Wise
Discover the key benefits and practical details of glossary.
Wise
Discover the key benefits and practical details of glossary.
Wise
Discover the key benefits and practical details of glossary.
Table of contents
Wise is a money transfer service built for sending funds between countries without the high fees and opaque exchange rates that traditional international wires often carry. If you pay rent abroad, support family in another currency, or invoice international clients, Wise is designed to show the real cost up front and move money at rates close to the market.
What is Wise?
Wise (formerly TransferWise) is an online platform for domestic and international transfers between bank accounts. Founded in London in 2011, it now operates globally with local banking infrastructure in many countries.
For cross-border payments, Wise often uses local accounts in each region. You send money to Wise in your country; Wise pays out from its account in the recipient’s country. That local-to-local model avoids a full international wire on every transfer, which is a big part of how Wise keeps fees lower than many banks.
How Wise transfers work
A typical flow looks simple on your screen even though several steps run behind the scenes.
You enter the amount, currency, and recipient details in Wise or in a partner app.
Wise shows its fee and the amount the recipient should receive, often using a rate close to the mid-market rate plus a disclosed markup.
You fund the transfer from your Bank Account (bank transfer, debit card, or other methods Wise supports in your country).
Wise converts and pays out on the other side, usually faster than legacy SWIFT transfers for supported routes.
Wise supports sending and receiving in many currencies (coverage changes over time; check Wise for current lists). Some transfers offer a guaranteed rate for a limited window so the exchange rate does not shift between quote and send. Fees vary by currency corridor but are shown before you confirm.
Wise vs. traditional bank wiresBoth move money account to account, but pricing and transparency differ.
Traditional international wires may combine a flat fee, correspondent bank charges, and an exchange rate markup that is hard to compare. Transfers can take several business days.
Wise states fees and estimated delivery upfront and competes on cost for many popular routes. For euro payments inside Europe, SEPA transfers from your bank can still be the simplest option.
When you need a BIC: Some non-SEPA payments still require a BIC/SWIFT code; Wise handles routing on supported corridors so you do not have to manage every detail yourself.
Wise is a specialist transfer provider, not a full replacement for everyday banking. Most people use it alongside a current account for salary, cards, and savings.
Wise and bunq
Wise is integrated into the bunq app so you can send money abroad from the same place you manage your balance. Choose the currency, enter recipient details, and bunq hands off to Wise for the international leg while keeping the experience inside Payments.
That pairs well with Foreign Currency accounts and zero-fx card spending: hold the currencies you use, spend with fair rates when you travel, and use Wise when you need to send a specific amount to someone else’s account overseas.
Common questions
Is Wise a bank?Wise is regulated as a financial service in the jurisdictions where it operates, but product details depend on your country. Your main day-to-day account can stay with bunq while you use Wise for selected transfers.
How long do Wise transfers take?
Many routes arrive within hours or the same day; some take longer depending on currency, verification, and banking hours. Wise shows an estimate before you pay.
Is the exchange rate on Wise the mid-market rate?
Wise typically uses a rate based on the mid-market rate with a transparent fee or small margin, shown before you confirm. Always compare the total received amount, not just the headline rate.
Table of contents
Wise is a money transfer service built for sending funds between countries without the high fees and opaque exchange rates that traditional international wires often carry. If you pay rent abroad, support family in another currency, or invoice international clients, Wise is designed to show the real cost up front and move money at rates close to the market.
What is Wise?
Wise (formerly TransferWise) is an online platform for domestic and international transfers between bank accounts. Founded in London in 2011, it now operates globally with local banking infrastructure in many countries.
For cross-border payments, Wise often uses local accounts in each region. You send money to Wise in your country; Wise pays out from its account in the recipient’s country. That local-to-local model avoids a full international wire on every transfer, which is a big part of how Wise keeps fees lower than many banks.
How Wise transfers work
A typical flow looks simple on your screen even though several steps run behind the scenes.
You enter the amount, currency, and recipient details in Wise or in a partner app.
Wise shows its fee and the amount the recipient should receive, often using a rate close to the mid-market rate plus a disclosed markup.
You fund the transfer from your Bank Account (bank transfer, debit card, or other methods Wise supports in your country).
Wise converts and pays out on the other side, usually faster than legacy SWIFT transfers for supported routes.
Wise supports sending and receiving in many currencies (coverage changes over time; check Wise for current lists). Some transfers offer a guaranteed rate for a limited window so the exchange rate does not shift between quote and send. Fees vary by currency corridor but are shown before you confirm.
Wise vs. traditional bank wiresBoth move money account to account, but pricing and transparency differ.
Traditional international wires may combine a flat fee, correspondent bank charges, and an exchange rate markup that is hard to compare. Transfers can take several business days.
Wise states fees and estimated delivery upfront and competes on cost for many popular routes. For euro payments inside Europe, SEPA transfers from your bank can still be the simplest option.
When you need a BIC: Some non-SEPA payments still require a BIC/SWIFT code; Wise handles routing on supported corridors so you do not have to manage every detail yourself.
Wise is a specialist transfer provider, not a full replacement for everyday banking. Most people use it alongside a current account for salary, cards, and savings.
Wise and bunq
Wise is integrated into the bunq app so you can send money abroad from the same place you manage your balance. Choose the currency, enter recipient details, and bunq hands off to Wise for the international leg while keeping the experience inside Payments.
That pairs well with Foreign Currency accounts and zero-fx card spending: hold the currencies you use, spend with fair rates when you travel, and use Wise when you need to send a specific amount to someone else’s account overseas.
Common questions
Is Wise a bank?Wise is regulated as a financial service in the jurisdictions where it operates, but product details depend on your country. Your main day-to-day account can stay with bunq while you use Wise for selected transfers.
How long do Wise transfers take?
Many routes arrive within hours or the same day; some take longer depending on currency, verification, and banking hours. Wise shows an estimate before you pay.
Is the exchange rate on Wise the mid-market rate?
Wise typically uses a rate based on the mid-market rate with a transparent fee or small margin, shown before you confirm. Always compare the total received amount, not just the headline rate.
Table of contents
Wise is a money transfer service built for sending funds between countries without the high fees and opaque exchange rates that traditional international wires often carry. If you pay rent abroad, support family in another currency, or invoice international clients, Wise is designed to show the real cost up front and move money at rates close to the market.
What is Wise?
Wise (formerly TransferWise) is an online platform for domestic and international transfers between bank accounts. Founded in London in 2011, it now operates globally with local banking infrastructure in many countries.
For cross-border payments, Wise often uses local accounts in each region. You send money to Wise in your country; Wise pays out from its account in the recipient’s country. That local-to-local model avoids a full international wire on every transfer, which is a big part of how Wise keeps fees lower than many banks.
How Wise transfers work
A typical flow looks simple on your screen even though several steps run behind the scenes.
You enter the amount, currency, and recipient details in Wise or in a partner app.
Wise shows its fee and the amount the recipient should receive, often using a rate close to the mid-market rate plus a disclosed markup.
You fund the transfer from your Bank Account (bank transfer, debit card, or other methods Wise supports in your country).
Wise converts and pays out on the other side, usually faster than legacy SWIFT transfers for supported routes.
Wise supports sending and receiving in many currencies (coverage changes over time; check Wise for current lists). Some transfers offer a guaranteed rate for a limited window so the exchange rate does not shift between quote and send. Fees vary by currency corridor but are shown before you confirm.
Wise vs. traditional bank wiresBoth move money account to account, but pricing and transparency differ.
Traditional international wires may combine a flat fee, correspondent bank charges, and an exchange rate markup that is hard to compare. Transfers can take several business days.
Wise states fees and estimated delivery upfront and competes on cost for many popular routes. For euro payments inside Europe, SEPA transfers from your bank can still be the simplest option.
When you need a BIC: Some non-SEPA payments still require a BIC/SWIFT code; Wise handles routing on supported corridors so you do not have to manage every detail yourself.
Wise is a specialist transfer provider, not a full replacement for everyday banking. Most people use it alongside a current account for salary, cards, and savings.
Wise and bunq
Wise is integrated into the bunq app so you can send money abroad from the same place you manage your balance. Choose the currency, enter recipient details, and bunq hands off to Wise for the international leg while keeping the experience inside Payments.
That pairs well with Foreign Currency accounts and zero-fx card spending: hold the currencies you use, spend with fair rates when you travel, and use Wise when you need to send a specific amount to someone else’s account overseas.
Common questions
Is Wise a bank?Wise is regulated as a financial service in the jurisdictions where it operates, but product details depend on your country. Your main day-to-day account can stay with bunq while you use Wise for selected transfers.
How long do Wise transfers take?
Many routes arrive within hours or the same day; some take longer depending on currency, verification, and banking hours. Wise shows an estimate before you pay.
Is the exchange rate on Wise the mid-market rate?
Wise typically uses a rate based on the mid-market rate with a transparent fee or small margin, shown before you confirm. Always compare the total received amount, not just the headline rate.