By aebsxs 
Key Takeaways
- Wise and TransferWise refer to the same company; TransferWise rebranded to Wise in February 2021 to reflect its expanded services.
- The rebrand signifies the company’s evolution from just offering international money transfers to providing broader financial tools like multi-currency accounts and business solutions.
- Wise continues to prioritize affordability, transparency, and speed in its services, offering low-cost transfers at real exchange rates to over 170 countries.
- With features like multi-currency accounts, local bank details, debit cards, and business tools, Wise simplifies global money management for individuals and businesses.
- Despite the name change, Wise retains its original mission of providing simple, cost-effective, and transparent financial solutions for international transactions.
When it comes to international money transfers, it’s easy to get confused by the names and brands out there. If you’ve come across Wise and TransferWise, you might be wondering if they’re two different services or just the same company with a new name. I’ve been there too, trying to figure out what’s what in the world of online banking and remittances.
The good news? You’re not alone in asking this question, and it’s not as complicated as it seems. Let’s clear up the confusion and dive into why these names are connected, what they mean, and how they impact your experience with sending money across borders.
Understanding Wise And TransferWise
Wise and TransferWise refer to the same company. TransferWise rebranded to Wise in February 2021 to reflect its expanded services.
What Is Wise?
Wise is a global financial technology company. It specializes in low-cost, transparent international money transfers and multi-currency accounts. Wise offers users the ability to hold, send, receive, and convert money in over 50 currencies. Its platform eliminates hidden fees, ensuring cheaper rates compared to traditional banks.
What Was TransferWise?
TransferWise was the company’s original name. It launched in 2011 as a service designed to simplify and reduce the cost of cross-border money transfers. The focus was exclusively on currency exchange and international payments. The name changed to Wise as the company grew to include additional financial products like borderless accounts and business tools.
The Rebranding Of TransferWise To Wise
TransferWise rebranded as Wise in February 2021. The name change marked a significant step in aligning its identity with its expanded range of services.
Why The Name Change?
The name change from TransferWise to Wise represented the company’s evolution beyond just international money transfers. Initially focused on cross-border payments, the platform grew to include multi-currency accounts, business solutions, and other financial tools. The word “Wise” better encapsulated its mission to simplify global finances for individuals and businesses without being limited to transfers.
Timeline Of The Transition
In February 2021, the rebranding announcement was made publicly. Within months, the website, app, and branding materials were updated to reflect the new name. Existing users experienced no disruption to services during this transition. While the core functionalities remained unchanged, the rebrand emphasized the company’s broader capabilities in handling global money management.
Features And Services Offered By Wise
Wise offers a range of financial services designed for individuals and businesses managing money globally. Its focus on transparency and convenience sets it apart from traditional financial institutions.
Money Transfers
Wise provides low-cost international money transfers processed at real exchange rates. I can transfer money to over 170 countries, avoiding hidden fees by paying only a transparent transaction fee. Examples of supported currencies include USD, GBP, EUR, and JPY. Transactions are often faster than traditional banks, with 45% completed instantly.
Multi-Currency Accounts
With Wise’s multi-currency accounts, I can hold and manage balances in over 50 currencies. It enables me to send, receive, and exchange funds without multiple bank accounts. For instance, I might receive payments in GBP while spending in EUR. Wise also provides local bank details for up to 9 currencies, such as USD, AUD, and CAD.
Other Financial Tools
Wise includes tools for businesses and individuals, such as payment links, batch payments for bulk transfers, and integrations with accounting platforms like Xero. Wise debit cards (available in select regions) allow me to spend in different currencies with minimal conversion fees, enhancing global transaction efficiency.
Comparing Wise To TransferWise
Wise and TransferWise are the same company, with “Wise” being its new name since the rebranding in February 2021. The services have continued to expand following the name change.
Any Changes In Services?
The rebranding from TransferWise to Wise didn’t alter the core services offered. The company still provides international money transfers at real exchange rates, transparent pricing, and faster transaction speeds compared to banks.
However, Wise has introduced more features since the name change to support global money management. Multi-currency account capabilities have grown to include holding, sending, and receiving over 50 currencies. Business-specific tools, such as payment handling and integration with accounting systems like Xero, have become prominent. Wise debit cards remain available in multiple regions for convenient global spending.
How Wise Is Positioned Today
Wise is now a comprehensive financial technology provider focused on simplifying cross-border financial transactions. It supports private individuals and businesses looking for low-cost, transparent solutions to manage money internationally. Its services span over 170 countries, bridging gaps in traditional banking inefficiencies.
The company’s value proposition emphasizes affordability, transparency, and convenience. By continuing to innovate, it has positioned itself as more than just a money transfer platform, becoming a global finance tool for modern consumers and businesses.
Common Misconceptions About Wise And TransferWise
The rebranding from TransferWise to Wise has led to widespread confusion about the company’s identity and services. These misconceptions often stem from misunderstandings about the name change and the range of services offered.
Name Confusion
Many believe Wise and TransferWise are two separate entities. In reality, TransferWise rebranded to Wise in February 2021. The change was intended to reflect its expansion beyond money transfers to services like multi-currency accounts and business tools. Despite the new name, the company retained its original mission of providing low-cost international financial solutions.
Service Expectations
Some assume Wise’s services changed entirely after the rebrand. The core features, including international money transfers at real exchange rates and multi-currency accounts, remain unchanged. However, Wise expanded its offerings to emphasize global money management. Features like borderless accounts, Wise debit cards, and business tools now cater to a broader audience. The rebranding highlights this evolution without affecting the quality or transparency users previously experienced.
Conclusion
Wise and TransferWise are simply two names for the same innovative company, with the rebrand reflecting its evolution beyond money transfers. While the name changed, the company’s commitment to transparency, affordability, and global financial solutions remains stronger than ever. Whether you’re an individual or a business, Wise continues to offer tools that simplify managing money across borders, making it a trusted choice in modern financial technology.
Frequently Asked Questions
1. Are Wise and TransferWise the same company?
Yes, they are the same company. TransferWise rebranded to Wise in February 2021 to reflect its expanded services beyond money transfers, such as multi-currency accounts and business tools.
2. Why did TransferWise change its name to Wise?
The rebranding to Wise was done to align the company’s name with its broader range of services, which include more than just international money transfers, emphasizing global money management.
3. Did the services change after TransferWise became Wise?
No, the core services remained the same. Wise still offers low-cost international transfers at real exchange rates, with added features like multi-currency accounts and business tools.
4. What makes Wise different from traditional banks?
Wise offers transparent fees, real exchange rates (no hidden markups), and faster processing times for international money transfers compared to traditional banks.
5. Can I still use my TransferWise account after the rebrand?
Yes, existing TransferWise accounts transitioned seamlessly to Wise. Users saw no disruptions in service, as the app and website were updated during the rebranding.
6. What currencies does Wise support?
Wise supports over 50 currencies for holding, sending, and receiving money. You can also exchange currencies at real-time rates through your Wise account.
7. Does Wise offer services for businesses?
Yes, Wise provides tools for businesses like bulk payments, payment links, integrations with accounting platforms like Xero, and multi-currency accounts for managing global finances.
8. What is the Wise debit card?
The Wise debit card, available in select regions, lets users spend in multiple currencies with minimal conversion fees, offering a convenient way to manage international transactions.
9. Is it cheaper to send money internationally with Wise?
Yes, Wise is generally more affordable due to its transparent fees and real exchange rates, avoiding the hidden costs often charged by traditional banks.
10. Is Wise safe to use for international money transfers?
Yes, Wise is a trusted and regulated financial technology company, ensuring your transfers are secure and compliant with local and international standards.