Wise (formerly TransferWise): International Transfers, Multi-Currency Account, and Debit Card

Wise, previously known as TransferWise, is one of the most innovative and globally recognized fintech companies, specializing in international money transfers, multi-currency account management, and the issuance of an international debit card. Born with the mission to make sending money abroad cheaper, faster, and more transparent than traditional banks, Wise has revolutionized the industry by eliminating hidden markups on the exchange rate and applying clear, competitive fees. It is the ideal solution for travelers, for those with business or contacts abroad, and for companies with international payment needs.

What financial products does Wise offer?

Wise offers a range of products and services focused on managing money in different currencies and international payments:

• International Money Transfers: Sending and receiving money in over 160 countries and 40 currencies at the real exchange rate.

• Wise Account (Multi-Currency Current Account): To hold, convert, and manage money in more than 40 currencies.

• Wise Debit Card (Mastercard): For payments and withdrawals worldwide with low conversion fees.

• Wise Business: Dedicated account for companies and freelancers, with additional features for international financial management.

• Assets: Option to make deposited money in certain currencies (EUR, GBP, USD) grow by investing it in money market funds or ETFs.

How do Wise International Transfers work?

The core of Wise's offering is its ability to perform international money transfers efficiently and economically. Unlike banks that often apply a markup on the exchange rate and hidden fees, Wise uses the mid-market exchange rate (the one you find on Google or Reuters) and applies a small, transparent fee. The process is simple:

1. Enter the amount and the sending and receiving currencies.

2. Wise will show you the real exchange rate and the exact fee.

3. Enter the recipient's details.

4. Pay for the transfer with a bank transfer, debit/credit card, or Wise balance.

5. Wise converts the money and sends it to the recipient via a local bank transfer in the destination country, avoiding expensive SWIFT fees. This system often makes Wise transfers much more convenient and faster than traditional channels.

The Wise Multi-Currency Account and International Debit Card

The Wise Account is a multi-currency account that allows you to hold money in over 40 different currencies and convert them instantly at the real exchange rate. Its distinctive feature is the ability to get local bank details (like a European IBAN, a US account number, a UK sort code, etc.) in 10 currencies. This means you can receive payments in these currencies as if you had a local bank account, often for free. The Wise Debit Card (Mastercard) is linked to your multi-currency account. You can use it to:

• Pay online and in stores worldwide, with automatic conversions at the real rate and low fees.

• Withdraw cash from ATMs: Wise usually offers a limit of free withdrawals per month, after which a small fee is applied.

• Use virtual cards for more secure online purchases.

Advantages and Disadvantages of Wise

To help you make an informed choice, here is a summary of the main pros and cons of relying on Wise:

Advantages:

• Real Exchange Rates: Always uses the mid-market rate, with no hidden markups.

• Transparency: Clear fees that are visible before every transaction.

• Speed: Many transfers are instant or completed within a few hours.

• Multi-Currency Account: Allows you to hold and convert money in over 40 currencies.

• Local Bank Details: Facilitates receiving money from abroad like a local transfer.

• International Debit Card: Convenient for traveling and spending abroad.

• Low Costs: Generally much cheaper than traditional banks for international transfers.

• Security: It is a regulated financial institution (in the UK by the FCA, in Europe by the respective authorities).

Disadvantages:

• Not a Traditional Bank: Does not offer services like personal loans, mortgages, high-interest savings accounts, or pension products (with the exception of the "Assets" option which offers returns on held capital).

• No Physical Branches: The service is entirely digital, which might not appeal to those who prefer personal contact.

• ATM Withdrawal Fees: Although it offers a free limit, withdrawals beyond that threshold are subject to a fee.

• No Deposit Protection: Unlike traditional banks, money held with Wise is "safeguarded" (held in segregated accounts with top-tier partner banks), but it is not covered by bank deposit guarantee schemes (like the Deposit Guarantee Fund).

Contacting Wise: how to reach Wise's customer service

Wise offers support primarily through digital channels to ensure efficiency:

• Online Help Center: Extensive FAQ section with answers to most questions.

• Online Chat: Available via the website or the Wise app (after logging in).

• Email: You can send an email through the contact form in the Help Center.

• Phone: Phone contact is available for personalized support after logging into your Wise account (numbers may vary depending on the region).

Wise Headquarters and Addresses

Wise is a global company with its main headquarters in the United Kingdom and offices worldwide. It operates through its digital platform.

• Main Headquarters: Wise (formerly TransferWise), 6th Floor, Tea Building, 56 Shoreditch High St, London E1 6JJ, United Kingdom

• Other Locations/Operations: Wise has offices in multiple countries, including Belgium (for operations in Europe), the United States, Singapore, Australia, and others. However, it does not have physical branches open to the public for banking operations. The service is entirely online.