When we send money from one account to another, exchanging currencies along the way, we usually get shortchanged. The most notorious method for transferring money internationally is the airport currency counter, but doing it through the bank is nearly as expensive, with exorbitant exchange rates and other fees costing consumers as much as 5% of the transaction value. The worst part is that patrons are left in the dark about how much they’re losing because fees are often hidden in the exchange rates.
Wise (formerly TransferWise) offers a much better alternative. The fast-growing online service uses only real exchange rates (the ones you see on Google) and offers low, transparent fees—often 80% to 90% less than traditional banks. Wise has created an entirely new infrastructure for sending payments globally, building direct connections between banks so that transfers are both cheaper and faster. The fintech company’s product is also evolving rapidly, with services for businesses and multi-currency borderless accounts for frequent travelers. Since launching in 2011, Wise has been revolutionizing the way we send and receive money internationally, creating a system perfectly suited to the interconnected world of today.