Upfront Summary: Is Wise (TransferWise) Safe?
Wise is an international money transfer company, and the services it provides are safe. However, it is only a middleman between you and the payment recipient, so you need to ensure you only send money to people that you know are safe.
Wise must follow strict guidelines set by regulatory agencies in each country it operates to ensure your money is always safe. Wise has been serving customers since 2011 and transfers close to $6 billion every month for millions of their customers. As well, Wise is backed by well-known investors such as Richard Branson. All of this should give you confidence in trusting them to send your money internationally.
Money transfer companies like Wise offer customers international money transfer options that are on average 5 times cheaper than a traditional bank, sometimes even more. So how are they doing this? Is your money safe? We’re going to review what customers are saying and provide the breakdown on Wise so you can make an informed decision.
Wise Company Information
| Official Website: | https://wise.com |
| Founded: | January 2011 |
| Owner: | Public Company |
| Location: | Headquarters in London, England |
| Customer Service Contact: | Online Support |
| Social Media: | Facebook, Twitter, Instagram |
What is Wise?
Wise is an international money transfer provider, allowing you to send various currencies to different countries. They are similar to a bank which also provides this type of service, but they never lend money to you or others, you don’t gain interest on the money you leave in your Wise account, and your money is safeguarded, which means it’s separate from Wise’s own accounts and backed by assets Wise actually has.
The benefits of money transfer providers like Wise are that they are often faster in transferring your money and provide better exchange rates and fees than a traditional bank. Customers are willing to perform a few extra steps in moving money to Wise so that they ultimately save money on any transactions.
>>MORE: Wealthfront: Is it reliable and safe? Are They Worth It?
How does Wise work?
The idea behind Wise is simple. You send money from your country and in your local currency to another country in its local currency. Banks can do this for you; however, the problem with most banks is that they have hidden fees in their exchange rates that you have no idea about, or if you see a discrepancy from what you checked online, you assume that’s just how it is. So you end up paying a lot more than you should.
Wise makes everything transparent in their fees and exchange rates, they offer comparisons to competitors, and the exchange rate they use is the mid-market rate, which is the middle point between what banks will buy and sell the currency in. Most banks use this exchange rate when transferring between each other, but that isn’t the rate you as a customer gets from your bank.
Wise’s overall goal is to be 100% transparent in everything, building trust with their customers.
Is Wise safe and legit, or is it a scam?
Wise is safe, legit, and scam-free as long as you’re confident in who you’re sending money to.
Wise is only involved in the money transfer process, so it will be sent if you transfer money to a scammer. Wise registers with and follows all guidelines set by each countries regulatory authorities.
There are no viruses or malware on the site, and your private information is treated extremely carefully. There are fake sites and phone numbers for Wise, so you must be sure when calling Wise that you get the phone number from Wise.com only.
>>MORE: Robinhood: Is It Real & Safe? Are They Worth It, Really?
Is Wise trustworthy and reliable?
There are hundreds of thousands of reviews for Wise online, with the average being 4.5/5 depending on which site you’re looking. Customers are thrilled with the service provided, matching what Wise says they do, cheaper and faster international money transfers.
Most negative reviews fall into two categories. First, Wise has closed the reviewer’s account and doesn’t immediately return the monies owed. The issue is that Wise can’t tell a customer why their account was closed due to regulations, which can be highly frustrating when dealing with your money. Second, any refunds you are owed can take some time to be returned to you, in some cases up to 90 days.
The other main complaint is that there is no buyer protection because you are not buying a product; Wise only provides a service. Wise will attempt to cancel and get your money back if you transfer money to a scammer, but that is not guaranteed. If scammed, you need to report this to the police, and Wise will provide any relevant information on the transaction.
>>More: Is Google Pay Safe? How Legit & Reliable Is The Payment Service | Is Alipay Safe? How Legit & Reliable Is The Payment Service? | Is Apple Pay Safe? Is The Payment Service Really Worth It? | How does ESET banking and payment protection work?
Wise Fees and Costs
It’s free to create an account, and there are no monthly fees; Wise does not have any hidden costs. The whole idea behind Wise is to be as transparent as possible when dealing with your money.
Wise has varying costs, depending on how much you are sending, how you will pay, and the current exchange rate. To check specific pricing, you can use their calculator.
Wise takes a percentage of your transaction and a set fee for each transaction, then uses the mid-market exchange rate. It will also cost you more to pay by credit card over a wire transfer from your bank.
Wise also offers a multi-currency account if you plan to send/receive money regularly. Your money is stored with Wise rather than transferring it in for each transaction, and you have a physical debit card backed by Mastercard to make payments. It costs $9 for the card, and you can withdraw $350 monthly for free, then there is a 2% fee for further ATM withdrawals.
>>MORE: How Safe Is Klarna? How Verified & Trustworthy Are They Actually?
Does Wise have good customer service?
Wise customer service is available by online chat and email but isn’t 24/7. Chat is only available at certain times, and email responses may take 1 business day. So if you email them on a Friday afternoon, you may not hear from them until Monday.
Most customer reviews are very positive towards Wise customer service. They are fast and professional. On the other hand, the negative reviews for Wise customer service don’t give any specific reasons. So, it’s hard to pinpoint any real issues aside from any time you’re dealing with customers it can be tough to make them all happy, and customer service generally steps in when you’re having a problem and not when everything is going great.
Does Wise have a refund policy or buyer protection?
Wise does not offer buyer protection. You take full responsibility for where you are sending money. If your account is closed or your transactions are canceled, then Wise will refund your money to the same payment method that funded the transaction. Depending on what method you used and why the transaction is being refunded, it could take 90 days to receive the refund.
>>MORE: How Reliable And Safe is Amazon Pay?
How to delete a Wise account?
- From the app or website, go to your account.
- Select “Settings”
- Select “Close Your Account”
The pros and cons of Wise
Pros
- Cheaper to transfer money than with a traditional bank.
- Straightforward online interface to make all transactions and see all costs.
- You can track your transfer from start to finish and see where and when it’s received.
Cons
- You can’t time your transactions to get a specific exchange rate.
- Wise can not send to all countries that competitors can.
- They can not accept all currencies that competitors can.
>>MORE: Can I Trust Dealdash to Be Safe? Do They Actually Pay Off?
Wise Careers
Is Wise a good company to work for?
Wise is a good company to work for. Reviews are very positive about careers at Wise, a flexible working environment, and schedule. You can take on tasks without being micromanaged and have a lot of opportunities to grow and improve.
Is it difficult to get a job with Wise?
It’s not difficult to get a job with Wise, many remote options are available. If you have the appropriate experience and skills, then a career with Wise is achievable.
Best Wise Alternatives
Wise and its alternatives make shopping possible when you don’t have enough money right now to buy the things you need. Below is a list of alternatives to use if your favorite store doesn’t offer Wise :
>>MORE: Urban VPN: Authorized & Safe? To What Extent Are They Reliable?
Additional FAQs
Will my bank charge me extra for using Wise?
There are no additional charges for sending money to Wise. Wise accepts your money to a local bank in your country, either via a wire transfer, debit card, or credit card. Your bank will only charge you the standard fees as with any transaction you make.
Do both parties need Wise?
No, you can send money to yourself, someone else, or a business. Wise will deposit the money into the bank account you provide.
Why is Wise so cheap?
Wise does not actually transfer money from one country to another. Instead, it holds currency in each country it operates and uses that money to make payments. So it is not being charged cross-border fees for your transaction, which can be costly.