Wise Reviews (TransferWise) – Transfer Money Easily | India 2021

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Wise is a money transfer portal, can be used for personal and business purposes. Now transferring money to 140 countries in 40+ currencies is so simple that no one believes it. With Wise, you can send money to the USA, Canada, Australia, and many more countries from USA, Canada, India and others.

But is it safe?

We have made some transfers with wise, will show what happens with us, what charges I paid and how long it takes?

Wise Reviews

Where Can You Transfer Money with Wise?

As we said in the beginning, you could send almost 140 countries worldwide with 40+ currencies, and the company claims it.

But when I login into Wise, we see that I can transfer in 25+ currencies in the respective countries. But Wise completely fulfills my requirement, and I can transfer money from India to United States, Canada, United Kingdom, Saudi Arabia, Qatar, Bangladesh, Pakistan, and others.

Here is the list of 25+ currencies that you can send to a respective country.

Name of CurrenciesList of Countries
United States Dollars (USD)United States
Dirham (AED)United Arab Emirates
Taka (BDT)Bangladesh
Lev (BGN)Bulgaria
Canadian Dollar (CAD)Canada
Swiss Franc (CHF)Switzerland
Chilean Peso (CLP)Chile
Czech Koruna (CZK)Czech Republic
Danish Krone (DKK)Denmark
Euro (EUR)European Union
British Pound (GBP)United Kingdom
Georgian Lari (GEL)Georgia
Croatian Kuna (HRK)Croatia
Hungarian Forint (HUF)Hungary
Indonesian Rupiah (IDR)Indonesia
Malaysian Ringgit (MYR)Malaysia
Norwegian Krone (NOK)Norway
New Zealand Dollar (NZD) New Zealand
Philippine Peso (PHP)Philippines
Polish Zloty (PLN)Poland
Romanian Leu (RON)Romania
Swedish Krona (SEK)Sweden
Singapore Dollar (SGD)Singapore
Turkish Lira (TRY)Turkey

How Much does Wise Cost in India?

Account OpeningZero Fees
Transaction Fees104 INR + 1.87% of the total amount.
Physical Debit Card (Not compulsory)$9 (Not available in India)

Creating a Wise account is entirely free, and there are no monthly fees, and minimum transaction amounts are 5000 INR.

Wise transferring cost is very low with a better conversion rate than Western Union. Like Western Union, there is no cost in receiving money. But when you are sending money, Wise levies a cost of Rs. 104 in Indian rupees and an additional 1.87% of the total amount.

Wise provides a physical debit card that costs you $9, but it is not compulsory to take. This card is not available in India, Pakistan or Bangladesh, Saudi Arabia, or Qatar, and more.

Physical debit cards are presently available to multi-currency account holders in the United Kingdom, United States, Singapore, Japan, Australia, New Zealand, Switzerland, and the European Economic Area.

How Does Wise Work?

1st step:-

Wise provides a Zero Cost Transaction of Up to 25000 INR when you join with this special link.

2nd step:-

After visiting the Wise official website, click on Register. Next, choose which type of account you want to open. Is it personal or business?

3rd Step: –

After open selecting account type, choose your country from the below list. In the next, you will be asked to provide the Mobile number and verify with OTP.

4th Step:-

In the Last account opening, you have to add a strong password and note the password in a safe place.

Now, your account successfully opened with Wise.

How to Transfer Money with Wise?

When you complete the account opening process, you will be redirected to your main account/dashboard.

It is good to add a recipient before sending you money. Otherwise, you can directly click on Send button, and you will be asked for the recipient details.

Note: When sending money from your Indian bank account to your USA bank account, Choose Add Recipient in Wise. Don’t choose your account as both of these bank accounts are located in a different country.

Steps to Add Recipient:-

After clicking on “Add Recipient,” a form will open, and fill the form according to your recipient account details.

Example: I am sending money to my USA bank account:-

CurrencyUSD
ACH Number (Like IFSC number in India)956458223
EmailNot compulsory
Bank Account Number9567720799
Account Type (Saving or Checking) Checking
Bank AddressAdd full bank account Address

Step by Step guide to Send money from India to USA, UK, Australia, Canada, Saudi Arabia and Many Others Countries.

First of all, don’t forget to claim your Zero cost 1st transfer offer from Wise.

Now, Click on send money. Add the amount which you want to send. In this case, I am sending 20000 INR and then click on continue. But here, you can see the live currency conversion rate, which is even better than Western Union and almost the same as the rate of live Google Conversion Rate.

Select your recipient to whom you want to send money from your saved recipient list in the next window.

When you complete this step, you have to select a reason for fund transfer in the next step. Also, add the reason and click on continue. After clicking on continue, you have to choose your fund source means your income source.

Now, this is the time to verify all the details you added.

After verifying, click on continue and choose how do you send your money from Offline or Online. And the best way is online because you can send money with Net banking, Phonepe, Google Pay.

At last, you need to transfer funds to Wise bank account by adding your unique reference number in the message section.

Just, for example, I am opening my Phonepe and from home click on To Bank Account. And from the below Add a New Bank Account. After adding all the account information, click on Save.

Now again, click on “To Bank Account” and click on the already saved bank account. Now put the amount you want to send and in the message section add your reference number and lastly send using your password.

What is The Benefits of Wise Card?

The Wise debit card allows you to send money anywhere in the world with no transaction fees and minimal conversion costs. It is presently available to multi-currency account holders in the United Kingdom, United States, Singapore, Japan, Australia, New Zealand, Switzerland, and the European Economic Area.

You can use your Wise debit card to spend in the local currency no matter where you are. It can be used wherever that accepts Mastercard or Visa.

Furthermore, you can use your Wise debit card to make purchases in any currency, and its clever technology will convert it for you at the lowest possible rate. Wise will always use the actual exchange rate.

You will be paid using your bank account information. Anyone may use them to pay you like a local. You can keep more than 50 currencies at once and convert between them in a matter of seconds.

Moreover, you will always obtain the actual exchange rate with the Wise account. Converting currencies in your account costs a modest charge.

What is a Multi-Currency Account?

The Wise Multi-currency account is ideal for travelers seeking a better exchange rate while traveling internationally. You can have more than 50 currencies in your account, and if you have several currencies, Wise will utilize the lowest conversion option while traveling.

It is not, however, a banking solution. You will need a checking account at another financial institution to fund your account because Wise doesn’t have any branch locations, interest rates, or checking or savings accounts.

If you want to use an ATM or spend money when traveling overseas, you’ll have to pay a one-time $9 charge for the Wise debit card, which isn’t included with your multi-currency account.

Paying invoices or getting direct deposits with the Wise Multi-currency account is also not a good idea because you’ll undoubtedly incur costs that you might avoid by using a regular bank account.

Pros And Cons Of Using Wise

Pros –

  1. The online registration process is quick and can be completed with 5 minutes
  2. It only takes 1-3 working days for the transfer to be completed.
  3. Several payment options are available, including Bank Transfer and credit cards ( Phonepe, Google Pay).
  4. Additional products, such as their Borderless Account and Physical Debit Card, are distinctive in the foreign exchange market.

Cons –

  1. There is a 5000 minimum transfer amount.
  2. Wise does not yet support all worldwide currencies.

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