Because of advancements in the field of the internet and connections between people across borders, it has become common to send and receive money internationally. From the online field to marketers, and e-commerce stores to service sellers, everyone is now making payments internationally wisely.
No doubt, multiple payment channels are available for sending and receiving money across borders. But it is not as easy to choose the right platform as it seems to be. The reason is you may lose your hard earned money and get back to the lowest level of your business if your money is stuck in between.
To help our readers who are facing such problems, we have written this blog about Wise payment transfers. It might be possible that you have heard about it from someone but we are going to tell you about this platform in detail. Let’s get started!
What is Wise?
TransferWise or Wise is an international payment gateway that allows people to send and receive money without the restriction of borders. It is one of the best payment channels available on the internet with access to more than 70 countries. Through this channel, you can make payments to anyone directly to their bank accounts.
The best thing about this platform is that you will find the best exchange rates. Many businessmen integrate this payment channel with their e-commerce stores like Shopify store to streamline payments. You can join this payment channel from their online platform for free without investing a single penny.
With over 12 million consumers, Wise is used worldwide for payment processing. Every month, more than $8 billion are transferred through this channel. The main reason for its excessive use is that it is available in almost every part of the world and the recipient doesn’t have to create an account with this platform but they can get paid in their standard bank accounts.
Why Wise is considered the best payment method?
When multiple banking channels are available on the internet, it is common to think about why one is better than the others. For example, you may have this question in your mind and looking to know why Wise is considered the best. So, here we have enlisted a few features of this platform that makes it better than all other advanced payment channels.
First of all, the main hurdle faced by people who make international transactions is currency unavailability. It is common to get only a few currencies in the bank wallet that you make online for international payments.
So, it will be hard to exchange money in your currency and get it in your wallet. You will find it pretty simple when you are using Wise to make payments. It supports more than 50 currencies used worldwide including dollars, euros, and many others.
You can easily convert the payment into your concerned currency and get it withdrawn or forward it. So, you will find it pretty simple to use this channel for payment processing or keeping your business on the right path.
No hidden-exchange rates
Have you ever noticed that you won’t get exactly what you have estimated at the time of money exchange? You must have experienced a situation because almost every platform cuts a percentage in terms of exchange rates without showing it to the user.
Thanks to Wise which has made it crystal clear for all its users. It doesn’t charge even a single penny as hidden exchange rates from the receiver. Being a receiver, you will get exactly what you have been shown at the time of exchange or transfer.
Extensive Transfer Limit
Another important feature that makes Wise better than other platforms is the transfer limit. Doesn’t matter whether you are a sender or a receiver, you will find its transfer limit suitable for you. It allows you to send a minimum of $1 from your account to any other account but the value of your sent money in that currency must be $1.
On the flip side, you will find it more beneficial if you are a businessman and make payments over $1000. This payment processing channel allows you to send around $15000 daily if you are an American citizen. You can also increase the sending limit through different means and by verifying your account.
Overall, the transfer limit varies from region to region, currency to currency, and others. But the main thing is that this limit is enough at both ends, i.e. sending and receiving, to let you process the payment smoothly.
Unlike other banking channels, you don’t need to wait for a day or two business days to transfer money. Say Good Bye to late payments and pending payments when you are using Wise. This payment channel will neither keep your payment on hold nor make delays in sending them.
You can transfer your money to any account in the world within minutes. The payment will be reflected in your account just after an instant of processing. It means that you won’t ask the receiver to be patient or wait to fulfill your expenses. This payment channel has made the transfer method easy and smooth for everyone.
Who should use the Wise?
There is no restriction when you are looking to use Wise for payment transfers. Doesn’t matter whether you are a businessman, freelancer, marketing guy, or belong to any other profession, you can utilize its services.
Unlike other payment methods like PayPal, it won’t ask you to submit your business details. The best thing about this payment method is that it won’t charge you anything while creating an account. You can freely signup for this account by entering basic details about yourself.
Additionally, the sending and receiving charges are not too much compared to other platforms. It will charge a few cents from you while you are sending or receiving money using this account. The overall percentage of charges is not even prominent concerning your complete payment.
By reading about Wise in detail, we are sure that you have got an idea about this payment channel and its features. We have discussed it comprehensively to let you understand it properly before stepping into this channel.