Wise Review 2021       

Wise, which was formerly TransferWise, is a solid money transfer service where you can inexpensively transfer and receive money. It is a multi-currency account that supports 56 currencies as of May 2021. You can also receive a Wise debit card to use online and in retail locations as well as ATMs around the world. One of the main reasons why this eWallet is such a popular one these days is the low fees associated with transfers and transactions.

Wise is great to use at online casinos as well and it is not only safe and secure to use at gaming sites but also one of the cheaper methods for deposits and withdrawals. You can also use Wise on the go, as they offer a mobile application for iOS and Android users.

Wise offers their service inexpensively using a real exchange rate, which this article will touch on later. The company has over 10 million customers worldwide and you know your money is safe and secure, as Wise is regulated by numerous authorities around the world such as the FCA (Financial Conduct Authority).

Safety and security is always important when gambling online, which is another reason to use Wise when you play at gaming sites such as casinos, poker rooms, and sportsbooks.

The main advantages of using Wise are:

  • A very simple to use money transfer service.
  • There are no hidden fees, as they are very transparent in their charges.
  • There are very low transfer fees, and this is especially the case if sending money abroad.
  • The mid-market rate is used, so you are getting the best exchange rate possible.
  • Customers have a multicurrency account with 56 currencies supported.
  • The Wise Mastercard debit card can be used around the world at retail and online locations and ATMs.
  • The exchange rate for your transfer is frozen for 24-48 hours.
  • Used by over 10 million people worldwide.
  • Regulated by many authorities around the world.
  • Fund your account through credit cards, debit cards, and bank transfers.

Wise Transfer Fees      

The fees that Wise charges differ, as it will depend on a few factors such as how much money you are sending, the currency you use for the transaction, and what the mid-market exchange rate is. One of the nice things about Wise is they are very transparent with what they are charging for their service, as there are no hidden fees. The fees are a percentage of the money being sent and that percentage will vary.  There will be different fees incurred by using different currencies.

Considering that Wise uses the mid-market exchange rate it means that the fees for transactions will be very low. There is not a set-in-stone fee for transfers since the mid-market exchange is used, so it will depend on that rate on how the currency is valued at the time of transaction. There is an exchange rate calculator on the Wise site, as well as on the mobile applications, so when you do make a transfer you know exactly how much your fee is for that transfer.

There are three different types of transfers, which are:

  • Fast Transfer
  • Low Cost Transfer
  • Advanced Transfer

Other Fees at Wise      

Here are some other fees associated with Wise.

Wise Account Pricing

It is free to open a Wise account, as well as very simple, and there are never monthly fees or minimum balances. In terms of account price, it is free to:

  • Receive a UK account number and sort code
  • Receive a U.S. account and routing number
  • Receive a European IBAN
  • Receive an Australian account and BSB number
  • Receive a New Zealand account number
  • Receive a Hungarian account number
  • Receive a Romanian account number
  • Receive a Singaporean account number
  • Hold 50+ currency balances

If you have a balance over €15,000 there is a 0.40% annual fee.

Is Wise Safe and Secure?         

Using Wise is very safe and secure and there are many safeguards in place to ensure that. They adhere to strict rules from the regulatory agencies in all of the countries they operate in such as the FCA in the United Kingdom to FinCen in the United States. On the Wise website, there is a link where you can check out all of the regulatory agencies used. Wise never sells your data, as they have bank-level data security.

There is also an in-house Wise team that deals with security issues, as they are always training and reviewing the processes used. Wise has also had positive reviews from such reputable outlets as Forbes, Telegraph, Nerdwallet, and Sitepoint. At TrustPilot there are over 100,000 Wise customer reviews with an average rating of 4.7 out of 5.

Wise is a payment service and not a bank and because of that Wise does not lend money out or invest it. They do not insure the money in a financial protection scheme but safeguard all of the funds. This means that, by law, Wise must store all of your money in accounts that are separate from the Wise business accounts. Because of that, your money is 100% safe and secure even if Wise closed or something happened to the company where their assets were frozen. Your money is stored in established and recognized financial institutions such as JP Morgan Chase and Barclays.

In terms of using Wise for online gaming, you know your money is safe and secure since you are not sharing any personal or financial information with the online gaming site. You are simply making deposits and withdrawals using Wise and to go further the processing times for deposits are always instant and withdrawals are often instant and if not very fast.

Card Pricing

With a Wise debit card, you can spend money on the card in your local currency. The card is accepted anywhere around the world that accepts Visa or Mastercard. When you spend in any currency you will get the lowest possible fee through the Wise smart tech. As mentioned before you will get the real rate in the mid-market one, which is always the best.

Here are some of the fees, in US Dollars, associated with the Wise debit card:

  • Order a Wise debit card – $9
  • Replace a Wise debit card – $5
  • Spend in currencies in your account – Free
  • Convert a currency using your card – (use Wise currency calculator)
  • Over 2 ATM withdrawals/month – $1.50 per withdrawal

You can get paid with your bank details and anybody can use them to pay you. You can hold more than 50 currencies in your Wise account and then convert them in a matter of seconds. It is free to Receive money in EUR, GBP, AUD, NZD, RON, HUF & SGD and receive USD using ACH or bank debit. There is a $7.50 fee to receive wire transfers in U.S. Dollars. GBP, EUR, AUD, and USD Direct Debit are all free of charge.

transfer wise card

Wise Summary

All in All, Wise is a very solid money transfer service that has a great reputation. They pride themselves on being very transparent in the fees you are charged for using their service. Speaking of the fees they are very low when you stack them up against other payment services such as PayPal. It is simple to open an account and transfer money around the world. The multicurrency account accepts 56 currencies and with the currency calculator, you can always see what the fee is for a transaction and how the fee is calculated.

Wise is different than other payment services, as they give you the mid-market rate to give you the very best price, in terms of fees, when making transfers and transactions. The Wise debit card can be used around the world at retail locations and online ones and with the mid-market rate, you will always save money on the FX fee. On top of that, the debit card can be used at ATMs the world over.

If you gamble online Wise could not be a better choice. No matter where you play and no matter the currency you play in when you use Wise at an online gaming site you can be sure of low fees, instant or very fast processing times, and top-notch safety and security.

There are over 10 million Wise customers around the world and that number continues to go with all of the things the money transfer service offers.