Software · head to head
TransferWise vs Wise
The short version
- Each has a real cost: TransferWise wise Card only available in selected countries, excluding major markets like UK; Wise exchange rate fees start at 0.31% plus corridor-specific transfer fees
- They diverge on capability: TransferWise covers Currency conversion, Wise covers Bill payments.
Where they differ
Only the attributes on which TransferWise and Wise actually diverge.
| Attribute | TransferWise | Wise |
|---|
Identical on both: starting price (Free), pricing model (Unknown), free tier (Yes), platforms (Web, iOS, Android), user rating (Not yet rated), category (Unknown), founded (2011).
What each one covers
Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.
Only in TransferWise
- Currency conversion
Only in Wise
- Bill payments
- Cryptocurrency
Both cover
- International transfers
- Real exchange rates
- Multi-currency accounts
- Bank accounts
- Web support
- IOS support
- Android support
What people use each for
The jobs each tool is most often brought in to do.
TransferWise
- Budget Management
- Expense Tracking
- Investment Tracking
Wise
- Budget Management
- Expense Tracking
- Investment Tracking
Both are used for budget management, expense tracking, investment tracking, on those jobs the choice comes down to price and fit rather than capability.
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
TransferWise
- Wise Card only available in selected countries, excluding major markets like UK
- Mid-market rate is still 0.33-0.5% plus spreads higher than interbank rates
- Business accounts have additional requirements and higher minimums
Wise
- Exchange rate fees start at 0.31% plus corridor-specific transfer fees
- Transfer speed dependent on destination country banking infrastructure
- No published documentation of maximum transfer limits
- Multi-currency account features may have regional restrictions
Pricing, plan by plan
TransferWise
Free- Personal AccountFree
- Free account opening
- Transfer in 40+ currencies
- Mid-market exchange rates
- Transfer fees$undefined/per-transfer
- Transparent fees shown upfront
- Average total cost 0.5-1%
Wise
FreeNo published plan breakdown. See the Wise review.
Which should you pick?
Choose TransferWise if
- You need currency conversion.
- You want to start without paying.
- You work on Web, iOS, Android.
Choose Wise if
- You need bill payments.
- You want to start without paying.
- You work on Web, IOS, Android.
- You also want cryptocurrency.
Questions people ask
- Is TransferWise or Wise better?
- Neither clearly leads. TransferWise starts at Free and Wise at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, TransferWise or Wise?
- TransferWise starts at Free and Wise at Free.
- Does TransferWise or Wise run on more platforms?
- TransferWise runs on Web, iOS, Android. Wise runs on Web, IOS, Android.
- Can I use TransferWise for free?
- Both have a free tier, so you can try either at no cost before committing.
- What is TransferWise best used for?
- TransferWise is most often used for budget management, expense tracking, investment tracking.
- What can TransferWise do that Wise cannot?
- TransferWise covers Currency conversion. Wise covers Bill payments, Cryptocurrency. Both handle International transfers, Real exchange rates, Multi-currency accounts, Bank accounts.
Answered from the vendors’ own pages
TransferWise: How much does Wise charge for transfers?
Wise charges a small fee (typically 0.33% to 0.5% of transfer amount) plus shows you the mid-market exchange rate. Total costs are usually 0.5-1% compared to banks charging 3-6%.
SourceWise: What are Wise's transfer fees and exchange rates?
Wise uses mid-market exchange rates without hidden markups and charges a flat fee starting from 0.31% plus a currency transfer fee depending on the corridor. Volume discounts are available for larger transfers.
SourceTransferWise: Can I open a Wise account for free?
Yes. Opening a Wise personal account is free with no monthly or annual fees. You only pay when you actually make a transfer.
SourceWise: How long do international transfers take with Wise?
Transfers can arrive same-day within seconds according to Wise marketing materials, though actual timing depends on the destination country and banking infrastructure.
SourceTransferWise: How many currencies does Wise support?
Wise allows you to hold and exchange money in 40+ currencies, and send payments to 160+ countries with spending available in 150+ countries.
SourceWise: Is there a cost for a Wise account or monthly subscription?
Opening a Wise account is free with no monthly subscription. You only pay fees when you send money or convert currency.
SourceTransferWise: Does Wise offer a debit card?
Yes. Wise Multi-Currency Card is available in selected countries including Australia, Brazil, Canada, Japan, and others. It uses mid-market exchange rates and has no annual fee.
SourceWise: Can I send money between Wise users for free?
Sending or receiving the same currency between Wise contacts is free. Converting to a different currency costs less than standard rates but is not free.
SourceTransferWise: How does Wise work without traditional banking?
Wise holds local bank accounts in each country it operates. When you send USD to EUR, Wise receives your dollars in the US and releases euros from its local European account to your recipient.
SourceWise: What security features does Wise offer?
Wise includes two-factor authentication for account protection, holds funds with established financial institutions, maintains 24/7 customer support, and has dedicated fraud and security teams.
SourceWise: How much money can I transfer with Wise?
Wise does not publicly specify transfer limits on the main site. Limits may vary by country, sender verification level, and corridor.
Source