HomeNEWSWise: The tech company helping businesses save thousands

Wise: The tech company helping businesses save thousands

Global technology company TransferWise, has recently changed its name to Wise as a reflection of what the business actually offers.

First launching ten years ago in the UK, (2016 in New Zealand), the company has built a global cross-border payments network that helps make internet banking more accessible for 10 million personal and business customers, including banks and other technology companies.

Originally only assisting with money transfers, Wise has since added a multi-currency account, a debit card, and a business account, which led to the company’s name change.

“Today our name catches up with who we’re already building for – a community of people and businesses with multi-currency lives,” says Wise CEO and co-founder, Kristo Käärmann.

“That community now even includes the banks themselves. We’ve evolved to fix more than just money transfer, but the core experience of using Wise will remain faster, cheaper, and more convenient than anything else.”

Wise will now be home to the following products:

Wise – Building the world’s most international account

Trusted by millions, Wise has a price point that’s on average eight times cheaper than old-school banks and has already issued 1.4 million debit cards globally.

  • Account details – Get account details in 9 countries (New Zealand, Australia, UK, US, Eurozone, Canada, Singapore, Hungary, Poland and Turkey) in minutes so you can pay and get paid in those countries like a local. 
  • Balances – Hold and convert 55 currencies instantly at the real exchange rate. 
  • Debit card – Use the card in around 200 countries and anywhere online, spend with Apple and Google Pay, and withdraw anywhere with no foreign transaction fees or exchange rate markups. 
    • Virtual Visa Cards – add up to 10 virtual cards, each with a unique number to shop with and better manage expenses.  
  • Savings Jars – Stash away money in any currency, for rainy day funds, long-term savings and more. Money in jars can’t be spent using the debit card or used to pay via direct debit until it’s moved back to balances.
  • International money transfers – Send money to over 70 countries at the real exchange rate, up to 8x cheaper than the banks. 
    • Scheduled Transfers – Setup recurring transfers to automate the process of sending money abroad.

2. Wise Business – the business account for going global

Wise is up to 19x cheaper than PayPal and has all the features to meet the banking needs of businesses today. New Zealand brands like Shine On, Bark Loud and Re-Leased are among the 150,000 new businesses that have joined Wise in the last twelve months.

  • Bank Feeds – Businesses can integrate their account and all their activity directly into software like Xero, QuickBooks, and FreeAgent for auto reconciliation. 
  • Mass Payouts – Pay recurring invoices or run payroll in multiple currencies, at the mid-market rate, with a click of a button.
  • Multi-user Access – Ability to add other users, assign roles to manage the account, as if they were the owner.

3.Wise Platform – the magic behind Wise used by banks and companies like Up, Monzo, Sezzle, GoCardless, and Xero. 

Businesses and banks can integrate Wise right into their own platform, allowing them and their customers to have cheaper, faster payments and other international banking features.

  • Banks: Today, 10 banks in 4 continents, including Up in Australia, offer their customers a faster, cheaper alternative to traditional bank transfers having integrated Wise right into their own apps or online banking.  
  • Accounting software and payment companies: Like Xero and Emburse use Wise Platform to power payments for their customers and offer multi-currency expense reimbursement to their customers, respectively. Meanwhile, payment companies like GoCardless use Wise Platform to enable their customers to collect recurring international payments seamlessly. 
  • Ecommerce companies: buy now pay later companies (Sezzle) and music distribution platforms (Stem), use Wise Platform to power payouts to merchants and music distributors and musicians in multiple currencies.

Wise CEO and co-founder, Kristo Käärmann

Case study:

New Zealand bag and accessory company Minaal have been using Wise for years, saving thousands of dollars and hours that would have otherwise been spent with traditional banks.

Minaal founder Jimmy Hayes says being a small business who uses the internet to operate globally, it has been great having a partner like Wise to understand their needs.

“Along with international vendor payments and currency conversions, one very specific way Wise makes my life easier is helping to send a bottle of wine or champagne to say thank you for a project well done.

“Sounds easy, right? It is… until your creative partners live in the Czech Republic and Japan and a town of 7 people in backcountry NZ, and the nice boutique bottle stores don’t take online credit card payments.”

Although some stores don’t take credit card, every store has a bank account. This is where Wise comes in. So they’re directly responsible for helping Minaal send wine from Prague to Osaka.

“Wise has always been one of those key partners, and we couldn’t be more stoked how far we’ve come with them.”

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