As regular users of their system, we at Asian Itinerary have just been presented with an offer from online bank Wise. Asian Itinerary readers using our link to register will receive a discount on their first transfer fee. This will either remove or reduce the fee on your first transfer, regardless of the currency your payment is in. To take advantage of this offer, go to Wise Website USING THIS LINK and register your account for free.
What is Wise
Wise is essentially an online account where you can send money abroad or get paid in other currencies, and spend abroad on their Wise debit card. The company started out as a simple overseas money transfer service in 2011. Wise headquarters are in London, but the company now has offices all around the world.
How does Wise work?
Wise clever money system
When you want to send money abroad with Wise it feels like the money is going straight from your bank account into your recipient’s account. In fact, there’s a bit more going on behind the scenes. Wise has accounts all over the world. When you want to send money abroad, you actually pay with your local currency into Wise’s local account. Then the Wise account in the overseas country you want to send money to will send local currency to the recipient. The money you pay never actually crosses borders.
For example, imagine you are sending money from the UK to family in Thailand. You would log in to your Wise account and link it with your British bank account, you would also enter your Thailand recipient’s bank details. This is just like setting up a new payee in your bank account.
When ready, Wise will transfer the requested amount of British pounds (£ GBP) into their own UK account. Wise would then alert its Thai account, which would then send the agreed amount of Thai Baht (THB) to the recipient.
The company makes its profit through fees on these transactions, which are clearly calculated upfront before any commitments are made.
TransferWise features
Competitive, transparent money transfers
Transfering money with Wise is easy
International money transfers have always been the headline capability of Wise. It is not the only company to offer these services, but as long-time users, we can attest that their platform is remarkably simple, easy to use and their rates have always struck us as both reasonable and transparent.
Wise takes pride in offering a seamless user experience. It also boasts that it is 13x cheaper than traditional exchange services. In combination, it is no wonder it has grown in international popularity — and become one of the world’s most valued financial technology startups.
Currently, users can transfer money in their local currency or over 50 different currencies. To be precise, Wise supports users to send and receive money from a list of 22 currencies. And users can send money (no receiving) in another 27 currencies via local transfers. The transfer recipient doesn’t need to have a Wise account — all that’s needed to set up a transfer is their regular bank details.
Multi-currency accounts
Borderless WIse Debit Card
The company now offers much more than transfers. International accounts are now their main product offering — and this is exciting news for anyone with an international network and lifestyle. Many of us now live, work and travel around the world, or simply have friends and family that do. However bank accounts generally don’t, and are constricted by geographic borders, making some financial interactions awkward and costly.
Wise’s multi-currency account is heaven-sent in this regard, because for most of us with fairly straightforward international transfer needs, this account makes all those hurdles problems of the past. It is a bit like having multiple overseas bank accounts. It lets users hold money in over 50 currencies.
Special Offer
As regular users of their system, we at Asian Itinerary have just been presented with an offer from online bank Wise. Asian Itinerary readers using our link to register will receive a discount on their first transfer fee. This will either remove or reduce the fee on your first transfer, regardless of the currency your payment is in. To take advantage of this offer, go to Wise Website USING THIS LINK and register your account for free.
