Wise, formerly TransferWise, is a British company that specializes in electronic money transfer. It offers a range of services, such as sending money, receiving payments, and spending money internationally, at the actual mid-market exchange rate. You can create multi-currency accounts, make transfers, and manage a card.
How to open an account
Creating an account is very easy. You just need to be 18 years old or older and follow these steps:
- First, log in to Wise using a web browser or by downloading the app on a device. The app is compatible with Android or iOS devices and its interface is smooth and easy to use.
- Register and fill in the required information.
- Verify your phone by SMS.
- Choose the currency you want to manage.
- Verify your identity with a photo of your ID, proof of address, or a photo of yourself. This step usually takes 2 business days.
Set up your account and start managing money.
Wise account for freelancers
If you are a freelancer or self-employed, you can create a Wise personal account, an account without a maintenance fee, for personal use. With this type of account, you can do business in over 50 currencies, make batch payments or schedule transfers, save money, and much more.
In eligible countries, you can issue a Wise card, which you can use worldwide and withdraw money from ATMs. You have up to 2 free withdrawals per month, then you will be charged a flat fee for each withdrawal.
Wise for Businesses
In addition to services for the self-employed, Wise offers accounts for businesses -such as limited and public companies, partnerships, charities, and trusts in certain locations. Some types of businesses are excluded from Wise's services, for example, unregistered charities, and bearer share businesses, among others.
There is a cost to create accounts for companies. Also, if you already have a personal account, you can link your new business account to it, so you can access both with the same login.
Benefits for Everyone
Both business and personal accounts have useful features such as multi-user access and API usage. There is also the possibility to link the accounts with accounting tools, making it easier to synchronize your activity and finances.
- To optimize your time, you can take advantage of the batch payments feature. This type of payment allows you to create and send several payments at once. It is the perfect solution for companies that every month have to make numerous payments to their customers, freelancers, employees, investors, or suppliers all over the world.
- One of Wise's greatest treasures, as mentioned above, is that you can issue a multicurrency card (see the available countries on the official website) and use it to pay business expenses and shop online or in physical stores anywhere in the world.
- At Wise, transfers are credited instantly or very fast. At most, you receive your money within 1 to 2 business days. In addition, you can use your credit or debit card or the app to make instant payments.
The bottom line
The biggest disadvantage of Wise is that it has limitations in certain countries. While it operates worldwide, there are countries where you cannot open accounts or issue cards. Another problem is that there are certain currencies to which you can only send money, but from which you cannot receive.
Wise is one of the money management solutions that offers the best rates on the market and its fees are always transparent. Since it has a mobile app, you can also use it wherever you are and track your expenses on the go. So if it is available in your country, we believe it is one of the best options available.