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Formerly known as Transferwise, Wise was founded in London, England in 2011 and has since grown into a reputable financial transfer service. With services available in a dozen languages and 71 countries across the world, Wise has a lot to offer. The key to their success is by being entirely transparent regarding the price of transferring funds. Since you can send money from a total of 43 countries, this can result in large savings. Offering the chance to transfer money both domestically and internationally, there is both an app and a website to add convenience. By keeping rates affordable and easy to understand, consumers have come to rely on Wise. Of course, before dealing with any company, it helps to have a full picture of their practices.
The process for sending money through this company depends on the method you use. There are different approaches to the transfer service, each with different benefits. These include:
Navigate to the Wise website and register yourself for an account. The process is straightforward. You can opt to create either a personal or business account. This service lets you choose from three features. It advertises the ability to save as much as 800% on fees when sending money internationally. You can also hold onto funds in different currencies, should you want to trade at a different rate. Additionally, this service lets you receive payments from international clients without incurring service charges. There is no minimum amount required to complete a transfer, though there is a cap on the amount you can send, which varies by country.
The application for Wise is available both on the Google Play Store and the Apple Store. Once it’s downloaded, you can either create a new account or log into your existing one. Both the minimum and maximum amounts are consistent with the online services. However, with the application, there are restrictions on the countries serviced. If you wish to transfer funds to a nation that isn’t served on the app, try the website. With 71 different countries served, it is very likely that you will be able to send the transfer.
There are 14 different Wise offices, scattered throughout the world. That said, there is only one location in North America, and it is located in New York. Since there aren’t any physical offices in Canada, consumers can take advantage of their online or app transfers.
Depending on the situation, you can enact transfers in different ways. These methods include:
With Wise you have the option to create a send, receive and hold money in various currencies using their multi-currency account. You can use the account to hold up to 50 different currencies which you can send to any bank account whenever you need. In exchange, Wise will charge a fixed fee and a variable fee which varies by country.
There are several ways to send money via the Wise online portal. These methods include:
Transferable Amounts | No minimum transfer amount. Max transfer amount varies by country. |
Transfer Channels | You can transfer funds either online or through the Wise app. |
Types of Transfers | Bank transfer |
Payment Options | Direct debit Debit card Wire transfer Credit card Online bill payment |
Service Coverage | 70+ countries (sending), 43 countries (receiving) |
Though the process is not immediate, it is usually quite efficient. Typically, users can expect to receive the amount within two to three business days of sending (keep in mind that this depends on the payment method you choose). Since the Wise system uses a two-step process to transfers, it can take up to three business days to move the funds. You are able to track the progress of your money transfer through your Wise account.
Provided you practice diligence and keep your security information safe, including passwords, yes, Wise is safe. It is registered as an authorized Electronic Money Institution through FINTRAC. The Financial Transactions and Reports Analysis Centre is the main regulatory body governing these transactions. They are also registered with the Authorité des Marchés Financiers for Quebec customers.
Naturally, there is a range of benefits and pitfalls to every service. These include:
Now that you know the essential details about how Wise works, you can decide if it’s the best way for you to go. It has low fees, relative to banks and many other services. However, it lacks in-person assistance and cash services. Depending on your needs and financial priorities, this company can help you save money and become more efficient overall.
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