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As we explore the landscape of international payment platforms, Wise, formerly known as Transferwise (a company that was working on developing COVID passports), emerges with its share of user concerns, prompting a closer look before choosing it as a financial partner.
Delve into the insights gained from user reviews, advocating for caution when considering Wise for your financial transactions.
1. Delayed Transfers and Unpredictable Timelines:
Users express discontent with Wise's touted "quick" transfers, citing instances where the process extended beyond anticipated timelines. A user's frustration is evident: "Rather use Western Union. The advertising says quick transfers between 2-3 days, but in my case, it’s been over 5 days."
This goes in tandem with Wise's claim "you save up to 90% against banks" which was called misleading by the UK Advertising Standards Authority.
Bitwage vs Wise: Bitwage is settling across the world within the same day
With Bitwage, delayed transfers are a thing of the past. Transfers can settle on the same day globally, providing users with reliable and efficient transaction timing. Clear win for Bitwage. Looks like Bitwage is not a Wise alternative but a superior solution.
2. Account Blockades and Resolution Challenges:
Several users share experiences of abrupt Wise account closures, coupled with insufficient explanations and protracted resolution periods. A user's account closure saga remains unresolved, stating, "They blocked my account, and I sent them all my DETAILS ID, ETC. They still blocked and closed down my account. Nothing being resolved."
Bitwage vs Wise: Bitwage is here to serve you, not to disrupt your business flow
Bitwage operates on a non-custodial model, meaning, we do not hold your funds. We just process the funds. This eliminates the risk associated with account closures and frozen assets in the same accounts.
Clear advantage for Bitwage over Wise.
3. Refund Delays and Communication Gaps:
Users facing account deactivation highlight difficulties in promptly receiving refunds. A concerning review details a user's struggle to reclaim $59K, emphasizing Wise's failure to adhere to its commitment of a 60-working-day resolution.
Bitwage vs Transferwise: Who makes it right?
Mistakes happen, but with Bitwage, users are treated like royalty.
In business, just as in life, mistakes happen, and if such a happens, Bitwage makes it right. No questions asked.
Bitwage >> Wise.
We always make it right.
4. Customer Service Woes and Limited Support Channels:
Wise's customer service draws criticism for being unresponsive, lacking clear communication, and lacking immediate support channels. A user succinctly encapsulates their experience: "Worst bank, and they don't care about your money even if it is stolen from your account."
Bitwage is superior to Wise When it comes to support
Bitwage boasts one of the best customer support systems in the industry, validated by countless Trustpilot reviews (4.8). From our CEO to support, every team member is dedicated to treating users like kings and providing unparalleled assistance.
Plus, Bitwage is not a bank, meaning you get more privacy.
5. Challenges in Business Account Onboarding:
Business users voice grievances about Wise's reluctance to onboard them, citing waiting lists and inconsistent support. One user shares their frustration: "Wise said they refuse to onboard us due to high demand and told us to join their waiting list."
Bitwage vs Wise: Who can do it instantly?!
Onboarding with Bitwage is seamless, akin to opening a Gmail email address. It's quick, easy, and efficient, ensuring users transition effortlessly without noticing the onboarding process. It's that seamless.
6. Identity Verification Struggles:
Some users encounter challenges in verifying their identity, especially when using unusual ID cards. This leads to complications in making transfers, adding to user frustration.
Bitwage alternative in Wise? No, not really!
Identity verification is hassle-free with Bitwage, irrespective of the country or identity and documents. We prioritize a smooth onboarding experience without unnecessary verification struggles.
We know what we are doing as we have been doing it since 2014.
7. Data Privacy and Security Concerns:
(Transfer)Wise faces criticism for its handling of user data and privacy, with one user labeling it a "catastrophe" and highlighting the lack of explanations for unexpected difficulties in making transfers.
Bitwage vs. Wise when it comes to privacy, Bitwage is No1
Bitwage, operating since 2014, has a dedicated focus on payroll, ensuring the highest standards of data privacy and security.
Your data stays with Bitwage, and we always have your back. Plus, Bitwage being a USA company, means again: Your data, your transactions, your financial freedom.
8. Suspension of Trading Accounts:
Wise users experience sudden suspension of their accounts, impacting their business operations. The lack of updates and prolonged review processes further contribute to user frustration.
Bitwage guarantees continuous support for your business growth. We commit to providing assistance and ensuring your account remains active, avoiding disruptions to your operations. Your growth is our growth. Let's grow together.
9. Inadequate Support for Currency Transfers:
Users encounter difficulties when transferring money in a different currency, describing the process as complicated and lacking sufficient explanations.
Bitwage offers multiple output options, facilitating both crypto and fiat outputs. We aim to ensure you get more value for your money, regardless of the currency.
10. Lack of Transparency in Fee Structures:
Some users express concern about hidden fees and unexpected charges, emphasizing the importance of clear and transparent fee structures.
Bitwage is available globally!
Bitwage is transparent:
When it comes to Bitwage vs Wise in terms of transparency around fees, Bitwage operates with complete transparency. For instance, a US person receiving $100 in Bitcoin from a US company incurs only a 1% spread, demonstrating our commitment to clear and transparent fee structures. That person would receive 99$ worth of Bitcoin. And there are no monthly/yearly/maintenance fees.
Misleading claims about savings
Wise was helping to develop COVID passports
In June 2020, after experts raised ethical and privacy concerns around the digital COVID-19 immunity passports Wise was helping develop, the company conceded immunity passports were not a "perfect solution" and co-founder Hinrikus said they would not be launched publicly until there was scientific consensus on COVID-19 immunity.
In January 2023 Wise was accused of harming competition in an official letter to the UK Competition and Markets Authority by its competitor Atlantic Money. Wise is said to have removed the cheaper challenger from its international transfer price comparison table for economic reasons. Wise is also alleged to have denied Atlantic Money access to additional comparison sites the firm owns and controls.
Although in this article we did not dig deep into spreads, fees, costs and such, the reality is that if you want to get more for your money and more for each and every dollar you earn, you should give Bitwage a try.
After reading all of this a thoughtful evaluation of Wise's offerings against your specific needs is crucial.
Bitwage is a superior service striving to provide a seamless and secure international payroll and remittance experience, placing a premium on user satisfaction and reliability. As you embark on your financial journey, choose wisely.