When sending and receiving money online, I’m sure you’re using some sort of payment gateway. For example, PayPal, Stripe or Payoneer.
Today, we’ll review Wise (previously known as TransferWise).
If you’ve read my step-by-step guide on how to receive royalties via Wise, you probably know why I already love this payment solution. Also, you can use Wise to accept payments if you’re an Amazon seller.
Here are some pros and cons as well as my experience of using Wise as an author and blogger.
Disclosure: Some of the links below are affiliate links. I will earn a small commission, at no extra cost to you, if you purchase through these links. Your support encourages me to continue blogging and help with the costs of hosting this site. Thank you!
Pro #1: International Multi-Currency Account (Money Without Borders)
With Wise, you manage your money in one place. In fact, you’ll be able to save when sending, receiving and spending worldwide.
The international multi-currency account allows you to manage numerous currencies all over the world. It’s free to open a new currency balance. You can then choose to hold and easily convert 40+ currencies in a few taps at a rate you choose. If you’re earning money in a different currency to your local one, Wise provides bank account details so you can get paid from abroad in USD, EUR, CAD and more.
I personally feel that this is one of the best features of Wise. It’s especially important if your business deals with different currencies or has customers around the world.
For example, I’m an author and my royalties are usually in USD (which is not my local currency). My affiliate commissions are also in USD. Only my Google AdSense earnings are in my local currency (where EFT is available in my country and Google can directly deposit earnings into my local bank account in my local currency). Hence, I needed a US bank account to receive payments. And this is where Wise comes in~
Whether you want to convert currencies at the best exchange rate or receive money from abroad, you can do it all on the go with a Wise account.
Pro #2: Security (Data Protection & Anti-Fraud)
When dealing with finance, we need to be extra careful. Wise’s dedicated fraud and security teams work round the clock to keep your account and money safe and protected from even the most sophisticated fraud.
Wise uses 2-factor authentication to protect your account and transactions. This way, you—and only you—can get to your money. I strongly recommend that you set up this 2-step login.
Wise is committed to keeping your personal data safe. They’re transparent in how they collect, process and store data so you can be assured that your data is well protected.
In addition, Wise holds your money with established financial institutions so it’s separate from their own accounts and is not accessible to their partners. Wise is also regulated by national authorities around the globe.
Wise is for you if you want extra-secure transactions, international safeguarding and dedicated anti-fraud teams~
Pro #3: Speed (Instant Money Transfers)
Understanding that sending money anywhere in the world should be as quick and painless as sending an email, Wise aims to send your money within one day, as a same day transfer or even an instant money transfer. This works for many popular routes.
But bear in mind that sometimes, different payment methods or routine checks may affect the transfer delivery time. For example, bank transfer is slow (taking 1-2 business days) but it costs you less. This is especially so when you sent the money just before weekends and bank holidays (banking hours are beyond Wise’s control and can slow down the transfer). On the contrary, card payment is faster. Again, if you set up payments close to the weekend, money may not reach the recipient until the next working day. It may also be quicker to send from one particular currency to another. Large transfers may take more time too.
The key is to compare payment methods and choose the one that gets your money to its destination fastest. Wise will always keep you updated and you can track each step in your account.
To send money abroad instantly, there are 3 steps.
- Use Wise calculator to get an estimate for your transfer: Your transfer is instant if your estimation is “should arrive in seconds”
- Choose the fastest payment option: Paying using credit cards, Apple Pay or your balance is faster than bank transfer or SWIFT
- Complete the transfer: Double-check the recipient details, payment details then confirm and pay for your transfer. Wise will take care of the rest.
Here’s my personal experience when I sent USD earnings to my local bank account. So after making the money transfer, I saw this email in my inbox. Seriously, when I saw the message that my money arrive in 7 seconds, I was kind of skeptical. But I still checked my bank and it’s true! The money was really in. And I fell in love with Wise then~! It’s blazingly fast ⚡
Pro #4: Dedicated Support At Your Fingertips
Have a question? Or encountered a problem?
Get 24/7 help in 14 languages at Wise.
Customer support is available 24/7 and you can reach them by chat, email or phone.
You can also find answers to most questions in their Help Center.
Pro #5: User-Friendly Design Which Puts Your Needs First
Due to my marketing background, I like to look at how user-friendly a website is. In fact, I sent a feedback email to a fast-food restaurant chain about their terrible website experience.
The good news is that Wise has a user-friendly website and the user experience is great! Wise makes sending and receiving money hassle-free. This can be done in a few simple clicks.
User-friendly design is simple, clean and intuitive. It’s easy to use and effortless. User-friendly design enhances user experience by making it easy for users to achieve their goals and perform tasks with ease. It involves simplifying the design, providing clear and concise instructions and reducing the learning curve.
One key characteristic is that it focuses on the needs of the user. And this is exactly how Wise is! Wise puts your needs first from website interface, mobile app to everything they do.
Con #1: Not As Established As PayPal, Stripe, Payoneer etc.
When I was setting up the payment methods to receive my royalties and affiliate commissions, I realize that most of them accept PayPal, Payoneer or a bank account (like United States). Wise wasn’t an option. Hence, most people probably wouldn’t sign up for Wise since it isn’t a payment method.
However, bear in mind that the bank account that Wise provides can be used to receive your earnings. As mentioned earlier, I’m using the US bank account that Wise provides to receive my royalties from Amazon. Learn more about it in my how-to guide~
Therefore, even if Wise isn’t as established as the other payment solutions or available as a payment method, do check whether you can use the bank account that Wise provides to send and receive money.
Now It’s Your Turn
How’s your experience using Wise? What are your reasons or goals for using Wise?