Wise(Formerly TransferWise India): Features, Benefits & Pricing
Wise (formerly TransferWise) is a global platform for sending and receiving money, empowering individuals and businesses worldwide to handle international payments with ease.
However, after reviewing platforms like G2, Capterra, and Trustpilot, we found that existing Wise users often complain about issues like privacy challenges, limited customer support, and high currency conversion rates.
Before you opt for Wise, it is a ‘wise’ decision to read this honest TransferWise India review. We compiled this review based on our analysis of Wise’s features and the feedback shared by existing Wise users on various review portals.
Let’s go!
What is Wise (Formerly TransferWise India)? Brief overview
Wise enables peer-to-peer and business-to-business money transfers worldwide. Initially, the Wise platform was a peer-to-peer (P2P) solution only that allowed individuals to send or receive money directly without intermediaries (like banks or credit card companies).
Later, Wise expanded into a business-to-business (B2B) payments solution, processing multi-currency transactions between enterprises.
Wise applies a mid-market foreign exchange rate without levying any forex markup. It charges a conversion fee that differs from country to country. For significant currencies like USD, EUR, GBP, and AUD, the conversion fee is approximately 1.78% of the transfer value.
If a client sends you $1000 from the US to India through Wise, you will receive around ₹81,749.09. In this transaction, Wise will consider the mid market exchange rate without any markup which would be INR 83.66 (as of 23rd September 2024). However, it will levy a conversion fee of USD 16.95 along with a GST of USD 3.5 and an eFIRC fee of USD 2.50, bringing the total to USD 22.95. In a nutshell, to receive a payment of USD 1000 via Wise, you would need to pay a fee worth USD 22.95.
What are the Key Features of Wise (Formerly TransferWise India)?
Let us now assess the key features of Wise transfer:
P2P transfer
Wise’s P2P transfer feature enables individuals to transfer and receive money from friends, family, and clients residing abroad. Recipients don’t need to maintain a Wise account to receive P2P payments. They can directly receive the payment in their bank accounts.
The key benefits of the P2P transfer include:
- For P2P, Wise doesn’t charge any bank transfer fee
- Wise executes transfers at a mid-market exchange rate, the midpoint of two currencies' buy and sell prices. Wise doesn’t charge any hidden mark-ups
Wise P2P transfers are fast. 50% of these transfers are instant, and 80% of transfers are completed within 24 hours
B2B transfer
Wise offers a comprehensive B2B payment solution with multi-currency accounts for businesses to hold and manage over 50 currencies. This feature is particularly useful for companies with global clientele, assisting them in receiving payments like a local entity.
By providing local bank details in various currencies (such as GBP, EUR, and AUD), Wise eliminates the need for multiple bank accounts across different countries. Wise B2B platform also provides a batch payment feature, helping businesses simultaneously send bulk payments to other recipients.
Wise offers API integration capabilities for companies looking to streamline their financial operations. This feature allows for automating payment processes, significantly reducing the administrative burden of managing international transactions.
Multi-currency virtual accounts
Wise multi-currency virtual accounts feature allows individuals and businesses to convert amounts between multiple currencies when engaging in international transactions. Since you can hold and manage multiple currencies, you don’t need to maintain multiple bank accounts in different locations. A single user can manage over 40 different currencies in their Wise account.
Debit Card facility
The Wise debit card is a convenient solution for businesses, travellers, or shoppers who often purchase products online from international brands. However, note that Wise debit card facility is currently not available in India
Digital FIRA
To ease compliance, Wise also offers digital FIRA to Indian businesses and freelancers for every international payment. However, it charges an eFIRC fee for the same, which varies across currencies. For example, for USD payments, Wise (formerly TransferWise India) charges USD 2.50 for digital FIRA.
Is Wise transfer allowed in India?
Yes, Wise transfers are allowed in India. It is a trusted financial service provider approved by the Reserve Bank of India (RBI). However, there are some specific regulations and conditions regarding sending and receiving INR that you should know. You can find the regulations right here.
Additionally, the following Wise services are unavailable in India:
- Outbound Transfers for New Customers: New customers in India cannot send money in Indian Rupees (INR) using Wise. Only existing customers who have previously used the service can make outbound transactions from India (Source)
- Wise Debit Card: The Wise debit card is not available for residents of India. Although users can use their Wise cards for spending in other countries, Indian residents cannot obtain a Wise debit card (Source)
Wise (Formerly TransferWise India) Fees: All You Need to Know
Here’s a quick breakdown of Wise fees for receiving money from abroad as an Indian business:
| Activity | Fee Category | Amount |
| Receiving international payment | Registration fee | Free |
| Forex rate | Mid market rate without any markup | |
| Conversion fee | Varies accross currency and amount. Roughly it comes to around 1.6-1.7% of the total tramsfer amount for major currencies | |
| eFIRC Fee | Varies across currencies. For USD it is 2.5 USD |
TransferWise India Review: The Good, Bad and The Ugly
Here’s how Wise customers rated the solution on different platforms like G2, Capterra and Trustpilot:
| Platform | Rating |
| G2 | 3.9/5 |
| Trustpilot | 4.2/5 |
| Capterra | 4.3/5 |
Let us now learn more about the pros and cons of Wise from its users’ perspectives:
The goods:
- TransferWise is easy to use, has a simple user interface, offers good exchange rates and provides bank account details for your preferred country
- Reasonable fee and faster than other international payment modes
The ‘not so goods’:
- The customer support team is often unresponsive through emails
- Freezes or closes accounts without prior notice
Our Final Verdict of TransferWise India
For individuals and businesses in India receiving money from abroad, Wise offers several advantages:
- Competitive exchange rates using the mid-market rate
- Lower fees compared to traditional banks (around 1.78% for major currencies)
- Support for multiple currencies and payment methods
- Digital FIRA feature for easy documentation of inward remittances
- Fast transfers (80% completed within 24 hours)
However, there are notable limitations and concerns:
- Customer support can be unresponsive
- Risk of account freezes or closures without notice
- Wise debit cards are unavailable for Indian residents
Wise (Formerly TransferWise India) Alternatives to Note
If you want Wise alternatives to receive international payment in India, some of the most used apps include PayPal, Payoneer, and Skydo.
While both are well-known payment solutions for receiving international payments, PayPal can be expensive for small businesses and freelancers. Its transaction fee is 4.4%, and PayPal charges a flat fee of $0.3 and an additional 4% markup on the exchange rate. Alternatively, Payoneer charges a 2% forex markup and a $29.95 annual fee for 12 months of inactivity.
After comparing the pricing of these three tools, Skydo appears to be the most transparent and potentially cost-effective solution with no hidden fees. It charges a flat fee based on the transfer amount and uses live forex rates without additional markup.
Skydo offers virtual international bank accounts that provide free and instant FIRA after every transaction.
To explore Skydo, sign-up today!
Does TransferWise work in India?
Yes, Wise (formerly TransferWise) works in India, but with limitations. Further, the Wise debit card is also not available for Indian residents.
Is Wise a good payment method?
Which is the best Wise alternative for receiving international payment in India?
