Wise Customer Reviews
Great service
Cost effective and efficient
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Great service
Cost effective and efficient
Ex pat on tour
Best transfer rate by far for low value (£1000 to £100,000), low cost – pound to euro exchange rates; I wouldn’t use anyone else.
Simplicity
It is so simple to use,the rates are great and takes seconds to reach my destination
Okay value for money
Better than competitors
There for the long haul.
I have found Wise reliable and very solid, with many international transactions completing in seconds!
One of the better ones
If only they were as cheap as they used to be
Misapplication of Sanction Rules
This financial service banned my transfer to a person residing in the city of Zaporizhzhia, Ukraine. Their rationale was that, in their opinion, Zaporizhzhia is under sanctions. However, this is inaccurate. While the Zaporizhzhia oblast is partially occupied and the occupied areas are under sanctions, the city of Zaporizhzhia remains under governmental control. They have conflated these distinct situations. Despite providing them with numerous resources to clarify this, they have not reviewed them and now intend to restrict my account. This demonstrates a significant level of incompetence in the current political and legal situation.
5/5
Wise has always been easy…
Wise has always been easy to use to transfer funds and the rates are competitive. Once the money hits their account it is seamlessly sent to the recipient.
prompt
prompt
Easy to use, fees are…
Easy to use, fees are too high
OK does the job
OK does the job
Good app and process but…
Good app and process but there are a lot of layers of charges which make a transfer seem complicated
told me one thing delivered…
told me one thing delivered another – service not usable
Simple process to deposit funds,…
Simple process to deposit funds, move to a variety of other currencies and spend or transfer to banks in other currencies. Very low charges and money held in Wise account can be invested for you. Excellent bank Facility all round.
Very reasonable rates and quick…
Very reasonable rates and quick transfer of funds
Very easy to use app…
Very easy to use app for transferring and converting currency with clear fees and no hidden surprises.
VERY GOOD
VERY GOOD
No view
No view
Difficult to get proper support…
Difficult to get proper support when needed.
4/5
Great rates and decent app
Great rates and decent app
very useful services for movingoney…
very useful services for movingoney abroad and receive money from abroad
5/5
Nice
Nice
Best in class
Best in class
n/a
n/a
Really easy service to use…
Really easy service to use with reasonable fees. Having a virtual bank account in every currency I deal with makes paying and receiving money from abroad really easy. Auto conversion ensures that if one of my foreign virtual accounts doesn’t have enough funds then money is converted into it from one of my other virtual accounts
Absolutely, the best currency provider…
Absolutely, the best currency provider available.
Good rates
Good rates
Reasonable ok.
Reasonable ok.
excellent
excellent
Very reliable and fast transfers
Very reliable and fast transfers
I have had an account…
I have had an account for several years. They would be my first thought when transferring currency.
Quick and easy to make…
Quick and easy to make currency transfers at great rates.
Higher transfer fee than HSBC
Higher transfer fee than HSBC
Good all rounder
Good all rounder
Good value and very efficient
Good value and very efficient
5/5
Much better value than my…
Much better value than my bank + easy to use
5/5
Works fine for me
Works fine for me
4/5
Good reliable and consistent
Good reliable and consistent
Excellent service
Excellent service
Good
Good
Good value , A Bit…
Good value , A Bit awkward to use but seems secure
Easy to use particularly in…
Easy to use particularly in transferring small amounts
Great
Great
Easy & good value
Easy & good value
Innovative products and good value
Innovative products and good value
Fast and inexpensive transfers
Fast and inexpensive transfers
Good overall
Good overall
Quick, cheap, secure, professional
Quick, cheap, secure, professional
Excellent. Transparent. Innovative.
Excellent. Transparent. Innovative.
Straightforward
Straightforward
A little more expensive than…
A little more expensive than Revolut but wider range of currency holding accounts. Would still like to see more – eg ZAR.
Quick and cheap
Quick and cheap
near instant currency transfer, wide…
near instant currency transfer, wide range currencies
Excellent value for FX transfers
Excellent value for FX transfers
4/5
Very convenient and easy to…
Very convenient and easy to use.
5/5
3/5
Excellent
Excellent
Losing their edge as they…
Losing their edge as they have increased their charged
Great
Great
3/5
4/5
The app is very easy…
The app is very easy to navigate
Not used.
Not used.
Reliable transfer service
Reliable transfer service
Ok
Ok
average support
average support
1/5
brillant and fastest transactions
brillant and fastest transactions
Efficient and quick service
Efficient and quick service
Good service
Good service
Excellent service, downloading is very…
Excellent service, downloading is very easy
Great service and delivery on…
Great service and delivery on time
OK
OK
Super fast and reliable
Super fast and reliable
No comment, sorry.
No comment, sorry.
Uselss
Uselss
good
good
No thoughts
No thoughts
4/5
Brilliant, cheap and simple…
Brilliant, cheap and simple to use
Wise is a great platform,…
Wise is a great platform, easy to use, transfers are fast. Well integrated into banking apps. Low fees and good range of currencies available at fair exchange rate
Provide the best rates. Fast…
Provide the best rates. Fast service.
Gave confidence
Gave confidence
OK
OK
NA
NA
simple in use, good platform…
simple in use, good platform for currency exchange and money transfer
A
A
5/5
Good but getting less competitive
Good but getting less competitive
Cheap transfers
Cheap transfers
x
x
Better than my bank
Better than my bank
Perfect
Perfect
Best FX and banking services…
Best FX and banking services for UK and abroad. Cheapest fees for transfers and using card abroad.
A superb service in every…
A superb service in every way. Would not hesitate to recommend
Brilliant at small and medium…
Brilliant at small and medium transfers
Great value, execution and service.
Great value, execution and service.
Stopped using, switched to HSBC…
Stopped using, switched to HSBC global money which is as competitive now
Easy to use, good…
Easy to use, good rates
SO easy to move money…
SO easy to move money around accounts and currencies
no comment
no comment
x
x
Excellent have used card in…
Excellent have used card in 2 countries worked well
Great fx payment service and…
Great fx payment service and very competitive on price
Great, low-cost transfers, multiple currencies…
Great, low-cost transfers, multiple currencies available.
Excellent
Excellent
Efficient, Low cost, Simple to…
Efficient, Low cost, Simple to use, Multi acct access
Cheap and efficient
Cheap and efficient
Reliable and cost effective.
Reliable and cost effective.
Very easy and quick to…
Very easy and quick to use
great alternative
great alternative
Trustworthy and honest.
Trustworthy and honest.
5/5
Good value
Good value
Good rates and fees but…
Good rates and fees but minimal display sometimes makes navigation unclear
Absolutely brilliant!
Absolutely brilliant!
Good
Good
super easy for transfers, also…
super easy for transfers, also they are almost always cheaper then traditional brokers.
4/5
5/5
The Wise platform enables hassle…
The Wise platform enables hassle free international currency transfers which arrive in seconds, and good transparency around fees.
4/5
3/5
Pros:
Bonds
5/5
Pros:
access to bond market
Cons:
include an app, provide ISA wrapper support
3/5
Pros:
Bot
5/5
5/5
4/5
Pros:
Access to bonds
5/5
Pros:
Access to a unique investment product.
Cons:
Offer ISAs.
4/5
Cons:
Yes
5/5
Pros:
Uniqueness
5/5
5/5
Pros:
Smart
Cons:
Better app
5/5
Pros:
Simplicity
Cons:
Perfect as is
4/5
Pros:
Speed
Cons:
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5/5
5/5
5/5
Pros:
Access to bonds, good training course and range of bonds to trade
5/5
5/5
Pros:
Easy to invest, never a problem, easy to speak to an agent, brilliant service.
Cons:
Nothing
5/5
Pros:
Ease of use
Cons:
Broader selection of bonds
1/5
Pros:
Different
Cons:
Nothing
5/5
Pros:
Best selection of bonds
Cons:
Provide ISA/LISA
5/5
Pros:
Unique access to corporate bonds
Cons:
Greater choice of Euro denominated bonds
5/5
Pros:
Excellent fractional product. Unique.
5/5
5/5
Pros:
Easy Access to Fixed Income market. Platform is good.
5/5
5/5
5/5
Pros:
Access to bond
Cons:
none
5/5
Pros:
Access to products
5/5
Pros:
Risk diversification
Cons:
Nothing
5/5
Pros:
The only company that I can buy these fantastic bonds
Cons:
They are already doing a great job
5/5
Pros:
Easy to use
Cons:
Develop an app
5/5
Pros:
Fractional bonds! Thanks for making them accessible to the public.
5/5
Pros:
Transparent, easy to use. Robowise
Cons:
Apply a monthly top up option. Better marketing and increased refer a friend fees
5/5
Pros:
simplicity
5/5
Pros:
Trade bonds in smaller sizes
5/5
Pros:
Only way to by bonds as consumer
Cons:
improve website
5/5
Pros:
Unique niche market.
5/5
Pros:
Access to high-yield corporate bonds, can buy fractional bonds
Cons:
Provide mobile app
5/5
Pros:
Security
5/5
Pros:
Asset class offered
Cons:
Can’t think of anything
5/5
Pros:
Specialised product for general public
5/5
5/5
Pros:
Access investments that would not usually be available
5/5
Pros:
Provides access to an asset class I could not otherwise invest in (directly)
Cons:
Better news feed
3/5
5/5
5/5
Pros:
Access to corporate bonds on an innovative platform
Cons:
Bring back the offer of ISAs
5/5
Pros:
Good income stream
Cons:
Sell my equity holdings that I ended up with
5/5
Pros:
Access to a new class of asset
Cons:
Nothing – they are brilliant
5/5
Pros:
Innovative option and access to an otherwise closed market
Cons:
More people getting access to the marketplace
5/5
Pros:
Easy to use platform
Cons:
none
5/5
Pros:
The only provider in this area.
Cons:
Market more.
5/5
Pros:
Ease of use
5/5
Pros:
It’s opened up the corporate bond market to me, where I would’ve been excluded because I don’t have 100k spare to invest in one company
Cons:
More different companies, preferably ESG
5/5
5/5
Pros:
Content, platform, app, fees combined
Cons:
Chart of historical value
5/5
Pros:
Great platform for otherwise inaccessible investments
5/5
Pros:
Innovative player allowing access to institutional market
Cons:
Broaden offering
5/5
Pros:
Great service
Cons:
More bonds on the market
5/5
Pros:
Returns
4/5
5/5
Pros:
access to market wouldnt have otherwise
Cons:
offer isa
5/5
Pros:
Its revolutionary idea and the possibility to invest in single name high yield bonds
5/5
Pros:
Ease of use of platform
Cons:
Nothing
5/5
5/5
Pros:
Everything
Cons:
No idea
4/5
Pros:
Innovation
Cons:
Less clunky
5/5
Wise Expert Review
In this review of Wise, I tell you why they are such excellent money transfer app, what we dislike about them and how they compare on service and price to the best money transfer apps for sending money abroad.
Wise Review
Name: Wise
Description: Wise is a low cost international money transfer app that helps people send money abroad for much less than it would cost to do it through their banks. Wise was launched as Transferwise in 2010 as a peer to peer currency network, but has since grown to provide money transfers to over 15 million customers sending more than £9 billion a month.
Are Wise a good money transfer app?
Yes, Wise is one of the cheapest and easiest ways to send money abroad. Highly recommended.
But in a nutshell… Should you use Wise? Yes. Are they cheap? Yes. Is it easy to use? Yes. Are they safe? Yes.
The only reason not to use them really, is if you already bank with Starling whose fees are pretty similar and don’t want another app on your phone…
Pros
- Cheap
- Easy
- Fast
Cons
- Phone support hard to find
- Only suitable for smaller transfers
-
Pricing
(5)
-
Currencies
(4.5)
-
Online Platform
(4.5)
-
Customer Service
(4)
-
Research & Analysis
(3)
Overall
4.2Truely disruptive
A few years ago, just before Wise was founded me and some friends all clubbed together to buy a friend of mine who was living in Munich some time in a music studio for his birthday. His girlfriend arranged it from Germany and asked us to all send over €30. It was an absolute nightmare. I was banking with Natwest and they were going to charge me £20 as a minimum fee for sending the money to a European bank account. So that was out of the question. Next I tried PayPal, but they were still a ridiculously expensive. So what I did, in the end, was, as I was working in The City, on Lower Thames Street, at lunch I went to one of the Euro cash machines next to the Tower of London and withdrew €30 in cash, put it in an envelope and send it with a little note through the office post room. If I hadn’t managed to post to from work and had to buy stamps instead, I probably wouldn’t have bothered at all.
There really was no way to send a small amount of money abroad, unless you had the time and inclination to inconvenience yourself and the receiver by visiting a Western Union shop.
Thankfully then along came Wise. It was a boom time for money transfer apps and Transferwise as they were then called were by no means the only one touting for business. But what Wise had above all others was an excellent story.
How does Wise work?
Wise works by matching up buyers and sellings of currency in different countries, rather than by physically transferring money internationally. Wise is not a bank, and does not have a banking licence in the UK (it is a Money Service Business), so your money is not protected by the FSCS. But, if you have a Wise card you can still get a sort code and account number, so even though Wise is not officially a bank, it may as well be becuase it acts in pretty much the same way.
The story was the circumvention of “evil” banks by transferring money abroad using peer to peer networks. Which was basically Transferwise saying that if you need to transfer €30 to Germany there is probably someone in Germany who wants to transfer €30 to England. So instead of doing two foreign exchange conversions and two bank transfers, we’ll just match your €30 with their €30 and there is no need to do any FX, and therefore far fewer fees to pay.
They also had some fantastic marketing, for example stripping off to their pants in front of the Bank of England to protest rip-off banking charges. It was a stroke of genius, really, as there are two things that the British really like. One is seeing naked people. The second is hating banks.
They weren’t the first people to cause a scene to turbocharger their business. Specsavers tried to sue Glasses Direct after they dressed up as sheep outside their shops in 2006 claiming that their customers were being “fleeced”. And a few days before Transferwise got naked, Betfair had driven a massive Octopus through central London, and guess what, it broke down slap bang in the middle of Oxford Street, causing outrage and loads of free press coverage for their World Cup offers. The similarity doesn’t end there either, Betfair is a P2P sports betting platform where you bet against other players rather than evil bookies, who like evil banks just want your money.
Of course, just as with Betfair, liquidity gaps need to be filled when there isn’t someone on the other side of your transaction and whilst Betfair still used traditional market makers, Transferwise used firms like Currency Cloud (now owned by Visa) to ensure that customers always got the best price even.
Richard Branson was also an investor. So there you go. If he likes the product. Why shouldn’t you?
Over the years, Wise as grown by doing the two things I mentioned earlier really well.
Customer service
We’ve scored Wise down a bit on customer service because they don;t provide a telephone number, so you cannot contact Wise by phone.
This is fine for small transactions because they handle millions per day, but if you are sending a larger amount of money abroad you are better off using a currency broker, where 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 are about as safe as you can get for sending small amounts of money abroad.
Wise are now listed on the LSE (LON:WISE) with at market cap at the time of writing of £8.2bn., Admittedly, that is about 12% down from where they IPO’d, 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.
Using a money transfer app that is publically listed, is a great way to see how healthy the company is. If the Wise share price starts to go down, then this could be an indication that they are running in potential financial problems and be a sign to use a different app.
Apps & platform
Wise makes it incredibly easy to transfer money abroad. It’s hard to say too much about the app because it only really does one thing, and that’s help you send small amounts of money abroad. And it does that really well. If you have a large amount of money to send you are 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 them nicely and are transferring enough money, they will undercut Wise’s exchange rates and fees. Remember, that in FX, everything is negotiable.
But if you are not transferring a small amount of money overseas, Wise is one of the cheapest money transfer apps out there. And more importantly, they display their fees clearly on their website and app, although everyone now has to do this because the FCA got very upset with people not displaying true FX transaction costs.
Pricing
Wise are not the absolute cheapest out there though. At the moment, Atlantic Money will do GBPUSD transfers at the interbank rate plus £3. But to be honest, I don’t think that is sustainable and it’s only one corridor versus Wise, which offers 21 currencies. You also get the feeling that the money transfer market is saturated now, which is why Wise are starting to offer other products like multi-currency bank accounts and investing. 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 if that’s the right service for you.
Research & analysis
Wise doesn’t really have any currency forecasts, which is fine because exchange rates are very 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 they do provide lots of excellent guides online and they have a good insight tab on the app which can help you see where your money is being spent.
If you want currency forecasts you can read our regularly updated analysis on if now is a good time to buy USD or EUR.
Wise Facts & Figures
| 💱 Total Currencies | 50+ on offer |
|---|---|
| 💵 Min Transfer | £1 |
| 💰 Max Transfer | 1.2m EUR |
| 🛒Customers | 10 million+ |
| 🏛️ Founded | 2011 |
| 🏢 HQ | London, UK |
| ⚖️ Regulated | Yes- by the FCA |
Account Options | |
| 🧍 Personal Transfers | ✔️ |
| 👔 Business Transfers | ✔️ |
| 📅 Currency Forwards | ❌ |
| 💸 Currency Options | ❌ |
| 🤝 Personal Service | ❌ |
| 📱Phone Dealing | ❌ |
| ⌨️ Online Platform | ✔️ – very intuitive & easy |
| ⭐ TrustPilot Rating | 4.2/5 |
| 🌐 Website | Visit Wise |
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
