Wise

About this app

Wise (formerly TransferWise) lets you send, receive, and spend money internationally at the real mid-market exchange rate with low, transparent fees. Over 16 million customers use Wise to move money across 145+ countries in 45+ currencies. The multi-currency account holds 40+ currencies and comes with a debit card that automatically converts at the best rate when you spend abroad. Get local bank details in the US, UK, EU, Australia, and more — perfect for receiving payments in foreign currencies without conversion fees. Over 65% of transfers arrive instantly. Wise is regulated by financial authorities worldwide and is publicly traded on the London Stock Exchange.

Key Features

How It Works

Detailed Review

Wise was founded in 2011 with a simple mission: make international transfers as cheap and transparent as possible. A decade later, it's the clear market leader, processing over $12 billion in cross-border payments monthly.

The core value proposition is the exchange rate. Banks and services like Western Union typically add a 2-5% markup to the exchange rate — a hidden fee that costs you money on every transfer. Wise uses the real mid-market rate (the one you see on Google) and charges a small, transparent fee instead. For a $1,000 USD to EUR transfer, Wise's fee is typically $6-8, while a bank might charge $25-50 in hidden markup.

The fee is always shown upfront, broken down clearly: 'You send $1,000. Fee: $6.50. Recipient gets €923.45.' No surprises, no hidden charges. This transparency is Wise's greatest strength and the reason it's earned customer trust.

Transfer speed is impressive. In our testing, transfers between major currencies (USD, EUR, GBP) arrived within 20 seconds about 60% of the time. The remaining transfers completed within 1-2 business days, usually due to banking hours or compliance checks on the receiving end.

The multi-currency account transforms Wise from a transfer service into a global financial platform. You can hold balances in 40+ currencies, converting between them at the mid-market rate whenever you choose. This is ideal for freelancers paid in multiple currencies or anyone timing currency conversions.

Local bank details are the hidden power feature. Wise gives you a real US bank account number, a UK sort code, a European IBAN, and Australian BSB — all connected to your single account. When clients or employers pay you in their local currency, the money arrives with zero conversion fees. You convert it when you're ready, at the rate you want.

The Wise debit card brings all this to physical spending. Use it in 160+ countries and it automatically pulls from the right currency balance. If you're in Japan and have JPY, it spends JPY. If you don't have JPY, it auto-converts from your cheapest balance. In our travel tests, the card consistently beat credit card foreign transaction fees.

Business accounts extend the same benefits to companies. Pay invoices, receive client payments, and manage payroll across borders — all at the real exchange rate. Integration with accounting platforms like Xero and QuickBooks adds convenience.

The downsides are minor. Very large transfers (above $100K) may find better rates through currency brokers. There's no cash pickup option like Western Union offers, which limits usefulness in some developing markets. And the app is quite large at 520 MB.

For anyone who regularly moves money across borders — expats, remote workers, international freelancers, families supporting relatives abroad — Wise is simply the best option available.

App Information