How to open a Wise account in the UK: Step-by-step guide

While Wise does have limits in place as to how much you can send, these are comparatively high – making Wise a strong contender if you want to send a large money transfer. When we checked Wise’s rates against the mid-market rate on Google and Xe, they were similar. 60% of Wise transfers are instant, and 90%+ arrive within 24 hours. Banks, on the other hand, can take 3 – 5 days to move money internationally. Wise uses bank grade security and is regulated round the globe.

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• You’ll also be able to add up to $6 million to your Wise account balance.
• But with Wise, you simply need their local account details, or even just their email address in many cases if they’d prefer not to give out their bank details.
• Wise will let you know how long it’s going to take before you submit your payment.
• Wise’s customer support options are supposedly excellent, offering 24/7 customer support via phone and live chat, as well as an informative and helpful FAQ section.
• It offers real exchange rates and is transparent about the fee involved, which means you always know exactly what you’re paying for and what your recipient will receive.

What are Wise’s payment options?

The information supplied on this site does not constitute financial advice. Always do your own research before making any financial decisions. We do our very best to give you the most accurate journalistic information, but we can’t guarantee to be perfect. You use the information at your own risk, for more details read how our site works. You can also take out a Wise debit card, which they call ‘the most international debit card in the world’. It allows you to spend abroad at the mid-market exchange rate, with no transaction fees making a better alternative to similar services like Revolut or Zing.

Send, spend and receive your money across borders, with Wise

Wise’s score on the Google Play Store is slightly lower than on the App store, rated at 4.2 stars based on 254k reviews. It’s been downloaded over 10 million times, and has an ‘Editors’ choice’ badge for what it’s worth. Wise has two versions on the App Store, one in the UK store and one in the US. They both have excellent scores, however – in the UK store the Wise app is rated 4.7 based on over 45k ratings, and in the US it’s rated 4.6 based on over 27k ratings. Wise’s customer support options are supposedly excellent, offering 24/7 customer support via phone and live chat, as well as an informative and helpful FAQ section. We tried using their customer service options to solve some issues we were having.

Wise Review 2025 (formerly TransferWise): Fees, Features, Safety, and Customer Reviews

• Wise states that while your transactions start processing immediately, conversions can take up to two business days to process, and that international regulations will vary.
• Perhaps one of the best parts of a SWIFT transfer is that the transfer will be paid directly to your recipient’s bank account.
• You could either use their bank details or, if they have a Wise account, too, simply use their email to send them money.
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• Wise Platform is Wise – but for banks, large businesses and other major enterprises.
• However, keep in mind that your credit card might charge you an additional cash advance fee, further increasing the cost of your total transfer.
• Wise is a global technology company that makes moving money around the world easier, cheaper, and much more transparent.

It was founded in the UK and continues to operate from there. There are a number of regulators in the UK and if you’re finding things to be a bit confusing, you can check out our article on how the PRA and the FCA function in the UK. Within the US, Wise is regulated via FinCEN, the Financial Crimes Enforcement Network. It’s also a money transmitter under license through different regulators in applicable US states – Guam, Puerto Rico and the US Virgin Islands included. They are also regulated by the relevant authorities at a state level. But what does Wise actually do, and how can it benefit you personally?

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Most money transfer providers will add a markup to their exchange rate in order to make a profit. You do not need a Wise account to receive a money transfer sent with Wise. If you’d rather, you https://www.forex-reviews.org/ can simply receive the money directly to your bank account. In this case you need to give your bank account details to the sender. If you’re expecting to get a Wise payment to your regular bank account, just give your bank details to the person sending the money and wait for the money to arrive in your bank account.

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How do you transfer money from Wise to my account?

You don’t have to pay to open an account, though sending money will incur fees that vary by currency. The main draw of using Wise for converting across currencies are there hyper competitive exchange rates. If you want to see how Wise compares to the exchange rates and fees Best agriculture stock offered by other money transfer services, enter the details of your transaction into the table below. Wise works differently to banks and traditional exchange services. Many users praise the app’s efficiency and intuitiveness, with particular attention given to their money transfer service’s low fees and rates compared to banks.

What is the partner bank of TransferWise here in Casablanca Morocco or where can I pay my transaction? Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website. Wise is transparent with its fees and you will always see the cost upfront. It typically charges a fixed fee and then a small variable fee which is usually a percentage of the amount that’s converted. Wise to Wise transfers are super fast – your funds will arrive in seconds so you can use them right away.