If you’re planning to live abroad temporarily, move overseas permanently, or start a new chapter in Australia, it’s a good idea to prepare yourself by learning more about banking and financial options. How will you make payments internationally? And how do you keep foreign transaction costs as low as possible? Thankfully, online money transfer services like Wise (formerly TransferWise) make it easy to send, receive, and convert money. Wise is a convenient payment solution for expats, digital nomads, freelancers, and businesses operating across borders. In this blog, we’ll explain what Wise is and share the advantages of using this international money transfer service, especially for those living in or moving to Australia.
What Is Wise?
Wise is a financial service that makes international payments cheaper, faster, and more transparent than traditional banks. Instead of transferring money directly from one country to another, Wise uses local bank accounts in different countries. When you send money, you transfer the amount to Wise’s local bank account in your home country. Wise then pays your recipient from a local bank account in the destination country. This keeps the currency within each country, reducing international banking costs.
Wise has long been a favourite among expats and travellers, and more and more people who don’t often go abroad are discovering its benefits. Today, more than 13 million individuals and businesses use Wise, saving a combined total of over £1 billion each year compared to traditional banking fees.
The advantages of using Wise abroad (and in Australia)
- Send money internationally or pay with the real exchange rate while travelling or shopping online
- Save money when sending, receiving, and spending worldwide
- Transfer quickly in more than 50 currencies
- No hidden fees or exchange rate markups
- Low, transparent pricing
One of the biggest advantages of Wise is its low cost. Unlike traditional banks, which often charge high fees and include hidden exchange rate markups, Wise provides a transparent fee breakdown. You pay a small, clear percentage of the total amount, shown upfront before you complete the transaction. Wise uses the real exchange rate with no extra margin, making it more affordable than most alternatives.
Fair exchange rate
Wise uses the real, so-called mid-market exchange rate, the same one you find on Google or financial news sites, without the additional margin that banks typically charge. This saves you a significant amount of money, especially when transferring larger sums.
Speed
Wise processes international payments much faster than most banks. While traditional bank transfers can take several days, most Wise transactions are completed within a few hours. This is extremely useful when you need to send money quickly, for example, when unexpected costs arise while living in Australia.
Multi-Currency account
Another major benefit is the Wise multi-currency account. This lets you hold and transfer money in different currencies. It’s particularly helpful for expats or businesses receiving payments in multiple currencies such as euros, British pounds, or U.S. dollars. You can also receive local bank details for several countries, enabling others to pay you as if you had a local bank account there.
The Wise debit card
Wise also offers a Debit Card you can use for payments and ATM withdrawals abroad. The card connects to your multi-currency account and won’t charge extra fees for currency conversion. Millions of customers worldwide use it as a simple and affordable solution for travel payments, without the high international fees that come with traditional bank cards. For people living in Australia, the Wise card is especially popular because local banks often charge high foreign transaction fees when paying abroad.
User-friendly experience
Both the Wise app and website are very user-friendly. You can easily make payments, check your balance, and track exchange rates. The app can even send alerts when a rate becomes favourable, helping you choose the best moment to convert money. Wise also offers reliable customer support for any payment-related questions.
Disadvantages of Wise
Although Wise has many advantages, it’s important to be aware of the downsides. Wise does not offer credit options like traditional banks. The maximum amount you can transfer may be limited depending on the currency and destination country. And while Wise is usually fast, delays can sometimes occur due to external banking processes or regulations in certain countries, including Australia.
Wise vs Revolut
Wise and Revolut are both digital financial platforms, but they are designed with different purposes and features in mind. Wise focuses primarily on transparent, low-cost international payments and currency exchange. It always uses the real mid-market exchange rate without hidden markups and charges clear fees per transaction, with no monthly subscription costs. This makes Wise especially appealing if you frequently send money abroad or manage multiple currencies.
Revolut started as an app-based payment card and has since grown into an “all-in-one” financial app. In addition to international payments and currencies, Revolut offers features such as budgeting, saving, investing, crypto trading, insurance, and various subscription plans with extra benefits. Some of these additional services are only available through premium plans with monthly fees.
Is Wise reliable?
Wise is certainly a reliable and secure way to transfer money internationally and use different currencies. It is a regulated financial service provider and keeps customer funds separate from its own capital, providing protection in case of financial issues. Wise uses strong security measures such as two-step verification and biometric access, and it has millions of satisfied users, with a high Trustpilot rating of 4.3 out of 5 stars. The service is fast, transparent, and often cheaper than traditional banks. We also have very positive experiences with Wise and have been using the app in Australia for years without any issues. Sending money is quick, and so far we have never encountered any problems during a transfer.
Conclusion
Wise is an innovative, cost-effective way to handle international payments. With low fees, fair exchange rates, and fast processing times, Wise is a reliable alternative to traditional banks and expensive money transfer services. Whether you’re an expat sending money home, a digital nomad working with global clients, or a business owner with international customers, Wise can save you time and money.
We’ve personally been using Wise from Australia for several years now with great success, and based on our experiences, we highly recommend it.
Using Wise?
Are you going to live abroad temporarily? Open your Wise account today and discover how easy it is to send money smartly and quickly. Start enjoying the benefits right away!
Want to enjoy all the benefits of WISE, including receiving a free debit card? Then create an account using my personal link.
Frequently asked questions about Wise
Opening a Wise account is simple and can be done via the website or the app. When signing up, choose either a personal or business account and enter your details, such as name, email, date of birth, and country of residence. Wise requires identity verification using a passport, ID card, or driver’s license, sometimes supplemented with proof of address. Then, link a payment method, such as a bank account, credit card, or iDEAL, to send or receive money. After verification, you can immediately transfer money, receive payments, and, if available, request a Wise debit card for multiple currencies worldwide.
Wise was founded in 2011 in London, United Kingdom, by Taavet Hinrikus and Kristo Käärmann, two Estonian entrepreneurs who wanted to make international transfers faster, cheaper, and more transparent. The company started as TransferWise and has grown into a global platform for cross-border money transfers and multi-currency accounts.
Wise works abroad by using local accounts in different countries, making international payments faster and cheaper. When you send money abroad, it largely stays within local networks: you deposit locally, and Wise pays the recipient from a local account in the destination country. This avoids high bank fees and ensures you get the real exchange rate. With a Wise debit card, you can also pay worldwide in multiple currencies, with Wise automatically converting at low costs, making it convenient for travel, online purchases, or international money transfers.
Wise is not completely free, but it is often cheaper than traditional banks. Creating an account and receiving money is usually free, but sending money or converting currencies incurs a transparent fee, depending on the amount and currency. Additional services, such as a Wise debit card or cash withdrawals abroad above a certain limit, may also have costs. Fees are always clearly displayed in advance, so you know exactly what you’re paying, making unexpected charges rare.
