The core principle behind Wise is transparency and fairness in currency exchange. Unlike banks that often markup exchange rates to increase their profits, Wise uses the real exchange rate — the one you see on Google or Reuters — and charges a low, transparent fee for the transaction. This means that customers know exactly how much they're paying and how much the recipient will receive.
Wise operates on a peer-to-peer model, matching transfers between users sending money in opposite directions. For example, if someone in the UK wants to send money to the US, and at the same time, someone in the US wants to send money to the UK, Wise will simply match these transfers internally, eliminating the need for currency conversion and reducing costs.
One of the standout features of Wise is its borderless account, which allows users to hold and manage money in multiple currencies. This is particularly useful for frequent travelers, expats, freelancers, and businesses dealing with international clients or suppliers. With a borderless account, users can send, receive, and hold money in over 50 currencies, and they get local bank account details for the US, UK, Eurozone, Australia, and New Zealand, making it easy to receive payments as if they were locals.
In addition to individuals, Wise also caters to businesses with its Wise Business platform, offering features like batch payments, integration with accounting software, and multi-user access, making international transactions smoother and more cost-effective for companies.
Security is paramount at Wise. The company is authorized and regulated by the Financial Conduct Authority (FCA) in the UK and is licensed as a money transmitter by regulatory bodies in various jurisdictions. Wise employs cutting-edge encryption and security protocols to safeguard users' funds and personal information.
Overall, Wise has gained widespread popularity for its transparent pricing, ease of use, and commitment to making international money transfers fairer and more accessible to everyone. Whether you're an individual sending money to family abroad or a business making cross-border payments, Wise offers a convenient and cost-effective solution for your needs.