What is the difference between Wise and traditional banks?

Wise and traditional banks differ significantly in their approach to international money transfers and financial services. One of the primary distinctions is the fee structure. Wise is known for its transparent pricing, offering lower fees compared to traditional banks, which often charge hidden fees or unfavorable exchange rates. Wise uses the mid-market exchange rate, which is generally more favorable than the rates provided by banks. Another critical difference is the speed of transactions. Wise aims to process transfers quickly, often within hours or a few days, whereas traditional banks may take several days to complete cross-border transactions, particularly when currency conversion is involved. Wise operates online, allowing customers to manage their transactions through the Wise platform or mobile application, providing convenience and ease of use. In contrast, traditional banks may require customers to visit a physical branch for certain services, which can be time-consuming. Additionally, Wise focuses primarily on international transfers and currency exchange, while traditional banks offer a broader range of services, including loans, credit cards, and savings accounts. Anyone interested in learning more about Wise services can explore their current website for detailed information.