What is Wise and what does it offer?
Wise (formerly Transferwise) is a payment provider for transfers to other countries and currencies. As an international and growing provider, you can offer conditions that local banks couldn't survive with. No matter if you want to transfer, say, a euro Account cover, pay for your holiday hotel or order furniture abroad, this is where Wise comes in.
A comparison with your bank will quickly show you how much money you can save if you use Wise. In this article, we explain whether we can really recommend the service, what the costs are and what possible alternatives are.
I have had Wise for three years, and I can confirm that Wise usually works well. However, I have criticised their complaint management system, which does not provide binding answers. When I called six times, I was connected once to Brazil, once to Singapore, once to India, once to Madagascar, once to the USA and once to Greece when I called the number in England. Everyone responded to my question about why I couldn't download a receipt in the same way, very friendly but without a solution: "I will escalate it to our back office team." Not very customer-friendly. Then I waited for days and made the next call to support, only to end up in another country again. However, I never ended up with Swiss or German-speaking support. My app runs in German, so no one could help me. No address on the home page, no manager or team leader available, everything virtual and not very systematic. I regret the experience, as I had no reason to complain for many years.
Hello, everyone,
cheapest and safest provider is Wise - I can say from 10 years of experience!
Here's a code to get either a free card or NO fees on a transfer up to CHF 600.
Best regards, Moritz
I recently opened a wise business account by mistake and had to pay €50, which was then booked for "bank details".
But I haven't booked anything yet, my personal account hasn't been loaded and I've made a mistake. Does anyone know anything about the Wise app and can help?
merci very much
what is the contact help number of Wise in Switzerland or Egland?
Recently, Postfinance no longer accepts the reference P1...... or something similar. What happens if this is omitted (only optional with Postfinance)?
Sorry, I have another question about NEON!
Can I top up Neon with my credit card? Can I use the Miles and More credit card to top up the Neon account with money and then make payments at Neon?
Thank you already for the answer 😀
Kind regards
Jacqueline
Hi Jacqueline
as I no longer use my Miles More, I'm afraid I can't say. Would you like to test it for the community and then share it here?
It would be mega if it could be done!
Best regards 🙂
Eric
Such a great report! Thank you!!
I have one question! When I top up Wise with my Miles and More card, do I get the miles credited?
We don't get any more miles credited to Revolut! Unfortunately!
Thanks for the answer! 😀
Have a nice day!
Kind regards
Jacqueline
The whole thing is quite risky after all. I didn't see a company address on the entire Wise website. If something should go wrong, the customer is probably left out in the cold. But the low fees are tempting.
Wise (formerly Transferwise) is a large company - Google will show you more. By the way, I found the address directly on the website:
Wise SA at Avenue Louise 54, Room s52, 1050 Brussels, Belgium
Best regards 🙂
I was charged more than 27.00 chf (supposedly to Dubai) and I don't know how this happened. For 2 weeks I have been sending various mails and chats with Wise. But I don't get an answer. I find that very worrying!
Hello Dan
In that case, do you deposit money steadily with Wise? To be on the safe side, I would deduct it again until you know exactly where the debit came from.
Maybe it was a company based in Dubai where you shopped, but you didn't know they were based there...
Can wise be connected to a postfinance account?
sure! you can use via bank transfer. so from every swiss bank
Hi, I am facing some difficulties in receiving money from abroad. May I have your email address, so that I can contact you directly? Your email address is missing in your website, although Wise informs that we should write an email for the chat is out of order, thank you!
Hi Angela, please contact the Wise team direclty via the app
I can no longer log in.it always says e-mail or password wrong.but not.can you delete everything so that I can register again?
Waiting for answer
Thanks Greetings Beat
Hello Beat,
Please report this directly to Wise. The support will take care of you or you can use the forgotten password function.
Schwiizerfranke is "only" a financial blog 🙂 and is independent of Wise.
Thanks for the good post. If I transfer CHF, will it be changed to € or will my CHF arrive 1:1 on my Wise app?
Hello Theo
you can always specify which currency should arrive. If CHF should arrive, the recipient will receive CHF (provided he has a CHF account).
If you try it, you get the message: "Transfers from CHF to CHF are currently not supported." I don't know whether it works from a Wise account.
Hello, Eric,
great post, thanks for the good tips.
What about taxes? Do the Wise accounts (different currencies) have to be declared as assets?
Hello Yannick, thank you for your positive feedback 🙂
yes, you have to declare all assets in the tax return. if you now hold different currencies at Wise X and the individual amounts are very small, you can also just declare the total if necessary. (Since I am not a tax advisor, I do not know if this is 100%ig okay)
great, thanks for the quick feedback.
Yes, Wise serves as a pass-through account for me, except for the vacations. Then there is more on the account during the vacation period.
Greetings Yannick
Hello
Is it possible for strangers to transfer money to my Wise account? Also, I have heard that AHV is not paid to Wise. Is this true?
Thanks for info
Hello Pius
Wise recently added the ability to assign deposits via email. So if someone has your email, they can send you money. If you just give them your IBAN from Wise, they can also deposit money normally. I am not sure about AHV. If that would be the case, you can just do the transfer yourself. e.g. via a Neon or Zak account.
Hi Eric, I just wanted to make a SEPA transfer from my Wise account to Bitpanda ... but unfortunately I can't!
do you know what's behind this ban? Thank you.
Hi Rudolf, unfortunately some banking institutions or payment processors behind them are still very conservative in their dealings with cryptocurrencies. (Partly understandable, of course, since their business model is threatened. On the other hand, it shows how much banks partly restrict us by wanting to ban us from transferring money). However, there are also more and more banks/payment processors that see opportunities here and are open. Have you already heard it from your Neon Account off tried?
Hi Eric, thanks for the tip, it actually works!!! For me, however, this means the end of the Wise account, because what does Wise offer that Neon could not already?
They seem to be incredibly quick at learning, as almost all of the points of a fairly negative review in 2019 have now been cleared up.
Absolutely, neon has developed brilliantly 🙂 Wise is available in neon - but with a minimal convenience fee. So if you transfer very high amounts abroad very often, you can save a little more with Wise. For most people, it is probably easier to work directly in Neon
Thanks for the contribution, because the timing was mega 🙂 was about to order me a Revolut card, but the Transferwise credit card offers me much better conditions!