What is Wise?
Wise (https://wise.com) is one of the most relevant internet payment processors today for offering lower commissions and growing exponentially in the number of users, currently exceeding 12 million. The company was founded on March 31, 2010 in London (United Kingdom) and is currently listed on the London Stock Exchange with a market capitalization of nearly £6 billion.
Among its main Wise features are the multi-currency account, the facility to manage money online and the security applied to all transactions carried out in the system. Thanks to these factors, the platform has managed to gain one of the preferential positions among the operators that offer these payment and capital management services online.
Another of the main factors that explain the notoriety acquired by this online payment processor in recent years is its moderate commissions. These rates applied to transfers, capital transfers or conversions between different currencies are lower in Wise. This data has been popularized by the network and has managed to favor the exponential growth in the number of people registered on the platform.
- Link to start registration
Is Wise trustworthy?
According to industry experts and most of the opinions published by users on Internet networks and forums, we can say that Wise is a solvent, reliable company that provides an excellent level of security applied to its users’ transactions.
Thanks to this level of trust shown by users, the enormous business figures generated by the platform can be explained. After more than 10 years since its launch, it has become one of the main operators in the online payment sector with operations in more than 200 countries.
Given the security provided by the payment processor, we can convert our capital into more than 54 official currencies available on the platform. We can also receive payments as local users in more than 10 different currencies.
What is Transferwise?
Transferwise is the old trading name of this payment processor. Some years ago it changed to Wise, which is the current name with which the brand is presented in the markets. Today, many users continue to search for this system in search engines by Transferwise. But fortunately you can find the same updated business information on the official portal.
The modification of the brand was established in order to give another commercial boost to the company. An initiative that was successful thanks to other factors mentioned, such as the firm commitment of the company to the constant improvement of its security systems. Also the drop in the commissions applied with respect to other operators that offer the same services online.
Today, most users conduct informational searches on Google and other search engines directly under the official “Wise” brand. But when studying the associated searches, it is clearly perceived that a notable percentage continues to use its previous brand «Transferwise». However, as we have explained in this answer, in both cases we will see the official website and reviews that talk about the same online payment system in the first positions.
How Wise works?
Wise’s operation is extremely simple. The first thing we have to do is create an account by filling out the registration form. After sending the data to create the account we have to verify it by sending security codes to our phone and email.
After verifying our account we can proceed to use the payment system when we deem it convenient by receiving or sending money if we have it in our wallet. In a complementary way, we can request an associated virtual card for free or also a physical one for a single approximate cost of $10.
Browsing your website or application for mobile devices is easy and we have menus with the main functions. It is available in different languages, Spanish being one of them. Something that we appreciate all Spanish-speaking users around the world.
In surveys published in different specialized forums, it can be clearly verified that according to Wise users, the operation of the system is simple and suitable for anyone, regardless of their affinity and facility for using new technologies.
Is Wise or PayPal better?
Both Wise and PayPal are excellent platforms for managing money online and are perfectly suitable for online payments for services and purchases. But if we have to answer which of them is better, we have to opt for PayPal.
Although we consider that both systems are totally recommendable, PayPal still has the advantage. We have to look at the main figures of both to see that the number of users, total operations and market capitalization value in PayPal is significantly higher and places it as the undisputed leader in the sector.
It is also true that Wise’s growth is potential since its beginnings a decade ago. Its numbers of new users grows every month by leaps and bounds. It has become one of the best options to manage portfolios online in a simple, safe way and with lower commissions.
One of the most positive aspects of the two payment systems is that they do not charge any monthly or maintenance fees. Something that is common in companies that offer the same services offline. Thanks to this, many Internet users have open accounts on both platforms to send or receive money.
How much commission do you charge?
Wise payment processor charges fees for currency conversion and money transfers made. In relation to the rate applied on currency conversion, it is between 0.35% and 2% depending on some variables and is considered one of the lowest in the market.
Regarding the commission applied to transfers, it depends on the type of shipment selected, the lowest being a fixed rate close to $1.
The rest of the functions of the system do not have commissions applied. We can create the account, have it active, pay in the online store and receive money without fees. Totally free. Factor that is greatly appreciated by all users of the platform around the world.
As for Wise cards, they are also commission-free for payments at stores and balance withdrawals at ATMs up to a previously set monthly maximum.
How long does it take for money to arrive from Wise?
If the transfer made from Wise is of the “instant” type, the money will arrive in just a few seconds to your destination account. And if the money sent is issued from the “normal” type, it will reach its final destination in a period between 1 day and 3 days depending on interbank interactions.
This payment processor is known among millions of Internet users as one of the best options to send money if we are looking for speed. It is really agile and applies low commissions when it comes to converting currencies and transferring any amount to bank accounts with destinations in more than 90 countries.
Because of this, many travelers and relocating workers choose Wise to manage their wallet and money online.
Is there a Wise app?
Yes, Wise’s online payment processor offers two official apps that can be found on the main mobile application download platforms such as the Apple App Store and Google Play. Both applications work simply and correctly on most mobile devices on the market.
As for the app for mobile devices with the Android operating system that we can find on Google Play, we have official versions in the most relevant languages. The application has more than 170,000 downloads and an average rating of 4.1 stars out of 5 possible. It is positioned as one of the most relevant applications in the finance sector.
Regarding the app for IOS mobile devices that we find in the App Store, it also has versions enabled in several languages. On this platform, the number of reviews of this payment system exceeds 4,000 with an average rating of 4.3 stars out of 5 possible. It currently occupies position 40 in the list of best apps in the financial sector. Position of non-stop rising in recent years.
All versions of the official Wise app are free and do not incur any cost other than those strictly applied to the online payment processor.
The level of security offered by Wise as a payment processor and in sending international transfers is very high. This data is really relevant for all registered users because money is an important element that deserves special care.
In recent years, the company has invested large amounts in improving the security systems applied to its platform and has become one of the best in its market segment. This data has facilitated the perception of confidence in Internet users who value it as one of the safest portals on the network to send or receive money.
Due to this level of security, it is necessary to verify our access to the platform or the app by sending 6-digit numerical codes to our mobile device associated with each account. Some users have shown in forums that it is a waste of time but in reality it is a step that helps improve the security of the processor and of all the transactions carried out from the system.
Do you offer bank card at Wise?
Yes, with Wise we can request different virtual or physical bank cards. The most requested card by the users of this online payment system is the debit card. To request it we have to pay a figure close to $7. To do so we have to access the “Cards” section that we can find in the main menu of the platform or the app.
One of the main features of this debit card is to be able to pay or withdraw money in more than 150 currencies with the real exchange rate. Thanks to this we can spend money in any destination letting the processor make the appropriate conversions between currencies. This makes it an ideal tool for regular travelers. It also has the typical conventional benefits of informative notices about any expense or withdrawal of money.
Why is it so well known among digital nomads?
Wise’s payment processor is extremely well-known among digital nomads due to the ease of managing money online, making international transfers and exchanging currency with commissions lower than other operators. Thanks to these features, the company continues to grow with new registrations, especially among new users who travel the world working from their laptop.
Currently there are millions of new users of all kinds who are part of this platform specialized in currency exchange and the management of our portfolio online thanks to the “word of mouth” publicity generated in thousands of forums by the publication of countless posts . But in the early days of Wise, when it was called Transferwise, it became especially relevant among digital nomads. They gave it a great initial boost that has catapulted it to become one of the most relevant platforms in the online finance sector.
This is the reason why we see countless reviews written about this processor in the most important blogs in the world of travel and digital nomadism. Theme with a great impact in recent years with a trend that will continue to rise due to changing habits.
Opinions about Wise
On the internet we can see hundreds of publications related to Wise published. In them we can find a quite positive general evaluation. Particularly noteworthy are the mentions made about the low commissions applied in currency conversion and the advantages of using it when we change countries for reasons of residence or travel.
The best places to find these opinions of users of the payment processor are the specialized forums and the reviews of dozens of portals. The main social networks where we can find many references on the security of money transfers and the different rates applied by the system are also quite useful.
Below we show some of the opinions that we found published on the internet.
👨 Javier Sanz
I am a digital nomad and Wise is one of the most useful tools to manage my money in different countries for currency conversion and capital availability anywhere. With this system I can travel with the peace of mind of having a completely solvent internet portfolio, which saves me a lot of problems.
👩 Silvia Latorre
I have tried Wise as a payment processor and I can highlight how easy it is to use. Also noteworthy are the low commissions that apply to currency exchange. Highly recommended for travellers. In my closest circle we use it a high percentage of people.
👩 Laura More
I prefer other better known platforms. For issues related to my money, I do not trust any platform, although I do not doubt that it works correctly.
Our opinion on Wise
The work team formed for the publication of this review has tested the Wise payment processor (https://wise.com) for months and the results have been just as expected. A simple and perfect operation for sending money to many countries with a modern currency conversion and with commissions below the market.
It is obvious that the growth of the brand in recent years is due to the great work carried out on the functionalities of the application and the gradual lowering of the rates on transfers of capital. These distinguishing features have positioned it as one of the major operators in the market for specific Internet financial services.
It will certainly continue to grow. Network users seek security and simplicity when managing their portfolios online and this platform is ideal to be one of them. It is becoming a tool for managing your capital online among digital nomads. In this group of people that does not stop growing, it is common to find hundreds of thousands of users registered in this processor. Fully recommended for them and anyone looking to streamline their money movements online.
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