If you're looking for the quickest method to wire money internationally you may have probably heard of Wise. Wise is one of the best money transfer companies that strive to provide you with trustworthy equitable and efficient international payment services.

Wise was introduced as TransferWise in the United Kingdom in 2011 with the intention of making international money transfers cheaper quicker and more convenient. TransferWise was rebranded as Wise in 2021 and today over 12 million people around the world rely on Wise to send international money transfers. Today we will discuss Wise Business from every possible dimension. Read TheNerdSeries’ honest review of the Wise business to know every bit about this business.

What is Wise?

The London United Kingdom-based financial institution was innovative in that it permitted transactions at lower exchange rates than traditional banks and without bureaucracy. Transfers are enabled for the euro the dollar the pound and other national currencies. The website's interface is user-friendly and the transfer can be completed with just a few taps.

In the summer of 2018 Wise had three million monthly consumers who transferred €2.19 billion. By 2019 Wise had over 6 million users who transferred €4.38 billion each month. This represents an annual savings of €1.1 billion compared to traditional banking. Wise is an excellent option in terms of cost convenience and time. In addition the Borderless Wise card provides a solution suited to everyday requirements.

How Does Wise Work?

The first question that arises in every user's mind is how wise work? You need to make a Wise account before you can use it. Then you can send and get money from other countries. When Wise gets a request for a foreign money transfer they swap currencies in a clear way. You can always check their website to see what the exchange rates are. If you are afraid about the exchange rates when moving money to another country Wise also has links on its website. You can always check and compare the rates of different currencies.

Once the money has been converted Wise sends a local transfer to the person on the other side to whom you moved the money. Wise saves you money because it takes a small amount of the transaction instead of charging you a fee for using a credit card or transferring money from your bank. Bank transfer fees can have hidden charges of up to 5% and Wise is about 8 times less expensive than banks.

How to use Wise?

You just have to follow some very easy steps to send money to anyone. Create or login into your wise bank account. It's important to be careful when you fill in your information. Verify that your name and other personal information are spelled correctly so that you don't have problems in the future.

Step 1: Click on the option to choose how many you want to send.

LESS THAN 250

MORE THAN €250

Step 2: Enter your information. You can start your first move after logging in and confirming your email address. Choose how much money you want to send.

Step 3: In the box below the amount choose the type of payment you want to make.

You can do one of two things:

FAST: Bank transfers.

Default: By bank payment.

Step 4: Choose the person or people you want to send money.

You must put in the full name of the account holder and the IBAN (international bank account number) for the bank account. If you don't know you should ask your bank.

Step 5: Review the information you entered.

Step 6: Choose how you want to pay (by letter bank transfer or debit/credit card).

Step 7: Confirm payment and that's it!

Wise Features

1. Competitive transparent money transfers: Wise has always been best known for its very easy international money transfers. It's not the only company that offers these services but based on many long-time customer reviews we can say that their website is very simple and easy to use and that their prices have always seemed fair and clear.

At the moment people can send money in their own currency or in more than 50 other currencies. To be more exact Wise lets people give and receive money in 22 different currencies. Users can also give money in 27 other currencies but they can't receive it.

2. Business accounts: The Wise Business account could help you if you want your business account to work around the world and in different currencies. The business account might be good for sole proprietors who send and receive payments in different currencies but don't want to pay a lot in currency conversion fees. As a small business you can pay bills and pay people in other countries in their own cash.

In fact it lets businesses pay up to 1000 people at once (without having to pay x1000 transaction fees). The business account is a lot like the individual international accounts in a lot of ways. If we talk about wise business plans they are pretty decently priced and offer so many perks. Businesses can move their money from one account to another and from one currency to another as needed. The company gets a debit card and can set up direct debits and keep track of costs with apps.

Wise has different types of business accounts for small to medium businesses and big companies. Wise's business accounts also work with the online accounting software Xero which is helpful for people who want to save time on paperwork.

3. Customer service: Most of the time Wise is easy to use and provides a simple self-service customer experience. This means that you can easily do business without having to talk to someone. But if things go wrong there is help available from wise customer service representatives.

The best way to get personal help from Wise is to sign in to your account and use the chat tool in the app or online. You can also send emails and post on social media.

4. Wise’s Pricing: Transfer fees depend on how much money is being sent what currency the receiver will get and how the money is paid for. Wise charges a fee that is a certain amount of the money being sent. Wise uses the mid-market exchange rate which is also called the "real" exchange rate to figure out how much it will cost to change money from one currency to another.

Wise transfer fees include a small set fee (usually between $0.50 and $1) to cover the costs of the transaction and a changeable fee to cover the cost of exchanging currencies. Most of the time this is about 0.45% of the transfer amount for big currencies.

Is Wise Safe?

Wise is a well-known brand that follows financial rules in all 170 countries where it does business including the US and UK. These countries' financial agencies follow strict rules that protect their people and their money.

Wise also uses a "safeguarding" method which means that all of the money in your accounts is kept separate from any of Wise's business accounts. This means that even if Wise has money problems your money is still safe in your account.

The NerdSeries’ verdict

Wise started up more than a decade ago with some pretty innovative ideas about how to make foreign deals easier cheaper and more clear. Today more than 12 million users trust Wise's low-cost foreign transfers to help them save money.

Wise is easy to use and you can get to your account and all of its services from your computer or phone. Check out Wise low-cost foreign payments today to see how much time and money you can save.