How does Wise work

Wise works as a global fintech platform that lets you send, hold, convert and spend money internationally at the mid-market exchange rate, with the fee shown upfront.

In a short Wise overview, the service combines four things: the exchange rate it applies, the way it shows fees, a network of local bank accounts and a multi-currency account.

• Mid-market exchange rate: Wise converts money at the real exchange rate, the same rate shown on Google, without adding a markup. Traditional banks and exchange services often hide their charges inside a weaker conversion rate.
• Upfront fees: Wise charges a small fee for a conversion or transfer and shows it clearly before you confirm the transaction.
• Local bank network: Wise does not physically move your money across borders. For a transfer from India to the US, you pay into a Wise bank account in India, and Wise pays the recipient from its own bank account in the US, which makes the transfer quicker and less costly.
• Multi-currency account: You can hold several currencies in one digital account, convert between them instantly and order a Wise Travel card to spend abroad.

Wise, formerly known as TransferWise, is a regulated fintech company and has a dedicated team in India. Before using it, check the fee shown for your specific currency pair and whether you need a personal or a business account.