Wise Interactive Demo
Explore a product demo of Wise (formerly TransferWise), a fintech platform specializing in low-cost international money transfers and multi-currency accounts for businesses and individuals.
What is Wise?
Wise (formerly TransferWise) is an international money transfer and multi-currency banking platform that lets individuals and businesses send money abroad at the real mid-market exchange rate, with transparent, low fees. Founded in 2011 by Estonian entrepreneurs Taavet Hinrikus and Kristo Käärmann, Wise serves over 13 million customers globally and processes £10 billion in cross-border transfers monthly.
Wise's core innovation was eliminating the 'hidden fee' embedded in exchange rates that traditional banks charge. Instead of charging 3-5% in currency conversion spread, Wise charges a small, transparent fee (typically 0.5-1.5%) and uses the actual mid-market rate.
Wise Business provides multi-currency accounts for companies that pay international suppliers, receive payments in foreign currencies, or employ remote workers globally — without needing a foreign bank account.
How to get started with Wise
- 1
Create your Wise account
Sign up at wise.com with your email and verify your identity (passport/ID required for regulatory compliance). Personal accounts open in minutes; business accounts take 1-2 days to verify.
- 2
Add money to your Wise balance
Fund your Wise account via bank transfer, debit card, or direct deposit. You can hold balances in 40+ currencies simultaneously in one account.
- 3
Send money internationally
Enter the amount, select the currencies, and see the exact exchange rate and fee upfront. Wise shows you how much the recipient will receive before you send — no surprises.
- 4
Get local bank details
Wise provides local account numbers (routing + account for USD, IBAN for EUR, sort code for GBP, etc.) so customers can pay you as a local payment, even if they're overseas.
- 5
Use the Wise debit card
Get a Wise Mastercard debit card to spend in any currency at the real exchange rate while traveling or buying internationally. No foreign transaction fees.
Who is Wise most useful for?
Freelancers and remote workers who receive payments in foreign currencies from international clients. Wise provides local bank account details in multiple currencies so clients can pay as if they're paying locally.
Small businesses and startups that pay international contractors, suppliers, or employees in their local currencies. Wise Business eliminates the need for multiple foreign bank accounts.
E-commerce sellers who receive payments in USD, EUR, or GBP and need to convert to their home currency without bank conversion fees.
Companies with distributed teams who need to run international payroll efficiently and transparently.
Alternatives to Wise
Looking for alternatives to Wise?
Here are four tools worth evaluating depending on your needs.
Broader banking features including stock trading, crypto, and vaults. Comparable exchange rates on weekdays. Wise is more established for pure international transfers.
Higher exchange rate spreads than Wise but wider merchant acceptance. Better for consumer payments. Wise is better for international bank transfers.
Competitive rates for large transfers with dedicated account managers for business. Better for large, infrequent transfers. Wise better for frequent, smaller international payments.
Similar to Wise Business with stronger API and multi-currency collection. Better for high-volume businesses. Wise has simpler onboarding for smaller businesses.
FAQs on Wise
Commonly asked questions about Wise. Have more? Reach out and our team will be happy to help.
What is the real exchange rate?
The mid-market rate (or interbank rate) is the midpoint between buy and sell exchange rates. Banks typically add a margin (0.5-5%) to this rate as a hidden fee. Wise uses the actual mid-market rate and charges a separate transparent fee.
How fast are Wise transfers?
Most transfers arrive the same day or next business day. Some routes (e.g. EUR, GBP) complete within hours. Speed depends on the destination country's banking infrastructure and payment method used to fund the transfer.
Is Wise safe and regulated?
Yes. Wise is regulated by the FCA in the UK, FinCEN in the US, and equivalent regulators in 50+ countries. Customer funds are held in ring-fenced accounts at top-tier banks, separate from Wise's operating capital.
Does Wise work for business payroll?
Yes. Wise Business lets you pay employees and contractors in their local currencies using their local bank details. Batch payments let you pay multiple recipients simultaneously. Integration with payroll tools is available via API.
Can I receive money in multiple currencies?
Yes. Wise provides local account details in USD (US routing + account number), EUR (IBAN), GBP (sort code + account), AUD, NZD, CAD, SGD, and more. Share these details with clients to receive payments as local transfers.
What are Wise's fees?
Wise fees are transparent and shown before you send. They typically range from 0.33-2.5% depending on the currency pair and transfer amount. There are no monthly fees for basic accounts. Wise Business has a small account opening fee.