Those freelancers, online business owners, bloggers, and all the people who offer services or sell goods online might have thought at some point in their lives about how to get international payments for selling goods and services in other countries.
A simple solution to this is Wise, a digital banking system created for global users who want to send and get paid in international currencies quickly.
Wise has been in the business for more than a decade now, and a lot of people might be looking for genuine Wise reviews online to decide whether to use it or not.
So, in this blog post, I will be sharing my personal experience and detailed review of Wise, highlighting both the pros, cons, and some features of the Wise account.
At the end of the blog post, you will surely get a detailed overview of Wise and a good understanding of whether to use it or not.
What is Wise?
What is Wise? In simple terms, Wise is a global financial technology platform that helps individuals and businesses send, receive, and manage money across borders with lower fees and transparent exchange rates.
Founded in 2011, Wise was created to solve one major problem: expensive and slow international money transfers.
Unlike traditional banks, Wise uses the real mid-market exchange rate and charges a small upfront fee, making it a cost-effective option for freelancers, businesses, and international users.
With a Wise account, you can hold multiple currencies, transfer money globally, and receive payments from different countries in a simpler way.
Over the years, Wise has grown rapidly, serving millions of users worldwide and processing billions in cross-border transactions. In this guide, we’ll break down how Wise works and whether it’s the right choice for you.
Why I Prefer Wise Over PayPal?
Now I will be sharing my personal review of Wise and listing some of the points why I love Wise over PayPal and many other payment platforms globally.
1. Wise Has Chat Support
One of the best things that I loved about Wise is their live chat support with a real agent, which PayPal does not have. The chat support of Wise is quick, fast, and very responsive in solving all the doubts and issues related to accounts, sending money, holding money, getting paid, or anything else related at the account level.
Such live chat support makes it easier for Wise users to solve all the issues regarding their accounts.
Their chat support team is extremely knowledgeable and goes the extra mile to solve the user’s queries. Although there is a waiting period since a lot of people are in the queue, it usually does not take longer than 5 minutes.
Until and unless your issue is resolved by the team, the chat window does not close.
This is the major reason why I prefer Wise over PayPal.
2. Account Creation Is Simple
Another reason to choose Wise over PayPal is the easy account creation process. For a personal account, you just need to visit the Wise website, enter your basic information, link your bank account, and your account will be created.
For a business account, you need to submit your government ID, link a bank account, verify your phone number, complete your video KYC, and your Wise business account will be live in 2 days.
On the other hand, creating a personal and business account on PayPal is a tough and daunting task. Both types of accounts need video KYC to be done, and then the PayPal team reviews it for 2-3 days. Within 2-3 days, if everything is good, your account will be approved for use.
However, if the PayPal system finds that your account is using the same details, such as email, government ID, bank account, or phone number, they may simply deactivate your account, and you won’t be able to create a PayPal account again.
3. Account Does Not Get Restricted Like PayPal
Once you have created your Wise account, it will not get banned or restricted forever. I have been using my Wise account smoothly for the past two years and receiving all the payments without issues. With PayPal, it is the worst case. PayPal can restrict or ban your account for life anytime and without any reason. A lot of PayPal accounts have been getting permanently banned recently.
In fact, I have also written a detailed blog post on why PayPal is a scam.
Even 2-3 of my PayPal accounts have been deactivated for life, and when I asked the PayPal support team, they mentioned that I wouldn’t be able to use PayPal again in my life.
This is not only happening with me, but also with many other people who have been using PayPal accounts for more than a decade.
You can read this Reddit post and know more about the PayPal issue.
4.Quick Response From Support Team
In this entire Wise review blog post, the best thing is the Wise customer support team and their response time to the queries of every user. First of all, you will have multiple options to connect with Wise support, like chat, call, and email. I personally prefer live chat as it is a fast and quick way to connect with their team.
In the case of PayPal, you will only have email, phone, and the resolution center, which is the worst of all. None of PayPal’s customer support systems are reliable and efficient.
Wise live chat support is very quick, and you will be connected with a live agent in less than a minute. This is surely a blessing in disguise for anyone who is new to Wise and has created an account for the first time.
Also, they respond very quickly and make sure that your issue is solved.
5. Fingerprint Login
With a Wise account, you can also set up biometric login, which adds an extra layer of security to your Wise account. Currently, this feature is only applicable to the Wise app on Apple and Android devices.
PayPal does not have this level of security.
Things Which I Absolutely Love About Wise
1. Quick Transfer of Funds
The transfer of funds from your Wise account to your personal bank account takes only 24 hours or less in some cases. If you have received funds on weekdays between Monday and Thursday, then you can expect your funds to be transferred within 24 hours.
If you receive the payment in your Wise account on Friday or during weekends, then it might take a bit longer because banks usually don’t work on weekends.
Also, the transfer of funds might be affected due to national holidays in the bank of the respective country.
2. Multi-Currency Account
If you wish to have one bank account for money from around the world, then Wise will surely help you with this. With Wise, you can keep 40+ global currencies from more than 140 countries in one place and get paid in your domestic currency with conversion within a few hours.
This feature allows you to accept and make payments in various currencies without any hassle. PayPal or any other payment system does not have such a feature right now.
3. Send and Receive Money Worldwide
Currently, in my Wise account, I have set up 5 currencies in which I would like to get paid for my work. Most of the time, I get paid in dollars and sometimes in GBP, which works amazingly well. A user can select from 40+ currencies in which they would like to be paid. This is one of the core strengths of Wise, which helps avoid hidden bank markups.
According to Wise, users can send money internationally with transparent fees and faster processing compared to traditional banks. This makes it useful for freelancers, remote workers, and businesses dealing with global clients.
Wise also enables receiving payments like a local through bank details in currencies such as USD, GBP, and EUR, simplifying cross-border transactions.
Financial reviews on Forbes highlight that Wise often offers better rates and lower fees than many banks and payment providers. Additionally, security standards and compliance measures ensure safe transactions worldwide.
4.Wise Card
Another top-rated feature of Wise is the Wise card, which works like a debit card and makes it easy for users to spend money globally without high conversion charges.
It is a debit card linked to your Wise account, allowing you to make payments internationally in multiple currencies by converting money automatically at the real exchange rate.
As per Wise, the card works in 170+ countries and supports online and in-store payments, making it best suited for travelers and remote-working professionals.
One of the biggest benefits of the Wise card is its low and transparent fees as compared to traditional bank cards. You can also withdraw cash from ATMs abroad and manage your card directly via the app, including freezing and tracking transactions.
5. Strong Security and Regulations
With Wise, your money is safe and protected. Millions of people use Wise every day, and over 100,000 new customers join every week. Wise uses rock-solid technology to safeguard users’ money. They have teams of engineers working on enhancing their security systems using machine learning algorithms.
Besides, their customer support teams are always available via phone, email, or live chat to help users with any kind of security-related threat or issue.
Some of the security-related features of Wise are two-factor authentication, fingerprint login, and biometric login that allow you to take full control over your account.
6. Transparent Fees
The fees of Wise are transparent, and you will know the exact amount of fees deducted from your account when you make or receive a payment. This level of transparency makes Wise a better option for sending and receiving international payments.
Wise follows a “pay only for what you use” model with no hidden fees or subscriptions.
Another key feature I would like to highlight in this Wise review is that it uses the mid-market exchange rate, the same rate that you see on Google. This ensures they do not add any hidden markup or additional costs when converting currency.
Wise fees are basically a fixed amount with a percentage of the transfer amount, which is clearly visible in your account while making or receiving payments. This level of transparency helps users compare costs and avoid surprises.
Pros and Cons of Wise
Now that you have understood the basic features and what I love about Wise, let us now discuss some of the pros and cons of the Wise account.
Pros of Wise
Real Exchange Rate
One of the biggest advantages of a Wise account, which I have previously highlighted in this Wise review, is its use of real-time mid-market exchange rates. Unlike traditional banks that add hidden costs and mark up prices for currency conversion, Wise gives the exact rate that you see on Google.
This transparency makes it popular among freelancers, online business owners, and travelers who want to send or receive payments globally without getting charged too much in conversion fees.
Therefore, in this Wise review, it is clear that a fair currency conversion rate is a major benefit of Wise as it ensures that Wise users know how much they are paying and what the recipient gets.
Global Transfers
Another benefit of Wise is its ability to send money across 160+ countries. We have highlighted this feature in this Wise review, but it does need to be mentioned one more time because of its ability to make the payment sending and receiving process easy, especially for freelancers, remote workers, and businesses with global clients.
With Wise, you can transfer money using your phone, laptop, or computer, which reduces dependency on traditional banks. This global reach makes Wise a popular tool for anyone working with international clients or internationally.
Fast and Quick
Speed is another major advantage often mentioned in a Wise review. Many transfers are completed within hours, and in some cases, even minutes. This is significantly faster compared to traditional bank transfers that can take several days.
In this Wise review, the quick processing time makes Wise highly reliable for urgent payments.
Faster transfers mean better cash flow, especially for freelancers and businesses. Wise uses smart technology and local banking systems to speed up transactions.
Overall, its fast and efficient transfer system is one of the reasons why users trust Wise for international payments.
Top-Notch Security
With smart biometric login and two-factor authentication, Wise is one of the safest payment platforms in the world. They follow strict measures to make sure users’ money is always safe and protected against fraud and theft. Their security engineers are trained regularly on the latest guidance around keeping customers’ money safe and secure.
You might have come across many Wise reviews that say “Wise is not following the latest security measures,” and so on. However, this is not true.
Wise regularly undergoes audits to obtain assurance against industry security standards. Right now, they hold the following certifications:
- SOC 1 Type 2
- SOC 2 Type 2
- PCI-DSS
- ISO/IEC 27001
You can also access their security certifications here.
Cons of Wise
In this Wise review, we have mostly talked about the pros, features, and benefits of Wise. But it is also important for me to highlight some of the drawbacks of the platform to make this Wise review unbiased.
Not the Cheapest
One of the major disadvantages of Wise is the pricing plan. Creating a Wise personal or business account is free of cost. However, for sending and receiving money, you will be charged from 1.16%, depending on the currency in which you are getting paid and the currency in which you want to pay through your Wise account.
For Wise card users, withdrawing $200 per month is free of cost, and for withdrawing more than $200, there will be a charge of 1.40 USD + 3.25% of the amount over 200 USD.
Also, for converting any currency, there is a charge starting from 1.16%, and it goes higher depending on the volume of your transaction. Holding money in your account and making payments with the Wise travel card is absolutely free of cost.
Not So Familiar in the USA and Other Regions
Another drawback that I would like to highlight in this Wise review is the lack of popularity of the platform. People in the USA and European nations do not use Wise as much. The percentage of people using Wise globally is slightly less than that of PayPal and other competitors.
This can be a drawback because if you are solely dependent on Wise for sending and receiving payments, then there is a high chance that you might need to step back if the other person does not have or use Wise.
Missing Some Features
Another major con I would like to mention in this Wise review is that it lacks some core banking features, such as deposit insurance.
In traditional banks, funds are often protected up to certain limits like FDIC or FSCS, which are guaranteed by the government. In the case of Wise, it keeps money protected through a safeguarding feature, which does not offer a government guarantee.
Another major con in this Wise review is the lack of credit and lending services. Wise promotes and markets itself as a bank but does not offer overdrafts, personal loans, or mortgages via its platform. This makes it difficult for users to use it as a full financial bank.
Another issue is that Wise does not pay interest on the amount kept as a balance in your Wise account, meaning your money does not grow while sitting in your multi-currency account.
Also, users who have a Wise account in India face some reasonable restrictions, like not being able to hold a balance in Indian rupees within the Wise app.
Any incoming currency is immediately converted, a fee is charged, and the money is settled into a linked bank account. Also, the debit card is not available for domestic spending within India. It can only be used for spending in foreign countries and international currencies.
Wise also has to follow strict regulatory banking and RBI guidelines in India, which increases the conversion fee, especially in India, compared to the conversion fee charged in the USA and European countries.
What Are the Things You Can Do With a Wise Account?
Now that you have understood everything about Wise, from its pros, cons, and company overview, let us now discuss the things that you can do with your Wise account. In this section of this Wise review, one thing will become much clearer: Wise is for people who need a simple, fast, and affordable way to make and receive international payments without relying on traditional banking.
1. Send and Get Money at the Real Exchange Rate
One of the most useful things that you will find in every Wise review is international money transfer. Wise allows users to send payments to various countries and in multiple currencies using the real mid-market exchange rate instead of inflated or deflated bank rates.
This helps users save on conversion fees.
Also, the transfers are quick and fast compared to other Wise competitors, making it highly popular among freelancers and businesses globally.
2. Hold Multiple Currencies
Another aspect that I would like to highlight in this Wise account is the multi-currency holding benefit. Wise allows users to hold and manage multiple currencies from a single dashboard.
Hence, instead of opening separate foreign bank accounts, users can store, convert, send, and receive money in various currencies in one place.
3.Spend Internationally
4. Manage Business Payments
5. Strong Security
In this Wise review, we have talked about the security features of Wise. However, the biometric login and fraud detection system are something worth mentioning again and again. Moreover, if the user feels his or her account is hacked or login credentials are compromised, then they can freeze the Wise account instantly through the Wise app.
FAQs About Wise Review
How fast are transfers?
Most transfers (over 70%) are instant. Others typically arrive within 24 hours, depending on the currency and bank processing times.
Can I hold INR in Wise?
No. Due to local regulations, Indian users cannot maintain a Rupee balance. Funds are automatically converted and sent to your linked local bank.
Is Wise cheaper than PayPal?
Yes. Wise uses the mid-market exchange rate with a transparent fee, whereas PayPal typically includes a hidden 3–4% markup on the rate.