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Wise a cheaper faster way to send money abroad

in Andalucia, Spain
By Nick Nutter | 23 Mar 2021

A Success Story

The Foreign Exchange Company, Wise, is revolutionising how over 10 million people living international lives are transferring, saving and spending their money.

Wise, formerly Transferwise, was co-founded by Taavet Hinrikus and Kristo Käärmann in 2011. It is one of the world’s fastest growing tech firms having raised over $1 billion in primary and secondary transactions from investors such as D1 Capital Partners, Lead Edge, Lone Pine, Vitruvian, IVP, Merian Chrysalis Investment Company Ltd, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin from PayPal. Over 10 million people use TransferWise, which processes over £4.5bn in cross-border transactions every month, saving customers over £1bn a year.

Are You Paying Hidden Fees When You Transfer Money

Have you ever wondered why with some foreign currency exchange transactions you end up with less in your account than you thought you would? The reason is that banks and some currency exchange companies charge high fees for the transaction, some of which are hidden. If you make an international transfer, buy a foreign stock, or use a debit or credit card when you are on holiday, you will usually be hit with a large currency conversion charge.

The solution is simple and Wise.

Price - using Wise for international transactions is up to 8 times cheaper than using a traditional bank. Wise always uses the mid-market exchange rate and charges low, upfront fees.
Safety - Wise is regulated just like any bank by financial authorities in any country where we operate.
Speed – over 30% of transfer with Wise arrive instantly. 53% of all transfers arrive within an hour and 81% of all transfers within a day.
Coverage of currencies and countriesWise allows customers to hold, spend and send money in over 50 different currencies.

What is Wise?

Wise is the global technology company building the best way to move money around the world.

What’s the Wise account?

Wise, formerly TransferWise, is an international account for over 50 currencies, with instant, super-cheap money transfer, a card to spend in any currency, bank details to get paid in 30 different countries, multi-currency direct debits, and other revolutionary stuff.

Wise is on average 7x cheaper than old-school banks when you send, spend, or withdraw money around the world. (This depends on each country, please refer to our website to check out the coverage of our products) The Wise website

What are the main features of the Wise account?

Balances – you can hold and convert money between the 50+ currencies in which we offer Wise balances. We always use the real exchange rate to convert your money which makes our service up to 7 times cheaper than traditional banks.
Bank details – we offer local bank details in 10 currencies (US dollars, British pounds, Euro, Canadian, Australian, New Zealand and Singapore dollar, as well as Hungarian forint, Romanian leu and Turkish lira). You can use these bank details to receive money for free into your Wise account, which you can then convert or hold.
Direct debits – our US, British pound and Euro bank details allow you to set up direct debits to pay for utility bills or any other subscriptions or automated payments.
Debit card – with the Wise Visa card, you can spend in over 200 countries without the hidden fees. Add it to your Apple or Google wallets for convenient use.
Money transfers – send money to over 60 countries at the real exchange rate and low, transparent fees
Jars – Money in a jar is kept separately from your balances, if you are saving it for something later. You can’t accidentally spend it with your debit card, and you can’t send it or use it to pay Direct Debits. You can open as many jars as you need to organise your money.

What’s Wise Business?

It’s the business account for going global. It’s the only business account you need to grow and operate internationally — without the high fees, hefty admin, and headache of a local bank.

Who is the Wise account for?

Wise is perfect for anyone living an international life. This includes expats, travellers, freelancers, international students, businesses, and digital nomads. Anyone who needs to send, spend or receive money internationally will benefit from using the Wise account and debit card.

The Wise mission?

Our mission is money without borders - instant, convenient, transparent and eventually free.

How do we work towards achieving our mission?

Wise builds products that solve the problems of the clunky old-school financial system, making international banking and cross-currency payments fast, easy, transparent, and ridiculously cheap. Today, over 10 million people and businesses use Wise products to make money easier when they live, work, travel or do business around the world.

This is a sponsored article

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