Home Bank & Money transfers Transfer money abroad with Wise: Info & Review

Transfer money abroad with Wise: Info & Review

Transfer money abroad with Wise: Info & Review

Are you going abroad soon and want to transfer money to another country (Australia, Canada, New Zealand …)? We have the solution! Wise (formerly TransferWise) is a company specializing in international money transfers. It is undoubtedly one of the most economical solutions. Forget the banks that offer much higher transfer fees and exchange rates far below the market rate! To transfer your money with the minimum cost, we strongly advise you to go through a specialized platform. The procedure is simple, quick and you save a lot of money! Here is an overview of the services offered by Wise, how it works, transfer fees, as well as our experience and the opinions of other users… you will know everything about money transfer.

How does Wise work?

Wise is a peer-to-peer service that allows you to transfer money abroad (in 80 countries and in 53 different currencies). Thanks to this system, you can to hold and spend money online or in stores, send money and receive it, and finally, withdraw anywhere in the world. All operations are carried out at the mid-market exchange rate, and no hidden charges are applied.

When doing a transfer, the only cost is the fee stated in the calculator during the process of setting up a transfer. Wise typically charges less than what traditional banks do because many banks add a margin to the exchange rate. The use of the mid-market rate and a low, transparent fee means that overall Wise is cheaper than banks.

With your Wise multi-currency debit card you can spend money around the world with low conversion fees and no transaction fees. It is only available to multi-currency account holders residing in certain countries (UK, USA, Australia, New Zealand, etc.).

Make a transfer with Wise: Summary in 5 steps

  • Register on the Wise website
  • Choose the amount to transfer and the currencies (sending and receiving)
  • Select a recipient
  • Go to your bank’s website, and add the Wise account as a beneficiary (European SEPA account, no bank charges)
  • Make a transfer to the Wise account for the selected amount by indicating a reference number (provided by Wise)
  • Receipt of funds. Once the funds have been received by Wise, they will convert them into the desired currency and transfer them to your destination account. The few costs related to the transaction will be automatically deducted from the initial amount.

The different transfer methods

We will see here how to transfer Euros and Australian dollars.

Good to know: To carry out your transfers, three choices are available to you: online, over the phone or in an agency.

Euros transfer (EUR)

There are 3 different transfer modes. The mode you choose will depend on the amount you want to transfer from one account to another.

Transfer low costEasy transferQuick transfer
Maximum amount165.000€ for individuals
1.2 millions € for companies
3000€2500€
Fixed costs0,45€0,45€0,45€
Variable costs4,68€ (0,47%)5,87€ (0,59%)8,74€ (0,88%)
Total Costs5,13€6,13€9,19€
Payment methodsManual transfer from the bankSOFORT by KlarnaDebit/credit car

The most used transfer method is low-cost transfer because it is the cheapest and most convenient.

Low cost Transfer

This transfer method was set up for users who want to save as much money as possible. The small weak point, if it must be one, is the slowness of the payment.

Three transfer methods are available: a bank transfer, using money from your balance or paying with iDeal, Trustly or SOFORT (if the amount exceeds €3000).

Easy Transfer

This transfer method is only possible if you want to send 3000€ or less. Convenient and fast, Easy Transfer is only available in a few European countries (Austria, Belgium, Germany, Italy, Netherlands, Spain and Switzerland).

Easy transfers are made with the SOFORT by Klarna tool. This means payment is made using your bank details.

Fast Transfer

This type of transfer is the fastest way to send money abroad. The problem is that it is also the most expensive. Your transfer will be made within 24 hours.

There are two ways to do a fast transfer:

  • Credit card
  • Debit card

This payment method is only possible for Visa and MasterCard cards.

Traveller Advice

If you need money quickly, plan your transfers at the start of the week. Banks are closed on weekends and you cannot receive money transfers. This can lengthen the transfer time.

Australian dollars (AUD) transfer

For transfers of Australian dollars there are 5 payment methods:

Bank transferPOLiPayIDCredit / Debit cardWise Account
Max amount$1 800 000$1 800 000$50 000$18 000-
Fixed costs$0,52$2,05$0,52$0,52
$0,52
$0,98
Variable costs0,45%0,47%0,45%1,44%
0,76%
0,44%
Total cost$0,562,09$$0,56$0,66
$0,59
$0,46

Bank transfer

You can make this transfer from your online bank by adding Wise as a beneficiary. For faster processing, you must indicate the payment reference in the reason for the transfer.

POLi

POLi is a payment system linked to your online bank. It is an alternative to the bank card and a more secure way to manage your payments online. POLi does not charge any additional fees if you use their service. However, the fees with Wise are higher. Check with your bank to find out if you can use this service. POLi payments can be made with the following banks:

  • ANZ
  • Bank of Melbourne
  • Bank of Queensland
  • BankSA
  • Bankwest
  • Bendigo Bank
  • Citibank
  • Commonwealth Bank
  • IMB Building Society
  • ING Direct
  • NAB
  • Newcastle Permanent
  • People’s Choice Credit Union
  • St. George Bank
  • Suncorp
  • Westpac

PayID

PayID is a simple transfer solution without having to use your account number and your BSB. This is very useful if you do not remember your bank details. A phone number, an email or your ABN is enough to make a transfer or have your money transferred. It is a simple solution especially since the fees are the same as a bank transfer. The transfer method with PayID is different. Here are the steps to follow:

  1. Configure your AUD transfer on Wise
  2. Choose the PayID payment option
  3. Log on to your online banking website or application
  4. Choose payment by email
  5. Transfer the amount to the address: aud@transferwise.com
  6. Enter the 15-digit number in the payment description field

The first transfer with PayID and Wise is longer because the bank has to carry out checks. The next transfers will be instant. To use this service check that your bank uses PayID.

Credit card & debit card

You can pay with Visa, MasterCard and Maestro cards which have a 16-digit card number. The principle is the same as an online payment and must respect the following conditions:

  • The name on the card must match the name on your Wise account
  • That the issuer has sufficient funds in his account
  • Define a receiver (can be the same as the issuer)
  • Enter the card number, expiration date and verification number
  • Do the authentication test if your bank requires it

When paying with an international card, more charges will be applied. This is because processing these payments is more expensive. Additionally, the bank might also charge a fee to convert your money. If you pay in a currency of the European Economic Area, using your card issued in the EEA, you will not have to pay any fees.

The difference between credit and debit cards are the variable fees which are higher for the credit card.

How much does Wise cost?

Unsurprisingly, as soon as you register, you know the exchange rate applied and the fees charged by Wise. A single and unique commission is applied to the transferred amount.

Wise offers two options to meet your money transfer needs to Australia:

Low cost transfer

You can choose the transfer formula at a low cost. It allows you to save as much as possible by bank transfer. The fixed transfer fee is €0.45 + 0.47% of the amount to be converted. Some payment methods may incur additional charges.

Transfer amountCostsTotal
100€0,45€ + 0,47%0.92€
500€0,45€ + 0,47%2.80€
1000€0,45€ + 0,47%5.15€
5000€0,45€ + 0,47%23.95€
10 000€0,45€ + 0,47%47.45€
50 000€0,45€ + 0,47%235.45€

Fast transfer

The rapid transfer formula is designed so that you can transfer your money as quickly as possible with Wise. It works through your debit/credit card. This option is however slightly more expensive!

Transfer amountCostsTotal
100€0,45€ + 0,88%1.32€
200€0,45€ + 0,88%2.20€
500€0,45€ + 0,88%4.82€
1000€0,45€ + 0,88%9.19€
2000€0,45€ + 0,88%17.94€
2500€0,45€ + 0,88%22.31€

1st free transfer with Wise

Thanks to our referral link with Wise, you will not have to pay any fees for your first money transfer! The transfer will be free for the equivalent of £500 (approximately €600 – depending on the exchange rate).
So for example, if you want to transfer 1000 EUR you will pay fees only on the difference (around 400 EUR) which corresponds to transfer fees of less than €3.

To start your registration, indicate the currencies and the amount you wish to transfer then click on “Registration”:

Comparison: Wise vs Banks

EUR to AUD transfer

Here is an example with the low cost formula:

WiseTraditional bank
Transfer amount1000€1000€
Fees 5,13€You don’t pay transfer fees (but often there are)
Proposed Rate1€ = 1.50$ (market rate)1€ = 1.51$ (market rate)
1. 46 AUD (rate offered by the bank)

Amount transferred

1502$

Around 1460$

Of course, this is a simulation for information only. Money transfer fees vary by bank. On average, the fixed costs amount to 25€.

AUD transfer to EUR

For a transfer of $1000 on Wise is between €26 to €35 cheaper.

Other Wise tools & services

The Borderless Account

The Borderless Account is a new feature in Wise. Your multi-currency account allows you to hold and convert money in over 53 different currencies. You can also send money to over 80 countries.

This Wise feature is completely free. Once you have registered, you must activate the “Borderless account” function. You will need to verify your phone number using a code sent by SMS. This feature is very useful if you have to make transfers in several currencies ($, AUD $ or even £). The fixed fee for sending money is 0,41% (minimum) and increases depending on the currency. Note that once you have registered for a multi-currency account, you will receive a Wise MasterCard debit card (free of charge).

For more information on available currencies visit the Wise website.

Wise Debit card

This card allows you to make purchases anywhere in the world at the real exchange rate. The conversion costs are very low and there are no transaction costs. Beware that fees may be applied for certain ATM withdrawals.

To obtain the Wise bank card you must pay €7 (a little over $10). These fees cover the creation of the card, verification of your identity, customer service and delivery costs. In addition, you will not have any monthly management fees or any other fees to pay.

Visit the website to view the conversion fees when using the card.

Email alerts on best rates

An email alert to obtain the best rates is also available to allow you to benefit from the best rates for your transfer.

Invest in stocks

You can choose to put your money to work on the stock market and invest it in one (or more) of the 1500 largest companies in the world such as Apple, Google or Tesla. On average, the funds have grown 13.39% per year since 2012. That said, the future growth of your investments is by no means guaranteed. Funds are in EUR and returns may vary by currency.

Our experience with Wise

The Wise user interface is very ergonomic and registration is quick and easy. We have already used their services many times. Once your account is created and the first transfer is made, the procedures are even faster. In just a few clicks you can transfer your money with TransferWise.

There are several methods to transfer money with Wise. Online payment by credit card and bank transfer. However, payment by card may be limited by the ceiling authorized by your bank.

How long does a transfer take?

In terms of time to make your first transfer, there are three parameters to take into account:

1 – The time imposed by your bank to add a beneficiary for your transfers (vary from 24 to 72 hours)
2 – The time required to make your transfer with your bank. In general 1 working day, so if you make the transfer on weekends you will have to wait for Monday.
3 – The time required to make the transfer by Wise to your account. In general 1 working day, so if you make the transfer on weekends you will have to wait for Monday.

As an example when we made our first transfer:

  • Monday: We signed up and added Wise as a beneficiary to our bank the same day.
  • Wednesday: We were able to transfer to the Wise account.
  • Thursday: Wise informed us of the receipt of our transfer and a few hours later we received an email from them to inform us that the transfer was underway.
  • Friday: The money was in our Australian account.

So it took us 5 days for our first transfer. Next transfers took approximately 2 business days.

Wise User Reviews & Comments

In general, the opinions on Transferwise are positive. The main benefits of, according to user feedback, are:

  • The simplicity of usage,
  • The speed of transfers,
  • Low fees compared to banks and other competitors.

Wise has the advantage of offering an application available on Android and iOS. This allows you to make your transfers easily and follow your money step by step.

In terms of negatives, it seems that some transfers took longer than expected for some users, and other people did not like the interface. Identity verification may take a while to set up your account.

Wise has received a score of 4.5 / 5 on 160 502 reviews on Trustpilot.

History of Wise

Wise is a company launched since January 2010. It has its head office in London and has 14 offices around the world. With more than 10 million customers worldwide today, this platform transfers more than $6 billion every month!

Historically the company was created by two Estonians who worked at Skype. As they were both working abroad, they soon encountered the problems of transferring money internationally. At the time, they transferred their money through their bank, but the process was often complicated. In addition, they regularly lost money on the exchange rates and bank charges that were applied. They then decided to remedy all this by creating a new concept!

In terms of security, by the nature of its activity, TransferWise is highly regulated. The company is accredited by the British Financial Conduct Authority. For each country where it is present, the company is registered with the competent authorities. The transfers, therefore, meet all the security and anonymity criteria allowing you to transfer your funds with confidence.

The principles of Wise

Transparency

Transparency about fees and profits.

Lower charges

Costs reduced as much as possible.

Premium Service

Premium service.

transferwise fees

FAQ

How long does a transfer take?

You can estimate the duration of a transfer with the Transferwise calculator . The duration of a transfer depends on 4 elements: 1. Countries of departure and destination: In general, whatever the currency, the conversion takes 2 days maximum. The speed of the transfer also depends on the means of payment available in your starting currency and the processing of incoming transfers by your beneficiary bank. 2. Your payment method: The speed of the transfer depends on your choice of payment method. Transfers from a credit or debit card are instant. Bank transfers take longer. You can get an idea of ​​the duration of the transfer when you choose the payment method. Please note that fast transfers are subject to more fees. 3. Payment time: Transfers are only processed during the working hours of Wise and the banks. Public holidays and weekends must also be taken into account. 4. Security checks: Following the creation of your account during your first transfers Wise may require the verification of your identity document, your address or the source of your money, This step aims to guarantee your security and may extend the duration of the transfer despite the initial estimate.

Is it possible to cancel a transfer?

It depends on what stage of the transfer you are in. You can cancel the transfer if you have not yet made the payment or if the money has not yet been transferred to the beneficiary account . To find out if you can cancel it, check the transfer status.
Follow the steps below to proceed with the cancellation:

  1. Go to the Activity section of your account
  2. Find the current transfer you want to cancel
  3. Click on Cancel Transfer (on Android you can access it from the 3 dots in the right corner of the transfer page)
  4. If you haven’t paid yet click on I haven’t paid then on Cancel transfer
  5. If you have already paid click on I have paid and enter your bank details if necessary

You do not need to provide your bank details if you have made a credit transfer. In this case the amount will be directly refunded to your card.

What happens if there is an error on the beneficiary account?

As long as the money has not been sent to the beneficiary account you can still cancel the transfer. If the money has been sent and the bank details of the beneficiary account are incorrect, their bank will reject the transfer and return the money to Wise. In this case Wise will contact you to ask if you want to update the beneficiary’s bank details and return the money or get a refund. If the beneficiary has received the money, the transfer can no longer be cancelled. In this case you must directly contact the beneficiary to ask him to return the money to you. Unfortunately Wise cannot intervene in this kind of situation.

Is Transferwise reliable?

Yes since 2011 Wise, formerly TransferWise, is used by more than 13 million customers in 80 countries. Each month the total amount transferred is £ 6 billion. Wise Inc is registered with the Financial Crimes Enforcement Network (FinCEN) under the money service registration number 31000065314305. It is licensed as a money issuer in the states listed here and is supervised by the regulatory authorities in each of these states.

How are Wise fees determined?

The cost of a transfer depends on the amount you send, your method of payment and the exchange rate. Wise fees depend on three things: how much you send, how you pay, and the exchange rate. The amount you send TransferWise fees are set as a percentage of the amount you send. The percentage varies from currency to currency. The exception to this is if you send a small amount of money, in which case there is a minimum transaction fee. Payment method There are different ways to pay depending on the country of origin. You can see how much each payment method or type of transfer costs when you set up your transfer. Exchange rate You will always get the average market rate on the stock exchanges and this is the rate that banks use to trade with each other. The average market rate is still changing, so be sure to watch it on the price page. Wise offers guaranteed rates on certain currencies .

Is it possible to have multiple accounts?

Even if you have multiple addresses and bank accounts you only need one personal account. The bank account from which Wise receives the deposit must simply be in the same name as the Wise account. If you wish to have a professional account separate from a personal account you must create a new account with another email address. When registering check the “company” box You will have to provide your personal information again and Wise will automatically distinguish between the 2 accounts.

What documents do I need to provide to open a multi-currency account?

When registering to verify your identity, you must provide an identity document, proof of address and / or a photo of yourself in possession of your identity document. This verification process takes approximately 2 working days.

What to do in case of fraud?

Which currencies are supported?

You can transfer money to and from these currencies:

  • Euro (EUR)
  • Dollar: American (USD), Australian (AUD), New Zealand (NZD), Canadian (CAD), Hong Kong (HKD), Singapore (SGD)
  • Book serting (GBP)
  • Crown: Czech (CZK), Danish (DKK), Norwegian (NOK), Swedish (SEK)
  • Indian Rupee (INR)
  • Emirati Dirham (AED) (local and international reception) (only sent to UAE)
  • Bulgarian Lev (BGN)
  • Brazilian Real (BRL) (only individuals)
  • Swiss franc (CHF)
  • Croatian Kuna (HRK)
  • Hungarian Forint (HUF)
  • Japanese Yen (JPY)
  • Malaysian Ringgit (MYR)
  • Polish Zloty
  • Romanian Leu (RON)
  • Turkish lira (TRY)

Sending euros with Wise is made to SEPA-compliant bank accounts in the SEPA area and to bank accounts denominated in euros with an IBAN outside the SEPA area. It is also possible to receive euros via SWIFT from outside the SEPA zone. You can only transfer money to these currencies (local bank transfer):

  • Peso: Argentinian (ARS), Colombian (COP), Mexican (MXN), Filipino (PHP), Uruguayan (UYS)
  • Bangladeshi Taka (BDT)
  • Botswana Pula (BWP)
  • Chilean Peso (CLP)
  • Chinese Yuan (CNY) (limited transfer currency)
  • Costa Rican Colon (CRC)
  • Egyptian Pound (EGP)
  • Georgian Lari (GEL)
  • Ghanaian Cedi (GHS)
  • Rupee: Indonesian (IDR), Sri Lankan (LKR), Nepalese (NPR), Pakistani (PKR), Ugandan (UGX)
  • Israeli Shekel (ILS)
  • Shilling: Kenyan (KES), Tanzanian (TZS)
  • South Korean Won (KRW)
  • Moroccan Dirham (MAD)
  • Nigerian Naira (NGN)
  • Peruvian soil (PEN)
  • Russian Ruble (RUB) (Except Sevastopol and Crimea)
  • Thai Bath (THB)
  • Ukrainian Hryvna (UAH)
  • Vietnamese Dong (VND) (Only for individuals)
  • West African CFA Franc (XOF) (Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo)
  • South African Rand (ZAR) (Only with SWIFT network and by local transfer)
  • Zambian Kwacha (ZMW)

For more details on the conditions of use of currencies go to Wise site.

In which countries can you send money?

The full list of countries is available on Wise website. For more details, visit Wise.

How to cancel or replace my Wise card?

You can replace it at any time for just over €3.
On iOS: go to “Account”, then to “Manage card” and finally, select “Replace card” then one of the options on the screen.
On Android: Click on the ‘Account’ tab, scroll down to ‘Replace card’ and click on it. On the website: click on “Cards” on the left then select “Replace card” then one of the options on the screen.
Here are the 4 options that will be displayed: I lost my card, my card was stolen, my card is damaged and customer service suggested it to me. If you choose “I lost my card” or “My card was stolen”: your card will therefore be blocked and cancelled, you will only have to order a new one. If your card is damaged or customer service has advised you to replace it, you can continue to use the current card until the new one is activated. Count a delay ranging from 2 days to 3 weeks depending on the country in which you reside.
4.7/5 - (40 votes)
The ultimate guide to work and travel around Australia with a Working Holiday Visa! Get all the tips and advice from other backpackers. The first travel guide written by Backpackers for Backpackers in Australia!!!

LEAVE A REPLY

Please enter your comment!
Please enter your name here