How Wise works
Wise is an international money transfer service. Instead of routing your money through the traditional correspondent banking system — where fees and exchange-rate markups stack up — it converts currency at the mid-market rate (the rate you see on Google) and charges a separate, visible fee.
In practice, using it looks like this:
- You create a free account and verify your identity once.
- You enter how much you want to send and to which currency. The fee and the recipient's exact amount are shown before you confirm.
- You pay by bank transfer, debit or credit card, and the money is sent to the recipient's bank account.
What we liked
Pros
- Mid-market exchange rate with no hidden markup
- Fees shown upfront before you confirm
- Multi-currency account holds 40+ currencies
- Many routes arrive same-day or faster
- Regulated in the regions it operates in
Cons
- No cash pickup — bank accounts only
- Some currency routes are slower than advertised
- Card-funded transfers cost more than bank-funded
- Verification can take longer for some users
How it compares
We sent a test transfer of roughly £1,000 to USD across several services and noted the total cost. Figures below are illustrative of what we saw and will vary by amount, route and timing — always check live quotes before sending.
| What matters | Wise | High-street bank | PayPal | Western Union |
|---|---|---|---|---|
| Mid-market rate | Yes | No | No | No |
| Fee shown upfront | Yes | No | Partial | Partial |
| Multi-currency account | Yes | No | No | No |
| Cash pickup | No | No | No | Yes |
| Approx. cost (£1,000→USD) | ~£4–6 | £25–50+ | £20–35 | £15–30 |
A note on promotions: Wise sometimes runs new-customer offers (for example, reduced or waived fees on a first transfer). These come and go, vary by country, and have their own eligibility rules and minimum amounts. We don't list specific promo figures here because they change often — check the current terms on Wise's own site before signing up.
Our step-by-step guides
If you decide Wise fits your needs, these walkthroughs cover the practical steps:
- How to open a Wise account (2026 walkthrough)
- How to send your first transfer, step by step
- Understanding Wise fees — what you actually pay
- Wise vs your bank: how much you can really save
- The Wise debit card explained
Is it right for you?
If you send money bank-to-bank internationally and want a transparent rate, our testing suggests Wise is one of the strongest value options available. If you need cash pickup or send to someone without a bank account, a service like Western Union may suit you better despite the higher cost. As always, compare a live quote for your specific route before deciding.
Want to check Wise for your transfer?
Head to Wise to get a live quote for your currency and amount, and see today's fee and exchange rate for yourself.
Get a Live Quote on Wise →