Wise is a UK provider authorised by the Financial Conduct Authority as an electronic money institution (FRN 900507), and the only provider in our comparison that discloses its rate basis: it uses the mid-market exchange rate and charges a separate, visible upfront fee. It holds 4.3 out of 5 on Trustpilot from 294,645 reviews. It does not offer forward contracts, market orders, or a dedicated dealer.

What makes Wise different?

Every other broker in our table takes its revenue from an exchange rate margin it does not disclose. Wise does the opposite: it states that it uses the mid-market rate — the rate you would see on a currency data feed — and charges a separate upfront fee that varies by currency and route. That means you can see what you are paying before you send, which no specialist broker in our comparison lets you do.

Who is Wise for?

For smaller, straightforward transfers where you want visible pricing and an app, Wise is often the cheapest route and the transparency is a real advantage. For a large or dated transfer — a property completion, a business hedging a future invoice — the trade-off matters: Wise offers no forward contracts, no market orders and no dedicated dealer, so it cannot help you fix a rate ahead of time or talk through timing.

Is Wise safe and regulated?

Wise Payments Ltd is authorised by the Financial Conduct Authority as an electronic money institution under reference 900507. Client funds are safeguarded, which is not the same as FSCS protection. Confirm its status on the FCA Register.

Frequently asked questions

Does Wise use the real exchange rate?

Wise states it uses the mid-market rate and charges a separate upfront fee, rather than building a margin into the rate. It is the only provider in our table to disclose its rate basis.

Does Wise offer forward contracts?

No. Wise does not offer forward contracts or market orders. If you need to fix a rate for a future payment, a specialist broker that offers forwards would suit you better.

Is Wise cheaper than a currency broker?

For smaller transfers, often yes, because its pricing is visible. For large transfers, a specialist broker may match or beat it — but you can only know by comparing a live quote against Wise’s stated rate and fee for the same amount and hour.

Related

Compare Wise on our UK currency broker comparison and read our methodology. See our reviews of TorFX and OFX for broker alternatives with forward contracts.

---

Last updated 15 July 2026 · Compiled and checked by Charlie Hinwick, ACCA. Nothing on this page is a personal recommendation or regulated financial advice. Figures are sourced from Wise, the FCA Register and Trustpilot; verify current details with the provider before you transfer.