Wise, formerly known as TransferWise, is an online money transfer service that allows users to send money from the US to over 70 countries. It is a Money Service Business registered with FinCen and authorized to operate in most states. Wise charges lower fees for large sums of money (over the equivalent of £100,000 per transaction in US dollars) at one time or several times a month. Here are some key features of Wise:

• Low fees: Wise charges as little as possible, with a tiny fee right now and eventually free.
• No rate markups: Unlike banks and other money transfer providers, Wise doesn’t charge an exchange rate markup on its transfers. It targets the midmarket rate, which fluctuates minute-to-minute.
• Multiple funding options: Users can fund a Wise money transfer in various ways, such as with a bank account or credit card.
• Universal account: The Wise account is the universal way for users to manage money internationally. Its made for the world and built to save users money and time.
• Interest feature: Users can receive 4.33% APY on their USD balance when they opt-in to Wises interest feature.

Wise is best for people who want to send money abroad or get paid in other currencies, and spend money abroad without paying high fees. Wise is not the best pick for those looking for the cheapest international money transfer service.