Wise

Platform Wise appeared in 2011. The company is officially registered in Great Britain and was created to provide instant money transfers with low commissions all over the world. The purpose of the service is to provide residents of different countries with the opportunity to send money quickly and inexpensively. By 2021 the number of regular users of the platform reached 10+ million people. According to analysts, the company’s services are 8 times cheaper than similar services of banks in the UK. In this review we will deal with the pros and cons of the service, learn about the commissions and try to understand if the platform is profitable for money transfers abroad or Wise is just another scam?

Why Wise?

Wise is international payment system instant transfers. The platform supports 50+ currencies and has offices in 14 countries. The company has agreements with global banks, which allows it to offer clients transactions with minimal fees. Today, the revamped Wise is not just a money transfer service, but a full-fledged online banking service that can be used for money storage, transfers and payments. The company is regulated by the FCA. This is a British financial association which applies strict control criteria to financial transactions. Thanks to these controls, users can be assured that their money is completely safe. Pros of the service:

• Work with individuals and legal entities.
• Exchange at the market rate.
• Multicurrency account opening.
• Low transaction fees.
• No hidden fees.
• Debit card issue.
• Transfers of large sums.

The service publishes a table of fees of popular payment systems, which shows that transfers through Wise are really profitable for clients.

wise.com for sports betting

Low commissions and a wide range of currencies are attractive for sports betting users. Users can make quick deposits to their accounts in betting companies, withdrawal of winnings to the card or keeping the money on the account of the platform.

vyz.com for buying/selling cryptocurrency

The platform does not offer users direct purchase or sale of cryptocurrencies. For these purposes, the platform can be used to store reserve funds and replenish accounts on cryptocurrency exchanges.

How do I use wise.com to pay for goods and services?

To use the platform you need to register. Registration is available on the website wise.com and in the mobile application. To transfer money abroad you need to specify the amount, payment data of the recipient, confirm your identity and complete the transfer. To pay for services and goods you need to open debit card. Once the card is opened, it can be used to pay for services and goods in countries where it is supported.

How do I sign up for the Weise payment system?

To register in the system, go to the company’s website wise.com or download the mobile app. In the upper right corner of the page, click the “Register” button. Specify whether you want to create a personal or business account. Write your email and come up with a password. The password must contain letters and numbers, and be at least nine characters long. Select your country. Click the “Register” button.

Registration is also available with Apple, Facebook, and Google accounts. By registering, you agree to the rules of using the platform and the privacy policy. After registration, the international transfers function will be available to you. To send money, specify the type of currency to be sent, the currency of the recipient, the type of transfer. After choosing the parameters, the system will show the approximate time of receiving the transfer. Use one of three types of transactions:

• Quick transfer. If you choose this type you need to pay with a debit or credit card. Delivery time is 1-2 days.
• Low-cost transfer. This type of transfer is characterized by low fees. Payment is possible from a personal account in the system. Delivery time from 2 days.
• Simple transfer. This type of money transfer is paid online from your bank account. Delivery time from 48 hours.

After selecting the transfer type, press the “Continue” button. Specify whether the money transfer is personal or business. Enter your passport information. Enter the recipient’s passport details. Confirm the transaction.

Account type

The system offers accounts for individuals and legal entities.

For individuals

Individuals can register in 5 minutes, open a personal multi-currency account, issue a debit card, and do online banking. By registering with the system, you will be able to store money, pay for services and goods, and transfer money to your friends and acquaintances. Wise is also useful for travelers. Here you can instantly exchange money for any of the 50+.

For business

Business Wise offers opening a business account to pay employees, transfer money to partners, pay for services and goods. Business account allows to open debit cards, manage accounts, accept payments from foreign partners, receive IBANs, pay invoices and more. According to the information from the resource, users’ money is stored in financial institutions of the client’s country of residence. If you live in the UK, the money is placed in a Barclays account. Due to the fact that customers’ money is not stored in the system, it is secure and you will get it even if the system is considered insolvent, because Wise does not use depositors’ money for risky financial transactions.

How do I get verified at Wise?

Account verification – confirmation of the user’s identity. You can get a request after several transfers made or when transferring a large amount. There are two types of verification in the system:

• Confirmation of passport data. For passport data verification you need to scan international passport. Domestic documents of the country of residence are not suitable for verification. Send the scanned copy to the support service for verification.
• Proof of Registration. You can submit a scanned copy of your utility bill, a page of your passport with the registration or a bank statement to prove your address.

The period of account verification depends on when the documents are submitted. If you were asked to verify your identity at the time of the transaction, verification will take up to 48 hours. The transfer will be frozen during verification. If you sent the documents yourself before using the platform for the first time, the verification period will be up to one week.

Depositing and withdrawing funds to Wise

By registering on the website wise.comYou can use its functionality not only to transfer money to other people, but also to keep money in your personal account and move it between your cards and accounts. To deposit and withdraw money you need to open an account. To create an account in your personal cabinet, select the “Receive and store money” function. Select a private or business profile. Provide passport information and address. Pass two-step authentication. Enter your payment information. Fund your account, verify your account. After verification of the account you will be able to receive payments, keep your money in 40+ currencies and convert at the real exchange rate. If you want to withdraw money, specify your bank card details and make the transfer.

Currency of operations

Wise supports 50+ currencies including dollars, euros, local EU currencies, etc. You can choose the currencies to convert when making a transfer.

Commission

Fee payment is the responsibility of the sender. You can find out the amount of the fee when generating a transfer. The bigger the payment, the bigger the commission of the service. Also, the amount of commission depends on the type of transfer and the currency of the transaction.

Payment limits vyz.com

Payment limits depend on the conditions of your bank. System limits:

• The minimum payment is 1 euro or 2 dollars.
• The maximum payment – $ 1 million or 1 million 200 thousand euros.

When transferring large amounts of money you can calculate the commission in advance, specifying in the calculator the amount, the currency of sending and the currency of receipt. For transactions from 100,000 GBP per month, the platform offers reduced commissions.

Restrictions on output in the Wise system

Restrictions on withdrawals are the same as for transfers.

Bonuses from Wise

The platform offers no bonuses to customers, except lower fees for transfers of large sums.

Discounts on transfers

For most users of the service, the cost of transfers is reduced by an average of 15%, and in some cases even by 30%. Your transfer fees will decrease in one of two cases:

• When paying for a transfer in USD or GBP from anywhere in the world;
• When transferring from anywhere in the world to one of the following Asian currencies – INR, THB, IDR, MYR, CNY, PKR, VND, KRW, LKR or BDT.

Referral program

Registered users can participate in the service’s referral program. In your personal cabinet, go to the “Invite friends” tab. Here you can find the referral link, which you need to copy and distribute among your friends. For three invited friends you will get 50 GBP reward. Your friends will get a free transfer of up to 500 GBP and if your friends transfer more than 200 GBP you will get another 50 GBP back. From our affiliate network Admitad The following remuneration applies: $50 for cross-currency money transfers without borders for business and $10 for cross-currency money transfers (personal account) without borders.

Wise payment system reviews

The Wise payment system is popular in the USA and European countries. Most users write positive feedback about the platform, noting the high speed of transactions, low commissions and favorable rates. Users also talk about the convenience of the platform for doing business, receiving payments from abroad, and the ability to use online banking.

There are very few dissatisfied users. They complain that money doesn’t reach the recipient for weeks after a transfer is processed, and accounts are frozen without warning. After analyzing these complaints and the responses from the support team, we realized that the freezing of accounts and delays in transfers are related to account verification. The support service says that as soon as the identity is verified, the accounts will be unblocked and the transfer will be made. But the long verification period remains unclear.

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Regulation and License Transfer Wise Limited

Before using platforms to transfer money, make sure that the company is properly licensed and has a reliable regulator. This will avoid unwanted risks.

License

The Wise platform is owned by Transfer Wise Limited, officially registered in England. The company’s registration number is 07209813. The regulator is the FCA.

Check your Wise license on the FCA website

Smart.com User Agreement

The User Agreement defines the procedure for providing services, as well as the obligations and rights of the parties. Acceptance of the terms of the agreement is considered registration in the system and receipt of the company’s services. According to the terms of the service, registration on the platform is available to persons over 18 years of age. You may use the platform only for lawful purposes. You take responsibility for any violation of the law.

The service administration reserves the right to delete a user’s account with two months’ notice. Without prior notice, the account may be suspended or closed if:

• Violation of the User Agreement.
• Violation of the law.
• Fraudulent Practices.

Also, the account may be blocked if there is a suspicion that the account has been compromised. All disagreements and disputes must be resolved through negotiation. If a dispute is not resolved by negotiation, it may be taken to court. The agreement is governed by the laws of England and Wales.

Customer Service

If you still have questions about the platform, refer to the knowledge base. Answers to frequent user questions are published in the support center. You can also ask a question to the support service in the feedback form or in social networks. After you register and verify your account, an online chat with a personal assistant will become available.

Is Wise payment system a scam?

Wise – is a legally operating platform regulated by a reliable regulator. Having analyzed the legal information about the company, the terms of service, user reviews and the work of the support service, we came to the conclusion that Wise is not a scam. To avoid problems when using the resource, carefully read the terms of use, as well as pre-verify the account.

Conclusion

Platform Wise is popular in Europe and the USA. Low commissions and favorable exchange rates make it possible to transfer money to 50 countries of the world. The service offers personal terms of cooperation to entrepreneurs. By opening a business account, you can pay your employees’ salaries, pay your partners’ bills for goods and services, receive money to your multi-currency account, receive IBANs, etc.