Wise (formerly TransferWise) is a UK-based fintech company founded in 2010. It initially specialised in providing low-cost international money transfer services, and in recent years has gradually expanded into a wide range of financial services, including multi-currency accounts and debit cards.
Key features
- Transparent fee structure:
- Wise is known for its transparent fee model, where users are able to clearly see all fees when making cross-currency transfers and the exchange rate is based on the mid-market rate with no hidden spreads.
- Fast arrival:
- Around 60% of money transfers can be done instantly, with the majority arriving within 24 hours, providing an efficient money transfer experience.
- Multi-currency accounts:
- Wise allows users to open multi-currency accounts that can hold and manage over 40 currencies and provides local bank account information for major currencies, making it easy to receive and pay internationally.
- Global Coverage:
- Wise is available in most countries around the world with over 10 million customers and processes billions of international money transfers every month.
- Additional Services:
- In addition to money transfers, Wise offers related financial services such as debit cards and money management tools to help users better manage their international funds.
History
- 2010: Wise was founded in London by Taavet Hinkirus and Kristo Käärmann to solve the problem of high fees for traditional bank transfers.
- 2013: Wise begins to receive investment to further expand the business.
- 2021: The company officially changes its name to Wise to reflect the diversity and vision of its business.
