Here’s what Wise explains regarding its security standard. The web and mobile apps are secure and offer the latest tech and security – 2-step login and fingerprint sign-in are safe and quite handy while placing new transfer requests. TransferWise is authorised in the UK by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 to issue electronic money. I can – without any hesitation – vouch for their transparency with the money transfer requests. I have been using them myself for 6+ years now and have only great things to tell about them. Wise moves over £500 million every month globally and is available in 59 countries covering 504 currency combinations. When handing over your money to Wise to send to your loved ones, there’s nothing to worry about! If you are wondering whether you can trust TransferWise (now, Wise) with your money, it is entirely trustworthy. With Wise, the money never leaves the borders! Is Wise Safe? (I will cover the in-depth details of how it works in a bit!) That’s precisely what Wise does and that makes them one of the most transparent and cheap ways of sending money overseas. It’s like you’d take GBP here from a friend in the UK and pay INR to their bank account in India – saving money otherwise wasted in bank transaction fees. Wise (formerly TransferWise) is a peer-to-peer international money transfer service that matches transfers for different currency pairs saving money in fees. Wise is no longer the only money transfer service that offers a transparent fee structure with the exchange at mid-market rates, but they are right there at the top with some of the best ones. In my quest to find the best way to transfer money to India, I stumbled upon Wise back in 2014 (known as TransferWise until Feb 2021), who were disrupting the way banks transfer money traditionally. It took me YEARS to realise my mistake, and I took action as soon as I gathered awareness. Using your bank’s money transfer services without understanding the costs involved is not a great idea. Search “GBP to INR” on Google or check the GBP-INR pair on XE.com and the rate you see there is the real mid-market exchange rate! Those are the only two prevalent business models. If a company doesn’t charge you any fees for your overseas transfers, they take a cut out by offering you an exchange rate that has a markup compared to the mid-market rate. The best part? ( For banks, of course!) You don’t even realise this because they offer you a “Zero Fee” transfer. When I came to the UK, I trusted my Indian bank and used the money transfer service offered by them for years, only to realise this:īanks charge an insane amount of money in (hidden) fees by converting your money at a bad exchange rate. I am all for simple and cheap ways of sending money to India. Let’s take a look at some of the shortcomings weighed against the plus points of Wise. One of the main advantages of using Wise money transfer is transparency in the rate offered and fees charged upfront. That is the live rate you’ll find on independent sources like Google and XE.com. It gives you access to actual mid-market exchange rates, the rate that only big corporations and banks get when transferring money to each other. Wise is a simple way to transfer money across borders for personal or business needs. Please read the affiliate disclosure for more details. This comes at absolutely no extra cost to you and helps keep Comparism content free. ![]() However, this is an independent detailed review based on my personal experience.
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