Comment by SergeAx

I consider all internet neobanks totally unreliable and never trust them with large sums. However, Wise could be quite useful in some cases. For example, last year I needed to rescue my money from Turkish bank. My contractee send it there by mistake, their accounting didn't receive my request to use another bank.

Turkish bank was not providing an ability to just SWIFT money to another country. But I was able to convert to Turkish lira, then transfer it to Wise lira account,convert again and send SWIFT to my bank. Despite double conversion and three transfer fees I lost less than 2.5% of total amount. The alternative was to fly to Turkey and bring back the cash (including airport red corridor fuss).

Needless to say, I did this transfer in several batches with several days in-between. I would never trust internet neobank with more than $5000 equivalent.