Wise, formerly known as TransferWise, is a global technology company that offers a faster, cheaper, and more transparent way to move money across borders. Founded in 2011 by two friends, Taavet Hinrikus and Kristo Käärmann, who were frustrated by the high fees and hidden charges when sending money internationally, Wise now serves over 10 million customers worldwide.
Wise is based on a peer-to-peer model that allows customers to send money directly to another person or company’s bank account, without the need for intermediaries. This makes it faster and more cost-effective than traditional methods, as Wise uses mid-market exchange rates, and charges a low, transparent fee for its services.
In this article, we will provide an overview of Wise’s services, including the countries and currencies it supports, its referral program, and the benefits of using Wise for both personal and business transactions. We will also discuss the fees associated with using Wise, and compare them to traditional bank fees.
Countries and Currencies
i) Overview of the countries Wise supports
Wise currently supports over 80 countries and territories around the world. This includes most major currencies, as well as many minor and exotic ones. Some of the most popular countries where Wise is available include the United States, United Kingdom, Australia, Canada, and countries in the Eurozone.
Wise’s mission is to make money work without borders, and it has made significant progress towards this goal. However, there are still some countries where Wise is not available due to regulatory restrictions or other factors. It’s important to check the Wise website to confirm availability in your country.
ii) List of the 50 currencies Wise can convert:
Wise can convert over 50 currencies, including US dollars, euros, British pounds, Japanese yen, Australian dollars, and Canadian dollars. In addition to these major currencies, Wise also supports many minor and exotic currencies, such as the Brazilian real, Mexican peso, Indian rupee, and Chinese yuan.
Wise uses the mid-market exchange rate, which is the rate at which banks exchange currencies with each other. This means that customers get a fair and transparent exchange rate, without any hidden fees or markups. Wise’s exchange rate is often significantly better than the rates offered by traditional banks, which can save customers a lot of money.
Wise Referral Program
i) Explanation of the referral program:
Wise offers a referral program that rewards users for referring friends and family to the platform. The referral program is available to both personal and business users, and can be a great way to earn some extra money.
ii) Commission rates for personal users and business customers:
The commission rates for the referral program vary depending on whether the referred user is a personal user or a business customer. For personal users, the commission starts at £10 when the referred user sends at least £100 using Wise. For business customers, the commission starts at £50 when the referred business sends at least £2000 using Wise.
iii) Steps to refer a friend to Wise
To refer a friend to Wise, users can simply log in to their account and click on the “Invite” button. They can then choose to share their referral link via email, social media, or other channels. When the referred user signs up and completes their first transaction, the commission will be credited to the referrer’s account.
The referral program is a great way to encourage others to try out Wise, and to earn some extra money in the process.
Personal Use of Wise
i) Explanation of Wise for personal use
Wise is an excellent option for personal use when it comes to sending money abroad or for currency conversions. It offers a user-friendly platform that is easy to navigate, with transparent fees and competitive exchange rates.
ii) Benefits of using Wise for personal transactions
There are several benefits to using Wise for personal transactions, including:
- Cost savings: Wise charges a low, transparent fee for its services, and uses the mid-market exchange rate, which is often better than the rates offered by traditional banks. This can save customers a significant amount of money.
- Speed: Wise transfers are usually completed within 1-2 business days, which is much faster than traditional bank transfers, which can take up to a week or more.
- Security: Wise is regulated by financial authorities around the world, and uses advanced security measures to protect customer data and transactions.
- Convenience: Wise can be accessed from anywhere, at any time, using a computer or mobile device. This makes it easy and convenient for customers to send and receive money across borders.
Overall, Wise is a great option for personal use, whether it’s for sending money to family and friends, paying for international purchases, or traveling abroad.
Business Use of Wise
i) Explanation of Wise for business use
Wise also offers services for businesses, including international payments, currency conversions, and multi-currency accounts. These services are designed to help businesses save money and streamline their international transactions.
Benefits of using Wise for business transactions
There are several benefits to using Wise for business transactions, including:
- Cost savings: Wise offers competitive exchange rates and low, transparent fees, which can save businesses a significant amount of money on international transactions.
- Speed: Wise transfers are usually completed within 1-2 business days, which is much faster than traditional bank transfers.
- Multi-currency accounts: Wise offers multi-currency accounts, which allow businesses to hold and manage funds in different currencies. This can be useful for businesses that have customers or suppliers in multiple countries.
- Invoicing: Wise also offers invoicing services, which allow businesses to send and receive invoices in multiple currencies. This can help to simplify the invoicing process and reduce the risk of errors.
- Integration with accounting software: Wise integrates with popular accounting software, such as Xero and QuickBooks, which can help businesses to streamline their accounting and bookkeeping processes.
Overall, Wise is a great option for businesses that need to make international transactions or manage funds in multiple currencies.
Wise Debit Card
i) Overview of the Wise debit card
In addition to its online platform, Wise also offers a debit card that can be used for transactions both online and offline. The Wise debit card is linked to a user’s Wise account, and can be used to withdraw cash from ATMs or make purchases in any currency.
ii) Benefits of using the Wise debit card
There are several benefits to using the Wise debit card, including:
- No hidden fees: The Wise debit card has no hidden fees or markups, and uses the mid-market exchange rate for currency conversions. This means that customers get a fair and transparent rate for their transactions.
- Multi-currency support: The Wise debit card supports over 50 currencies, which makes it a great option for travelers or people who frequently make international transactions.
- Low ATM withdrawal fees: Wise charges a low, transparent fee for ATM withdrawals, which can save customers money compared to traditional banks.
- Security: The Wise debit card is equipped with advanced security features, such as 3D Secure and contactless payments. This helps to protect customers against fraud and unauthorized transactions.
- Easy management: The Wise debit card can be easily managed through the Wise app, which allows customers to check their balance, view transactions, and freeze or unfreeze their card if it’s lost or stolen.
Overall, the Wise debit card is a convenient and cost-effective option for customers who need to make transactions in multiple currencies or withdraw cash from ATMs abroad.
Wise Customer Support
i) Overview of Wise customer support
Wise provides customer support through various channels, including email, live chat, and phone support. The support team is available 24/7 to assist customers with any issues or questions they may have.
ii) Support resources available to customers
Wise provides several resources to help customers find answers to their questions or resolve issues, including:
- Help Center: The Wise Help Center contains a wealth of information on a variety of topics, such as account setup, fees, and security. Customers can search for answers to their questions or browse through the articles to find helpful information.
- Chatbot: Wise has a chatbot that can help customers with basic questions or issues. The chatbot is available 24/7 and can provide quick and efficient assistance.
- Email support: Customers can email Wise support at any time and can expect a response within a few hours.
- Phone support: Wise also offers phone support during business hours, which can be useful for customers who prefer to speak with a representative directly.
- Social media: Customers can also reach out to Wise through social media channels, such as Twitter or Facebook.
Overall, Wise provides a range of support resources to ensure that customers have the help they need when they need it.
Wise is a revolutionary platform that offers a range of financial services designed to help customers save money and manage their finances more efficiently. With its low fees, transparent exchange rates, and easy-to-use platform, Wise has become a popular alternative to traditional banks and money transfer services.
Whether you’re a personal user looking to send money abroad or a business looking to streamline your international transactions, Wise has something to offer. Its multi-currency accounts, competitive exchange rates, and advanced security features make it a great choice for anyone who needs to manage their finances across borders.
With its commitment to transparency, fair pricing, and excellent customer support, Wise is a platform that is changing the way people think about international finance. If you’re looking for a reliable and cost-effective way to manage your money across borders, Wise is definitely worth considering.