How does Wise money transfer work? – Pros and Cons | Izzyaccess

How does Wise money transfer work? – Pros and Cons

Wise formerly called TransferWise is a Fintech company that allows you to send money from the US to about 80 different countries across the globe with cheap Wise money transfer fees. Wise exchange rates are undoubtedly some of the best you will see.

Is Wise money transfer safe? This is a very popular question asked about Wise money transfer, we all do not want to lose our money to fraudsters, hence bringing about the question. Some of other popular questions asked include: Wise money transfer Reddit, Wise money transfer reviews, Wise money transfer wikipedia, Is Wise money transfer safe Reddit... As we proceed you will know whether Wise money transfer is safe or not.

Pros and Cons of Wise

Pros

1. Transparent fees and margins on exchange rate.

2. It's a popular funds transfer company and well-trusted.

3. Their guaranteed rates are offered for 24 – 48 hours.

4. Their transfer times are fast and available.

Cons

1. Cash pickups option not available.

2. Online troubleshooting services can be difficult at times.

3. Less support for larger transactions

How do I send money through Wise?

First you need to create an account by providing the following personal details;

- Address

- Phone Number

- Email address

- Date of birth

- Bank account or credit card information

- Details of the recipient including the recipient’s International Bank Account Number (IBAN).

After you have entered the payment information with the amount and currency, the Wise money transfer fees will be shown and the estimated transfer time also will be displayed for each payment method. You can then proceed to make a transfer. 

Wise money transfer Fees and exchange rates

Wise money transfer is known for offering mid-market rates, no exchange rate mark-ups and these rates are available for 24 – 48 hours.

Meanwhile, wise transfer fees varies depending on; how quick you want the transfer to be delivered, the total amount you are transferring and the currencies you are using. Wise money transfer fees usually come in form of a percentage of the amount of money being transferred and its always in the region of 0.5%.

Wise Transfer speed 

Wise usually takes between 3-5 days to transfer your funds to the receiver's account.

FAQs on Wise money transfer platform

Q – Is Wise safe for money transfer?

Ans – Yes, Wise is very safe to use.

Q – Can wise send money to a bank account?

Ans – You can always send money from your account to a bank account. You will only be charged a fixed fee and a conversion fee when you transfer to a different currency.

Q – Is TransferWise in Australia?

Ans – Yes. Wise is completely regulated in Australia.

Q – Is wise better than PayPal?

Ans – Generally, it is discovered that Wise's exchange rate, fees and transfer speed also better than PayPal.