Why It's Time To Switch To Wise
Are you looking for the absolute cheapest way to send money abroad? Thinking about making a Wise transfer? Let’s explain why it is time to switch to Wise.
You must be tired of increasing the amount you need to send due to the poor exchange rates and the additional fees you have to pay. Not to mention that the recipient doesn’t always receive it instantly. Some providers make them wait days before they can access the funds.
Finally, there is a better way.
TransferWise has recently changed its name to Wise, and it’s not the only alteration they’ve made. Wise is solving a lot of problems that many people experience when transferring money overseas. Here’s everything you need to know about the new platform and why it should be your preferred method next time you’re sending cash abroad.
What Makes Wise Different?
Whether you use a bank or an online provider to transfer money overseas, it can always seem like you’re worse of. This is can be due to the transaction fees incurred to send or receive the funds, terrible currency exchange rates, or minimum balance requirements to maintain a product. Thankfully, none of these issues exist when you open a Wise account.
When you use a Wise account for international purchases or transactions, it can be up to eight times cheaper than using a traditional bank. Setting up an account is free, and there are no subscription fees or minimum balances to concern yourself with.
No matter what currency you use, Wise will convert it so that you not only get the real exchange rate but you also pay the lowest possible fee. The same goes for when you need to send money. The exchange rate is never inflated, so it doesn’t cost you anything extra.
Like any financial institution, Wise is regulated in every country it operates in. This includes the FinCen in the US and the FCA in the UK. They work within the guidelines to ensure you and your money are always protected.
Wise also employs an internal team that manages its security. The team members stay up to date with accreditations and ensure the software is always the top of the line so that nothing can go wrong.
Over 80% of Wise transfers arrive within a day. 30% of them are received instantly, and 53% come within an hour. There’s even a helpful calculator on the Wise homepage that estimates how long you can expect the funds to clear in a recipient’s account.
The four key attributes that determine the speed of a transfer include the countries you’re sending from and to, the account-type you’re transferring from, the time of day, and if any additional ID verification is required.
As a Wise customer, you can send and spend money in over 50 different currencies. The Wise Debit Card is accepted anywhere that takes Mastercard or Visa, and the funds will automatically convert, so you always get the best exchange rate.
Converting money is easy, and you’re able to hold more than 50 currencies at once in your account. There’s a small fee that’s required to make the change. You can find out how much you need to pay on their website using their helpful calculator.
What Products Does Wise Transfer Offer?
There are four different accounts that Wise offers customers. Each one provides its own unique set of features and benefits. The options include:
- Wise Multi-Currency Account – the ideal option for spending and sending money overseas. Whether it’s receiving your salary or sending money to a relative, you’ll always get the lowest fees and best exchange rate.
- Wise Debit Card – get peace of mind buying products or services overseas. The Wise Debit Card is accepted anywhere Mastercard and Visa are with the added benefit of paying real exchange rates and no extra hidden fees.
- Wise Business – the best choice to help grow your business worldwide. No over-the-top admin and no expensive fees that eat into your profits.
- Wise Large Transfers – forget about stressing over sending large amounts of money abroad. With personalised support when you need it and no hidden fees, transferring cash overseas is no longer a big deal with the Wise Large Transfers account.
Should You Open a Wise Account?
If you send money overseas regularly, then there’s no reason why you shouldn’t consider opening a Wise account. The fees are significantly cheaper than regular banks, they use the real exchange rate, are regulated like every financial institution, handle over 50 different currencies, and your recipient has an 80% chance of receiving the funds on the same day.
They have a product that suits every need, and the best part is that they’re free to open. If you want to stop paying fees on your international transfers and losing money on terrible exchange rates, then head over to the Wise home page now to start saving today. It is time to switch to Wise today!
As leading London business accountants, Spartan Accounting, only recommends products or services if we use them and we are confident to recommend them. We have been using Wise Transfer multi-currency accounts since 2018 and we never had a problem. Contact us for more information or free business consultation.
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