets.

We’ve given Wise a mid-ranking for research and analysis as it does provide lots of excellent guides online and has a good insight tab on the app which can help you see where your account money is being spent.

If you want currency forecasts, you can read our regularly updated analysis of whether now’s a good time to buy USD or EUR.

Is Wise a Bank?

No. The company does not hold a UK banking licence and your balance is not protected by the FSCS.

However, like a bank, Wise will pay you interest on your cash balances at arate of 3.32% on GBP, 1.72% on EUR and 3.51% on USD,

Wise is primarily a low-cost international money transfer app that allows you to save money when sending money abroad. However, Wise provides some of the features that banks also provide, such as holding and exchanging multiple currencies, and sending and receiving payments. And you can have a multi-currency account with a pre-paid debit card.

The firm is authorised as an “e-money” provider, which means your money has some protection but not as much as it would have with a bank. Money in bank accounts is protected by the FSCS guarantee, which covers balances up to £120,000 per eligible person, per bank.

Wise lets customers send payments to more than 160 countries and spend internationally with the Wise card. Local bank details are provided for up to 9 currencies including US dollars, pounds sterling and euros.

If you are looking for a bank account in the UK, you can see a list of current bank account switching offers here.

Summary

Remitly is a cheap and easy way to send small amounts of money abroad. Especially if you are a new customer, as you get better exchange rates on your first £1,000 sent abroad.

Is Xe a good international money transfer app?

Xe is a good option if you are looking for cheap no no-frills, small to medium-sized currency transfers from a trusted and well-established brand. However, if you have a large amount of currency to transfer and need personal service, you are better off with a currency broker.

I’ve always liked Xe.com, the website has always been an excellent resource for currency information. But ever since they were bought by Euronet under their HiFX brand in 2017 you can now use them for international currency transfers. They offer loads of currencies, a slick app, and the ability to send money by debit, credit card and bank transfer to other bank accounts, to be picked up as cash or to a mobile wallet. As international payments have grown in popularity you can also use them for business international payments.

Is Xe cheap for international money transfers?

I’m not sure Xe is as cheap as it used to be. When I was testing the app it looks like Xe exchange rates are around 1% from the midmarket. When I requested some quotes, the midmarket was 1.3294 for GBPUSD, and Xe quoted me 1.3186. Doing it the other way round, the USDGBP rate was 0.7522 and Xe quoted 0.7458 (about 0.85%) away from the mid-market.

It’s a bit frustrating that money transfer apps are still hiding fees in the exchange rate market up (read my guide on how to compare exchange rates here). Especially when it says there is no send fee. Granted, “Send Fee” and “Exchange Rate Market Up” are two different things, but it still stinks.

Is Xe safe for money transfers?

Yes, we rate Xe.com as a safe way to send money abroad as they have been established since 1995, owned by a larger parent company and are authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, registration 462444, for the provision of payment services.

Who owns Xe.com money transfers?

Xe.com is ultimately owned by Euronet Worldwide Inc, which is a public company listed on the NASDAQ with the ticker code EEFT. Xe.com is managed by HiFX, which acquired XE.com in 2017. Prior to this HiFX only offered money transfer services for business, but the acquisition enabled them to offer individual currency transfers. You can see thier share price and how much they are worth below.

Summary

Western Union has made a real effort recently to modernise it’s app and reduce exchange rates and fees to compete with new start-ups. Still, one of the best ways to send cash abroad and now very competitive for smaller electronic transfers.