Wise

Wise is a British financial technology company founded in 2011 by Taavet Hinrikus and Kristo Käärmann. It was originally known as TransferWise, but rebranded to Wise as it expanded beyond just remittance and became a broader money platform.

With Wise, individuals and businesses can send money internationally at a lower cost than traditional banks. Wise uses the mid-market exchange rate (the real “bank” rate) and charges a small, transparent fee. For large transfers, Wise offers a “Large Amounts” option with dedicated support and relatively low fees.

Wise also provides a multi-currency account where you can hold, convert, and receive money in 40+ currencies, and even get local bank details in several currencies (like USD or EUR). For personal users, there are limits on how much you can transfer depending on how you pay or the route (ACH, wire, card).

As a regulated company, Wise secures customer funds by holding them separately with licensed banks — it’s not a traditional bank, but a trusted payment service.

💰 Pricing Overview

Wise fees are based on where you send money, which currency you convert to/from, and how you fund the transfer.

For large transfers (wire), Wise provides a volume discount — as the amount gets bigger, the rate improves.

Transfer limits vary: for example, in the U.S., some transfer types (like wire) support up to $1,000,000 per transaction.

If you use the Wise multi-currency card, there are spending and ATM withdrawal limits (for instance, default ATM withdrawal is $250, max $1,000).

Note: In some regions (e.g., Hungary), fees may increase starting Feb 2025, according to Wise’s own fee change summary.

⭐ Pros & Cons

✅ Pros

Very transparent exchange rates — you see exactly what rate you're getting.

Low fees compared to traditional banks and many other remittance services.

Fast and secure international transfers.

Ability to hold and convert between many currencies (multi-currency account).

Good for large transfers, with volume discounts and dedicated “large transfers” support.

Regulated in many countries — your money is safeguarded.

❌ Cons

Some of the “hidden fees” can still come from correspondent/sending banks (e.g., with SWIFT). > “Wise doesn’t control the correspondent fee” per user report.

Customer support can be limited or slow, especially for complex issues.

Exchange rate guarantee is limited — fixed rates are locked for up to 48 hours only.

For certain currencies or routes, the transfer fee may be higher.

Regulatory / compliance issues: Wise has faced scrutiny over anti-money laundering controls.

🎯 Recommendation

Best for: Individuals, freelancers, or businesses who do frequent cross-border payments, need to hold multiple currencies, or want fair, transparent exchange rates.

Great for: Making large international transfers, paying overseas vendors, or sending money to family abroad — especially where traditional bank fees are high.

Less ideal for: People needing cash pick-up services (Wise only supports bank transfers), or who use very exotic currency corridors with low liquidity.