Finance

Wise App Review - Transfer Money Abroad faster!

Wise makes transferring money beyond the international borders cheaper and faster.

Updated on April 13, 2021
Wise App Review - Transfer Money Abroad faster!

If we have to put in short, then we can say Wise is a peer-to-peer money transfer app. The app offers everything a decent money transfer app must have, such as low international transfer charges, fast and secured transfers, along with other features.

International transactions are liable to different issues, such as clearance, currency conversion, taxes, and more. Therefore, Wise, ex Transferwise app is taking over the opportunity of serving users with features they desire to have in a money transfer app.

The Wise app has a network of over 10 million users spread across 170 countries. These users perform activities such as cheap, no cost, and faster money transfer. Moving further, we are discussing a detailed Wise, ex Transferwise money transfer app review for your reference. It will explain how Wise makes international transfer more convenient. If you are planning to use the app, or you are reading the blog as a developer to get the inspiration, you should read this app review until the end.

History of Wise, ex Transferwise app

Wise, ex Transferwise app is the brainchild of Taavet Hinrikus, the first employee of Skype. He partnered with Kristo Käärmann and founded Transferwise in 2011 together. It was only the first year for the money transfer app when it calculated that annual transactions amounted to €10 million.

A report by Guardian gave Wise a place in “East London's 20 hottest tech startups”. Moreover, Wired UK named it “Start-up of the week”. Moving further,  Wise - ex Transferwise got mentioned in a few other top reports by organizations such as Techcrunch.

With many ups and downs throughout the journey, Wise successfully announced itself as a profitable venture in May 2017. By that time, its users were transferring €1 billion worth of the amount monthly. Now, the organization took a new turn in 2021, and changed its name to Wise, from Transferwise in February.

Features of Wise, ex Transferwise money transfer

Moving further, we are discussing detailed features of the Wise , ex Transferwise app. These features will give you an insight into functions that are pushing this money transfer app on the top.

1. Peer-to-Peer money transfer app reduces the transaction cost

Wise app review

This cheaper money transfer app makes sure that the money transfer process is not costing you a fortune. With peer-to-peer money transfer features, you can send money even abroad within a short period.

2. Use an international debit card to access your money from anywhere

Wise app review

The Transferwise money transfer app includes a debit card that you can use to withdraw money in 200+ countries. Moreover, for the better security of your money, the app lets you freeze or unfreeze your debit card with just a few taps.

3. Get your UK account number that works like any other bank account

Wise app review

This Transferwise UK, one of the best banking apps gives you a personal account along with details such as the real UK-based bank account number, sort code, IBAN, and more. Moreover, not only local transactions but this account will also let you establish financial relations with users from other countries. You can just share your account details and accept payments from anywhere in the world.

4. Equip your business with a Wise, ex Transferwise account

Wise app review

Wise allows you to make a business account that you can use to fulfill business transactions. You can use this transfer money worldwide app to share invoices, generate bills, and get paid by clients.

5. Encrypted transactions to protect your money

With secured encryption and two-factor authentication, this cheaper money transfer app makes sure that your money is well protected and doesn’t get compromised. The app is approved by regulatory bodies of countries such as India, the UK, the USA, New Zealand, Canada, and Australia. That proves that the app has closer attention of international financial regulators to make sure of the safety of the money traveling through Wise .

Pros and Cons of Wise, ex Transferwise app

While the competition is higher between the money transfer apps, apps such as Wise ex Transferwise have pros pushing them on the top. Let’s have a look at them along with a few cons of this free bank transfer if there are any.

Pros of Wise, ex Transferwise app

  • The app supports the cheapest international money transfers
  • You can use it to send money abroad faster
  • The Wise debit card is useful in 200+ countries
  • Manage and create an account for free
  • Keep your amount on hold in any currency for free
  • Transparency is the main pros you get with the Wise app. It means, there are no hidden charges you will not get an advance note for
  • The app is easy to navigate and use
  • The Transferwise customer service is available to assist you 24x7
  • On the Transferwise customer service forum, you find many helpful articles that might solve your query instantly
  • According to the Wise review published on various app stores, the app has a great percentage of client satisfaction

Cons of Wise, ex Transferwise app

  • The signup process requires two documents for the verification, which might be a little slow
  • Does not accept check transfer service
  • If you are making large transfers, it might get a little costly
  • After hitting a specific transaction threshold, you need to submit additional documentation, if you don’t, your account might get on hold

Additional information for the Wise, ex Transferwise app

Wise app review

Wise ratings by MAD

UI/UX- 4.8
Features- 4.6
Security- 4.8
Fee- 4.6

Conclusion

If we talk about the financial app category in general, the blooming market is dependent upon money transfer apps and pay later apps. Therefore, developers that want to participate in the race of successful apps might still infiltrate this category. If we pick the global Fintech app data, the number of users have touched a threshold of 1.3 billion in 2020. On the other hand, it was limited to 0.4 billion in 2015.

Now, if you are a fintech app developer and planning to build an app to join this market, it is advised for you that you should get your app reviewed. It will give you expert opinions along with an insight into the potential of your fintech app.

Pallavi
Written By Pallavi

She is an avid writer of technology and trending mobile apps. When she is not busy updating you about the tech world, she spends time reading books and playing guitar.

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