With the goal of making international money transfers affordable, fair, and straightforward, Wise Transfer was established in 2011. Today, Wise multi-currency account aids in the global money management of millions of individuals and companies. How did they get here?
Who owns Wise Transfer?
Both of them are Estonian. Taavet, the founding member of Skype, was paid in euros while residing in London. Kristo was employed by Deloitte, resided in London, and received payment in pounds. He did, however, have a mortgage in euros in Estonia.
Both of them used their banks to move their money, which had high fees and unfavorable exchange rates. They were aware that there had to be an easier way. So they brainstormed and came up with a gorgeously easy workaround, hence Wise transfer.
Wise is A better way to move money across borders
They checked Reuters each month to see the current real exchange rate. Taavet transferred his euros to Kristo’s Estonian bank account, and Kristo transferred his pounds to Taavet’s UK account. Both were able to obtain the necessary currency almost immediately, and neither had to pay extra money because of poor exchange rates or exorbitant fees.
There was no stress, no waiting, and no added expense. They reasoned, “There must be others like us.” So they established a business, called TransferWise, and hired a team to develop the most effective method of sending money across borders.
Wise Transfer came to understand that people needed more than just money sending means as they expanded. Therefore, Wise changed our name to Wise, added a multi-currency account, a debit card, and a business account.
Although The company name may have changed, the core of what They do has remained constant: assisting people in managing their money more affordably, quickly, and transparently on a global scale.
Millions of individuals and organizations rely on Wise to transfer their funds, saving them time and bank fees. They keep balances in more than 50 different currencies with the Wise account and use the Wise debit card to make purchases and pay bills while traveling.
Wise has collaborated with financial institutions and businesses like Monzo, Bolt, and GoCardless to offer their clients better global banking. And a number of individuals, including PayPal co-founder Max Levchin and Richard Branson, have invested in our vision.
Why you should use Wise transfer
It has a low-cost and fair.
The real exchange rate is the only fair one — and that is the one you get with Wise. And they show all our fees upfront. Why? Because markups and hidden fees are unfair, and finance has been unfair for too long.
It is easy.
Sending money should be stress-free – no matter how far it is traveling. The wise app and website are designed for you to manage your money on the go. And have built a team that’s dedicated to keeping your money safe, and the process watertight.
It is fast.
Wise transfer believes that sending money should be as fast as sending an email. It takes a few minutes to set up your account, and most of the transfers go through instantly or on the same day.
What customers Likes About Wise
- Account details in as many as 10 countries.
- Hold money in 50+ currencies.
- Send money to 80+ countries from your account.
- Among the lowest money transfer fees out there.
- Transparent and accessible pricing calculator.
- Mid-market exchange rate offered for currency transfers.
- Debit card can be used to avoid foreign transaction fees.
- No setup fees or monthly charges.
What customers Dislikes About Wise
- Cash or cheque payments aren’t supported.
- Overdrafts and loans aren’t available.
- Negative interest on large Euro balances.
- Fees to top up the account via ACH, debit, and credit card.
Is Wise Safe to use?
Yes, Wise is an operator of safe and secure money transfers, and consequently, its Multi-Currency Account is an operator of safe and secure travel money cards.
Wise is a licensed money transmitter in the majority of the US and is registered with the Financial Crimes Enforcement Network (FinCEN). In some states, its transmission services are provided by its partner financial institution Community Federal Savings Bank, which is under the Office of the Comptroller of Currency’s regulatory oversight.
Wise is a “Authorised Electronic Money Institution” in the UK, where it is based, and is subject to Financial Conduct Authority regulation (FCA). This means that keeping money secure by depositing it in a low-risk financial institution is required by law. Any money on your balance will be unaffected and fully refunded to you in the unlikely event that Wise fails.
Wise also complies with stringent regulatory requirements in Australia, Singapore, the EU/EEA, and every other nation where it conducts business. Wise’s money transfer platform sends over three billion GBP internationally each month, and more than 10 million customers have so far trusted it with their funds.
Additionally, Wise has integrated top-notch security into its products themselves. For instance, if you misplace your debit card, you can freeze it at any time from the Wise mobile app or website and order a new one. Additionally, the debit card is 3-D Secure, which guarantees that no transaction will be processed without your express authorization, and your Wise account is segregated, which guarantees that the funds are kept apart from Wise’s business accounts (more on this below).
Overall, there is no question, in our opinion, that Wise takes the security and safety of funds very seriously.
Is Wise a Bank?
Wise is not a bank, Instead, it holds licenses as a “Money Transmitter” in the US and also an “Authorised Electronic Money Institution” in the UK.
This indicates that even though you will obtain legitimate banking information from several different countries when opening a Multi-Currency Account, these “addresses” will be those that must be kept in a low-risk financial institution by law. The Community and Federal Savings Bank (CFSB), Cross River Bank (CRB), and Wells Fargo in the US; as well as DBS in Singapore; are among these organizations.
Your money would be fully refunded to you by the bank holding your funds if Wise were to fail. However, if the underlying financial institution itself were to fail, neither the FSCS in the UK nor the FDIC in the US would guarantee your money.