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 app 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 Wise review until the end.
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.
Wise App is a versatile platform for anyone looking to send and receive money internationally. This is the core functionality of the app and requires a mention in this Wise review. It offer multiple features that we’ll be discussing later on and help you save a lot in case of international transfers.
Below are the people who might truly benefit from using Wise, ex Transferwise App:
Wise App is an ideal platform for anyone looking for an affordable, easy to use, and secure way to send and receive money.
Moving further, we are discussing detailed features in the Wise review, ex Transferwise app. These features will give you an insight into functions that are pushing this money transfer app on the top.
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. It is one of the most stellar features that requires uplifts the Wise ratings in majority of Wise review.
The Transferwise app for money transfer includes a debit card that you can use to withdraw money in 200+ countries. Another really important thing that requires a mention for wise review. Moreover, for the better security of your money, the app lets you freeze or unfreeze your debit card with just a few taps.
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.
Wise allows you to make a business account that you can use to fulfill business transactions uplifting Wise ratings. You can use this wise money transfer app to share invoices, generate bills, and get paid by clients.
With secured encryption and two-factor authentication, this cheaper wise 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 this app has closer attention of international financial regulators to make sure of the safety of the money traveling through Wise app.
Wise app provides the capability to perform both local as well as international transaction. For this, the platform incurs a particular amount of Fee depending upon the type of transaction that is carried.
Below is the entire fee structure, have a look:
|Types of Transaction||Condition||Charges|
|Registering with Wise||Account Opening||Free|
|Sending Money||N/A||0.43% of Transaction (fees varies depending on the currency)|
|Spending with your Card||Withdrawal of $100 per month on a single account||Free (for two or less transactions)|
|Spending with your Card||Fees incurred on $100 from ATM per month on a single account||2% (+$1.50 per withdrawal)|
|Spending with your Card||Transaction from Account Fund||2% (include w-waller topup and other similar transactions)|
|Spending with your Card||On receiving on Wise debit card||$9 (no fee for subscription)|
|Spending with your Card||Money Conversion||Starting from 0.43% (fee vary based on transaction)|
|Holding money in the account||With the capacity to hold over 50+ conditions||Free|
|Receiving the Money||Account details of up to 9 currencies||Free (details of AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD and USD)|
|Receiving the Money||Receiving the Money||Free (Receive AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD and USD (non-wire))|
|Receiving payment via Wire||Fixed Fee per Payment||$4.14|
While the competition is higher between the money transfer apps, Wise, ex Transferwise app 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.
Additional information in the Wise App Reviews, ex Transferwise app
Wise ratings by MAD
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.
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