In an increasingly globalized world Wise, sending money across borders is a necessity for many individuals and businesses.
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Whether it’s paying for international services, transferring funds to family members, or handling business transactions, sending money abroad can be an expensive and complicated process.
Traditional banks often charge high fees and offer poor exchange rates, making international transfers a hassle for users.
Enter Wise—a financial technology company that has changed the landscape of international money transfers by offering low-cost, transparent, and efficient services.
Wise, formerly known as TransferWise, started with a simple goal: to make international money transfers more accessible and affordable for everyone.
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With its innovative approach, Wise has quickly gained popularity as a preferred method for transferring money across borders.
In this article, we will explore how Wise operates, its benefits, and how it has become a game-changer in the world of global money transfers.
1. What is Wise?
Wise is an international money transfer service that allows individuals and businesses to send money across borders at a fraction of the cost of traditional banks.
Founded in 2011 by Kristo Käärmann and Taavet Hinrikus, Wise was created to tackle the problem of high fees and poor exchange rates that plagued the international money transfer industry.
The company aims to make global transfers as easy, fast, and affordable as sending money within a single country.
Unlike traditional banks, Wise uses the mid-market exchange rate—the rate at which banks trade currencies between themselves—without adding any hidden markup.
This ensures that customers get a fair deal, and that fees remain low and transparent.
Wise also operates with a straightforward pricing structure, which means users always know how much they will pay for the service before initiating the transfer.
2. How Does Wise Work?
Wise operates through a simple and user-friendly online platform, available via its website and mobile app. The process of transferring money is quick and straightforward, involving just a few easy steps.
1. Sign Up and Verify Your Account
The first step is to create an account on Wise.
You’ll need to provide some basic personal information and verify your identity.
This verification process may involve uploading a photo of your ID, passport, or driving license.
Once your account is verified, you can start sending money internationally.
2. Choose Your Transfer Amount and Currency
To begin a transfer, you enter the amount of money you want to send and choose the currency of both the sending and receiving countries.
Wise supports transfers in over 50 currencies, making it a versatile solution for international transactions.
3. Pay for the Transfer
Next, you pay for the transfer.
You can fund your transaction using various methods, including bank transfers, debit cards, and credit cards.
Depending on the funding method and your location, Wise will display the total cost of the transfer, including fees and the exchange rate used.
Importantly, Wise doesn’t charge hidden fees, and the rate you see is the one you’ll get.
4. Transfer and Track
After payment is made, Wise processes the transfer and converts the money at the mid-market exchange rate. The company uses its network of local accounts in various countries to facilitate the transfer, which helps reduce costs and improve speed.
Wise sends the money to the recipient’s bank account, mobile wallet, or another method based on the destination country.
The platform also provides real-time tracking, so you can monitor the progress of your transfer.
The entire process typically takes a few hours to a few days, depending on the currencies involved and the transfer method.
Users receive notifications when the transfer is complete, and the recipient can access the funds in their local currency.
3. Key Features and Benefits
There are several reasons why Wise has become so popular in the international money transfer space.
Below are the main features and benefits that distinguish Wise from traditional banks and other money transfer services.
1. Low Fees and Transparent Pricing
One of the most attractive aspects of Wise is its low and transparent fee structure.
Traditional banks and money transfer services often charge high fees for international transactions and add a margin to the exchange rate, which makes the total cost unclear to customers.
With Wise, you pay a clear and upfront fee, and you always know the exact cost of your transfer before you make it.
The fee varies depending on the amount, currencies, and payment method used, but it’s always lower than the fees charged by traditional banks.
This means that users can send money internationally without worrying about hidden costs.
Fonte de informação: brasil.mongabay.com