TransferWise started in 2011 by Estonians Taavet Hinriku and Kristo Käärmann. It has now changed its name to Wise. This change shows how it has grown from just sending money across borders to a full financial platform.
The name change from TransferWise to Wise shows the company’s big plans. It wants to do more than just send money. Wise now supports over 50 currencies and lets you send up to 1,000 payments at once. It also works with popular apps to reach more people worldwide.
Wise is all about saving money and being easy to use. It has low fees and a cost calculator to help you plan. Wise is also safe and reliable, thanks to being regulated by the UK’s Financial Conduct Authority (FCA).
Wise has offices in many places like the US, Australia, and China. It also works well with online stores like Shopify and WooCommerce. For more info on other financial services, check out this guide to top alternatives to Wise.
Why TransferWise Rebranded to Wise
The change from TransferWise to Wise is a big step for the company. It started with simple money transfers between countries. Now, it offers many more financial services.
This change shows how much the company has grown. It now has things like multi-currency accounts and debit cards. This is a big part of the Wise Brand Evolution.
One big reason for the name change is to show off its wide range of services. The name “Wise” fits with the company’s goal of making money services clear and fair. It shows they’re not just about transfers anymore.
Wise wants to be seen as a global leader in finance. They move over £5 billion every month for 10 million people. This shows they’re big in the financial world.
Wise also wants to be more welcoming to everyone. They want to cut down on banking fees and make things simpler. This move shows they’re always looking to improve.
Choosing a name that means wisdom and openness is smart. It helps Wise stand out in a crowded market. Being on the 2024 Cross-Border Payments 100 list shows they’re leaders in technology and fast payments.
Main Features of Wise
Wise has changed the financial world with its new ways of managing money across borders. It started in 2010 and changed its name from TransferWise to Wise in 2021. This change shows its focus on making money management easy for everyone worldwide. Let’s explore what makes Wise special.
Wise is known for its borderless accounts. These accounts let users handle money in many currencies. Businesses can keep money in over 50 currencies, making international deals easy. Users can also get paid in 9 different currencies, making money flow smoother.
Wise is also great for saving money on international transfers. It sends and receives money to over 70 countries with fees from 0.35% to 0.8%. It uses the real exchange rate, saving users a lot compared to banks.
Wise is fast too. Half of its transfers are instant, and 90% get there in a day. This is key for businesses that need money to move quickly. Some places even offer real-time payments.
Wise also helps with managing money in many currencies. It gives local bank details in different countries. This makes paying and getting paid easier and less complicated.
Wise has tools like an invoicing system for businesses. It lets users create invoices, accept payments, and track them. It also handles taxes automatically, working well with accounting software.
Wise’s business accounts are safe and offer extra benefits. They are insured in the US, keeping business money safe. They also give free debit cards with 1% cashback, saving money on everyday expenses.
Managing money in many currencies is key for global businesses. Wise helps over 16 million customers worldwide, handling over $10 billion in transactions monthly. It supports many payment methods, making it flexible for different business needs.
| Feature | Details |
|---|---|
| International Money Transfers | Fees range from 0.35% to 0.8%, using mid-market exchange rates |
| Borderless Accounts | Manage and hold balances in over 50 currencies |
| Speed | 50% transfers are instant; 90% arrive within 24 hours |
| Debit Cards | Free cards with 1% cashback on eligible transactions |
| Security | FDIC insured US business accounts |
Wise makes international money moves easier and more efficient. It’s a modern, smart choice for businesses looking to work across borders without hassle.
Guide to TransferWise Rebrands as Wise
The change from TransferWise to Wise marks a new chapter in financial services. It focuses on being clear and easy to use. For those moving from TransferWise, the switch to Wise is smooth. This Guide to Rebranding will explain the changes and benefits of Wise.
One big improvement is the mid-market exchange rate feature. Wise offers the best exchange rates without hidden fees. This makes financial transactions more transparent and cost-effective.
Wise also offers a wide global reach. You can send money to over 80 countries. Plus, you can manage up to 50 currencies in one account. This shows Wise’s dedication to making international transactions easy.
Wise also works well with apps like Venmo and Google Pay. This makes sending and receiving money simple. It’s a great platform for many financial needs.
Wise is fast, too. Most transfers happen in just a few hours. It’s also very secure, with strong encryption and real-time alerts. This keeps your money safe.
Wise also has great customer support. You can get help through email, phone, and chat in many languages. The fees are low, starting at 0.35% for international transfers.
Wise offers more than just transfers. You can get a debit card and see clear prices upfront. This makes Wise a solid choice for managing your money.
How Wise Stands Out from Competitors
Wise is different from competitors like PayPal, Revolut, and Bunq in several ways. It uses real, mid-market exchange rates for currency conversions. This means users get fair and accurate rates, unlike other services that charge more.
Wise also has lower transfer fees and secure transactions. It’s great for individuals, freelancers, and businesses. With support for over 80 countries and 50 currencies, Wise offers wide global reach. It also lets users withdraw up to 200 GBP monthly from ATMs for free.
Wise offers both virtual and plastic cards for easy transactions. Their business accounts are also a highlight, processing invoices at real exchange rates. This is up to 19 times cheaper than PayPal. Payments are fast, with 50% arriving instantly or within an hour.
Wise is known for its affordability and user-friendly features. It’s transparent and doesn’t have hidden charges. Whether for personal or business use, Wise is a top choice for millions worldwide. Its mix of low costs, reliability, and transparency sets it apart in the financial services market.
