If you often make international transfers, you know that this often involves high fees and slow transfer times. But there is an alternative called Wise*. In this blog post, we'll take a close look at Wise to show you what it is, why it's so cheap, how to use it, how to open a Wise account, the pros and cons and why it's especially worthwhile for Swiss clients.
In our emigrants' forum, there is a frequent exchange of views on what options there are for exchanging money from CHF to euros or for transfers in foreign currencies. Again and again, Wise is mentioned very positively and as the most favourable option. A good reason for me to take a closer look at Wise.
What is Wise?
Wise, formerly known as TransferWise, is an online money transfer service founded to offer fair and cheap money transfers. Wise was founded in 2011 by Taavet Hinrikus and Kristo Kaarmann in Tallinn, Estonia. Since its inception, Wise has become a leading provider of online money transfers and is now available in over 60 countries. You can use Wise either via the website or the mobile app, so you always have access to your transfers.
Why is Wise so cheap and how does it work?
Wise works with an innovative business model where it uses the real exchange rate and charges minimal fees. In contrast, traditional banks often use inflated exchange rates and charge high transfer fees. Wise offers an easy and secure way to transfer money across countries and currencies by avoiding the use of bank transfers and instead using a P2P model that allows customers to transfer money directly to each other without the need for a bank. Wise allows you to transfer your money quickly, securely and cheaply to different countries.
Advantages of Wise
- Cheaper than traditional bank transfers
- Fast transfer times
- Easy to use
- Secure transfers
- Transparent
Disadvantages of Wise
- Not all currencies or countries are supported
- Not useful if no currency exchange takes place
- No partner card available yet (at the time of this writing)
How secure is Wise?
Wise is authorised by the UK Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 to process electronic money. This means that the same regulations apply to Wise as to banks and the use of Wise is correspondingly risk-free and secure.
More and more banks are also considering working with Wise. The online bank N26* has already integrated Wise directly into the banking app, so that customers can conveniently make international transfers via Wise from their own account.
Why it's worth using Wise, especially for Swiss customers
Compared to other European countries, the Swiss transfer money abroad or in foreign currencies particularly frequently. Conventional banks charge either high fees and/or poor exchange rates for this. That's why Wise is a great way for Swiss customers to transfer money to other countries at a lower price without sacrificing security and speed. Especially worthwhile if you need to make payments, e.g. for travel, shopping or online purchases.
How do I open a Wise account?
Opening a Wise account is quick and easy. All you need to do is fill in the registration forms on the website and verify your identity.
- Go to the Wise website* and click on "Sign up now".
- Enter your email address and a password to create your account.
- Verify your identity: Wise requires verification of your identity to secure and protect your account. This can be done either by uploading a valid photo ID or a copy of your passport.
- Link your bank account to your Wise account to make and receive transfers.
- Once your account is verified and linked to your bank account, you can transfer money immediately.
How do I use Wise?
After opening a Wise account, you can make a transfer in just a few steps. Log in to your account on the Wise website. Enter the transfer details and select the currency you want to transfer in. Check the transfer details, including exchange rate and transfer fees, to make sure everything is correct. That's it!
Summary
In summary, Wise is a great alternative to traditional bank transfers, allowing you to make international transfers easily, quickly and cheaply. Especially Swiss customers should consider Wise to save high bank fees and to ensure a safe and fast transfer.
If you have any further questions, you can always contact Wise. Try it now and enjoy the advantages of cheap and easy international money transfers! The best way to sign up is to use our affiliate link*. It costs you nothing and you support us.
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