The Verdict
Average Success Rate
Wise 5-Year Avg
The following dataset includes the performances of ready-made portfolios/funds offered by investment platforms and may include both actively and passively managed ready-made portfolios/funds. Performance indicated is also net of all fees to 31st January 2024, unless stated otherwise; any tiered fee structure will be disclosed. Ready-made portfolios/funds that include cryptocurrencies or any other securities outside cash and equities are not included in the dataset.
The dataset only includes ready-made portfolios/funds which are explicitly advertised by their respective platforms as being for ‘beginners’, and which are exclusively offered by the platform itself. Funds which are managed by other providers and may be identically offered across multiple platforms were not included in this dataset. For example, the Vanguard UK All Share Acc. ETF was offered by Plum, but as it is not directly managed by Plum and customers could reasonably access it on multiple platforms, it was not included for the purposes of this research. Other discretely advertised securities or investments are not included.
Industry avg.
The industry average is the median average of all fund/ready-made portfolio performance figures we collated from 23 investment providers. To see the full dataset, visit X page.
Whether you are looking to send money abroad, keep your exchange rate costs low when trading, or get a good deal on your holiday spending money, adding Wise to your wallet could be the smart move.
Wise offers the interbank exchange rate - the equivalent of trade costs - on all major currencies. That's something you won't find offered by many providers. If your provider uses the Visa or Mastercard exchange rate, you'll probably find the differences between those rates and the interbank rate are marginal on smaller amounts. However, if you're paying for big ticket items like accommodation, or trading large volumes of foreign stocks, those small differences could really add up.
However, there are foreign exchange fees to pay with Wise. Rates vary according to the currency you're exchanging but are generally relatively reasonable - certainly lower than the rates you're likely to be paying with a high street bank for using your card abroad or withdrawing cash. On cash withdrawals, Wise allows you to withdraw £200 per month without paying fees, which is a bonus if you factor in the excellent exchange rate you'll also be getting. However, £200 per month isn't as much as some other providers offer fee-free. Starling Bank and Chase offer almost unlimited fee-free cash withdrawals at foreign ATMs.
One other thing that Wise has going for it - there's an option to invest any money you're holding so it can potentially be gaining stock market returns while it's not being used.
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Pros
- Uses the interbank exchange rate (the real exchange rate) with no mark-up
- Low foreign exchange fees
- 90% of all money transfers arrive within 24 hours
- Lets you hold and convert 40+ currencies
- 82% of Trustpilot reviews are 5-star
- Virtual and physical debit card available
- Possible to have your salary paid directly into your Wise account in the currency of your choice
- Offers investing opportunities direct from you Wise account
Cons
- Foreign exchange fees to pay
- Only £200 per month is fee-free from ATMs
- Physical debit card costs £7
- Transfer times can be slower than Revolut
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