Wise Review: Fees, Rates and How it Works 2025

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:

• Price: No ongoing costs, no minimum balance - just low transaction fees for the services you use
• Exchange rate: Convert or spend with the mid-market exchange rate and a conversion fee from 0.26%
• Speed: 60%+ of transfers are instant (completed under 20 seconds), and 80%+ are delivered in less than 1hour*
• 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 always 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

*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
• 60%+ of transfers are instant (completed under 20 seconds), and 80%+ are delivered in less than 1hour

Overall:

Wise offers a powerful 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.

For international transfers, Wise has built its own payment network that has made it fast and cheap to send money abroad. On top of that, they are also completely transparent, showing you the total cost of your transfer and using the mid-market exchange rate.

How much can I save with Wise?

Wise has built its entire business around offering 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.

Fees and exchange rates correct at time of research - 10th June 2025

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.

What is Wise (formerly TransferWise)?

Wise was launched in the UK in 2011, and now operates in many countries and regions around the world, helping millions of customers to send, receive, hold and exchange money. Wise is working on making it easier, cheaper and more convenient to send and receive transfers across borders, driving down prices and making fees and delivery times as transparent as possible for customers.

Wise launched as a money transfer service, but now has three focus areas. We’ll look at each in turn, 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 0.23%. Wise payments are processed through Wise’s own payment network - which means they are fast and convenient.

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

What is a Wise Account? With the Wise multi-currency account you can hold 40 currencies and send payments to 140 countries easily - you'll also get account details in 8+ currencies: AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, and USD. That's perfect if you need to get paid in these currencies, as you can 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 around the world. Just top up your account in your preferred currency and then switch to the currency or currencies you need at the mid-market exchange rate. Manage your account in the Wise app and you'll always be able to see all 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.

The way Wise works is actually surprisingly simple. Instead of moving money across borders through complex payment networks, Wise has its own network of accounts in all the countries it operates in. When you make a payment in New Zealand dollars you send it in NZD to the Wise account in New Zealand. Wise then transfer the equivalent amount from their account in the destination country, in the currency you need. That means no money really has to cross borders, cutting the costs and the time involved.

Banks on the other hand typically use the SWIFT network - a network of partner banks which pass payments between themselves until they reach the correct destination account. SWIFT is established and reliable - but also expensive and slow. Each bank involved in the payment chain can add an intermediary fee which is tricky to predict and pushes up prices.

With Wise, because there are no intermediaries, there are also no surprise costs - allowing a more transparent payment structure.

Is Wise (TransferWise) safe?

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 (TransferWise) 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

Wise has disrupted the international transfer market with its fee structure. While banks often bundle their fees, adding an extra charge into the exchange rates they use, Wise splits out the fees you pay, so you can transparently check and compare costs.

Because Wise is all about transparency, you can easily get a quote for a transfer, without even signing up for an account. You can just head to their homepage to get a quote and a delivery time estimate. There are even comparisons against other providers - if Wise isn’t the cheapest for your particular transfer, they’ll show that too.

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.

Wise exchange rate

Wise uses the mid-market rate without any hidden fees - the same rate you’ll find on Google or using a currency converter tool. 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.

*Details correct at time of research - 10th June 2025

**Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

Sending large amounts with Wise

Wise is a safe provider which is already trusted by millions of customers around the world. It is a very safe provider to choose for high value international transfers. Even better, you can even get a discount on your costs if you regularly send Wise payments 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:

How long does Wise take?

When you send money with Wise 60%+ of transfers are instant (completed under 20 seconds), and 80%+ are delivered in less than 1hour*. 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.

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

Wise Pros

• Mid-market exchange rate currency conversion
• Low, transparent fees for transfers and account services
• Online and in-app services for ease
• Multi-currency account and card services
• Fast and secure transfers to 140 countries
• Business and enterprise level services available

Wise Cons

• No cash or cheque transfer options
• Fees and limits apply, and can vary based on the destination country
• Account verification requirements are in place
• No branch network

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:

1. Log into your account
2. Type in how much you want to transfer, or how much you need the recipient to get
3. Confirm the type of payment
4. Enter the recipient's details - bank account number or email. The exact information required will depend on the destination
5. Check over the details
6. Add a reference or message for your recipient
7. Fund your payment using a card or bank transfer
8. 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.

1. Register with your email address, or an Apple, Google or FaceBook account
2. Follow the prompts to enter your personal details
3. Upload your ID documents for verification
4. 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 always 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.

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 10,000 NZD by card.

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 (TransferWise) 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 260,000+ reviews posted so far.

Is Wise (formerly TransferWise) 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 securely 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 (TransferWise) customer service

Wise does not have a physical office where you can talk to a customer service team member face to face. Generally, Wise is easy to use and offers a simple self service customer experience, meaning you can easily transact without needing to speak to someone. However, there are plenty of different ways you can contact Wise customer service:

• In app support: log into your account to start a live chat or get the right phone number to call for your specific problem
• Facebook: Wise Facebook
• Twitter: @Wise
• Instagram: @Wiseaccount

Wise (TransferWise) alternatives

It makes sense to check out some alternative providers before you start making payments or open an account. The alternative which suits you could vary depending on the type of transactions you want to make. Here are a few to consider:

• Western Union - domestic and international payments arranged online or in person via an agent, payouts to bank accounts or for cash collection. Western Union does support more countries compared to Wise, but the overall costs for online payments tend to be higher.
• Revolut - open an online international account to send and hold multiple currencies from the same account. All accounts come with cards for easy spending.
• OFX - if you need to send payments overseas and prefer to talk to someone on the phone to arrange your payment, OFX can help. Transfers are available in 50+ currencies and OFX has 24/7 customer support by phone.

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.

Wise review FAQs

Can you use Wise in New Zealand?

Yes. You can use Wise in New Zealand to hold a balance in your Wise account, spend with your Wise card, and to send and receive payments at home and abroad.

How much does Wise cost?

There’s no fee to open a Wise personal account, no ongoing fees, and no minimum balance. You just pay low, transparent fees for the services you use.

How long does Wise take to transfer funds?

When you send money with Wise 60%+ of transfers are instant (completed under 20 seconds), and 80%+ are delivered in less than 1hour.

Is Wise safe?

Yes. Wise has industry level security built into all of its processes and services, to keep customers and their money safe.

How does Wise apply exchange rates?

Wise uses the mid-market exchange rate with no markup. You’ll only ever pay a low conversion fee from 0.23%, which is transparently shown when you arrange a payment.

Does Wise have a mobile app?

Yes - find the Wise app on iOS and Android.

How does Wise work?

Wise payments are made through the Wise payment network - which means they can move faster and be processed more cheaply than a bank SWIFT payment.

How many currencies does Wise support?

Hold and exchange 40+ currencies with a Wise account, send payments to 140+ countries, and spend in 150+ countries with a Wise card.

Is Wise good for money transfer?

Wise offers cost effective, convenient and fast money transfers to 140+ countries which you can set up online or using the Wise app. This can be a good option for people sending personal and business payments, including high value payments and recurring transfers.

Is Wise exchange rate good?

Wise uses the mid-market exchange rate, which is usually the best rate you can find. All the fees Wise charges are shown clearly so you can see what you’re paying for your transaction - there’s no cost hidden in the exchange rate.