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Wise eliminates all of these injustices by allowing people to send money abroad at the lowest possible cost. Using only the real exchange rate and small commissions that are always explicit, the headaches ended and the revolution began.

Wise is a Fintech, a term used in the financial market to designate companies that combine innovation with technology. Created in London by two Estonians, it arises from the need to simplify the transfer of money between bank accounts in different countries. Virtually everyone who needs to send money to another country wants to save money. So, look for a form of transfer that offers good rates so you don't lose too much. In the Wise article: how it works, we will present an effective solution for this process.

Online platforms are good ways to save money. And Wise is one of the cheapest ways to send money abroad. Check out these offers for more information on Wise and how to use the platform. Wise is an online money transfer service authorized by the Financial Conduct Authority (FCA) in the United Kingdom. Wise is an innovative international money transfer provider, often nicknamed "Robin Hood" in the money transfer industry. It strives to make bank transfers more accessible than traditional banks, to apply low and transparent transfer rates and to convert money into the real exchange rate of the intermediate market.

In other words, there is no increase in the exchange rate. (Comparatively, banks typically give the customer a higher market rate, the margin is part of their commissions and are generally not transparent in this respect.) Wise currently supports sending money to 71 countries and sending from 43 countries. The company covers more than 1,000 routes (combinations countries) in 49 currencies and is also one of the few companies that offers the true average market rate.

The idea is to move money faster, cheaper and safer than traditional methods internationally. One of the premises of Wise is to transfer the costs of the transfer method to customers, making shipments cheaper than other similar services. And above all, Wise already operates in more than 1,300 different ways to send money.

What are the benefits of using Wise? There are many advantages to using Wise. For example:

Wise is cheaper: the official exchange rate is used and you pay only a small transfer fee. Instead of an international transfer, the system uses two local operations: one in the country of origin and one in the country of destination. This makes transfers cheaper.

° Wise is transparent: the amount you see in the simulation you make on the website is the same as what you will pay at the end of the transaction. There are no costs incurred in the exchange, no fees charged on receipt, no surprises costs.

Security: the use of Wise is safe because the company is legalized in all countries where it operates, being regulated by central banks and regulatory agencies, all within the law. In Brazil, Wise acts as an exchange correspondent for the banks MS Bank and Banco Rendimento. In addition, the user does not need to move with money, which further increases the security of the shipping service.

° Convenience: the entire transfer procedure is carried out online. Just create a free account, indicate the amount you want to transfer, indicate the details of the beneficiary and make the payment. Within a few days (up to two business days) after receiving the money, it arrives in the recipient's account.

Freedom: you can use an account at any bank to use Wise. In addition, the recipient does not need to have an account with Wise.

Wise: how it works

As mentioned above, making a transfer is very simple. But how does Wise work? Follow the steps:

1 - On the home page, simulate the amount you want to transfer and see the price and the monetary commission

2 - If you agree, create a user (free) and indicate the destination account with the requested data (IBAN, BIC / SWIFT etc.). The recipient does not need to create an account with Wise.

3 - Pay the ticket or transfer the amount to the Wise account in Brazil using your bank account.

4 - Ready! So simple When Wise marks your payment, you will use the foreign account to transfer the corresponding amount to the destination account.

Around the world and over time, banks have been the main solution for sending money abroad. However, international bank transfers are often bureaucratic and expensive.

The explanation given is usually related to international communication processes between banks. However, over time, technology has evolved.

If you have heard of fintech, you will probably understand what we are talking about: they are financial institutions that are technologically capable of simplifying people's relationship with money.

In particular to send money abroad, we decided to highlight Wise - a Fintech born in the United Kingdom and which grew rapidly in Brazil since it entered the country in 2015. In this article we will explain how Wise works and what are the advantages for sending money through this company.
Wise: what is it and how does it work?

Launched in 2011, Wise is an international platform for transfer of remittances online. Currently, it has more than 3 million customers worldwide, with about 2 billion euros per month (about 8 million reais).

This growth was rapid because the company touched on a point that needed a change: the way that international money transfers are made - made them cheaper and more transparent.

The company receives payment from the customer locally, in the country of origin, through its banking partners. Then, convert the money and send the local bank transfer to the destination.

Is Wise safe?

When it comes to money, it is essential to know whether the services we buy are reliable. So the first question that comes to mind is whether sending money via Wise is safe.

In terms of security, using Wise for international transfers is as reliable as using a bank: the main advantage, however, is the lower cost and knowing exactly how much the recipient will receive.