Wise Review: Fees, Rates and How it Works [2026]
Wise (formerly known as TransferWise) offers low cost international transfers, multi-currency accounts for individuals and businesses, and currency conversion which uses the mid-market exchange rate.
If you’re wondering what Wise is all about, you’re in the right place. This guide covers the products and services Wise offers, what they cost, and how to get started. Let’s dive right in.
Wise Review: Key points
| 💡 Key features: Wise Review | |
|---|---|
| 💰 Transfer fees | No ongoing costs, no minimum balance – just low transaction fees for the services you use |
| 💱 Exchange rates | Convert or spend with the mid-market exchange rate and a conversion fee from 0.25% |
| 🚀 Transfer speed | 70%+ of transfers are instant (completed under 20 seconds), and 80%+ are delivered in less than 1 hour* |
| 📲 Convenience | Check and manage your account online and in-app, and spend conveniently with your Wise debit card |
| ⚖️ Transparency | No hidden costs, and you’ll see how long your payment is likely to take before you confirm |
| 🔐 Safety | Industry level measures in place to prevent fraud and protect customer accounts |
| 🎯 Transfer limits | Customers can send up to 2 million NZD per transfer |
| ⬇️ Receiving payments | Get local account details for 8+ currencies and SWIFT details for 20+ currencies |
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
📊 Key stats:
- Wise accounts can hold and exchange 40+ currencies, and send to 140+ countries
- Spend with a Wise debit card in 150+ countries
- Wise accounts come with account details in 8+ currencies to get paid conveniently in foreign currencies
- 70%+ of transfers are instant (completed under 20 seconds), and 80%+ are delivered in less than 1 hour
| Wise pros | Wise cons |
|---|---|
| ✅ Low and transparent fees, with the mid-market exchange rate
✅ Hold and exchange a large range of currencies ✅ Access your account and make transactions online or in the Wise app for convenience ✅ Receive payments to Wise easily and often for free ✅ Personal, business and enterprise level services available |
❌ Payments arranged online and in-app only – no cash or cheque transfer options
❌ Fees and limits do apply, and can vary based on the destination country ❌ No branch network – customer service is online, in app and by phone
|
Overall: Wise offers a multi-currency account, which makes it easy for people and businesses to send, spend, receive and hold multiple currencies. You can also get a Wise card to make spending at home and abroad a breeze.
By using its own independent payment network, Wise delivers fast, low-cost international transfers using the mid-market exchange rate and transparent upfront fees.
🔎 How much can I save with Wise?
Wise offers low fees and the mid-market exchange rate for every payment.
Exactly how much you can save with Wise depends on where you’re sending money to, the transfer value, and how you’ll pay – we’ve looked at a few examples as a comparison below to help build a picture.
| Sending amount in NZD, sending to AUD: | ASB, the recipient gets: | Westpac, the recipient gets: | Wise, the recipient gets:Winner | Winner |
|---|---|---|---|---|
| 1,000 NZD, to AUD | 807.20 AUD | 803.80 AUD | 816.51 AUD | Wise |
| 5,000 NZD, to AUD | 4,036 AUD | 4,019 AUD | 4,086.92 AUD | Wise |
| 10,000 NZD, to AUD | 8072 AUD | 8038 AUD | 8174.94 AUD | Wise |
*Fees and exchange rates correct at time of research – 25th June 2026
As you can see, in these examples your recipient gets more when you use Wise. Compare all your options before you send a payment to make sure you know you’re getting the best available deal.
💡 Writer’s tip: When comparing remittance services, always look at the total “recipient gets” figure rather than just the upfront fee. Providers frequently advertise zero-fee transfers while quietly hiding a costly markup inside an altered exchange rate. Using specialists that use the mid-market rate ensures your recipient receives the maximum amount.
Send money with Wise
🌍 What is Wise (formerly TransferWise)?
Launched in the UK in 2011, Wise now helps millions of global customers send, receive, hold and exchange money by making cross-border transfers more convenient and ensuring fees and delivery times are as transparent as possible.
While Wise launched as a money transfer service, the platform now has three focus areas, which we’ll look at next.
Wise money transfer
Send payments with Wise to bank accounts in 140+ countries. Arrange your transfer online or in the Wise app and pay by bank transfer, card or POLi. You can also pay with your Wise balance if you hold one.
You’ll get currency exchange which uses the mid-market exchange rate and low fees from 0.25%.
Great for: individuals and businesses looking to send fast, secure international payments to bank accounts in 140+ countries
Wise multi currency account and Wise debit card 💳
With the Wise multi-currency account you can hold 40+ currencies and send payments to 140+ countries easily. You’ll also get local account details for 8+ currencies, allowing you to receive local transfers in any of these currencies conveniently.
You can open a free Wise Account online and get a linked debit card for easy spending and cash withdrawals in 150+ countries. Just top up your account in your preferred currency and then switch to the currency you need at the mid-market exchange rate. Manage your account in the Wise app and you’ll be able to see your available currency balances at a glance.
Great for: people and businesses sending and receiving frequent international payments.
Wise Business 🏦
In addition to the Wise money transfer services and multi-currency accounts, there are additional features and benefits for businesses and enterprise clients.
- Get account details in 8+ currencies to get paid more easily by international clients
- Hold, send payments and switch between multiple currencies
- Pay international suppliers, contractors and team members more easily in their preferred currencies
- Make batch payments through a simple csv file upload, to cut admin time
- Add users to the account profile to let team members access functionality
- Automate payouts with the smart Wise API
- Integrate with your favourite cloud based accounting software
Great for: businesses of all sizes, from freelancers/sole traders, to large corporates and enterprise level customers.
How does Wise (TransferWise) work?
Wise has built its own payment network which is cheaper and faster to operate compared to SWIFT – the system used by banks to send international transfers.
This way, it operates a bit differently than banks by bypassing SWIFT, the standard global network that routes money through multiple intermediary banks, adding unexpected fees and delays along the way. Instead, Wise has built its own independent network of local bank accounts around the world.
When you send money from New Zealand, your NZD goes directly into Wise’s local New Zealand account. Wise then pays out the equivalent amount to your recipient from their local account in the destination country. Because the funds never actually cross physical borders, you skip the high costs and surprise intermediary fees, keeping the transfer fast and transparent
Is the Wise App safe to use? 🔒
Yes, Wise (TransferWise) is safe and trustworthy. Wise transfers are made using leading edge technology, and with a dedicated anti-fraud team on hand to ensure money is kept safe.
Here are some key facts about Wise safety and security:
- Customer funds are safeguarded using leading financial institutions
- Wise is regularly audited to check everything is working smoothly
- Advanced data protection and 2-step authentication processes are used
- Round the clock fraud prevention systems including both technology and a dedicated team
Wise pricing
Wise has disrupted the international payment market by challenging banks and established providers on fees 💰. Wise fees and pricing are transparent. In short, Wise aims to:
- be radically transparent
- charge as little as possible
- make premium the new normal
- lower fees over time
There are also discounts available that automatically apply to your account if you’re sending higher amounts – more on that coming up later. Here’s the lowdown on how Wise fees work.
Wise money transfer fees
Unlike banks that often bundle costs into an inflated exchange rate, Wise separates its fees so you can see exactly what you are paying. You can check live rates and delivery estimates directly on their homepage before setting up an account.
Alternatively, you can use our exchange rate comparison engine. You can see Wise’s exchange rates and compare them to the banks and other money transfer companies to see if they are the best option for you.
| Transfer fee | Rates | Minimum transfer amount |
|---|---|---|
| A percentage of your transfer + a small fixed fee, based on the currency you’re transferring. Fees vary but start from 0.25% | Mid-market rate | Not applicable. |
Wise exchange rate
Wise uses the mid-market rate without any hidden fees. This is different to many providers which add an extra fee, called a markup, to the exchange rate they use to process payments. Markups are often in the region of about 3% – which doesn’t sound like a lot, but which can mount up very quickly, particularly on higher value transfers.
Wise multi currency account and debit card fees 💳
Here are the key Wise fees you’ll want to know about.
| Service | Wise fee |
|---|---|
| Open your Wise multi-currency account | Free for personal customers
Business customers can open an account for free, or pay 40 NZD for full feature access |
| Hold 40+ currencies | Free |
| Get local and SWIFT account details for 8+ currencies | Free |
| Order a Wise debit card | 14 NZD for personal customers
No fee for business customers |
| Spend currencies you hold using your card | Free when you have enough balance |
| Convert a currency using your card | From 0.25% |
| Receive money with local or SWIFT details | No Wise fee to receive with local account details
Low fees apply on SWIFT payments depending on the currency you’re receiving |
| Send high value international payments | Volume discounts
of up to 0.17% on payments over the equivalent 20,000 GBP/month (about 45,000 NZD) |
*Details correct at time of research – 25th May 2026
**Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks
Sending large amounts with Wise
For high-value transfers, Wise automatically applies an ongoing volume discount to your fees if you regularly move large amounts for yourself or your business.
The default limit for transfers is 1 million GBP (about 2.25 million NZD), but higher limits can be arranged on request. You may need to provide more information about the payment to comply with financial service rules – but the Wise team can guide you through that if it’s needed.
For example, if you’re making a transfer to move the funds from a property sale or inheritance you may be asked to show a bank account statement to show the money being deposited to your account and documents to verify the source of the funds.
If you send more than the currency equivalent of 20,000 GBP a month (around 45,000 NZD) you could get an automatic discount of up to 0.17%. There’s no need to pre-arrange the fee, which means everyone gets the best possible deal, every time. Here’s how the Wise high value payment discounts break down:
| Payment volume (GBP) | Discount |
|---|---|
| Under 20,000/month (around 45,000 NZD) | 0 |
| 20,000 – 300,000/month (around 45,000 NZD – 688,000 NZD) | 0.1% |
| 300,000 – 500,000/month (around 688,000 NZD – 1.14 million NZD) | 0.15% |
| 500,000 – 1million/month (around 1.14 million NZD – 2.29 million NZD) | 0.16% |
| 1 million+/month | 0.17% |
⏰ How long does Wise take?
When you send money with Wise 70%+ of transfers are instant (completed under 20 seconds), and 80%+ are delivered in less than 1 hour*. You’ll see a delivery estimate before you start your payment, and you can track your money in the app if you need to.
Ultimately, the amount of time it takes for your Wise transfer to be processed will depend on the currencies and countries involved, how you pay, and any verification that’s required.
However, Wise payments can be faster than transfers which use the SWIFT network. While some SWIFT transfers may arrive in a day or so, they can sometimes take 3 – 5 days.
How to use Wise
You can use Wise easily in New Zealand, to send, spend, hold, receive and exchange money.
Because Wise has no ongoing account fees, no minimum balance and a flexible range of supported currencies and services, it can be good for a broad range of customers, including:
- Anyone who likes to travel and wants to spend and withdraw cash with low fees internationally
- Individuals who need to pay bills overseas or remit money to loved ones at home
- Online shoppers who love ecommerce sites based abroad
- Freelancers who need to get paid by customers and clients internationally
- Business owners paying suppliers, contractors and staff in foreign currencies
- Anyone who wants to hold and exchange 40+ currencies with the mid-market exchange rate, and manage their money right from their phone or laptop
How to send money with Wise
Using Wise is easy. All you need is your smartphone or computer. Here’s what to do:
- Log into your account
- Type in how much you want to transfer, or how much you need the recipient to get
- Confirm the type of payment
- Enter the recipient’s details – bank account number or email. The exact information required will depend on the destination
- Check over the details
- Add a reference or message for your recipient
- Fund your payment using a card or bank transfer
- Confirm and your money will be on the move
Funding methods
You can send a Wise payment funded in NZD, and pay using any of the following methods:
- Bank transfer
- Debit or credit card
- POLi
- Send money from your Wise balance
Payout methods
Wise payments usually arrive directly in the recipient’s bank account. However, Wise does support other payout methods on some payment routes. You’ll see your options when you set up your payment.
How to open a Wise account 📂
Creating a Wise account is easy, and can be done entirely online.
- Register with your email address, or an Apple, Google or FaceBook account
- Follow the prompts to enter your personal details
- Upload your ID documents for verification
- Once your account is verified you can start sending payments
What documents you’ll need
The exact documents you need will depend on the type of account you want, and the type of payments you’re making. You’ll be guided through the process, and can get in touch with Wise customer support if you need help.
If you need to stop while verifying your account you can simply save and exit the process and come back to it later.
🫂 Usually for a personal account you’ll need:
- A valid ID document like a passport or driving licence
- A proof of address like a utility bill or bank statement in your name
💼 For a business account you’ll need:
- ID and address documents for the account owner
- Information about the business including address, industry and registration number
- Names, date of birth, and country of residence for directors and shareholders who own 25% or more of the business
How long does Wise verification take?
Verification may be done instantly, or within a couple of working days. The length of time it takes to verify your Wise account may vary depending on the documents you provide among other factors.
➡️ Related articles: Wise Account Review for New Zealand, and Wise Card Review for New Zealand.
Wise transfer limits
Wise payment limits are set by currency. Usually you’ll be able to send high value payments as an individual of up to 1 million GBP or the currency equivalent.
From New Zealand you can send up to 2.2 million NZD by bank transfer, although your bank might not let you send so much in one go. You can also send up to 5000 NZD by POLi, but your own bank limits might apply. You can send up to 3000 NZD by card.
➡️ More information: Wise money transfer limits in New Zealand
Supported currencies
Wise supports 40 different currencies and lets you send to over 140 different countries.
Wise regularly updates the countries and currencies available for payments – for the latest info check here.
Wise customer reviews ⭐
Trustpilot is a great resource for checking out reviews of businesses you may want to deal with. See what previous customers have said before you get started, so you’ll know you’re going to get a good service.
At the time of writing, Wise has an Excellent score on Trustpilot, of 4.3 stars out of 5. That’s from a huge 291,000+ reviews posted so far.
Is Wise a bank?
Wise is a specialist provider offering accounts, cards and international transfers, not a bank. Wise uses similar fraud detection tools and security technologies to banks. Customer funds are safeguarded – that means they’re held in Wise’s partner banks, separate from Wise’s own company funds.
Wise accessibility
You can use Wise from your desktop, or get the app with an Apple or Android device. Wise has customer support in a range of languages, and a handy FAQ section online where you can get answers and troubleshooting support for common problems.
Wise customer service in New Zealand
Wise operates entirely digitally without physical branches in New Zealand. While the platform is designed for self-service, you can connect with human support through several channels if you need help.
- ☎️ 24/7 Phone Support: Live English-language help lines are open around the clock. Log into your account to find the specific number for your issue. Please note that your New Zealand phone provider may charge you for the call.
- 💬 In-App Live Chat: Secure chat is available directly through the mobile app or desktop browser for real-time troubleshooting.
- 🏦 Help Centre: A searchable online database covers common questions regarding limits, verification, and tracking.
- 📱 Social Media: You can reach out for general inquiries on X (@Wise), Instagram (@Wiseaccount), or Facebook: Wise Facebook
Conclusion: TransferWise review
Wise can offer low cost currency services – including multi-currency accounts, international debit cards, and transfers to 140+ countries – with low overall fees. That’s because Wise has built its own payment network and a focus on offering transparent prices which come down over time. You can get everything you need set up with just a phone or laptop, to transact easily on the move -plus you can spend and withdraw more or less anywhere in the world with your wise card.
Compare the service features and fees you can get with Wise to see if they suit your unique needs.
📂 Useful Sources
- Wise New Zealand Official Site: The local homepage for setting up personal and business accounts, sending and receiving money and checking exchange rates.
- Wise New Zealand Help Centre: Official guides on various topics, including sending money, holding money,managing your account and the Wise card.
- Wise Guide to NZD Transfers: Details processing times, limits and payment methods for moving New Zealand Dollars.
- Wise Global Safety and Security Platform: An in-depth breakdown of safeguarding policies, data encryption standards, and digital account protection protocols.
