Solving real life problems with our products

There are three big real-life problems that we solve for our customers here at Wise.

• Sending money across borders is slow, expensive, and it's really hard to do.
• True international bank accounts don't really exist.
• The underlying technology that powers moving and managing money across borders hasn't changed for decades.

We are solving these three problems with our products: Wise account, Wise Business and Wise Platform.

TransferWise --> Wise

When we first launched, we focused exclusively on money transfer. We wanted to make moving money instant, convenient, transparent and eventually free. And we’ve made a lot of progress.
Sending money via Wise is incredibly fast. Half of our transfers arrive instantly.
It’s cheap: eight times less expensive than your average UK bank.
It’s transparent: you know exactly what you’re paying - without hidden fees.
And it’s everywhere: you can send to over 80 countries.

But we realised our customers wanted to do more than just sending money. They wanted to hold, spend, receive, convert and even invest money. Our three products solve those international banking problems.

Wise account

The Wise account enables our customers to send and spend money anywhere, receive payments in multiple currencies, and hold and convert money. The Wise account comes with local bank details in 30 countries and a debit card, allowing people to spend like a local - anywhere.

In the last financial year (FY22), our customers have deposited £6.8 billion in Wise accounts, up from £ 3.7billion the year before.

Wise Business

And just like personal customers, businesses need a fast, low-cost and convenient way to manage their money internationally. Small and medium businesses are getting just as ripped off as consumers.

But businesses need other things too, like integration into their accounting workflows. That’s why we launched Wise Business. It combines the Wise account with specific business features.
Businesses can issue multiple cards to their employees. They can make thousands of payments in a click of a button with our batch payments feature. They can give fine grained control of their finances to their employees with multi-user access and they can keep their accountants happy by automatically synching with their accounting software, such as Xero, QuickBooks and FreeAgent.

Wise Platform

With our Wise Platform, we’re taking the magic of Wise and integrating it directly into the platforms where people and businesses already spend a lot of their time - like their bank or accounting provider. We are now live with 50+ bank partnerships across 4 continents.

Wise Platform enables customers from accounting platforms to pay their invoices in one click. Payroll providers use Wise Platform to pay their employees and their customers’ employees. Trading apps now allow their customers to fund their trades through Wise. And the Wise Platform is integrated directly into wallets such as Google Pay in the US.

And it’s not just companies. Banks are using the Wise Platform too. We are working with nearly 30 banks all over the world.

Our competitive advantage

None of this would be possible without the infrastructure we spent over a decade building. It’s a direct result of our investment in technology, local licenses, operations and expansion into new markets.

The Wise infrastructure is the connecting tissue between local payment systems around the world. It’s how we make moving money instant and cheap, and it’s what sets Wise apart from traditional players.

Learn more about our infrastructure here.

What can you expect from us next?

Wise will become the primary account for more and more international people and businesses. We’ll get there by continuing to add more currencies, more regions and more features. And we’ll deepen our infrastructure by plugging ourselves directly into payment systems. This will help us to continue to drop prices, improve speed and convenience for our customers.

And as that infrastructure matures, partners will switch to us to support their borderless banking needs.

Doing this helps us get closer to our mission of powering money for people and businesses: to pay, to get paid, to spend, in any currency, wherever you are, whatever you’re doing.