Money transfer, especially on the international level with great currency exchange rates. Now there are 5 best benefits of wise account in 2023 that we can enjoy even going forward in the online payments and banking world.
The wise account was my first and true friend when it comes to exchanging EUR for GBP and vice versa. It was 10+ years ago when they didn’t even provide debit cards.
Let’s see the 5 best benefits of a Wise account in 2023. They did indeed do a great job.
TransferWise is a financial technology company that provides a range of products designed to make international money transfers faster, cheaper and more convenient. Here are some of the key products offered by TransferWise:
- International Money Transfers: TransferWise allows customers to send money internationally at a fraction of the cost charged by traditional banks.
- Wise Borderless Account: This is an international bank account that allows customers to hold and manage money in multiple currencies. The account comes with a debit card that can be used to spend money abroad in any currency.
- Wise Business Account: TransferWise also offers a business account that allows companies to send and receive payments in multiple currencies.
- API: For businesses that need to integrate international money transfers into their own systems, TransferWise offers an API (Application Programming Interface) that allows developers to easily integrate TransferWise’s services into their own applications.
- Wise Multi Currency Account: TransferWise recently rebranded as Wise, and now offers a range of new products and services, including a multi-currency card, direct debits, and even borderless banking for small and medium-sized businesses.
Overall, TransferWise (now Wise) offers a range of innovative and cost-effective solutions for international money transfers and currency exchange.
Whether you’re an individual or a business, their products are designed to make managing your international finances easier and more affordable.
Who Can Mainly Benefit from Wise Account?
Now that we know what are the top 5 benefits, we can easily see who can get the biggest benefits from using a Wise account.
Since the opening of the account is for free, it takes you not long to see why you can be one of the beneficiaries.
I would benefit from Wise account I would be:
- living abroad and sending money to my family in a different currency
- living at the border of 2 countries — working in one and living in another one with 2 different currencies (the exchange rate advantages)
- traveling often and so would need to book my flights and accommodation
- travelling often to countries with different currencies
- buying online so I could use Wise debit card to pay online
- growing my e-Commerce business and want to set up an easy online business account
- starting my online passive income business with content creation and simply setting up an extra payment stream
- separating my emergency account from my traditional bank account
- creating a spending fund account so I could better manage my spending habits and I would simply transfer the spending amount for each month to this account
What is the personal alternative to the Wise account?
Revolut is a financial technology company that offers a variety of payment services to its customers.
One of the key features of Revolut is its multi-currency account. This account allows customers to hold and spend money in multiple currencies, without incurring any additional fees. You can also use the account to make international money transfers, which are processed at the interbank exchange rate with no hidden fees.
Revolut also offers a prepaid debit card that can be used anywhere in the world that accepts Mastercard or Visa. The card is linked to a multi-currency account, which means customers can easily switch between currencies when traveling abroad.
What is new lately? It is an option to use the app to split bills with friends, set up recurring payments, and manage your subscriptions.
The app also allows you to track your spending and set budgets, helping them to manage their finances more effectively.
What is a business alternative to the Wise account?
Divvy is an online solution for businesses. It is a modernized business finance solution, combining expense management software and smart corporate cards into a single platform. B
Divvy is a Bill company and business expense management solution that includes two main components: 1) physical and virtual charge cards and 2) expense and management software that tracks spending from those charge cards.
Solutions for business owners:
- payment systems
- business card and also virtual cards
- expenses management system
What is Divvy’s BILL? It is a cloud-based payments platform that facilitates fast, secure ACH payments and automates approvals to cut time spent on tedious accounts payable jobs by 50% or more.
The bottom line? BILL makes it easier to pay bills and get paid.
And if your business already uses QuickBooks, Oracle NetSuite, Xero, and Sage Intacct, then you’re in luck. Because BILL already integrates with many software solutions to eliminate double data entry and simplify account reconciliation.
Whether you’re an individual or a business, their products are designed to make managing your international finances easier and more affordable.
Manage your money well with your budget planner. Until you start using a budget, you will not know where and how your money flows in and out of your account.
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Related article:
How to Use Revolut for Traveling around the World
The Best 5 Practical Habits of Financially Fit People
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