What is Wise? - Detailed Wise Guide

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Wise is a company that offers services for making payments abroad or receiving payments from abroad. It supports cheap and fast money transfer to more than 70 countries.

Wise has accounts in all countries in the currencies it supports. When a transfer is made, Wise transfers the money through these accounts after taking a commission deduction. To make it easier to understand, its competitors are Payoneer and Western Union.

How is it different from its competitors?

The differences from its competitors are quite high;

Money transfer transactions are made very quickly.
The deduction rates in the transfer are at least 30% lower than their competitors.
The support team helps to solve this problem in the fastest way when there is any problem. They return within 1 day at the latest.
There are many types of currencies that can be transferred.
It also allows transactions with many different money transfer networks. Some of these are ACH, Wire, IBAN, SWIFT/BIC, FAST, GIRO/MEPS. This makes it easy to transfer or receive money from most countries.

When was Wise Founded?

Wise was founded in 2011 by Kristo Kaarmann and Taavet Hinrikus. It has headquarters in Tallinn and London.

London address information: 56 Shoreditch High St, Shoreditch, London, United Kingdom

Tallinn address information: Veerenni 24, 10135 Tallinn, Estonia

Why Should I Use Wise?

Anyone who wants to make fast and cheap international money transfers and receive payments.

Who is Wise for?

Wise offers two separate accounts for personal and business. The personal account allows money transfers to relatives, friends, etc. living abroad. It is not possible to use this account for companies or freelance work. For commercial earnings, it is necessary to use Wise's business account. In this way, it is possible to earn from companies such as Amazon, Etsy, Ebay, Upwork.

Which Currencies Does Wise Support?

Supporting more than 50 currencies, Wise stands out from its competitors with this diversity. Here are some of the supported currencies;

GBP
USD
TRY
EUR
CAD
SGD
NZD
MYR
PLN
RON
HUF

How Much Commission Does Wise Charge for Money Transfers?

Wise applies an average deduction of 4.2 dollars for a transfer of approximately 1000 dollars. This deduction varies depending on the currency to be transferred. For example, if the person you send the money to also uses the Wise platform, this deduction drops to 0.40 dollars.

The average deductions for other currencies are as follows;

1000 Euro (EUR) : 0.37 Euro
1000 Pound Sterling (GBP) : 0.32 GBP
1000 Canadian Dollars (CAD) : CAD 3.52

How long does the transfer process take?

Transfer transactions usually take place within 10 minutes. The entire process of converting foreign currencies coming to Wise into Turkish lira and sending them to Turkish banks takes place in about 5 minutes. This time may vary according to the networks used. Transfer transactions are realized within 1 day at the latest.

How Can I Earn Commission Discounts?

Wise has a commission discount campaign for first transfers. In this way, it is possible to get a discount on the already cheap deduction fees. For this, registration with a referral link is mandatory. It is possible to benefit from the discount when you register with the link below: