Wise Account Review 2024: Is Wise Safe for International Transfers?

Wise (formerly known as TransferWise until 2021) is an online service for cheap and speedy international money transfers.

In this Wise review, you will learn the biggest advantages of the company, is Wise safe, how does Wise work, how to register, how to make your first transfer, and what to watch out for.

You can also read Wise reviews from other customers at the bottom of the page and share your experience if you already have one.

Important Things to Know About Wise

The company was founded as TransferWise in 2011.

In 2021, it shortened its name to Wise, and in 2023, it rebranded its vision to better reflect its international character.

Currently, Wise has over 16 million individual customers, 300,000 business accounts, and around 9 billion dollars in monthly transaction volume.

This impressive growth has led many to ask, “Is Wise legit?” The answer is a resounding yes. Wise is a fully regulated financial institution, providing secure and efficient international money transfer services.

Our team has thoroughly researched and tested the Wise platform and app to determine if it’s worth it.

And spoiler alert: we think it is.

First, let’s review some key details about Wise in the table below.

While reading, you might want to compare this data with the banking services you currently use.

A common question among potential users is, “Is Wise safe?” So let’s answer it straight away.

It employs state-of-the-art security measures, including data encryption and two-factor authentication, to protect user accounts.

Additionally, the company is transparent about its fees and exchange rates, further enhancing its trustworthiness.

If you frequently travel abroad or have a close one living overseas, Wise might be a cost-effective solution for transferring funds, saving you money and time.

Registration takes about a minute and is entirely intuitive. You can start by visiting the Wise website.

How Does Wise Work?

Wondering how Wise’s does not charge mark-ups on their exchanges?

Here’s how it works:

Wise has a bank account in every country it operates in.

So when you send money from the USA to a recipient in Mexico in pesos, your money doesn’t even leave the country.

Here’s what actually happens:

This simple mechanism allows the company to offer fairer exchange rates since actual currency conversion is not carried out.

Through the mobile app or the website, you can check at any time how much local currency you need to transfer for the recipient to receive the desired amount.

Wise Fees

Understanding Wise fees is crucial for users looking to make the most of this service.

Wise fees are clearly displayed before you make the transfer and vary depending on the amount, the currency, and how fast you want the transfer to be.

They are usually a percentage of the amount that is being sent.

On the other hand, if you transfer USD from the U.S. to pesos in Mexico, your transfer will be converted using mid-market rates.

Here are the results from a recent experiment we ran to see how what is the cost of sending $1,000 to Mexico.

How to Make a Wise Transfer

Understanding how to make a Wise transfer is essential for anyone considering this service. 

Sending money abroad with Wise is fast. Around half of Wise transfers are instant, and 80%+ arrive within 24 hours.

Some factors that can impact your transfer are:

Usually when you prepare to send a transfer, you will get an estimate about when your transfer will arrive.

And here is a step-by-step guide on how to make a Wise transfer:

How to Make a Wise Transfer Step-by-Step

Steps

Wise Ecosystem

The Wise ecosystem offers a comprehensive suite of services designed to make international money management easier.

Wise offers three main services:

Each of these services can be used individually except for the debit card. To get it, you need to have a multi-currency Wise account.

Wise Card Review

Unfortunately, the company has temporarily paused issuing new Wise cards in the US.

On their web, you’ll find this message:

It might be a bit misleading since cards were previously available in our country, so in our Wise card review we discuss their standard conditions.

For starters, the Wise debit card is free and you only have to pay a fee of 9 USD for the delivery.

Additionally, with the Wise card you get:

The card is valid anywhere MasterCard is accepted, and you pay in local currency no matter where you are in the world.

Advantages and Disadvantages of the Wise Account

After testing and using Wise, we formed a decent idea of the service. This Wise account review aims to provide a balanced view of its pros and cons.

Let’s start with the advantages:

Overall, Wise performs well in delivering what it promises – an alternative to standard bank transfers, security, and speed.

However, we found a few minor disadvantages that we cannot overlook:

Revolut vs Wise

When considering digital banking and money transfer services, it’s common to compare Revolut vs Wise. If your goal is only to exchange and send money, Revolut and Wise are quite comparable.

However, in some other aspects, Revolut may be an interesting alternative.

Let’s do a quick overview of the main similarities and differences:

Though, Revolut is a more widely known and used app in Europe, it could definitely offer some intriguing perks to US users, too.

The extra features it offers, such as travel insurance and higher exchange limits without fees, could be worth a more detailed inspection.

Wise/TransferWise Reviews

When researching “Is Wise safe to send money?” or “Is Wise.com safe?”, it’s helpful to look at user reviews.

No matter which website you check for Wise reviews, you will not have a hard time finding positive feedback.

On Trustpilot, for example, a site specialized in collecting user reviews for various services, Wise currently has an excellent rating of 4.3 (out of 5) from over 227,610 votes.

Positive Wise/TransferWise reviews highlight:

To keep impressions balanced, here’s what negative comments share:

👉 Tip: Use services like Wise as intended. Do not store large sums of money in them to avoid misunderstandings.

Conclusion: Is Wise Safe?

After our comprehensive Wise review, we can confidently answer the question, “Is Wise safe to send money?” with “Yes, we do believe that Wise is safe for international money transfers.”

This said, the service could come with higher fees and more limitations than some competitors.

However, the app is easy to manage, transfers are fast and the institution is regulated.

Understanding how Wise works is key to making the most of its services.

The Wise account offers a multi-currency solution, while the Wise debit card (when available) provides convenient access to your funds worldwide.

Wise fees are transparent and generally lower than traditional banks, making it an attractive option for international money management.

We could talk for much longer, but actually, our best advice is: try it once and see for yourself.

Whether you’re looking to make a one-time transfer or set up a multi-currency account, Wise offers a secure and efficient solution for your international money needs.