What is Wise? How to use?

What is Wise? How to use?

Established in 2011, Wise, formerly known as TransferWise, is an organization dedicated to facilitating international money transfers. Founded by Taavet Hinrikus and Kristo Käärmann, Wise allows users to transact at more favorable exchange rates compared to those offered by banks. Setting itself apart with this feature, Wise simultaneously provides users with a transparent and cost-effective experience.

"Wise," previously known as "TransferWise," is a digital financial services company. Wise specializes in providing services related to international money transfers. The company offers a platform that enables customers to transfer money at lower costs and at real exchange rates.

Wise typically provides lower transaction fees and more competitive exchange rates compared to traditional banks. Additionally, it allows customers to make real-time money transfers. The Wise platform offers a solution for users to quickly, securely, and cost-effectively send money between different currencies.

As of 2021, Wise changed its name from "TransferWise" to "Wise," reflecting its expanding range of services and its role in the global finance sector. The company operates in many countries worldwide, offering digital banking and financial services to its customers.

To use Wise, you can follow these steps:

1. Account Creation:

   • Visit Wise's official website.
   • Find a button like "Sign up" or "Register" and provide the necessary information to create a new account. This typically includes your name, email address, and specific identification details.

2. Identity Verification:

   • You may need to complete identity verification steps to use your account. This is a security measure.

3. Adding Money:

   • Use various methods to add money to your account. Options such as bank transfer or credit card are usually provided.

4. Money Transfer:

   • If you want to make an international money transfer, enter the recipient's information. Add the recipient's bank details and the amount to be transferred.

5. Confirm the Transfer:

   • Review and confirm your transfer. The transaction usually occurs instantly, but it may take a few business days due to bank processing times.

6. Notify the Recipient:

   • Send a notification to the recipient to inform them that the transfer has been completed.

Please note that processes and usage steps may change over time, so it's essential to check the latest information and guidelines on Wise's official website. Additionally, it is advisable to carefully review fees and exchange rate conditions before making a money transfer.