In the real estate industry, outsourcing tasks to specialized professionals across different countries has become a strategic move for companies aiming to maximize efficiency and profitability. And to maintain a seamless operation, ensuring timely and secure payments to your outsourced partners is essential. However, traditional payment methods like international bank transfers often come with exorbitant fees and unfavorable exchange rates. This could substantially affect your budget and cause unnecessary stress.

That’s where Wise steps in, the innovative solution that simplifies and enhances international payments for real estate outsourcing. Let’s take a look at how Wise can transform your payment processes and propel your business to new heights.

What is Wise?

Wise, formerly known as TransferWise, is essentially an internet-based platform that facilitates international money transfers, enables receipt of payments in various currencies, and offers a Wise debit card for spending abroad. It was co-founded by Taavet Hinrikus, who was involved in the founding of Skype, and Kristo Käärmann, a seasoned financial services consultant.

Established in 2011, it was launched with the purpose of simplifying, accelerating, and reducing the cost of international money transfers. The ultimate goal is to progressively decrease costs until it becomes free to conduct cross-border transfers through Wise.

While Wise is headquartered in London, it has expanded its presence globally and now operates offices across multiple locations worldwide. It has broadened its range of services over time beyond money transfers. It now provides multi-currency accounts and associated debit cards, enabling individuals and businesses to send, spend, hold, receive, and exchange over 50 currencies conveniently within a single platform. This comprehensive offering consolidates various financial activities into one accessible location.

Main Features and Benefits of Using Wise

Wise offers a range of features and benefits that set it apart as a leading platform for international money transfers and financial services. Here are some key features and benefits of Wise:

Transparent and Low Fees: Wise prides itself on transparency. When you initiate a transfer, you’ll see the upfront, low, and clearly stated fees involved. There are no hidden charges or markups on exchange rates.

Fair Exchange Rates: Wise uses the mid-market exchange rate which is also known as the real exchange rate. It’s the rate you’ll find on independent sources like Google or Reuters and is the fairest rate you can get. This helps you save money on currency conversions as it avoids inflated exchange rates.

Multi-Currency Accounts: Also known as the borderless account, Wise enables you to hold and manage multiple currencies in a single account with Wise. This feature allows you to conveniently send, receive, and convert money between different currencies without the need for separate bank accounts. Furthermore, it allows you to receive money like a local in various countries. It comes with local bank details (e.g., account numbers and routing codes) for countries such as the United States, the United Debit Card: Wise offers a debit card that you can use to spend money directly from your Wise account. The debit card supports multiple currencies and provides convenient access to your funds at anytime, anywhere.

Business Tools: These include features such as batch payments, mass payouts, automated bank feeds, and API integration, which streamline financial operations for businesses of all sizes. It also has a business account that caters to various business sizes. It integrates with the popular online accounting software – Zero. This allows businesses to efficiently manage their finances and administrative processes in a cohesive manner.

Fast and Convenient Transfers: Wise provides fast transfer speeds, enabling you to send money to your recipients quickly. Transfers can often be completed within a few hours, although the exact time may vary depending on the currencies and payment methods involved.

Trusted and Regulated: Wise is a reputable and trusted financial service provider. It is regulated by financial authorities in different countries, such as the Financial Conduct Authority (FCA) in the UK. Your funds are safeguarded and held in secure accounts, providing peace of mind.

User Experience with Wise

Creating a Wise account is a straightforward process that can be completed online. It offers a user-friendly interface that is easy to navigate. Plus, it is available for both desktop and mobile devices.

Pricing Structure

Wise is a free platform and the fees for transferring funds vary based on several factors, including the transfer amount, the recipient’s currency, and the chosen payment method.