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Wise Review: How Good is it for Business Payments?
In the past eleven years, Wise has grown into a favorite global platform for transfer services. The firm was launched in 2011 to make money transfers more efficient. The firm boasts almost 12 million customers in more than 80 countries globally. Reports estimated that Wise makes more than 10 million global transfers worth over a billion in a month.
Since the firm decided to add other business endeavors to its scope, it changed its name to simply Wise. Wise has added several features to its accounts to keep up with its competitors. In addition, the company has enhanced its business accounts for the international market.
Wise accomplishes this by paying invoices and wages in tens of currencies at actual exchange rates. The article will help you understand how good Wise is for business payments and why Wise is safe.
Wise offers the mid-market exchange rate, the best exchange rate today. Banks and most transfer services firms commonly use it. The mid-market exchange rate is the intermediary price between the selling price and the asking price, thus, referred to as the “real” rate. Information regarding the status of this rate is available on the Wise website. It is important to note that Wise uses this rate for business and personal transfers. However, the maximum transfer value for business accounts is higher.
Wise offers discounts to its customers based on the amount of money they transfer. When sending cash above 100,000 GBP or its equivalent in your currency, you will be eligible to receive a discount. The firm also offers discounts to users who complete several transfers over a given period, i.e., a month, allowing your business to remain effective.
Wise Review: Banking Option
Wise can enable your business account to run as a local, national bank. Whether it is in Australia, the United States, or Europe, you will be able to begin selling in any currency. In addition, you will be able to wage your expenses online without worrying about conversion fees. Wise also allows you to receive payments and come up with direct debits. It delivers all the tools you need for effective banking at your doorstep.
Despite not being a licensed banking firm, Wise is very mindful of its customers’ funds. Governments compel Wise to operate under their laws concerning payments and e-money. Therefore, Wise has to store your money with other renowned firms.
These funds are inaccessible to Wise, and if something were to happen to the firm, you’d still be able to get your money. It is important to note that even though government organizations do not protect your deposits, Wise keeps your money safe using other means. Today, users save up to $1.5 billion a year in this esteemed organization.
A Wise business card can be handy when linked with other forms of payment such as Google pay or Apple pay using business cards. Members of your business team can also get their business cards. You can configure these cards in several ways to suit your desired specification.
For example, you can set a spending limit for each card and allow or deny in-store and contactless payments, among other customizations. The cost of setting up a Wise business card is around $31. For team cards, each extra card costs $3.7. You can use Wise business cards anywhere on the planet. It is important to note that a physical card is not required to spend money with Wise.
Wise Review: Conclusion
Wise greatest strength is its ability to allow you to send and receive money globally at low costs and effectively. It might not have all the best features, but it gets done without hassle. In addition, Wise is trusted by millions of customers worldwide in over 80 nations. Wise has added several features to its accounts that have enabled it to edge some of its competitors.