Wise Review Australia
Wise (formerly known as TransferWise) offers low cost international transfers, multi-currency accounts for individuals and businesses, and currency conversion which uses the mid-market exchange rate.
If you’re wondering what Wise is all about, you’re in the right place. This Wise review covers the products and services Wise' offers, what they cost, and how to get started.
Wise: Key points
Key features:
- International money transfers, and multi-currency account services for individuals and businesses
- Currency conversion uses the mid-market exchange rate with no markups and low, transparent fees from 0.63%
- Use your Wise card to spend and withdraw in 150+ countries
- Wise uses its own payment network to cut costs and move money fast
Key stats:
- 15+ million active customers, in many countries and regions globally
- Send payments to 50+ countries, spend with your Wise debit card in 150+ countries
- International accounts can be used to manage and spend 40+ international currencies
- Get account details for 20+ currencies to get paid to your Wise account
- Make international debit card withdrawals in 2.3 million ATMs globally
Pros and cons of using Wise
- Clear and simple online registration process
- Extremely competitive rates
- Various payment methods available, including credit card
- No minimum transfer size
- Additional products like their Borderless Account and Debit Card are very unique in foreign exchange
- They can support both business and individual customers
- Cannot pay via cash or cheque
- Limited customer support
- Watch out for the percentage fee if you're making a large transfer
- Wise is still fairly new, they don't support all global currencies yet
Learn more
What is Wise?
Wise was founded as TransferWise in 2011 by two friends. They were both working away from home and wanted an efficient and affordable way to transfer money where they needed it.
Now Wise offers personal and business accounts to hold and manage 40+ currencies, accept payments and spend using a linked Wise debit card. You can also send money to 140+ countries with the mid-market exchange rate and low, transparent fees. Wise's mission is to be transparent and affordable, driving down fees as far as possible on day to day transactions.
When to use (and avoid) Wise to transfer money overseas
Wise can be a competitive, easy to use and low cost provider for overseas payments. However, there are plenty of great specialist services out there and so you’ll need to shop around before making transfers with Wise to make sure you’re happy with the service on offer.
A key limitation with Wise is that you need to be comfortable doing everything in app and online, as they have no branch network. That said, they’re pretty straightforward to use, with 24/7 in app support.If you're also looking for a foreign currency account for multiple currencies and linked debit card, Wise is a great option.
Compare Wise alongside companies like OFX, to find the best option for your specific payment.
Overall: Wise has built its own payment network which can make it fast and cheap to send money abroad. On top of that, they are also transparent on fees, showing you the total cost of your transfer and using the mid-market exchange rate. They've also got a powerful multi-currency account, which makes it easy for people and businesses to send, spend, receive and hold multiple currencies.
How to use Wise
There are three main steps to setting up an account with Wise, which we have outlined below. You can also watch our video tutorial for a complete step by step guide. Before you start your transfer there are a few things you will need as well.
How to transfer money with Wise
Send payments with Wise online or in the Wise app with the mid-market exchange rate and low fees. Here’s what to do:
Step 1: Register
Register your details through the Wise website or app. This will include the type of account you need, your details and the currencies you'll transfer. Once you provide some ID, Wise will let you know when your account is ready.
Step 2: Transfer
After you have a quote for your transfer, you will go ahead and fill in the details of the person you're sending the money to. If you're sending it to your own international account, fill in your own details.
Step 3: Pay
Wise accepts payment by bank transfer, debit/credit card, PayID, money you hold in your Wise account or Real-Time Gross Settlement (RTGS). Fees and limits vary depending on the payment method you select.
The details you’ll need when you’re sending money
When you arrange a payment with Wise it’s usually deposited to the recipient’s bank account. You'll need to prepare some information in advance to make sure your payment can be processed securely.
Required information to send a payment with Wise:
- Recipient’s full name
- Recipient’s bank account number or IBAN
- Recipient’s bank SWIFT/BIC code for some payments
- Any other local details such as a sort code for the UK
Funding methods
There are 5 ways to send money from AUD:
- bank transfer
- debit/credit card
- PayID
- send money from your Wise account
- Real-Time Gross Settlement (RTGS)
Different fees apply for different funding options - bank transfers are often the cheapest way to pay.
How does Wise (TransferWise) work?
To send money with Wise you must first register an account. You can do this online or in the Wise app by uploading an image of your ID document and giving some information about yourself. You can send money to a bank or mobile money account - so the recipient does not need their own Wise account. Or you can send to the recipient’s Wise account as well if they happen to have one.
Ways to send money with Wise:
- Send in app: arrange your payment with your phone app, and pay from your bank, card or Wise account balance - money is deposited in the recipient’s bank or mobile money account
- Send online: set up your transfer from your desktop, for deposit to the recipient’s bank or mobile money account
- Make recurring payments: set up your payment once, schedule it to repeat as needed and relax
Wise has built its own payment network which may be cheaper and faster to operate compared to SWIFT - the system used by banks to send international transfers.
The way Wise works is actually surprisingly simple. Instead of moving money across borders through complex payment networks, Wise has its own network of accounts in all the countries it operates in. When you make a payment in AUD you send it in dollars to the Wise account in Australia. Wise then transfers the equivalent amount from their account in the destination country, in the currency you need. That means no money really has to cross borders, cutting the costs and the time involved.
How much can I save with Wise?
Let’s start out with a price comparison for sending money with Wise versus some of our major Australian banks. We’ll look at which provider wins over a few different transaction values to give a flavour:
| Provider/payment | Wise | NAB | Westpac | Recipient gets more with |
|---|---|---|---|---|
| 1,000 AUD to USD - your recipient gets: | 700.61 USD | 686.61 USD | 677.14 USD | Wise |
| 5,000 AUD to USD - your recipient gets: | 3,507.99 USD | 3,433.31 USD | 3,385.97 USD | Wise |
| 10,000 AUD to USD - your recipient gets: | 7,017.16 USD | Data not available | 6,771.93 USD | Wise |
Details correct at time of research - 5th March 2026. About Wise pricing: Please see Terms of Use for your region or visit Wise Fees and Pricing for the most up to date pricing and fee information.
As you can see, in our example payments, your recipient got more with Wise compared to using the sample banks, across all 3 payment values. This is because Wise uses the mid-market exchange rate and has low transfer fees. More on how Wise charges coming up later.
How much does Wise cost?
It's simple to work out how much Wise is going to cost for your international money transfer. Because they don't put a margin on their exchange rates, you just have to look at the fee they charge. You can also easily get a quote for an AUD transfer without signing up for a Wise account.
The fees you pay with Wise include two distinct costs which you can check if you model your payment online or in the Wise app:
1. Payment Method Fees
Some payment methods cost more than others. For example, you may pay an extra fee if you pay using your debit or credit card to fund a payment. Generally there’s no payment method fee applied for payments using PayID, bank transfer or your Wise balance. You can see the different payment method fees for your transfer in the Wise app or online when you model your payment.
2. Wise Fees
The service fee that Wise charges covers the costs of conversion and so varies depending on where you are sending the money. This is a percentage fee which starts from 0.63% and varies by currency. There's also a Wise promo code you could use for your first international money transfer with the company.
About Wise pricing: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Wise Exchange Rates
Wise uses the mid-market exchange rate. You can compare the exchange rates that Wise offers against other banks and money transfer providers using our exchange rate comparison tool.
How to create a Wise account
You can open a multi-currency Wise account entirely online or in the Wise app. Here’s how:
- Open the Wise homepage or app
- Click Register
- Follow the prompts to enter your personal details
- Get verified
- You’re ready to go
What documents you'll need
Just like when you open an account with a bank, Wise has to ask for documents to prove your identity. This is a legally required step to keep customers and their money safe. You can complete this verification step online or in the Wise app by uploading images of your documents, and save and return to the process later if you need to.
For a personal Wise account you’ll usually need to provide:
- Proof of your identity - like a passport or driving licence
- Proof of address - like a bank statement or utility bill in your name.
For a Wise business account you’ll normally need the above, plus:
- Business documentation which can vary based on entity type
- Names, date of birth, and country of residence for any directors and shareholders who own 25% or more of the business
How long does verification take
Verification may be done instantly. If not, it can often be done on the same day - or within a couple of working days. If you’re concerned about the time it’s taking to get verified you can contact Wise in the app to ask for support.
Do I need a bank account for Wise?
If you want to send a payment with Wise you don’t necessarily need a bank account - but you do need an accepted payment method. One option is to use a credit card, but this can be relatively costly.
If you need to receive a payment you can choose to open a Wise account if you don’t have a bank account to get your money deposited. Register with Wise and your payment can be sent to your new Wise account instead.
How to receive money from Wise?
You can receive money from Wise into your bank account, mobile money account or Wise account.
If you want to receive a payment to your bank all you need to do is give the sender your banking information such as your name, BSB and account number. Or you can use PayID for convenience.
You can also receive payments to a mobile money account by giving the sender your account information - usually your phone number.
If you have a Wise account you can give the person sending you money your Wise account information for the currency you want to receive. This is available in the Wise app instantly.
Wise Multi-Currency Account and Debit Card
The Wise Account is a multi-currency account which lets you hold many different currencies, and also comes with local and SWIFT account information for incoming payments. This means you can use Wise to receive money in a broad selection of currencies.
You can also choose to get a Wise card linked to your Wise Account. It comes with no annual fees, no minimum balances and is great for frequent travellers or for international businesses.
Wise Business Products
Wise can provide business support for your international transfers. When you initially set up your account, you will be asked if you need it for business or personal reasons. This gives you the flexibility to set up your account in the way that best suits you.
Use your Wise business account to get paid in your preferred currencies using local and SWIFT account information, and to send payments to suppliers, contractors and staff globally. You can also get multi-user access to give your team the financial tools they need to do their job, and you can sync Wise with cloud accounting tools for essay bookkeeping.
Read about the Wise business account here.
Wise Customer Reviews
On Trustpilot Wise has a 4.3 out of 5 star rating, which is considered Excellent, from over 280,000 reviews.
Many customers comment on the speed of transfers and strong customer service. For example, Chris says:
‘Love using Wise to move my funds from the United States to Australia where I am presently living. Wise inform me every step of the way, from the beginning of the journey and predicts arrival
Love using Wise to move my funds.’
*Customer name changed for privacy. The customer was not paid to share a review. Review taken from Trustpilot in March 2026
Is Wise Reliable?
On TrustPilot, Wise has 4.3 out of five stars and is considered an "excellent company" to use.
Generally customers speak favourably about their experiences with Wise. A lot mentioned how easy and quick it is to make the transfer, and how efficient the process is. Customers also said they offer excellent exchange rates.
One complaint which arose about Wise was that sometimes ID took a long time to be verified, which held up transfer times. You can check out the latest Trustpilot reviews before you transfer to see what customers have to say.
How to contact Wise if you have a problem
The easiest way to contact Wise is by in app chat. You’ll be connected to an English speaking agent 24/7 and can then get the details you need, or a referral to a specific team if you need more specialist advice.
Wise customer service
Generally, Wise is easy to use and offers a simple self service customer experience, meaning you can easily transact without needing to speak to someone. However, help is on hand if things go wrong.
The easiest way to get personal support from Wise is to log into your account and use the in-app and online chat feature. You can also use email and social media channels.
| Contact channel | Wise availability |
|---|---|
| Personal chat support | Log into your account online or in-app |
| Phone support | Log in and visit the Wise help page to get the best phone number for your account type and query |
| You can also log into your account to message Wise support about specific payments more easily - just click on the payment you’d like to query to get support options |
Wise (TransferWise) limits
Wise payment limits are set by currency. Usually you’ll be able to send high value payments as an individual of up to 1 million GBP or the currency equivalent. There’s a 1.8 million AUD limit for payments from AUD.
Here are the Wise transfer limits for a few major currencies as an example:
| Currency you’re sending to or from | Wise sending limit (per transfer) |
|---|---|
| USD | 1 million USD in most cases |
| EUR | 20 million EUR |
| CAD | Sending from CAD - 1.5 million CAD limit
Sending to CAD - no limit |
| AUD | Sending from AUD - 1.8 million AUD limit
Sending to AUD - 5 million AUD limit |
*Details correct at time of research - 5th March 2026
Check the details for Wise limits for your currency here.
Is Wise safe?
So is Wise safe and legit? Yes.
Wise safety features include 24/7 anti-fraud measures, with both manual and automatic protections in place, comprehensive customer service if you have any questions, and ways to view transactions and freeze your card in-app if you need to.
Where is Wise regulated?
Here, Wise is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL) - and as a global company, Wise is also overseen by a range of similar bodies around the world.
These include:
- United Kingdom - Financial Conduct Authority (FCA)
- Canada - Financial Transactions Reports Analysis Centre of Canada (FINTRAC)
- United States - Financial Crimes Enforcement Network (FinCEN) Regulatory authorities vary by state
- Hong Kong - Hong Kong Customs and Excise Department
- Singapore - The Monetary Authority of Singapore (MAS)
How safe are my login details when I use Wise?
In terms of online security, Wise protects your personal data from fraud and theft. Wise use 2FA, giving you extra protection. This means that when you log in, you go through two levels of verification to access your account. They also encrypt your sensitive data and create secure connections with your website browser when you're providing your personal details and identification.
In addition, Wise adheres to a strict customer agreement. You can email Wise to find out more.
How long does Wise take to transfer funds?
Once you have set up your transfer with Wise, they are able to transfer money overseas securely and quickly. 60%+ of transfers are instant (completed under 20 seconds), 80%+ are delivered in less than 1 hour*
However, the speed of transfer depends on multiple factors:
- The countries you're sending money to and from. Every currency and country is different and timing depends on how quickly your recipient's bank can process your money.
- What time you pay for your transfer. Holidays and weekends may slow payments a little.
- Security checks. The verification process can add time to your transfer.
You can see an estimate of how long Wise takes by adding some basic details into their free calculator.
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
Does Wise have an App?
Yes. When you have an account with Wise (formerly known as TransferWise), you can make transfers through their website, or through their iOS and Android apps. This means Wise is available to both Apple and Android users.
Like their website, Wise's app is very easy to use. There are updates constantly made to ensure it's working at its best. Having the app makes transferring money on the go much easier.
Use your Wise app to send payments, convert between currencies, manage balances, and set your card controls. You can also get instant transaction notifications and transfer tracking in a few taps.
Wise app review
The Wise app review score from the App Store is 4.7 out of 5 stars, and there's a score of 4.8 from reviews on Google Play store.
Here’s what one happy user, Carl, says:
‘Once the initial transfer information (sender/recipient/banking) has been set up, the process from start to finish is eye-blinkingly fast. The app is very intuitive; perhaps even smoother than the online process, and setting up the app after initially opening my account with TransferWise a few years ago was a breeze. Each time I use it it seems that the app is actually faster and more intuitive.’
*Customer name changed for privacy. The customer was not paid to share a review. Review taken from Google Play in March 2026
Is Wise a bank?
Wise is not a bank. Wise is a specialist service which offers international accounts, cards and transfers. Read more about how Wise works on Wise's website.
Wise (TransferWise) alternatives
It makes sense to check out some alternative providers before you start making payments or open an account. The alternative which suits you could vary depending on the type of transactions you want to make. Here are a few to consider.
We’ll dive into the detail on one of them - Revolut - in just a moment:
- Western Union - domestic and international payments arranged online or in person via an agent, payouts to bank accounts or for cash collection. Western Union does support more countries compared to Wise, but the overall costs for online payments tend to be higher
- PayPal or Xoom - send instant payments at home and abroad. Overall costs tend to be higher compared to using Wise, and if you choose PayPal your recipient will also need to set up a PayPal account to get their money
- Revolut - open an online international account to send and hold multiple currencies from the same account. Revolut accounts have handy features like savings vaults and budgeting features, and <18 accounts can be set up for children and teens - but you’ll need to upgrade to a fee paid account to access some of the features on offer
Read more on how Wise compares agains other money transfer providers:
Wise vs Revolut
If you’re looking for smart, simple ways to send international payments you may have also come across Revolut. Let’s see how the features of both Wise and Revolut measure up side by side:
| Wise features | Revolut features |
|---|---|
| Fast online money transfers direct to your recipient’s bank account | Fast online money transfers direct to your recipient’s bank account |
| Set up exchange rate alerts and target rates to transfer when the time is right for you | 3 tiers of multi-currency account, including a Standard plan with no monthly fee |
| Multi-currency accounts to hold 40+ currencies | Hold and exchange 25+ fiat currencies |
| Transfers use the mid-market exchange rate without a markup | Linked Revolut card for easy spending |
| Spend with your Wise debit card in 150+ countries | Spend in 140 currencies |
| Get account details for 20 currencies | Receive payments in AUD and other currencies with account information |
| Secure, fully regulated payment service | Secure, fully regulated payment service |
Conclusion
Wise is great for people looking for low cost, fast international payments, and smart ways to manage their money across currencies. Because Wise currency conversion uses the mid-market exchange rate without hidden fees - and a low, transparent charging structure - services tend to be cheaper compared to competitors, with no nasty lurking surprises.
FAQ - Wise Review
How much does Wise cost?
Wise transfers have low transparent fees and use the mid-market exchange rate with no markup.
How long does Wise take to transfer funds?
60%+ of transfers are instant (completed under 20 seconds), 80%+ are delivered in less than 1 hour.
Is Wise safe?
Wise is regulated by ASIC in Australia, the FCA in the UK, FinCEN in the US, and other appropriate regulatory bodies elsewhere in the world.
How does Wise apply exchange rates?
Wise used the mid-market exchange rate with no markups or extra fees added.
Does Wise have a mobile app?
Yes. Get the Wise app for both Android and Apple phones.
How does Wise work?
Wise international transfers are arranged online and in-app, and deposited directly into recipient bank accounts. Because transfers are processed through Wise’s own payment network, the fees can be lower than with other providers.
How many currencies does Wise support?
Hold 40+ currencies in a Wise account and send payments to a broad selection of countries around the world.
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