Wise Customer Reviews
Leave a review and tell us what you think to help others make more informed financial decisions.
Our annual “Stocks In Your Stockings” competition 🎅 is open so any verified review you leave will enter you into the prize draw to win a £500 JISA.
The money has never reached the recipient
I made a transfer to a Canadian company 1.5 months ago, and the funds have not yet been received. After multiple emails, Wise insists that the money was paid out. However, I have received an official statement from the recipient’s bank confirming that the money has not been received. Wise’s complaints department sent me a final letter stating that, according to their records, the funds were paid out.
Additionally, Wise states the following in their Customer Agreement regarding their responsibility for losses:
Quote from Wise’s Terms:
“Our Customer Agreement also explains our responsibility for losses in Section 29:
29.1 Unforeseeable loss or damage. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your sign-up process.
29.9 We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay because of things which are outside our control.”
Despite these terms, Wise has not been able to resolve this issue, and the money has still not been delivered as promised.
find it irresponsible that Wise does not conduct any investigations into the matter. The Canadian bank associated with Wise is unable to provide any information, as everything goes through Wise. Wise must be capable of tracking the funds and providing precise details about where exactly the money is, who received it, and to which bank account it was deposited.
I would advise everyone to be cautious when transferring large sums of money with Wise. They are not capable of executing a secure money transfer!
Beware: Wise’s Unethical Policies and Unresponsive Support Cost My Business
I am sharing my experience with Wise to warn fellow business owners about the serious risks and unacceptable practices you may encounter if you choose to use their services.
My business, is a legally registered travel agency in the UK, and I relied on Wise to manage payments for my photography and cultural tours, primarily in South America. Things took a turn for the worse when Wise froze my account and accused my business of violating their Acceptable Use Policy, citing my once-a-year humanitarian trip to Cuba.
Despite explaining multiple times that:
No Cuba-related transactions were ever processed through Wise (I use a separate European bank for this purpose),
My tours comply with the “Support for Cuban People” category authorized by OFAC, designed to help Cuban citizens outside state control,
Wise completely ignored the facts. Their customer support team responded with automated messages, refused to engage in any meaningful dialogue, and even lied, claiming they didn’t monitor my emails—despite clear evidence to the contrary. After days of chasing them and providing thorough documentation, they chose to close my account without justification.
The Consequences:
Wise left my business in chaos, disrupting essential transactions and client arrangements.
Their rigid policies align with sanctions widely condemned by the global community, and in doing so, they indirectly support humanitarian suffering.
The Bottom Line:
Wise is unreliable, unresponsive, and unethical. If your business has any complexity or humanitarian focus, beware: Wise will shut you down without notice or explanation, and customer support will abandon you. Their actions have serious real-world consequences.
Avoid Wise if you value your business stability or require ethical and accountable financial services. There are far better alternatives out there that won’t put your livelihood at risk Beware: Wise’s Unethical Policies and Unresponsive Support Cost My Business
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
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
-
Currencies
-
Online Platform
-
Customer Service
-
Research & Analysis
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 The Sunday Times, 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