What is Wise and how does it work?

Wise (formerly TransferWise) is a UK-based fintech platform that allows individuals and businesses to send and receive money internationally at mid-market exchange rates with transparent fees. It works by matching currency transfers between users in different countries, avoiding traditional correspondent banking networks and reducing costs. Users create a Wise account, verify their identity, and can then hold balances in multiple currencies or make cross-border payments.

For Indian exporters and freelancers, Wise overview shows it offers multi-currency accounts, but inbound transfers to India can take 1 to 3 business days and fees vary by corridor. Skydo, an RBI-authorised platform built specifically for Indian businesses, typically delivers faster transfers with competitive rates and full regulatory compliance, making it a strong alternative for receiving international payments directly to Indian bank accounts.