Wise (TransferWise) Review: Money Transfers & Rates

Wise is a payment platform known for its wide global reach, usability, and reasonable pricing. But, just like any other platform, it presents several challenges, especially for Indian businesses.

If you use Wise for international payments or are considering using it, it's prudent to understand what it offers, where it stands in the larger scheme of things, and if there is an alternative out there better suited for your business needs.

We answer those questions and more in this honest Wise review, touching upon everything – from its features and pricing to benefits, limitations, and real customer feedback.

Wise (formerly TransferWise) began as a P2P platform in 2011, allowing international transfers only between individuals. But later on, the platform began offering payment solutions to businesses as well. 

Currently, Wise works as a payment processing platform that allows both peer-to-peer transfers and business payouts, helping individuals, SMBs, and freelancers send, spend, and receive money internationally. 

Let's take a quick glance at Wise's major features and its benefits:

Key features

• Multi-currency accounts to receive and hold foreign currency. 
• Local bank details to let clients pay using local payment methods.
• Digital FIRA issuance at an additional cost. 
• Multi-currency debit cards for quick access to funds. Although this feature is not available for Indian businesses. 
• Batch payments for processing payments in bulk within a single invoice. Unfortunately, this feature is not available in India as well. 

Pros 

• Strong security measures like multi-factor authentication and encryption for payment security.
• Currency conversion at mid-market exchange rates without any markups. 
• Transparent pricing with no hidden charges. 
• Wide global reach. 

Verdict: 7.5/10

Wise gets points for its upfront pricing without any surprise charges, currency conversion at mid-market exchange rates, multi-channel customer support, an intuitive interface, and a vast global network. 

But it falls short on some aspects as well, like restricted foreign currency holdings, occasional support delays, transaction limits, and FIRA charges. And Indian businesses also miss out on some popular features like business debit cards, investment options, and team finance management.

Considering the good and the bads, Wise lands at a solid 7.5 out of 10 for Indian businesses. Its zero markup feature is something not many platforms offer, and many users praise it for its clean, user-friendly interface, which remains a major highlight. 

However, the platform loses brownie points for its added compliance costs, complaints of unresponsive support, and features that still feel incomplete for businesses operating at scale in India. 

And this is where Xflow shines with its free eFIRA issuance, a dedicated priority customer support, 50% savings on FX costs, and India-specific business workflows, making it much more cost-effective and seamless for cross-border transactions. 

The fees that Wise charges its customers are a mix of a small, fixed amount that is always shown upfront before you commit to a transfer. For currency conversion, it uses mid-market exchange rates, which means there is no extra charge added as forex markup, which usually happens with banks. We can divide the total fees charged under these frames to better understand the pricing. 

Setup fee: There’s a one-time setup fee, which changes regionally, to open the business account and unlock all its features. After that, you won’t be charged any monthly subscription fees.

Currency conversion fee: For major currencies like USD, GBP, AUD, and EUR, the conversion fee is roughly around 1.78% of the money you’re transferring. This value also changes regionally.

For receiving money: The platform will charge you 1.7%-1.8% of the transaction amount. Beyond this, you’ll also have to pay a fee for eFIRA generation. 

Here’s an example to help you understand: 

Let’s say you’re receiving a payment of €1,000 from a client in Europe through Wise. The transfer is calculated at the real mid-market exchange rate, which, as of November 25, 2025, is 102.86. That brings the total before deductions to about ₹1,02,860.

Wise then applies its fee, which in this case would be roughly €18.01, along with a small FIRA fee of around €1.75 when funds are settled in India. To this, €3.56 of GST is also subtracted. 

So, after these deductions, the actual amount you’d receive is closer to ₹1,00,448.66.

It’s also worth flagging that Wise has pretty tight transaction limits.

For incoming transfers, you’re capped at $29,000 (or equivalent) per transaction. On the lower end, the minimum you can receive is $5. 

These limits are fine for freelancers and small-ticket remittances, but they start to feel restrictive the moment your business begins scaling or dealing with higher-value global transactions.

Pricing verdict: 7.5/10

As mentioned above, Wise does well on transparency and mid-market rates, giving users a clear view of what they’re paying for. But the added FIRA charges and limits on certain transactions keep it from scoring higher for Indian businesses.

The platform earns consistent praise for its clean, intuitive interface that makes navigating international transfers quite easy. Even the signup process is simple, and once you've completed your first transfer, other transactions become easy as well. 

The mobile app mirrors this simplicity, letting you receive money, track transactions, and manage multiple currency balances in real-time.

But there is a hiccup in this otherwise smooth journey: in a few regions, the verification process can drag on longer than expected, and users also report sudden account closures. 

Usability and interface verdict: 7/10

While the platform is generally highlighted for its easy-to-use interface and mobile app, the unexpected account closures and lengthy verification can definitely throw a wrench in your workflow.

Although Wise is a global payments platform, the available features and services change based on where in the world you are, and the same is true for India. 

Now, let's dive into the essential features of Wise that ensure a smooth transaction process for your business. 

1. Multi-currency accounts

Wise's multi-currency account allows you to hold and convert over 40 currencies, but here's the catch for Indian users: you can't actually hold balances in foreign currencies due to regulatory restrictions. 

Instead, Indian businesses can receive payments in multiple currencies like USD, EUR, GBP, AUD, CAD, NZD, SGD, and HUF through local account details, but Wise automatically converts these funds to INR and transfers them to your verified Indian bank account.

This is like having virtual receiving addresses in different currencies: your international clients can pay you as if you have a local bank account in their country, making transactions smoother for them.

Verdict: 7/10

These accounts are great for receiving payments, but the forced auto-conversion to INR removes flexibility for businesses that want to time their conversions or maintain foreign currency reserves.

2. eFIRA issuance

You need FIRA or FIRC for claiming incentives and for tax purposes. With Wise Business, you automatically get an eFIRC sent to your email after each transaction within 7 days. Plus, the platform charges a fee for issuing it that changes according to the currency; for instance, it's $2.50 for USD payments.

Verdict: 6.5/10

Automatic eFIRC issuance is no doubt good for compliance, but the 7-day wait and the extra fee make it less efficient and more expensive than what most Indian businesses ideally want.

3. Global reach

Wise provides Indian businesses with account details in 8 major currencies, including EUR, GBP, USD, AUD, CAD, NZD, SGD, and HUF, from clients worldwide. Plus, you can use Wise to receive payments from your clients in more than 40 currencies. 

Verdict: 8.5/10 

Wise's global reach is impressive. The ability to provide clients with local account details in 8 currencies removes payment friction and makes you look more professional. 

4. Payment security

Wise has the Reserve Bank of India's approval, uses HTTPS encryption and mandatory two-factor authentication for every login and transfer, and runs security checks daily to prevent fraud.

Wise also ensures that customer funds are kept separate from its own operational funds at secure institutions such as Barclays, Citibank, and JPMorgan Chase. This ensures that even though the platform faces financial troubles, your money remains protected and available to you.

Verdict: 8.5/10

Its RBI approval and the multi-layered security measures definitely inspire confidence for businesses handling significant international transactions.

A general overview of Wise user reviews reveals a combination of positive feedback and some complaints. Let’s take a look at these reviews: 

Trustpilot: 4.3/5

Users find its interface pretty intuitive and easy to navigate, which makes managing international transfers simple, even for first-time users. They also appreciate that money moves quickly across borders, as well as competitive exchange rates and transparent pricing, which help them save on fees compared to traditional banks. 

That said, some users report negative experiences as well: sudden account closures without explanation, slow or unresponsive customer support, and lengthy verification delays.

Here are some of the user reviews: 

“I find transferring money and changing currency very easy and secure through Wise”

“Easy to use, reliable, and above all secure. I use Wise for personal and business accounts, which are simply excellent.”

“Wise closed my account for no reason. They provided no notice that my account was to be closed and have refused to return my money because I don't have another bank account to put it into...”

“The people in support seem nice but completely toothless. The new USD account has been stuck in verification for days, and nobody seems able to explain or do anything about it. I've contacted them several times, and each time, it leads to disappointment...”

G2: 3.9/5

The trend is almost the same on G2, where users praise Wise for its security, reliability, smooth transaction experience, as well as its low fees. 

But some users point out drawbacks, noting that verification steps can feel repetitive, customer support is often unresponsive, and smaller transactions may charge high fees.

Let’s take a look at some of the user reviews: 

“safety, reliability and ease of receiving funds. We've been using wise for sending payments across teams/platforms and have not seen an issue once. If there were issues, we have their customer staff ready to assist in anyway they can.”

“For years we've used transferwise for our international transfers, and it is often easier than coordinating wire transfers with our banks and it's made it possible for us to more easily work with international contractors.”

“The main drawback is that certain countries or bank types still have limited transfer options or slower processing times. Occasionally, verification steps can feel repetitive, and large transfers may require extra documentation, which can delay the otherwise smooth experience.”

“Nearly non-existent customer service. Arbitrary holds and verifications. Will email you for urgent information beyond legal reporting requirements for your business and then not respond, all while your pending transfers get paused and then cancelled without explanation.”

Xflow is a financial services company that caters to the needs of Indian businesses of all sizes – be it freelancers, SMBs, or large enterprises. With Xflow, you get faster settlements within 1 business day, the ability to hold foreign currency in an Xflow Receiving Account, free eFIRA, and cashbacks on processed payments. 

In addition to these, what makes Xflow the best Wise alternative includes:

• AI-powered FX analyst to help you convert smartly. 
• Business-friendly tools like invoicing, shareable payment links, and reconciliation. 
• Real-time transaction tracking for clear visibility. 
• Quick integrations with your favourite accounting software. 
• Transparent pricing with zero markups on currency conversion. 
• FX rates lock in to prevent currency volatility. 
• Support for more than 25 currencies and transactions from over 140 countries. 
• Unlimited transactions within a single invoice. 

And the best of all is that Xflow understands the needs and pain points of Indian businesses and is built to navigate India’s unique compliance, payout, and documentation realities without adding any friction or confusion. Book a demo now and experience the ease with which you can receive international payments.