Wise - Banking in English

Website – www.wise.com

Wise, formerly known as TransferWise, is a prominent UK-based financial technology company that specializes in foreign exchange and international money transfers. Founded in London in 2011 by Kristo Käärmann and Taavet Hinrikus, the company has grown rapidly and revolutionized the way people send and receive money internationally.

The primary mission of Wise is to make international money transfers more transparent, convenient, and cost-effective. Traditional banks often charge high fees and offer poor exchange rates when transferring money across borders, resulting in customers losing a significant amount of money in hidden costs. Wise aims to disrupt this inefficient system by providing a fair and transparent alternative.

How does Wise work?

Wise operates on a peer-to-peer model, which means that when you transfer money with Wise, your funds don’t actually cross borders. Instead, Wise matches your transfer with someone else’s transfer going in the opposite direction. This way, they can use the local banking systems to make the payout, saving on international transfer fees and giving you the real mid-market exchange rate.

Key features and benefits:

Transparent Fees: Wise charges a transparent and upfront fee for each transfer. They show you exactly how much you’ll pay in fees before you initiate the transaction, and there are no hidden charges.
Real Exchange Rate: Wise provides its customers with the real mid-market exchange rate, which is the rate you find on independent financial websites. This ensures that you get the fairest exchange rate possible, without any added markup.
Borderless Account: Wise offers a multi-currency borderless account that allows you to hold and manage money in different currencies. This feature is especially useful for frequent travelers, expats, and businesses dealing with international transactions.
Speed and Convenience: Transfers with Wise are often faster than traditional bank transfers, with many transactions being completed within a few hours.
Regulated and Secure: Wise is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom, ensuring that customer funds are held securely.