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 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.

History of Wise App, 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.

Who should use Wise Money Transfer App?

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:

• People who often require money for international transfer
• People who constantly travel to different homes in different countries
• For sending money to friends and family living abroad

Wise App is an ideal platform for anyone looking for an affordable, easy to use, and secure way to send and receive money.

Features of Wise App, ex Transferwise money transfer

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.

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

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.

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

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.

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

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 app account

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.

5. Encrypted transactions to protect your money

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.

6.Wise Money Transfer App Fees for Transactions

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:

Pros and Cons in Wise App Reviews, ex Transferwise app

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.

Pros of Wise App, ex Transferwise app - How Wise Money Transfer App stacks against the Competition?

• 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 App, 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 in the Wise App Reviews, ex Transferwise app

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.

• Does the Wise app charge a fee?

  Yes, it does charge a fee for different transaction such as sending money and receiving money internationally.

• How to use the Wise App?

  These are the steps for using Wise App: Download Wise > Create Account > Verify Identity > Add Payment Method > Choose the Recipient > Enter Amount >Choose Payment Method > Review Transaction Details > Track Transfer

• Is the Wise app legit?

  Yes, it is a legit platform and is used by over 7 million people.

• Is the Wise money transfer app safe?

  Yes, it is absolutely safe. The application is regulated all around the globe and it also uses encryptions such as 2FA and 3DS.

• Is Wise app safer than Paypal?

  Both Wise app and Paypal are safe options for making a transaction.

• Is Wise cheaper than bank transfer?

  Yes, it is cheaper than bank transfers because it utilizes mid-market exchange rates while typically adding margin to the exchange rate.

• What is the difference between Wise App and PayPal?

  There are plenty of differences between the two platforms. However, if you are looking to send money at cheaper prices then Wise money transfer app is for you. Although, if your preference is availability in a large number of countries then Paypal is ideal.