How to Send Money with Wise? Is Wise Reliable?

Wise (formerly TransferWise) was founded in 2011 and is headquartered in London. It is a leading global fintech company known for its transparent exchange rates and low fees. Wise provides international money transfer, multi-currency accounts, and payment services for both individuals and businesses worldwide.

This article reviews Wise’s features, speed, security, and user experience, and also compares it with Panda Remit, helping you choose the right platform.

1. What is Wise?

Wise offers three core services:

• Wise Account: A personal multi-currency account that allows users to hold and exchange 50+ currencies, and send or receive money internationally.

• Wise Business: Designed for companies, supporting cross-border payments, collections, and bulk transfers.

• Wise Platform: Infrastructure services for financial institutions and partners.

In addition, Wise also provides the Wise Card (a debit card), and in some regions, an “interest on balance” feature.

2. Countries and Currencies Supported by Wise

Wise has an extensive global network:

• Sending: Users can send money from 80+ countries and regions.

• Receiving/Accounts: Wise accounts support local receiving details in 160+ countries and regions.

• Currencies: Users can hold and exchange 40+ currencies, making it suitable for diverse international payment needs.

3. How to Send Money with Wise

1. Register an account: Download the Wise app or sign up on the website for free.

2. Enter transfer details: Choose the amount and currency, and preview fees and exchange rates in advance.

3. Add recipient information: Transfers can go directly to bank accounts; in some cases, only an email address is required.

4. Choose a payment method: Bank transfer, debit card, credit card, or e-wallet (fees vary by method).

5. Track progress: Monitor the transfer status and estimated delivery time in the app.

4. Receiving Money with Wise

Users can open free local account details in multiple currencies (e.g., EUR IBAN, GBP Sort Code, USD Routing Number) to receive money like a local.

• Same-currency Wise-to-Wise transfers are free.

• Cross-currency transfers only incur a small conversion fee.

5. Wise Fees

• Exchange rate: Wise uses the real mid-market rate with no markup.

• Transfer fees: Typically 0.35%–1%, though some currencies may have higher fees.

• Large-volume discounts: Businesses and individuals transferring larger sums may receive fee reductions.

• Receiving fees: Local account transfers are usually free, but SWIFT transfers (e.g., USD) may incur fixed fees.

6. Wise Transfer Speed

According to official data:

• Over 50% of transfers arrive within 20 seconds

• 90% are completed within 24 hours

This is significantly faster than most traditional banks.

7. Is Wise Safe?

• Regulation: Licensed and regulated by authorities including the UK’s FCA, the US FinCEN, and Singapore’s MAS.

• Fund protection: Customer funds are safeguarded in segregated bank accounts.

• Security features: Two-factor authentication (2FA) and real-time fraud monitoring.

• Reputation: Wise is highly rated, with 4.7⭐ on the App Store and 4.8⭐ on Google Play.

8. Wise vs. Panda Remit

Besides Wise, Panda Remit is also a popular cross-border remittance solution, particularly for overseas workers, international students, and families.

Panda Remit Advantages

• Coverage: Supports 17 currencies, transfers from 37 sending countries/regions to 40+ receiving countries, with strong coverage across Asia.

• Fee structure: Fixed transfer fees, ideal for small and medium transactions, without increasing proportionally with higher amounts.

• Promotions: Free transfers for new users, discount coupons for existing users, and competitive exchange rates.

• Speed: Transfers can arrive in just a few minutes, with real-time tracking in the app.

• Security: Backed by reputable investors, SSL encryption, and strong customer feedback.

Comparison Table

9. Conclusion

• Wise: Best suited for users who need multi-currency account management and global collection options. Its transparent exchange rates and strong regulatory oversight make it especially valuable in regions like Europe and North America.

• Panda Remit: For overseas workers, students, and families, Panda Remit offers a transparent and fixed low-fee structure, with free transfers for new users. Whether sending money to India, Indonesia, Thailand, Vietnam, or other destinations, Panda Remit provides a cheaper and faster remittance experience.

The smart choice:

• If you need global multi-currency management, go with Wise.

• If you prioritize low fees and fast transfers, especially to Asian destinations, Panda Remit is the better option.

Whether you search for Wise, Remitly, WorldRemit, Western Union, or Panda Remit, this article aims to help you make the best decision for your cross-border money transfer needs.