Wise
🇬🇧by Wise PLC
Wise (formerly TransferWise) is a London-based fintech company founded in 2011 by Estonian entrepreneurs Kristo Käärmann and Taavet Hinrikus, who were frustrated by hidden bank fees on international transfers. Wise uses the real mid-market exchange rate with transparent, low fees — typically 0.5-1.5% versus 3-5% at traditional banks. It offers multi-currency accounts in 40+ currencies, debit cards, and business accounts. Wise is publicly traded on the London Stock Exchange and holds licenses from the FCA, serving over 16 million customers worldwide.
GDPR CompliantEU-Based
freemiumMigration:●●●
Why switch?
- Wise offers low transfer fees, often under 1% for international transfers.
- Wise uses the real exchange rate, avoiding hidden markups on currency conversion.
- Multi-currency accounts let you hold 50+ currencies for easy global transactions.
Consider
- Venmo's social feed for payments is missing in Wise, reducing user engagement.
- Migrating funds from Venmo to Wise can be cumbersome and time-consuming.