What is Wise? A Complete Guide

 What is Wise? A Complete Guide

In an increasingly globalized world, managing money across borders can be expensive and complicated. Wise (formerly known as TransferWise) is a financial technology company that simplifies international money transfers and multi-currency banking. It’s designed to be faster, cheaper, and more transparent than traditional banks.

Overview of Wise

Founded in 2011 by Taavet Hinrikus and Kristo Käärmann, Wise started as a solution to high bank fees for sending money internationally. Today, Wise offers a range of services for individuals and businesses, including:

International money transfers

Multi-currency accounts

Debit cards for spending globally

Business payment solutions

Wise operates in more than 70 countries and supports dozens of currencies, making it a popular choice for travelers, expats, freelancers, and businesses.

Key Features of Wise

International Money Transfers

Wise allows users to send money abroad at real exchange rates (mid-market rates) with transparent, low fees, unlike traditional banks that often charge high hidden fees.

Multi-Currency Account

Users can hold money in over 50 currencies, receive payments in multiple currencies, and convert funds at competitive rates.

Wise Debit Card

The Wise debit card lets you spend money globally in local currencies, withdraw cash from ATMs, and pay online without hidden fees.

Business Payments

Businesses can pay international employees, freelancers, and suppliers with minimal fees and batch payment options.

Borderless Banking

With Wise, you can receive payments like a local in several countries, helping freelancers, remote workers, and international companies manage global finances efficiently.

How Wise Works

Wise uses a simple, efficient system to save money and time on international transfers:

You deposit money into Wise in your local currency.

Wise converts it at the real exchange rate, without unnecessary markups.

The recipient receives the money in their local currency, often faster than traditional banks.

Unlike the traditional SWIFT system, Wise avoids moving money across borders physically, which reduces costs and delays.

Benefits of Using Wise

Lower Costs: Transparent fees and real exchange rates reduce hidden charges.

Fast Transfers: Many transfers are completed within a day or even instantly.

Convenience: Manage multiple currencies and payments in one account.

Global Access: Send, receive, and spend money worldwide easily.

Security: Wise is regulated by financial authorities in multiple countries.

Who Should Use Wise?

Frequent Travelers: To spend money abroad without high fees.

Expats and Students: To receive and manage money in different currencies.

Freelancers and Remote Workers: To get paid internationally with low conversion costs.

Businesses: To handle payroll, supplier payments, and global transactions efficiently.