How To Build A Fintech App Like Wise?

The fintech industry is very volatile and is undergoing significant changes in a very short period of time. One of the many apps that depict this change is Wise (formerly Transferwise), which has revolutionized international money transfers besides multi-currency management. It is now a matter of entrepreneurs and start-ups to conceive such fintech apps that provide customers with the facilities of a fast, secure, low-cost financial service, anywhere in the globe. 

A Wise-like app will give its users the facility of sending and receiving money from different parts of the world, managing multiple currencies, and making cross-border transactions with minimal fees. All these apps strive to offer the customer full transparency, reliability, and a user-friendly hi-tech experience by incorporating cutting-edge technologies like blockchain and AI. In this post, we will walk you through the fundamental procedures, main features, and development plans that will allow you to create a fintech app like Wise and thus be a part of the flourishing global digital finance market.

What Is A Wise App?

Wise (previously known as TransferWise) is an app that makes cross-border money transfers and money management in different currencies easier. The user can send, get, and store money in more than 50 different currencies at low fees that are fully disclosed and at the real exchange rate. In addition to that, Wise provides a multi-currency account and a debit card which allow people to use money from other countries and make transactions anywhere in the world without paying extra fees that they don't know. The app is trusted by millions from all over the world and is created to make cross-border payments quicker, less expensive, and more user-friendly. The idea is that such payments can be made not only by individuals but by companies as well.

Features that Fintech App Like Wise Should Have

1. Multi-currency Accounts 

Users are permitted to keep, send, and get money in various currencies. They are given this option to get more holds in their international dealings, which on the other hand, saves them from the headache that arises from having multiple bank accounts in different countries.

2. Real-time Currency Exchange 

The other apps like wise will offer the users live exchange rates for conversions that will take place in the transfers. The main reason for doing so is to give the users the best value for their money while maintaining transparency during the entire process of sending or receiving money abroad.

3. Secure Payment Gateway

Moreover, fintech is expected to be fully integrated with trusted and popular payment gateways that feature trust seals, encryption as well as anti-fraud measures. All these are part of the efforts to generate and maintain zero compromise on safe money transfers and to keep the financial data of the customer safe from the so-called "cyberthieves".

4. Peer-to-Peer Transfers

The users are given the chance to carry out direct money transfers with other users without the intervention of the middlemen such as banks or any other financial institution. As a result, less transaction fees will be charged while the money transfer service time will be reduced. Moreover, since the process is done in a paperless manner the efficiency and the transparency will remain maintained.

5. KYC and AML Compliance

The features know your customer (KYC) and anti-money laundering (AML) are an inseparable part of the ID verification implemented by the fintech sector requirements, according to which the collected data should enhance security and stop fraudulent activities.

6. Transaction History & Notifications

Moreover, the user can be provided with the details for each and every transfer he has done, and along with that, real-time updates and notifications can be offered, which together help to keep the users informed about the transaction status as well as other activities in their accounts.

7. Multi-Language Support

The application-like app can be designed in a way that supports different languages and can be available to users from different parts of the world. As a result, there will be no language barrier for international customers and the accessibility as well as the user-friendly character of the similar app like wise will be guaranteed.

8. Low Transaction Fees

Features truly low and minimal fees for cross-border transfers, which in turn makes the wise mobile app more affordable and attractive than the bank's traditional services.

9. Multi-Platform Access

A wise banking app can be downloaded from the iOS store, the Android store, or you can log on to their website via any PC, Laptop, or Tablet, making it easier for you to manage your finances anytime, anywhere, and on any device that suits you.

10. AI-Powered Fraud Detection

The use of Artificial Intelligence to uncover criminal intentions, closely monitor all the money moves, and stop any kind of scams, thus raising the security level of the users and winning their trust.

11. Customer Support Chat

In-app customer support, including chatbots and live agents, who quickly solve problems, reply to questions, and provide the required assistance, is available through the customer support chat.

12. Analytics & Reporting Tools

Offers insights into spending patterns, transfer trends, and account balances, helping users make informed financial decisions and track global money flows.

Steps To Build An International Payment App Like Wise

Here is the amazing step-by-step guide to build an app like Wise, which you must know about. 

1. Conduct Market Research and Define Requirements

The first step is understanding the global payments landscape, your target audience, and competitors. A Fintech app development company will study what users need, the rules for the market, and the features of popular apps like Wise. Research helps the company to determine the main functions of the app, such as multi-currency transfers, low fees, real-time exchange rates, and so on. Development teams can design an app that fills market gaps and provides a competitive advantage, guided by clear requirements.

2. Choose the Right Technology Stack

A Wise-related app building is a project that requires a strong and safe technological base. A professional fintech app development company would pick the right technology that will support the scaling of the project, the quick transactions, and the compliance with regulations. A few blockchain for transfers, AI for fraud detection, cloud computing for data storage, and APIs for banking integrations could be the technologies involved. The right tech stack is the key to a smooth performance and user-friendliness as well.

3. Design a User-Friendly Interface

The app should be designed by keeping the users in mind. The company that is responsible for the Wise clone app development, will have a user-friendly, simple interface with the following features: real-time currency conversion, transaction history, notifications, and multi-language support. A good-looking interface along with simple workflows will allow the users to finish their international transfers in no time and feel secure to do so.

4. Implement Security and Compliance Measures

Security is a must for financial software. The Trading app development company responsible for the creation of the app installs functionalities like 2FA, encryption, KYC/AML compliance, and secure payment gateways. Adhering to global standards not only establishes trust but also safeguards the users and the company from possible legal complications.

5. Testing, Deployment, and Maintenance

The app is put through extensive testing for performance, usability, and security before the release. After launching the product, the Wise app clone development firm will continue to assist with ongoing support, updates, and enhancements to ensure the product continues to function optimally. Routine maintenance will also involve managing any new regulations and any updates required by the market to keep the app competitive.

What Are The Costs To Build A Fintech App Like Wise?

The cost to build an app like Wise can be very high due to sophisticated features, enhanced security, and compliance issues. Overall, costs can range between $40,000 and $120,000, or potentially more, depending on the sophistication of the app; what platforms you need the money transfer app like Wiseon; and the level of expertise of the development team you select. A professional fintech app development firm can provide specialized skills, application of technologies, regulatory compliance aspects of the app, as well as influence the cost to build an app like Wise.

There are a few main factors that influence the Wise alternative app development.

1. App complexity and features. 

The number and complexity of features, such as transferring funds from multiple currencies, seeing real time foreign exchange rates at the time of conversion, KYC verification, utilizing AI to detect fraudulent activity, multi-languages, etc.  The more sophisticated features will take longer to build, and will require more resources.

2. Platform

The cost to develop a Wise clone app will depend on whether the app is going to be developed for iOS, Android, or both. Cross platform approaches will generally save costs, however, in really complex apps having a native app will have better performance and security, both of which are really important in financial applications.

3. Technology Stack

Selecting advanced options, including using blockchain for secure transactions, AI for fraud prevention, and cloud computing for scalability, can contribute to higher costs, but the investment will pay dividends in predictable quality and performance over time.

4. Security and Compliance

Developing security features, such as encryption, secure payment gateways, two-factor authentication, and compliance with financial regulations in various parts of the world contribute to the cost of developing a Wise clone app. Particular to fintech apps, security is something you must not compromise on.

5. Design and User Experience

The user interface user experience (UI/UX) of an app is paramount. To have a clean and intuitive interface, frictionless transitions and continuous updates in between devices, will require hiring talented UI/UX designers. The investment you make for a more extraordinary user experience can lengthen development time and produce additional costs, increase adoption and retention rates that bolster cost to develop a Wise clone app.

The cost to build an app like Wise takes a serious financial investment. Partnering with a previously vetted experienced Ewallet app development company will result in much better efficiencies at resource time and cost, ensuring compliance, as well as ensuring the app is safe, secure, and high-quality. Companies with dedicated resources can achieve a scalable, profitable international payment platform by planning and considering the associated costs.

Top 5 Apps Like Wise

1. PayPal 

PayPal enables quick international money transfers, multi-currency payment options, and facilitates online transactions. AI in fintech is accepted all around the world, with user-friendly navigation and strong security practices to instill user confidence. It is an excellent application for managing personal and business finance needs in foreign countries. 

2. Revolut

Revolut offers accounts in multiple currencies, inexpensive international money transfers, cryptocurrency trading, and budgeting support. Its unique features, real-time exchange rates, and mobile-first configuration make it a solid alternative for customers looking for a flexible, modern, and global banking experience.

3. TransferGo

TransferGo focuses on international money transfer services that are easy, convenient, and inexpensive. TransferGo allows users to send money internationally with complete transparency, as the customer will always know the fees paid, the current exchange rate, and where the money is in the transaction process. These features make TransferGo an easy choice for individuals and businesses who send money internationally, without surprise costs and long transaction times.

4. Remitly

Remitly specializes in sending money to family and friends living abroad. They offer low transfer costs, guaranteed transaction times, and different payout options, which might include transfers to different bank accounts or cash locations. Remitly makes sending money abroad easy, secure and cost-effective.

5. N26

N26 is a digital bank that has an app interface and allows users to transact in different currencies, send and receive payments in real time, and track expenses conveniently. Their mobile-first, simple application is useful to those who frequently travel, and users who would like to manage their finances across the world more seamlessly and easily.

Conclusion

Developing and establishing a fintech application like Wise can be a complex endeavor that comes with market research, utilizing superior level technology, and the application must be in compliance with a legal framework. A fintech business that focuses on secure payments for transferring money, managing multiple currencies, and User Interface and design will do all of that while ensuring the financial experience is seamless, easy, and secure. Engaging an experienced fintech application development company will provide you with experience in protecting your app, with security measures and enterprise-grade scaling options. If your personal fintech app like Mint has planned, developed thoughtfully with features, to include ongoing maintenance, entrepreneurs can establish a competitive, economical, and trustworthy fintech application that solves international payments and promotes user retention.