HONEST and In-Depth Wise Review (2025)

Wise began life back in 2011 as a simple money transfer platform, designed to cut out the middleman and eliminate unnecessary bank fees. The idea was born when two friends — Taavet Hinrikus and Kristo Käärmann — became frustrated by the high costs of sending money between Estonia and the UK.

So, rather than simply sit around grumbling like the rest of us, they developed a peer-to-peer system that allowed people to exchange money at the real exchange rate, dramatically reducing costs.

In a hurry? Can’t be bothered to read any more? Well why not just have a play with the Wise Widget below to see how much your money transfer will cost with them!

How Money Transfers Work

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At this point, it is probably worth taking a moment to look at how money transfer works and break down why foreign bank transfers and overseas payments tend to cost so much. Well when you instigate a foreign bank transfer the following happens;

• Your bank gets the request to send the money overseas. They change the money from your own currency (ie, USD/GBP) and change it into the foreign currency (ie Rupees/Pesos) and then send it on.
• However, as the bank is handling the currency transfer they get to set the exchange (fx) rate. They won’t use the ‘market’ rate but will instead use a ‘marked-up’ rate which allows them to make some money at your expense. The mark up is usually around 5%.
• They will also levy a foreign transaction flat fee for using the SWIFT system. This fee ranges from £2.75 to a % percentage of the amount sent.
• The recipient bank then receives the money in their own currency. However this does not stop them from also deducting a handling fee (which you as the sender may be invited to pay) before sending the remaining monies on to the account holder.

It should also be pointed out that in circumstances where 2 banks don’t have a direct relationship with one another, a 3rd party intermediary bank will be used. They will also charge a handling/transaction fee.

To offer a real life example of what all of this might actually cost, I just called up my bank HSBC/First Direct in the UK and asked them what it cost me to send 10,000 Indian Rupees to my friend in Goa. Looking at the current, live up to date exchange rate is 1 IDR = £0.0090.

Therefore, 10k Rupees is £90.46 so this is what I would expect to be charged.

However, the amount they quoted me is £95.59. This includes a £2.75 handling fee plus an FX mark up of approximately 3%. So, all in all, the transaction is costing me over 5% in fees.

Paypal is even worse in case you were wondering.

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Wise MKII….

Anyway, you can see why the Wise founders felt that there was room for improvement right?

Since its formation and initial breakthrough, Wise has grown into a global financial powerhouse, now serving over 16 million customers worldwide. In 2021, the company went public on the London Stock Exchange, further cementing its credibility in the fintech world.

Today, Wise isn’t just a low cost money transfer service—it’s a full-freaking-fledged financial franchise offering multi-currency accounts, debit cards, and seamless business and travel banking solutions.

Let’s take a closer look.

Wise operates differently from traditional banks. Instead of sending money through slow and expensive international banking networks, Wise uses its own network of local bank accounts in different countries to process transactions.

This means that when you send money abroad, Wise matches your transfer with someone else’s in the destination country, avoiding unnecessary cross-border fees. By essentially keeping the money within the extensive Wise network, they can control the exchange rates, minimise fees and dictate the pace of the transfer.

Of course, this means that you may hit stumbling blocks if you try to move a particular large amount of money or transfer to a niche country but so far I have personally never met these issues.

Here’s a step-by-step looking at how sending money by Wise works:

1. Start by signing up for a free Wise account and add funds via bank transfer, debit card, or direct debit.
2. Select the recipient and currency you need to send money to.
3. Wise converts your money at the real mid-market exchange rate—no hidden markups.
4. A small, transparent fee is applied, and the money is sent, often within seconds or minutes.

If you want to receive money via Wise, just send the sender your Wise account details.

Unlike banks and services like PayPal, Wise doesn’t take a cut on the exchange rate, making it significantly cheaper for international transactions.

Money Transfers: Fast, Cheap, and Transparent

Wise is best known for its international money transfers, which are up to 8x cheaper than traditional banks and Paypal. Whether you’re a digital nomad freelancer receiving payments from abroad, or a traveller sending some money back home, Wise can ensure that you get the absolute best rate possible.

With transfers available to over 70 countries, users can send money seamlessly around much of the world without worrying about excessive fees. Most transfers arrive within a few seconds, minutes, or few hours, making Wise a fast and efficient alternative to wire transfers.

The Wise Multi-Currency Account: Hold & Convert 40+ Currencies

For digital nomads and expats, a Wise multi-currency account is a bit of a bloody game-changer. This account allows you to hold, send, and receive money in over 40 currencies, making it easy to switch between different funds without expensive conversion fees.

You can send and receive money in a number of currencies, and convert them into other currencies as and when you feel the time is right.

The Wise Debit Card: Spend Like a Local Anywhere

The Wise debit card is another powerful tool for travellers and remote workers. Linked directly to your Wise multi-currency account, the card allows you to spend in any currency at the real exchange rate, automatically converting money at the lowest possible cost.

Some key benefits of the Wise debit card include;

• No foreign transaction fees—unlike many traditional bank cards.
• Free ATM withdrawals* up to €200 per month (after which a small fee applies).
• Seamless payments with Apple Pay and Google Pay support.

For those frequently on the move, this card is one of the best travel debit cards available today.

*Note that while Wise is offering fee-free withdrawals, the local ATM may still levy a fee and this may not always be made apparent at the point of withdrawal.

As we have now seen, traditional banks tend to heavily penalize international travelers by whacking them with high foreign exchange fees and withdrawal charges. Wise eliminates these headaches by offering:

• Fair, transparent exchange rates with no hidden markups.
• Low cost global spending with the Wise debit card.
• Fast and cheap international transfers.
• Multi-currency storage for easier budget management.
• Local bank details for easier payments in different countries.

For digital nomads who get paid in one currency but spend in another, Wise removes the hassle of high conversion fees and allows for instant currency exchanges within the app.

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Hide Yo’ Money!

Wise is known for its low and transparent fees. Here’s a breakdown of the main costs:

• Money Transfers: Fees range from 0.35% to 2.85%, depending on the currency and payment method.
• Currency Exchange: Uses the real mid-market rate with no markup.
• Debit Card: Free to order in most countries; small delivery fee may apply.
• ATM Withdrawals: Free up to €200/month, then a small percentage fee applies.

Compared to banks that often charge 5-10% on international transfers, Wise is massively more affordable.

To get an idea, have a look at the Widget below to see what it would cost to make your money transfer via Wise

Pros & Cons of Wise

Getting Insured BEFORE You Hit the Road

Unfortunately, things can go wrong when you least expect it. This is why good travel insurance is essential before you embark on your adventure.

ALWAYS sort out your backpacker insurance before your trip. There’s plenty to choose from in that department, but a good place to start is Safety Wing.

They offer month-to-month payments, no lock-in contracts, and require absolutely no itineraries: that’s the exact kind of insurance long-term travellers and digital nomads need.

SafetyWing is cheap, easy, and admin-free: just sign up lickety-split so you can get back to it!

Click the button below to learn more about SafetyWing’s setup or read our insider review for the full tasty scoop.

For travellers, expats, and digital nomads, Wise is one of the absolute best financial tools available today. With its low fees, real, up to date transparent exchange rates, and convenient debit card, it provides an affordable and flexible way to manage your money abroad.

So if you’re tired of paying unnecessary bank fees and want a pretty seamless global banking solution, Wise is absolutely worth using. Best of all, you can apply for a FREE account quickly and easily by clicking the button below.

What’s not to love?!

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