Wise Cross-Border Remittance Service Review Guide (formerly TransferWise)
Wise Company Overview
Founded in 2011, Wise is a UK-based technology company specializing in cross-border remittances, successfully listed on the London Stock Exchange (WISE) in 2021, with a current market value of approximately $5 billion. The two founders, both immigrants from Estonia, decided to establish Wise due to personal frustrations with currency exchange issues. Many people may still remember it as TransferWise, a well-known brand name used for ten years, which was simplified to Wise just before its listing in February 2021 to broaden its appeal 🤑
Wise Service Evaluation
Supported Sending Countries/Regions
Wise supports users from countries such as the United States, United Kingdom, France, Germany, Italy, Spain, Canada, Australia, Sweden, Norway, Denmark, Singapore, Hong Kong, Japan, Malaysia, Indonesia, and others to register and use its remittance services. Latest list
Supported Receiving Countries/Regions
Currently supports over 80 receiving countries/regions (list). For Chinese students and expatriates, common receiving countries include those mentioned above, as well as Vietnam, South Korea, Israel, India, the Philippines, and Russia, which only support receiving.
Click to view the full list of countries/regions
Argentina
Australia
Bangladesh
Benin
Brazil
Bulgaria
Burkina
Faso
Canada
Chile
China
Colombia
Costa Rica
Croatia
Czech Republic
Denmark
Egypt
Europe
Georgia
Ghana
Guinea-Bissau
Hong Kong
Hungary
India
Indonesia
Israel
Ivory Coast
Japan
Kenya
Malaysia
Mali
Mexico
Morocco
Nepal
New Zealand
Niger
Norway
Pakistan
Philippines
Poland
Romania
Russia
Senegal
Singapore
South Africa
South Korea
Sri Lanka
Sweden
Switzerland and Liechtenstein
Thailand
Togo
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of America
Uruguay
Vietnam
Zambia
Supported Platforms and User Languages
Wise offers a web version, iOS app, and Android app; the app interface supports 16 languages including English, French, Spanish, Traditional Chinese, and Japanese!
Supported Payment Methods
Debit Card & Credit Card
Credit card payments incur a fee of about 3%, and may be considered a Cash Advance by the credit card company, incurring additional fees, so it's not recommended unless necessary.
If using the app for transfers, Apple Pay and Google Pay are supported.
Bank Debit (ACH)
- Generally low fees, but slower speed.
Wire Transfer
Supported Receiving Methods
Wise supports the following two receiving methods, which vary by recipient country, with some methods only applicable to certain countries/regions.
Bank transfer (for China, this means receiving via UnionPay card)
Mobile wallet (such as Alipay)
Transfer Speed
Depends on the payment method; using a debit or credit card usually results in funds being received within a few hours; using ACH or Wire transfer typically takes two business days.
Remittance Limits
Chinese Recipients: Chinese recipients must adhere to the annual $50,000 foreign exchange limit. All transfers count towards this limit, including those sent using other services outside of Wise. If you need to send more than the equivalent of $50K to friends or family in China, it's recommended to create multiple recipients, each receiving up to the equivalent of $50K. Wise has clearly stipulated that if the receiving currency is RMB (CNY), a single transfer cannot exceed 50,000 CNY.
Remitters: Wise does not have a clear document on transfer limits, but like all transfer services, these limits vary by country and region. For example, in the United States (details):
Most users have a single transfer limit of $1M, likely achievable only through Wire transfer.
If using ACH payment, the single transfer limit is $15,000.
Using a debit or credit card has a 24-hour limit of $2,000 and a 7-day limit of $8,000.
In this updated article, Wise mentions the latest single transfer limits for several common currencies:
EUR — 165,000 EUR
AUD — 260,000 AUD
CAD — 240,000 CAD
CHF — 180,000 CHF
DKK — 1,200,000 DKK
HUF — 57,000,000 HUF
HKD — 1,500,000 HKD
NZD — 280,000 NZD
Trustpilot Rating
[
](https://www.trustpilot.com/review/remitly.com?languages=all)
Wise has an overall rating of 4.6 stars on Trustpilot.
Wise Fees and Exchange Rates
Compared to other exchange applications, Wise is known for its good exchange rates, not profiting by lowering rates. Here are some examples:
USD to RMB: On December 11, 2021, the USD:CNY Google rate was 6.37, and the Wise rate (Guaranteed Rate) was also 6.37.
GBP to RMB: On December 11, 2021, the GBP:CNY Google rate was 8.45, and the Wise rate (Guaranteed Rate) was 8.44.
EUR to RMB: On December 11, 2021, the GBP:CNY Google rate was 7.20, and the Wise rate (Guaranteed Rate) was 7.20.
Readers might wonder how Wise makes money. Their main profit model is not through exchange rates but through clearly marked fees. For example, exchanging $1,000 to RMB: ACH fee is $1.6 (0.16%), Wire transfer fee is $4.14 (0.414%), Debit card fee is $11.27 (1.127%), Credit card fee is $37.44 (3.744%). Latest data is subject to Wise's official website.
How to Use Wise
Wise offers a web version, iOS app, and Android app. For first-time registration, it's recommended to use the web version as it requires filling in some personal information, recipient information, and payment and receiving account information. If you need to transfer again in the future, the mobile app might be more convenient as most information will already be filled in and saved. Considering the remittance process varies by country and region, the following briefly introduces the general steps (using transfers to China as an example). If readers want to read Wise remittance guides for their country, they can refer to the detailed guide series below.
TODO: Detailed guide series article links
Step 1: Create an Account
Click wise.com to go to Wise's official website. If you prefer a Chinese interface, click the language selection dropdown in the upper right corner and choose "Traditional Chinese (Hong Kong)". Click "Register" or "Get started", enter your email address, password, and current country of residence (note this is not the destination country for remittance), and complete account creation. You can also choose to register and log in with a Google, Facebook, or Apple third-party account.
Step 2: Fill in Remitter Information
Wise supports personal and business transfers. For most people, click the first option "Personal profile".
Step 3: Fill in Recipient Information
First-time Wise users need to create a new recipient, which can be yourself (a Chinese account) or a friend or family member's account. Wise supports receiving via UnionPay card or Alipay. The most convenient, fast, and private receiving method is Alipay quick receipt. Basic information includes notification email and recipient address (recommended to use all English, no Chinese).
If the recipient is receiving via UnionPay card, enter the cardholder's full name and card number.
If the recipient is receiving via Alipay, enter the Alipay account holder's full name and Alipay ID (mobile number or email). See the guide below for how to obtain this information.
Alipay Receipt
Alipay cross-border remittance mini-program recipient information
To obtain recipient information, have the recipient open the "Cross-border Remittance" mini-program in their Alipay app -> click "My" -> click "Share Receipt Information Card" -> click "I am the recipient" -> click "Share with remitter" at the bottom.
Note that the recipient needs to set a default receiving bank card in the cross-border remittance mini-program. Otherwise, after the remittance arrives, they will receive a notification SMS reminding them to set a receiving bank card. Once set successfully, the money will finally be transferred to the recipient's bank card.
Step 4: Submit Remittance Order
Finally, review all remittance request information. If everything is correct, click "Confirm and Continue" to enter the payment page, and choose the most suitable payment method for you (see the "Supported Payment Methods" section above for details). Generally, the most cost-effective payment method is bank transfer (Bank Debit / Bank Transfer / ACH). Once payment is successful, the order is generated! The system will send you a confirmation email and subsequent transfer status updates, so you don't need to frequently check the remittance status yourself.
That's the review guide for Wise cross-border remittance services. I hope it helps everyone! If you have any questions, feel free to leave a comment below comment section ❤️
FAQs
Is Wise safe and reliable?
Wise is a UK-listed company, operating for ten years, and can be used with confidence. I have personally used it to remit over ten thousand dollars.
Does Wise support Chinese and RMB?
Remitly currently only supports a Traditional Chinese interface and supports remittances to China from other countries, but does not support Chinese users exchanging RMB for other foreign currencies.
Does Wise offer new user discounts?
Yes! Due to Wise's user agreement restrictions, readers who want an invitation link can contact us privately to get a new user discount.
Is Wise fast in reaching the account?
It depends on the payment method; using a debit or credit card usually results in funds being received within a few hours; using ACH or Wire transfer typically takes two business days.