![]() In other words, Wise charges no exchange rate margin, something that sets them apart from most other services. They focus on making bank transfers more affordable than traditional banks by charging low and transparent transfer fees and converting money at the mid-market exchange rate. ![]() Wise is an innovative international money transfer service that is often dubbed the “Robin Hood” of the money transfer industry. Aside from this, the other major feather in Wise's cap was its excellent transparency we were impressed by the mid-market exchange rates and clear fee breakdowns on Wise's homepage, giving us a lot of confidence in the service. We found the website to be approachable, and we liked the fact that it avoided complicated phrases and money transfer jargon. Wise's website and mobile app - which was fast, user-friendly, and simple to use - particularly impressed us with its clean user experience and helpful prompts and tips. Opening and managing an account, contacting customer service, and funding a transfer with Wise is very convenient, although receiving options are quite limited. In fact, many of our team at Monito have used them ourselves for our own international payments. We wouldn’t hesitate to trust them even with transfers of large amounts. Wise Money Transfer has raised over US$396 million from major investors, including Virgin Group / Sir Richard Branson, Andreessen Horowitz, IVP (Institutional Venture Partners), Max Levchin of PayPal, Sapphire and Seedcamp, which has helped the start-up sustain its phenomenal growth.įor example, in 2016, they saw a growth rate of approximately 150%, and in the 2017 fiscal year, their revenues more than doubled! Overall, the company reported revenues of £67 million (US$94 million) for 2017 and made an adjusted operating profit of £2 million. ![]() Should the company have any financial difficulties, then your money will be safe. Offering institutional grade security for their service and take preventative measures, such as 2-step login and verification procedures, Wise holds its clients’ funds completely separate from their own business segregated accounts, as per FCA requirements. The short answer is yes, Wise is safe indeed. One employee wrote they are “Impressed by the professionalism everyone has, alongside an innate sense of trust and drive to achieve the mission”, and another said, “The product is honest, so there's no trying to cheat customers, it's work you can feel good about doing.“ Overall, it’s clear that employees love working there and feel that they are on a mission to send money as cheaply and conveniently as possible. Employees give the company close to a five-star rating on the employer review site Glassdoor and describe the team as a “great company that is doing an awesome job” full of “smart and motivated people,” a company that is “super customer-focused” with an “excellent culture.” Wise Money Transfer also employs more than two thousand people from over 60 nationalities across its nine offices worldwide. Wise Money Transfer is also licensed as a money transmitter in individual US states, meaning regulatory authorities fully supervise it in every state in which it does business.Įd Robertson on Unsplash Is Wise Trustworthy? In the US, it's registered as Wise Inc with the Financial Intelligence Unit ( AUSTRAC) as a money remitter, where it's authorised by the Financial Crimes Enforcement Network (FinCEN). For example, Wise Ltd Australia is regulated by the Australian Securities and Investments Commission (ASIC). Wise is a licensed Authorised Electronic Money Institution, which means it's regulated by the FCA (Financial Conduct Authority) and HMRC (Her Majesty's Revenue and Customs) in the United Kingdom where it's headquartered, as well as by the relevant authorities in all the countries in which it does business. Moving more than US$70 billion across borders for more than 10 million customers every year, Wise is without a doubt a trustworthy choice. ![]() Is Wise (TransferWise) Safe to Send Money? ![]()
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