The most honest review on the internet. We use it ourselves.
Wise is the best money transfer service for the vast majority of UK expats. If you're sending regular amounts abroad — monthly rent, living expenses, family support — Wise will save you meaningfully compared to your bank and most alternatives. The single biggest reason: they use the real mid-market exchange rate and charge a transparent, separate fee. No hidden margin in the rate.
The main limitation is large transfers. Wise's percentage-based fee means OFX or TorFX can beat them on amounts over £20,000. But for everything under that, Wise wins.
Every bank and most money transfer services make money on international transfers in two ways: a transfer fee (visible) and an exchange rate markup (invisible). When HSBC quotes you a GBP/THB rate, they've built a 3-5% margin into that rate above the actual mid-market rate. You pay it without seeing it as a line item.
Wise separates these completely. They give you the mid-market rate — the same one on Google — and charge an explicit, visible fee. On a £1,000 GBP→THB transfer, that's typically about £5. Compare that to the £50-100 in hidden margin you'd pay via a bank. The total cost is dramatically lower, and crucially, you can see exactly what you're paying before you confirm.
Fees vary by currency pair and payment method. These are approximate ranges for common UK expat corridors:
| Currency Pair | Typical Fee on £1,000 | Typical Fee on £5,000 |
|---|---|---|
| GBP → THB | ~£5.20 (0.5%) | ~£19.80 (0.4%) |
| GBP → AED | ~£4.90 (0.5%) | ~£18.50 (0.37%) |
| GBP → MYR | ~£5.10 (0.5%) | ~£19.40 (0.39%) |
| GBP → EUR | ~£3.50 (0.35%) | ~£13.50 (0.27%) |
| GBP → USD | ~£4.20 (0.42%) | ~£15.80 (0.32%) |
Fees scale with amount but the percentage generally drops slightly on larger transfers. Always check the live fee calculator on wise.com before transferring.
Beyond transfers, the Wise account is genuinely useful as an expat financial hub. You can:
Many expats use the Wise account as their primary international account, keeping their UK bank account only for receiving salary or pension. This setup means they're always converting at the best available rate.
The Wise debit card is a Mastercard that works at any terminal or ATM that accepts Mastercard. When you spend in a local currency, Wise uses the mid-market rate to convert from whatever currency you hold in your Wise account (or directly from GBP). This is materially better than using your UK bank card abroad — most UK banks apply a 2.75-3% "non-sterling transaction fee" on top of their already-marked-up rate.
In Thailand: Thai ATMs (Bangkok Bank, KBank, Kasikorn) generally accept the Wise card. The ATM may offer to convert to GBP — always decline and let Wise handle the conversion (this is called "dynamic currency conversion" and the ATM rate is always worse). ATM withdrawal fees from the ATM operator apply regardless of your card.
Yes. Wise is regulated by the FCA in the UK (reference number 900507), FinCEN in the US, and equivalent authorities in every market it operates. Customer funds are held in segregated accounts at major banks — they cannot be used by Wise for lending or investment. Wise has been operational since 2011 and has processed hundreds of billions in transfers. It's as safe as any regulated financial service.
Wise is the closest thing to a genuinely fair money transfer service that exists today. The mid-market rate guarantee, transparent fee structure, and quality multi-currency account make it the default recommendation for any UK expat. Set it up, use it, and stop losing hundreds per year to bank fees.
Score: 9.1/10. Editor's Choice.
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