Everyday, sending money abroad is getting faster and cheaper. Thanks to Financial Technology, or fintech, there are now ways to end high fees, slow delivery and rip-off exchange rates from traditional money transfer services.
Wise, previously known as TransferWise, now listed on the London Stock Exchange, is a global technology company that was launched in 2011 by Estonian founders— Kristo Käärmann and Taavet Hinrikus. Wise started when Taavet and Kristo realised how much money it cost to transfer money between the UK and Estonia. Taavet was based in London but paid in euros; Kristo worked in London but paid a mortgage in Estonia in euros. They each needed what the other had so they figured out a fair way to exchange money between themselves, using the mid-market rate – without the mark-up rate and fees charged by the bank. They saved thousands of pounds and realised there were millions of people across the world who could do the same.
Wise has built a local banking network across the world. If you’re sending pounds to euros, you pay pounds into Wise’s UK bank account, and Wise pays out to your recipient from their euro account. As much as possible, money does not cross borders. This makes Wise’s transfers much faster and cheaper than most traditional providers.
With Wise, you can make transfers to over 80 countries around the globe in real-time using bank transfers, or using your debit or credit card!
Wise’s website and app makes your money transfer experience simpler, faster and cheaper with the following technology:
- Wise Calculator: You can see the fees you will pay to transfer between currencies before even signing up, including those of competitors, in real-time. In the spirit of transparency, the calculator will also let you know when a competitor is cheaper than Wise.
- Wise Account: This is an international account with 56 currencies, instant, super-cheap money transfers, a card to spend in any currency, bank details to get paid in 30 different countries, multi-currency direct debits, and other revolutionary stuff. The most exciting functionality of the multi-currency account is instant access to local bank details in multiple countries – IBANs, account numbers, wiring numbers. People can use these bank details instead of an overseas bank account, which means they can get paid and spend in local currencies with zero currency conversion cost or receiving fees. Freelancers and small businesses can attract customers worldwide, expats, second homeowners and global nomads can move between countries with financial ease. The accompanying debit card is a contactless Mastercard or Visa and works the same as one from your bank. Wise has developed an intelligent currency selector, so if you’re holding money in multiple currencies, but not the one for the country you’re in, it’ll figure out which one to use to give you the best deal.
In the past decade, Wise has grown to over 10 million users who are currently enjoying their low and transparent fees. Join them in saving money when sending to your loved ones using these simple steps:
- Sign up online through the Wise website or app with an email address, or a Google, Facebook or Apple Account.
- Verify your identity using your government ID
- Top up your Wise account using your bank account, Apple Pay, or your debit/credit card.
- Choose an amount and the currencies you would like to transfer in.
- Enter the recipient’s bank details.
- Click confirm. Your loved ones will receive the money directly from Wise.