Wise, formerly Transferwise, has been headquartered in London since 2011. In a short period of time, it has gained the trust of the entire international money transfer community. Over 60 countries and 50 currencies are currently participating in the dance.
The opinions are unanimous. It is a reliable international money transfer company: ten million consumers and companies do business with. Some customers are reported to have accounts with Wise in some fifty currencies.
Its services are mainly used for money transfers between countries and currencies. Wise is an excellent way for U.S. credit cardholders to convert Canadian money into U.S. currency to pay off U.S. credit cards.
This online platform offers even more, for example to expatriates wishing to deposit money in a bank account in their home country, to those shopping in boutiques abroad, or to retirees living in another country who receive via Wisetheir monthly pensions. In addition, the service is aimed at companies.
Wise boasts transparent pricing and exchange rates pasted in real time to Reuters. That’s right; it doesn’t take any margin on the exchange rates. Banks charge fees for foreign currency transfers and exchange rates.
The transfer fee at Wise is between 0.35% and 2%, which is low. It remains to add the real exchange rate. But how does it do this when we know that the banks receiving the transfers also charge fees?
“Wise has current accounts in all the countries where the company operates… Thus, for each transfer, the company acts as an intermediary. The company transfers the money to the beneficiary from its account in the country, allowing the sender to benefit from very advantageous transfer fees, and the sender to receive the totality of the transfer without any other fees deducted upon arrival”. Hello Safe
“Wise has current accounts in all the countries where the company operates… Thus, for each transfer, the company acts as an intermediary. The company transfers the money to the beneficiary from its account in the country, allowing the sender to benefit from very advantageous transfer fees, and the sender to receive the totality of the transfer without any other fees deducted upon arrival”.
Hello Safe
We verified this as we tried to convert CAD 1,000 into USD on April 7, 2022. We go straight to Paypal and Western Union, which are much more expensive.
It consists of:
Upon receipt of your money, Wise will email you to confirm that the transaction is on its way. You can then track your money every step of the way until it reaches the recipient.
Wise begins the transfer during the day. It will be completed between 1 and 4 days, depending on the country of departure and arrival, the scarcity or not of the currency, the date and time of your request, the authentication of the parties etc. Between Canada and the United States, it’s done within a day. It’s enough to make banks and their lengthy procedures envious.
The company complies with international regulations in this area. Its technical team has implemented two-factor identification. Its identity verification procedures also rely on the uploading of legal documents.
Wise’s customer service can be reached by chat and e-mail. In addition to the online platform, you can also use the services of Wise services with its Apple and Android applications. They are highly rated by Internet users.
As mentioned, the cheapest way to pay with Wise is by bank transfer. But you can also pay by direct debit, debit card, credit card or bill payment. But beware, the credit card will consider it a cash advance.
The Wise Visa debit card is now available free of charge in Canada, as it was in other countries.
You can get the physical card, convenient for vending machines, as you can also add the electronic version to Apple Pay. Finally, there are ephemeral card to use on sites where you prefer to keep your information. The offer of this free debit card can be found on the member’s account.
It also states the terms of use (e.g. two free withdrawals per month, 1.75% fee thereafter, ATM withdrawal limits etc.).
Other features are also available such as the Wise Borderless account and the Wise Business version. These free multi-currency accounts allow you to keep your currencies warm and free of exchange fees.
Fascinating to discover such an innovative system at a small price. It was necessary to think about it.
Many of us, frequent travellers, expatriates, nomadic workers or American credit cardholders, will find it a great deal.
Don’t forget to use the Wise affiliate link to support Milesopedia. You’ll also benefit from a free transfer of up to 500 GBP (approx. 820 CAD) after making an initial transfer of 200 GBP (approx. 330 CAD)!
Savings are here:
