Wise Review: The Best International Money Transfer Service for Freelancers

As a freelancer, finding a reliable, fast, and affordable international money transfer service is crucial. After using Wise (formerly TransferWise) for several years, I can confidently say it's the best option for freelancers. Wise checks all the boxes: fast transfers, ease of use, and fantastic exchange rates.

If you’re ready to get started, open a Wise account here and experience faster transfers with unbeatable rates. But before you do, let me explain what Wise is, how it works, and why it’s an essential tool for freelancers handling international payments.

What Is Wise?

Wise is a London-based international money transfer service founded in 2011. Initially called TransferWise, it rebranded to Wise after expanding its services beyond transfers. Wise allows you to send money to over 160 countries, offering multi-currency accounts, business accounts, and debit cards.

Is Wise a Bank?

No, Wise is not a bank. It’s classified as an “electronic money institution.” Unlike banks, Wise doesn’t offer loans, overdrafts, or interest. However, it provides fast, low-cost international transfers, often beating traditional banks on exchange rates and fees.

How Does Wise Work?

Using Wise is simple. Once you create an account, you can send and receive money across different currencies. Wise has local bank accounts worldwide, making transfers cheaper and quicker than traditional international wire transfers.

For example, if a US-based client sends $500 to a UK freelancer, Wise processes the transaction locally in each country, avoiding high international fees and delays. Because the money never physically crosses borders, transfers are fast and affordable.

Key Features of Wise

1. International Money Transfers: Wise is known for fast, cheap transfers with the best exchange rates. For freelancers, this means getting paid quickly without losing money to hidden fees.

2. Multi-Currency Accounts: You can hold and convert money in over 50 currencies. This is perfect for freelancers working with clients worldwide, allowing you to receive payments in various currencies.

3. Wise Debit Card: Although not available in all countries, the Wise debit card is ideal for spending internationally, allowing free or low-cost currency conversions.

4. Business Accounts: Wise also offers business accounts, perfect for freelancers who need to pay employees or vendors abroad, invoice clients, or integrate with accounting software like Xero.

How to Use Wise

Opening an Account:
Creating a Wise account is free and straightforward. Visit the sign-up page, enter your name and email, and set up a password. You’ll need to verify your identity, typically by submitting a national ID and a small deposit (around $25 for Kenyan users).

Receiving Money:
To receive payments, create a currency account on your Wise dashboard. Share your Wise account details with your client, and the money should arrive within seconds or minutes if sent via card or Wise account.

Withdrawing Money:
You can withdraw funds to your local bank or mobile wallet. For Kenyan freelancers, Wise supports withdrawals to M-Pesa, making it incredibly convenient.

Depositing Money:
To deposit money, log into your Wise account and choose your payment method. Wise shows the conversion rate upfront, so you know exactly how much you’ll receive.

Why Choose Wise?

1. No Monthly Fees: Opening and maintaining a Wise account is free.

2. Best Exchange Rates: Wise uses the mid-market rate, which is the fairest you can get—no hidden markups.

3. Low Transparent Fees: Wise shows you the transaction costs upfront, unlike many traditional banks.

4. Fast Withdrawals: Whether withdrawing to a local bank or M-Pesa, the process takes only seconds to minutes.

5. Zero Upwork Withdrawal Fees: If you work on Upwork, you can withdraw your earnings to your Wise account without any fees, making it the most cost-effective option for freelancers.

6. Payoneer Transfers: If your clients use Payoneer, you can transfer funds to Wise for a better exchange rate before withdrawing locally.

7. Invoice Clients: Wise’s free invoice generator allows you to request payments from clients worldwide.

8. Referral Program: Earn £50 for inviting three people to join Wise when they transfer over £200.

Downsides of Wise

While Wise offers many advantages, it’s not perfect:

• Limited Phone Support: Wise’s phone support can be spotty.

• Not All Currencies Supported: Some currencies aren’t available for transfers.

• Debit Card Availability: The Wise debit card is not yet available in all countries.

Ready to experience the benefits of Wise?
Open your free Wise account today and enjoy fast, affordable international money transfers tailored to freelancers.