Personal Finance · head to head
Wise vs E*TRADE
Wise
Personal Finance
International money transfers at the real exchange rate
- From
- Free
- Rated
- -
The short version
- Only Wise has a free tier, so it costs nothing to try first.
- Each has a real cost: Wise exchange rate fees start at 0.31% plus corridor-specific transfer fees; E*TRADE stock and ETF trades were $0 commission but options carried a $0.65 per-contract fee, broker-assisted trades added a $25 surcharge, and margin interest rates ranged from 12.70% to 13.20% depending on balance tier (Internet Archive capture, 3 January 2023)
- They diverge on capability: Wise covers International transfers, E*TRADE covers Advanced trading tools.
Where they differ
Only the attributes on which Wise and E*TRADE actually diverge.
Identical on both: platforms (Web, IOS, Android), user rating (Not yet rated), category (Personal Finance).
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 Wise
- International transfers
- Real exchange rates
- Multi-currency accounts
- Bill payments
- Cryptocurrency
Only in E*TRADE
- Advanced trading tools
- Options and futures
- Research tools
- Mobile trading
- Wire transfers
Both cover
- Bank accounts
- Web support
- IOS support
- Android support
What people use each for
The jobs each tool is most often brought in to do.
Wise
- Budget Management
- Expense Tracking
- Investment Tracking
E*TRADE
- 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.
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
E*TRADE
- Stock and ETF trades were $0 commission but options carried a $0.65 per-contract fee, broker-assisted trades added a $25 surcharge, and margin interest rates ranged from 12.70% to 13.20% depending on balance tier (Internet Archive capture, 3 January 2023)
Pricing, plan by plan
Wise
FreeNo published plan breakdown. See the Wise review.
E*TRADE
On request- Stock & ETF TradingFree
- Commission-free trades
- Real-time quotes
- Advanced Trading$undefined/month
- All Stock & ETF features
- Options, futures
- Advanced tools
Which should you pick?
Choose Wise if
- You need international transfers.
- You want to start without paying.
- You work on Web, IOS, Android.
- You also want real exchange rates.
Choose E*TRADE if
- You need advanced trading tools.
- You work on Web, IOS, Android.
- You also want options and futures.
Questions people ask
- Is Wise or E*TRADE better?
- Neither clearly leads. Wise starts at Free and E*TRADE at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Wise or E*TRADE?
- Wise has a free tier; the other does not. Paid plans start at Free for Wise and On request for E*TRADE.
- Does Wise or E*TRADE run on more platforms?
- Both run on Web, IOS, Android, so platform support will not decide this one for you.
- Can I use Wise for free?
- Yes. Wise has a free tier, so you can try it without paying. E*TRADE starts at On request.
- What is Wise best used for?
- Wise is most often used for budget management, expense tracking, investment tracking.
- What can Wise do that E*TRADE cannot?
- Wise covers International transfers, Real exchange rates, Multi-currency accounts, Bill payments. E*TRADE covers Advanced trading tools, Options and futures, Research tools, Mobile trading. Both handle Bank accounts, Web support, IOS support, Android support.
Answered from the vendors’ own pages
Wise: 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.
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.
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.
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.
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