This is an honest review of money transfer app Wise (formerly TransferWise). I’ve used it for about seven years to send money between the US and Australia, and it’s been reliable and cheap. Wise has a referral program for new users, so if you sign up via my referral link below, you’ll get a fee-free transfer of $600. (If you send more than $600, the fee on the first $600 is still waived). I make no money on this referral unless more than three people sign up, in which case I get a modest affiliate fee
This link gets new users of Wise money transfer a free $600 USD international transfer: https://wise.com/invite/ihpn/alexanderw825
Now on to the full review.
What Is Wise?
Wise is a money transfer app that lets you send money between countries at the real exchange rate — the mid-market rate you’d see on Google or Reuters — rather than the marked-up rate your bank quietly gives you. It was founded in 2011 by a couple of Estonian guys living in London who were frustrated by how much banks were skimming off their international transfers. The company used to be called TransferWise and rebranded to Wise in 2021 when they expanded beyond just transfers into multi-currency accounts and debit cards. To be honest I liked the old name more.
It’s now publicly listed on the London Stock Exchange, has around 15 million users, and moves billions every quarter. It’s not a scrappy startup anymore — it’s a major financial platform. But it still feels simple and lightweight to use, which is part of the appeal.
Does Wise Have the Best Rates?
In my experience, Wise almost always has the best or second-best rate. If it’s not the best, the difference is tiny — like a fraction of a percent more expensive. This is a competitive space, so all the top providers are clustered together, and Wise is consistently at or near the top of that cluster.
The key thing is transparency. Before you confirm any transfer, Wise shows you exactly what the exchange rate is, exactly what the fee is, and exactly how much your recipient will get. No surprises. Compare that to most banks, where the fee is technically “low” but the exchange rate is quietly inflated by 2-4%, which is where they actually make their money. With Wise, what you see is what you get.
How Does Wise Make Money?
If Wise gives you the real exchange rate, how do they make money? They charge a small, upfront transfer fee — usually starting around 0.35% depending on the currency pair and the amount. So if you’re sending $1,000, the fee might be $3.50 to $7, depending on the route. That’s it. No hidden exchange rate markup on top. This is one of the best features of Wise because banks would always slap on $20 minimum fees, plus a crazy exchange rate spread. It was honestly super annoying, slow, and expensive.
Their model is essentially high-volume, low-margin. They keep the cost per transfer low, which attracts more users, which drives more volume, which lets them keep costs low. It’s the opposite of how banks operate, where they charge you more and hope you don’t notice.
Wise also earns revenue from their debit card (interchange fees when you spend), interest on customer balances, and their business platform. But as a regular user, what matters to you is that the transfer fee is small, transparent, and clearly stated before you hit send.
Why Is Wise Cheaper Than Banks?
The short version: when you send money through a traditional bank, the money actually crosses international borders via the SWIFT network, passing through intermediary banks that each take a cut. Wise avoids this by maintaining local bank accounts in countries around the world. When you “send” money from the US to Australia, your dollars go into Wise’s US account, and Wise pays your recipient from their Australian account. The money never actually crosses a border, which eliminates a huge chunk of the cost.
That’s the innovation. It sounds simple in retrospect, but it’s why Wise can consistently undercut banks by a significant margin.
How Fast Does Money Arrive?
In my experience transferring between the US and Australia, money often arrives within 24 hours, and sometimes in just a few hours. Occasionally it takes up to 48-72 hours, especially if there’s a bank holiday or a weekend in between. But if you send money on a Monday, you can usually have it by Tuesday, with Wednesday being the latest.
Wise says that globally, around 70% of their transfers now arrive in under 20 seconds, though that varies a lot by corridor. My US-Australia transfers are not that fast, but they’re fast enough that I’ve never been stressed about it. My friend who uses it in the UK said it’s similarly quick there.
How Fast Can I Get Set Up?
Give yourself about 10-15 minutes for your first transfer. You’ll need to create an account, verify your identity, and enter your bank details. If you’re experienced with bank transfers and have your documents handy, you might do it faster.
Now that I’ve used the app 30-50 times, I can do the whole transfer process in 2-3 minutes. It’s very streamlined once you’re set up.
How Do I Set Up a Transfer Between the US and Australia?
The initial setup was a bit confusing for me, but not because of Wise itself — because I didn’t understand that Australian banks use something called a BSB number (basically a bank branch code). If you’re American and have never dealt with Australian banking, that might trip you up for a minute. Just know that the US and Australian banking systems use different identifiers, and Wise walks you through it.
The good news is that Wise now supports PayID for users in Australia, which makes the whole thing much easier. Wise gives you an email address you can send money to. In your Australian bank app (Commonwealth Bank, ANZ, whatever), you just choose PayID, enter Wise’s email, choose how much to send, and you’re done. Then you go back to the Wise app, confirm you’ve made the payment, and it all happens in the background.
Going the other direction — USD to AUD — you can pay by bank transfer (ACH) or debit card. ACH is cheaper but slightly slower. Debit card costs a bit more but is instant on your end.
The Multi-Currency Account
One thing I didn’t expect to use but now really value is the multi-currency account. You can hold money in different currencies — USD, AUD, GBP, EUR, and about 40 others — and convert between them whenever you want. So if the exchange rate looks good on a Tuesday but you don’t need to send money until Friday, you can lock in the rate by converting and holding.
For anyone who earns or spends in more than one currency, that flexibility adds up over time.
What About the Wise Debit Card?
Wise offers a debit card that works in over 160 countries. I won’t go deep on this since I primarily use Wise for transfers, but it’s worth knowing it exists — especially if you travel. You can spend from your multi-currency balance without paying foreign transaction fees, and it works at ATMs worldwide (free up to a monthly limit, then a small fee after that).
What Countries Does Wise Support?
Wise supports transfers to over 170 countries and handles 50+ currencies. The major corridors — US, UK, EU, Canada, Australia, New Zealand, India, Singapore, Japan — are all well-supported with fast transfer times. Smaller markets may have some limitations on how you can send or receive, but the coverage is broad.
If you’re in North America, Europe, the UK, Australia, or most of Asia, you’ll be fine. You can check your specific corridor on their website before signing up.
Wise vs. Western Union and Traditional Banks
I’ve sent money with Western Union before, and it was okay, but it was fundamentally a last-century system — paperwork, waiting, sometimes going somewhere in person. Wise is simpler, faster, and you can do everything from your phone.
As for banks, the difference is mostly in the exchange rate. Your bank might advertise a “low fee” or even “no fee” for international transfers, but the exchange rate they give you is almost always worse than the mid-market rate, and that spread is where they make their money. With Wise, the fee is transparent and the rate is real. Over multiple transfers, the savings add up considerably.
Any Downsides?
I’ve used Wise for years and have never had a transfer go wrong. That said, a few things worth noting: transfer times can vary depending on the corridor and time of week, the debit card has limits on free ATM withdrawals, and for very large transfers you may need additional verification, which can slow things down. These are minor inconveniences, not deal-breakers.
Bottom Line
If you regularly move money between countries — whether you’re an expat, a freelancer getting paid internationally, a student, or just someone with financial ties in more than one place — Wise is the first thing I’d recommend. It’s transparent, it’s cheap, and it just works.
I’ve used it for seven years. I’ll keep using it.
Sign up here and get a fee free transfer of up to $600.
— Alex
This is an honest review of Wise, formerly TransferWise, a great money transfer app I have used for seven years. This review is unpaid and unsponsored, though I may make a small affiliate fee if three or more people use the referral link,
