When choosing an international money transfer service, there are several factors to consider, and your decision can have a significant impact on you. That’s why we present Wise, formerly known as TransferWise, an option that has become the primary choice for many. Wise is a fintech company that has revolutionized cross-border financial transactions with low fees and a transparent fee structure. Wise reviews can be particularly important for potential users looking for a reliable service.
Millions of customers share their experiences online, reporting on Wise’s transfer speed, exchange rates, and customer service quality. These reviews often help you make an informed decision about whether Wise meets your personal and business needs. We have used it multiple times ourselves, and fortunately, we have never encountered any issues so far.
Since Wise reviews and ratings can vary, it is worth gathering information from multiple sources. Get to know real user experiences and use this information to make your decision. Does this innovative financial platform fit your goals? For each transaction, it is critical to evaluate the value for money so that you can make the best possible choice.
Wise Basics
When using Wise products, you are dealing with a modern banking solution. These simplify international finances, allowing you to easily make transfers.
The Company’s History and Growth
Wise, formerly known as TransferWise, was founded in 2011 by Taavet Hinrikus and Kristo Käärmann. The company quickly grew within the fintech sector, focusing on developing a new generation of cross-border account management and money transfers. It provides reliable and secure services to users, redefining the concept of the traditional bank account.
Main Features of a Wise Account
Multi-currency account: A Wise account allows you to hold and convert money in more than 50 currencies. This is excellent for managing your money in one place and converting currencies at favorable rates. One of Wise’s competitors is Revolut, which also allows opening multiple accounts and withdrawing cash.
Savings: With competitive exchange rates and low commissions, Wise enables you to maximize savings compared to traditional banking solutions.
Debit card: With the Wise Debit Card, you can easily access your balance worldwide with minimal fees. You can also request a virtual card, so you don’t necessarily need a physical plastic card. If you have a smartphone, you can add the virtual card to your mobile wallet.
Security: With high-level security measures, Wise protects your banking data and funds, ensuring safe money management.
Virtual card: With the virtual card, you can make instant online purchases conveniently and securely, and as mentioned above, once added to your mobile wallet, you can easily pay in stores.
Wise account management offers a more modern and flexible approach than traditional bank accounts, providing significant advantages especially for international transactions and travel.
Services and Fees
Wise allows you to send and receive money in multiple currencies, with competitive fees and conversion costs. It also stands out with its excellent customer service and banking partnerships to ensure secure transactions. For the latest fees, it is worth checking the Wise website, as these may vary for domestic and international users.
The latest fee examples from the most popular countries:
- Hungary: For a transfer of 458,000 HUF, the fee is around 7,867 HUF
- UK: For a transfer of 1,000 GBP, the fee is around £8.26 (3,780 HUF)
- Germany: For a transfer of 1,000 EUR, the fee is around €10.67 (4,207 HUF)
Transfers and Withdrawals
- Transfer: With Wise, you can initiate transfers in various currencies. The transfer fee is transparent, with no hidden costs.
- Withdrawal: ATM withdrawals are usually free up to the card’s defined limit, while exceeding this amount may incur a small fee.
Fees and Conversion Costs
- Card fees: Payments made with the Wise card usually have very low or no additional card transaction fees.
- Conversion fees: When converting currencies, Wise uses a guaranteed exchange rate, and the conversion fee is transparent and visible in advance.
Security and Customer Support
- Security: The Wise system is secure and continuously monitored to protect customer finances.
- Customer support: Fast and effective customer service is available to provide immediate assistance for questions or issues.
Wise Reviews
You can also learn more about Wise on Trustpilot. Out of more than 216,000 user reviews, 82% rated the service 5 stars. Another 7% gave 4 stars, while only 8% rated Wise 1 star.
The 1-star reviews often mention slow delivery of the physical card, account freezes, deposit errors, and other issues. However, most of these come from U.S. or Pakistani customers, so they may carry less relevance for European users.
Most European customers report no problems. The author of this article has been a customer since the TransferWise era, sending British pounds to Hungary on several occasions without a single issue. Still, it is advisable to consult other sources to get the full picture.
Competition and Alternatives
According to Wise reviews, the company has become one of the key players in the fintech sector, offering instant and transparent international money transfer services. It’s important to look at what alternatives exist in the market, whether from other fintech companies, traditional banks, or competing money transfer services.
Other Fintech Services
Revolut and Paypal are Wise’s closest competitors in the fintech space. Both companies offer international money transfers as well as a variety of financial services. Revolut provides extensive features such as bank account management and temporary card usage. Paypal is well-known for secure online payments but generally charges higher fees for international transactions.
Paypal may still be less commonly used in Hungary, but it is very popular abroad. For example, if you shop on eBay, opening an account may be worthwhile.
Traditional Banking Alternatives
Traditional banks such as CIB Bank, Erste Bank, Raiffeisen Bank, and UniCredit Bank generally charge higher transaction and maintenance fees. However, these banks enjoy widespread trust thanks to their reliable networks and offer a wide range of financial products and services, from bank accounts to other financial solutions.
The younger generation, thanks to smartphones, prefers to manage almost everything digitally. Wise offers one of the easiest solutions for this. The Wise app is user-friendly, and everything is transparent throughout the transfer process.
Money Transfer Services
Western Union and OFX are companies that have long dominated the international money transfer market. OFX offers better exchange rates and lower fees, which can be advantageous for long-term transfers. Remitly, on the other hand, is a fast-growing provider that seeks user trust with competitive fees and guaranteed transfer speeds.
Both traditional money transfer services and fintech alternatives offer different benefits and cost structures, which are worth weighing before making a decision.
How to Get Started?
A Wise account can be extremely useful for efficient money management, especially for international transfers and currency conversion. Here are the first steps to becoming part of this innovative financial solution.
Registration and Account Opening
First, you need to register for an account on the Wise website or through the mobile app. You’ll need a valid email address and phone number. Account opening will also require identity verification, which means you’ll need a valid ID card or passport. Once verification is complete, you will have access to the multi-currency account to manage your funds in various currencies. Using our referral link, your first transfer up to £500 will be free of charge.
- Email address and phone number required for registration.
- ID document required for verification.
Customer Support and Assistance
If you need help, Wise offers Hungarian-language customer support. You can contact them directly via email or through the website. Wise aims to provide quick and effective support for any issues.
- Email and website contact options available.
- Hungarian-language support for customers.
Mobile App and User Features
With the Wise mobile app, you can access all available features on the go, including money transfers, currency conversions at the mid-market rate, and card requests. The app is intuitive and easy to use, allowing you to manage your finances even while traveling.
- Intuitive and user-friendly mobile application.
- Currency conversion, money transfer, and card requests in one place.
Conclusion
We hope this article was helpful in your search for Wise reviews. We have been using Wise for years to send money. Based on our experience, the system has improved a lot over time, the interface has become easier to use, and transactions seem to be even faster.
Wise is an excellent option if you want to send money from the UK or Germany to Hungary, or even from other countries. In most cases, Wise is much cheaper than traditional banks. If you’d like to give it a try, click the button below to make your first transfer up to £500 free of charge. You can send more, but transfers above £500 will incur a fee.
Wise is one of the most popular money transfer solutions among Hungarians living in the UK.