International money transfers can be a daunting task, especially when it comes to navigating the complexities of multiple currencies and complicated fees imposed by traditional banks.
Luckily, there’s a ready-made solution that’s making waves in the fintech world – TransferWise which is now called Wise, because as the name suggests: it’s so wise to use it.
In this article, we will explore the main advantages of using Wise for international money transfers, from the ease of paying in different currencies, to its multi-currency card and accounts.
Benefits of your Wise account
1-Profitability:
With Wise, you can say goodbye to the excessive fees that traditional banks often charge. Recent data shows that Wise charges up to 8 times less than the average bank, making it a top choice for your international money transfers. Using real-time mid-market exchange rates, Wise ensures that you receive the most competitive rates possible, allowing you to maximize the value of your transfers. You can compare the fees charged by other banks and appreciate…
2-Transparency:
One of the most frustrating aspects of international money transfers is the lack of transparency when it comes to fees. Wise eliminates this confusion by displaying exact fees and exchange rates up front, with no hidden fees. By having complete visibility into the costs associated with your transfers, you can make informed decisions and avoid unpleasant surprises. In addition, you will have all the details and the follow-up of the transaction instantly in your account on the net.
3-Convenience:
Gone are the days of endless paperwork and long waiting times. Wise offers a hassle-free experience, allowing you to initiate transfers in a few simple steps. Whether you prefer to use their intuitive mobile app or their browser interface, the process is seamless. Plus, it’s available 24/7, meaning you can transfer funds whenever you want, without being constrained by traditional banking hours.
4-Pay in different currencies:
Wise lets you pay internationally in over 50 currencies, making it perfect for travelers, digital nomads, and businesses with global operations. By using Wise’s local bank accounts in different countries, you can avoid costly middleman fees and receive funds as if you were a local. Say goodbye to high conversion fees and hello to more money in your pocket.
In addition, the Wise account is free: no more account maintenance fees!
Wise Multi-Currency Accounts and Wise Card
Wise also offers a multi-currency account and a borderless debit card. With these features, you can hold and manage funds in various currencies from your own account, making international transactions easier. Some of the sub-accounts associated with your personal or business account pay interest. And you can also move your deposits to reserve accounts if you wish.
Real users have found great value in it, as it eliminates the need for multiple bank accounts or constantly juggling currencies. So, above all, it eliminates a large part of the exchange fees.
Simply use the Wise debit card to spend abroad at the real exchange rate and save on unnecessary conversion fees.
Concrete examples :
Imagine you are a digital entrepreneur based in the UK and frequently receive payments in different currencies. By using Wise, you could save up to £600 ($800) a year compared to traditional banks, just by avoiding inflated exchange rates and high fees. Similarly, a traveler exploring Asia who frequently withdraws cash from ATMs using their Wise card can save up to 90% on hidden bank fees because Wise uses the mid-market exchange rate. .
Begin:
Signing up with Wise is a breeze. Just visit their website or download the mobile app, provide the necessary information and verify your identity. Once you have successfully completed these steps, you can start enjoying the benefits of convenient and cost-effective international money transfers.
Wise is a game-changer in international money transfers, offering an undeniable advantage over traditional banks. Its profitability, transparency and convenience make it the go-to platform for individuals and businesses. By eliminating excessive fees, providing real-time exchange rates and making it easier
