Wise Bonus: Get a free transfer as a welcome bonus and earn $115 for every 3 successful referrals. Find updated Wise (wise.com) promotions and bonus offers here.
Wise (formerly Transferwise) is a service that offers cheap and easy international money transfers. The company has a mission to send money around the world with low and transparent fees at true mid-market exchange rates.
- Update 1/25/2024: The referral offer is $115 cash bonus for every 3 referrals you make. Use this referral link to sign up and then start earning referral money as well.
- One account to spend, send and receive. Hold money in over 40 currencies
- A card to spend in over 40 currencies in over 150 countries
- Send money to over 160 countries
Wise Bonus: Free International Transfer Offer
Use our referral link below (thanks ahead of time!) to get a free international transfer of up to £500.
Once you have an account open you can start making referral bonus money as well.
Wise Bonus: Invite 3 Friends & Earn A $115 Bonus
Once you have an active account, you can start making referrals to earn bonus money. Invite 3 friends to earn a $75 bonus.
- Log into your Wise account
- Go to “Invite & Earn”
- Invite friends using your personal invite link or invite via email
- Your referrals get a free international transfer of up to $500
- When 3 of your invites all transfer over $300, you’ll earn a $115 bonus
See the terms of their referral program here.
Wise: In a Nutshell
|Website & mobile app
|Bank account only
|Bank account only
|Minimum Transfer Limit
|Maximum Transfer Limit
|$10,000/transfer to $1 million/transfer,
depending on origin and direct deposit vs wire
Wise: How It Works
Wise’s novel approach to currency exchange circumvents the middle man, which lets the company charge a whole lot less than its industry peers. How does Wise do it?
The company stores stockpiles of different currencies across the globe. When you send $1,000 USD to a friend in Canada, Wise adds your $1,000 to its USD stockpile, then pays your friend the equivalent in Canadian dollars from its Canadian dollar stockpile.
This method eliminates the need for costly third-party banks, so Wise can offer its service at exactly the bank rate and nothing more. Trust me, you won’t find a better deal than that.
Also known as multi-currency accounts, borderless accounts let you hold money in over 40 currencies and convert them when the mid-market exchange rate is favorable to you. It’s like having different local bank accounts around the world in one tidy online account.
When you sign up for a borderless account, you’ll also get a personal account number and bank details, along with a Wise debit Mastercard. With this account, you’ll be able to receive money, without having to pay fees, from over 40 countries.
With Wise, you know exactly how much you’ll pay in fees every time you make a transfer, thanks to its fully transparent fee structure. Just to let you know, this is not the industry standard.
For most currencies, the company also guarantees the exchange rate, so you also know exactly how much your recipient will receive. While other banks will guarantee their exchange rates as well, their rates are often much higher.
Wise charges a percent of the transfer amount, and a flat fee for certain country combinations. The actual numbers depend on the currency you are sending from and to, and certain fees vary depending on the transfer amount.
Wise will convert your money using the true mid-market rate when they receive and process your funds. That’s the absolute best rate you will get with any money transfer service provider.
Wise will even lock your exchange rate for a certain time frame: 24 hours for most countries, 48 hours for all others, except Brazil (72 hours). This locked-in rate is also known as guaranteed rate. Please note, Wise must receive your funds within the allotted time frame, or else the amount the recipient will receive is no longer guaranteed.
Navigating the maze of international money transfers can be a daunting task, and in my experience, Wise has been a reliable tool in my arsenal.
As a small business owner, it has helped fill the gaps where my bank fell short on international transfers. Its high ratings on TrustPilot give some confidence, but let’s not put on rose-colored glasses – not all experiences with Wise are stellar.
I’ve seen users reporting on Google Business and other platforms about Wise holding onto their funds for extended periods, even to the tune of tens of thousands of dollars. Some accounts were closed, with Wise claiming they couldn’t track the money, and resolving these issues could turn into a lengthy back-and-forth process. It’s not all sunshine and rainbows, but then again, no business is perfect.
On the flip side, I’ve seen a great number of positive experiences, much more than the negatives. Many users have been using Wise for years for their business needs, moving large sums without any hitch. It’s also a game-changer for paying international staff, with instant transfers and competitive rates, especially for smaller, more frequent transfers.
From my personal experience, Wise has been a great asset, particularly with their Balances feature where I can open multiple currency accounts. It’s been great in my travels across Southeast Asia, offering quick and seamless currency conversions at real exchange rates. Additionally, Wise has consistently offered me better rates than my bank, a difference that adds up substantially over time.
On a similar note, I can’t neglect to mention my other go-to money transfer provider, Remitly. Both Wise and Remitly have served me well in my international financial needs.
While Wise isn’t without its faults, the sheer convenience, competitive rates, and overall positive user experiences make it a compelling choice for international money transfers. Remember, every coin has two sides, and while it’s essential to take into account the negative experiences, they seem to be more the exception than the rule.
In the grand scheme of things, Wise’s advantages seem to outweigh the potential pitfalls. But ultimately, what works best is highly personal, depending on your needs and circumstances.
As always, do your research, weigh the pros and cons, and make an informed decision. That’s been my approach, and it’s served me well.
See more from Wise:
- Opt-In To Earn 4.33% APY On Your USD Balance W/ Wise.com
- Best Bank Accounts For Digital Nomads / U.S. Citizens Living Overseas
- Best Banking & Money Transfer Services For International Travel, Digital Nomads & Expats