What is Wise? A Comprehensive Investigation and Evaluation of the Service!

• This article is for reference only as it is merely a translated version of the Japanese article below.
  Wiseとは？サービスを徹底調査&評価！ (Japanese version)

What is Wise?

Wise (formerly known as TransferWise) is a global money transfer service provider established in the United Kingdom in 2011. The service was launched in Japan in 2016. Wise’s international money transfer services are used by people all over the world, with a total membership of 13 million. Every month, Wise handles transfers equivalent to 8 billion GBP or 1.26 trillion JPY*. The large number of registered users and the high volume of transfers indicate that Wise is a trusted international money transfer provider for people worldwide.

Let’s take a closer look at the services that Wise offers.

*As of September 24, 2022, 1 GBP = 157 JPY

Open a Wise account here!

Service Overview: International Money Transfer Services

Wise primarily offers two services:

• International Money Transfer Services
  See this article for more details
• Multi-Currency Accounts and Debit Cards (International Payment Services)

This article will explain Wise’s international money transfer services as of August 2022.

Sending Money from Japan to Overseas (Outbound Remittances)

Using Wise, it is possible to transfer money from Japan to bank accounts in over 80 countries. Transfer requests can be made via Wise’s website or the Wise app.

However, Wise does not have physical branches, so it is not possible to make transfers in person or at a counter. Additionally, Wise does not offer cash pickup services at any counter or location.

Wise Outbound Remittances (Japan to Overseas)

Sending Money from Overseas to Japan (Inbound Remittances)

With Wise, money can be sent from overseas to a Japanese bank account. Transfer requests can be completed on Wise’s website or through the Wise app.

However, since Wise does not operate any physical branches, in-person or counter-based transfer requests are not available. Wise also does not provide the option for cash pickup at any physical location.

Open a Wise account here!

Wise Inbound Remittances (Overseas to Japan)

Fees and Exchange Rates

For international money transfers, there are mainly five types of fees: deposit fees, transfer fees, exchange rate fees, intermediary bank fees, and recipient fees. Let’s take a closer look at the fee structure Wise has in place for these charges.

Wise Fee Structure

Reference: Wise Fees – Pay Only for What You Use

When using Wise for international transfers, typically, the only fee incurred is the transfer fee. This fee ranges from 0.41% to less than 1% of the transfer amount, making it one of the most cost-effective options in the international money transfer market.

Additionally, Wise’s approach to setting exchange rates is transparent and fair. Unlike traditional banks and other money transfer services that add a margin to the mid-market rate shown by Google or Reuters to account for currency fluctuation risks, Wise offers the mid-market rate directly to customers.

Moreover, Wise provides an “Exchange Rate Guarantee,” ensuring that the exchange rate at the time of the transfer simulation or request is locked in for several hours. This feature offers assurance to customers by safeguarding against sudden increases in exchange rates, ensuring they benefit from the more favorable rate available at the time of their transfer request.

In terms of low transfer fees for bank transfers and favorable exchange rates, Wise can be considered one of the most cost-effective options among international money transfer providers.

Open a Wise account here!

Estimated Arrival Time and Tracking of Transfers

When sending money internationally via Wise, funds typically arrive within 1–2 business days. If, by any chance, the funds do not arrive, it is easy to track and verify the current status of the transfer.

How to Track International Transfers:

1. Log in to the Wise account.
2. Click the “Transfer Details” button on the transfer you wish to check.

Reference: Wise, How can the status of a transfer be checked?

Open a Wise account here!

Language Support

If you are considering international transfers or recommending Wise’s services to a foreign friend, knowing the languages supported by the website, app, and call center can be reassuring.

Wise Language Support List

The Wise website and international transfer app support 15 languages, including Japanese, English, Chinese, Portuguese, Indonesian, French, and Spanish, among the major languages of 12 countries with frequent transactions with Japan.

On the other hand, the call center for services related to Japan seems to be available only in Japanese. For example, calls from the United States are handled in English, indicating that the supported language varies depending on the country of origin. For more details, please refer to the Wise website.

Open a Wise account here!

Contacting Wise

There are three ways to contact Wise: by phone, email, or chat.

The call center operates from Monday to Friday, 9 a.m. to 5 p.m. In principle, emails and other inquiries receive a response within two days.

Reference: Wise, Contact Us

Wise Contact Methods List

Customer Reviews

How is Wise evaluated by its existing customers? Let’s look at the ratings for the overall service and the app.

Service Evaluation

On the “review platform” provided by TrustPilot, a company established in Denmark in 2007, approximately 170,000 Wise users have rated Wise.

Wise Service Evaluation^*1

Globally, Wise has a high rating of 4.5 out of 5.0. However, when filtered only for reviews written in Japanese, the rating drops to 3.5 out of 5.0. This does not necessarily mean that the Wise service offered in Japan is inferior to that in Europe. It simply indicates that the satisfaction level of those who wrote reviews in Japanese tends to be lower than those who responded in other languages.

App Evaluation

Wise’s international money transfer app is available on the App Store and Google Play. As of August 13, 2022, the app had a rating of 4.5 out of 5.0 on the App Store and 4.3 out of 5.0 on Google Play.

Considering the number of reviews, the overall rating is 4.3 out of 5.0. Based on the number of reviews, it can be inferred that there are more Wise users with Android devices than iPhone users. Additionally, the Wise app has been downloaded over 10 million times on Google Play.

These facts suggest that Wise offers a highly convenient app that satisfies users worldwide.

Wise App Evaluation

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Overall Evaluation of Wise by Our Company

Overall Evaluation of Wise by Our Company

Our company (BizforBetter) highly values the “quality of international money transfer services” and the “customer experience” provided by Wise. In the international money transfer market, Wise offers very favorable transfer fees and exchange rates, and the market evaluation of the Wise international money transfer app is generally high. When considering international money transfers, it is highly recommended to first register as a member with Wise.

Open a Wise account here!

[Time Required: 2 Minutes] How to Register for a Free Wise Account

To ensure the ability to make international money transfers at any time, it is recommended to register with Wise immediately. Registration is free and takes only 2 minutes!

Step 1: Access the Wise Website

Open a Wise account here!

First, go to the Wise website and click “Register” in the upper right corner of the screen.

Step 2: Register Your Email Address

Enter the email address you wish to register in the “Your Email Address” field and click “Continue.”

Step 3: Choose Personal Account or Business Account

Click on either “Personal Account” or “Business Account.”

Step 4: Select Your Primary Country of Residence

Select your primary country of residence and click “Next.”

Step 5: Enter Your Phone Number and Obtain a Verification Code

Enter your phone number and click “Send Verification Code.”
If using a Japanese mobile phone, leave the country code as “+81” and press the “Send Verification Code” button.

Enter the 6-digit security code received on your mobile phone or smartphone and click the “Submit” button.

Step 6: Set Your Password and Complete Preliminary Registration

Enter a password of at least 9 characters, including uppercase letters and numbers, and click “Next.”

After about 5 seconds, a message will appear indicating that you have been registered with Wise.

Open a Wise account here!