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, averaging 0.5% to 1% per transaction.
- Real exchange rate used by Wise, unlike PayPal's markup on rates.
- Multi-currency account allows holding 50+ currencies in one place.
Consider
- Migrating accounts and funds may require time and effort.
- PayPal's buyer protection is not available with Wise transfers.