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WISE: the revolutionary international money transfer platform

To the point Wise is a financial account that allows you to send, spend, receive or hold money internationally. Here is Wise in detail.

Milesopedia has several business partners including the company Wise known as Transferwise.

The company, which is headquartered in London, has been around 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. It is reported that some clients have accounts with Wise in about 50 currencies.

Wise

Paying off U.S. credit cards

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 who want to deposit money in a bank account in their home country, to those who buy in abroad stores or to retirees living in another country who receive through Wisetheir monthly pensions. In addition, the service is aimed at companies.

transferwise exemple transfert taux

Five benefits of Wise

1- Transparent pricing and real exchange rates

Wise prides itself on offering transparent pricing and real-time exchange rates pasted 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

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.

Service WISE Desjardins RBC
Amount CAD 1,000 CAD 1,000 CAD 1,000
Fee CAD 8.58 Integrated in the rate CAD 10
Converted amount CAD 991.52 CAD 1,000 CAD 990
Currencies received USD 787.64 USD 777.54 USD 769.17
Net conversion rate 0,78764 0,77754 0,76917

2- Simple process

It consists of:

  • create a free account with your email address and a password
  • decide how much to send or how much you want the recipient to receive
  • choose whether it is a personal or business transfer
  • respond to personal information requested such as your address
  • Answer the required information about the beneficiary (bank account number, wise account number or e-mail address). Pretty handy for making transfers and paying bills.
  • Choose the type of transfer and the payment method. Wise will tell you what fees apply depending on the transfer terms. Online bank transfer from your bank account to Wise is still the most economical.

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.

3- Quick results

Wise initiates 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.

4- Secure site

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.

5- Customer service

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 with its applications on Apple and Android. They are highly rated by Internet users.

Voyageurs téléphone

Payment methods

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.

Wise platform

Other services

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.

Conclusion

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 go through the Wise affiliate link to support Milesopedia, from which this article is a courtesy. You can benefit from a free transfer of up to GBP 500 (about CAD 820) after an initial transfer of GBP 200 (about CAD 330).

Come to discuss that topic in our Facebook Group!

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