How Much Does it Cost to Build an App like Wise?

Making an app like Wise is no small feat (formerly TransferWise) is an ambitious project that needs proper planning, and expertise.

Those who want to move forward with the idea, only have one question, How much does it cost to build an app like Wise?

Isn’t it obvious for someone who wants to make a global money transfer service to know the cost so that they can save themselves from some unprepared surprises?

In this blog, we will guide you through the features you need and the cost to create an app like Wise.

Let’s get right into it:

What is Wise- An International Money Transfer App

Wise is a leading international money transfer platform that allows users to send money across borders at lower costs than traditional banks.

Launched in 2011, Wise’s goal was simple: to make transferring money between different currencies easier, cheaper, and transparent.

What is so unique about Wise is that it uses the real exchange rate and only charges a small, transparent fee.

It eliminates the hidden fees that are typically associated with traditional banks and money transfer services like PayPal.

Users can send money to another bank account, hold multiple currencies, and make currency exchanges all within the app.

Due to ease of use, speed, and cost-effectiveness, the demand to create such an eWallet app is increasing.

At this time, building an app like Wise means offering a service that gives users full transparency about their financial transactions and delivers a fast, secure, and cost-efficient way to send money internationally.

To do so, you need to make your app feature-rich, get to know those essential features in the next section:

Features of a Wise-like App

To develop an app like Wise, you have to integrate top-notch eWallet features .

Below, we will explore essential and advanced features that users expect in a global money transfer app.

These features ensure that your app is functional, user-friendly, and competitive in the market.

1. Multi-Currency Wallet

A Wise-like app should allow users to hold, send, and receive multiple currencies.

This feature offers user flexibility in managing their funds across different countries and currencies.

2. Low-Cost International Transfers

A core feature of Wise is the ability to make low-cost international transfers. Use it in your app too.

By using the real exchange rate and charging a small fee, users can save money compared to traditional banks or services.

3. Instant Transactions

As you know, Wise is offering fast transfers, often completing international payments in minutes.

To have a successful app, you should offer a fast transaction function that gives your app an edge.

4. Bank Account Integration

Integrating with users' bank accounts allows for seamless money transfers and balance checks.

For your Wise-like app, connecting to different banks and payment systems is important.

5. Mobile Payments

When you develop a money transfer app like Wise, it is a must to have mobile payment options.

Offer users to make payments directly from their phones ensuring convenience.

6. Secure Authentication

eWalet Security is important to handle user data.

This is why, you need to implement authentication protocols like two-factor authentication, and biometric authentication to protect user data.

7. Currency Converter

A built-in converter that shows real-time exchange rates is important for a Wise-like app.

This feature allows users to check the value of their money in different currencies before initiating transfers, giving them full transparency on the rates being applied.

8. Push Notifications

Push Notifications are a very common feature and can be seen in creating an app like PayPal and many others.

These notifications will ensure users are always informed, be it transfer updates or integrating new features.

So, these are the features to create an app like Wise. As we laid the foundation of features, we are about to deep dive into cost.

How Much Does it Cost to Develop an App Like Wise?

So, are you really planning a step ahead with your eWallet app idea similar to Wise?

Here comes the question, “ How much does it cost to create an eWallet app like Wise?”

Wise-like app development costs can go from $30,000 to $80,000 or more. This is a fluctuating number, it can increase or decrease as per project requirements, or complexity.

There are several factors that affect the overall cost to create an app like Wise. We are about to dive into the details.

Before that, here is a breakdown of the cost:

Interestingly, the cost to develop an eWallet app will depend on how many features you want to include and how advanced they are.

But, this is not it. As we told different factors affect the overall Wise like app development cost.

So, what are they, find out about them in the next section:

Factors Affecting the Cost to Build an App Like Wise

Whether you build an app like Venmo or Wise, there are certain factors that are always going to affect the overall cost.

Let’s talk about them:

1. App Features and Functionality

The more features you want your app to include, the more you'll be spending on it. This is what a huge challenge is to choose the right feature for your app.

To illustrate, Wise has advanced functions such as real-time currency conversion, instant money transfers, and multi-currency support.

The complexity and number of features that you want to include can directly impact the cost to create an app like Wise.

2. Design and User Experience (UX)

A modern and user-friendly design plays a crucial role in the success of any app.

The cost to build an app like Wise depends on how the design and user experience are handled.

A simpler, more intuitive interface might be less expensive to code, but get ready to pay higher design costs to give the app that prestige on the interactive side.

3. Platform Choice

Will you develop the app for iOS, Android, or both?

The cost to make an app like Wise can vary, depending on whether you are developing for one platform or two.

Developing an app for both iOS and Android often requires more time and, in turn, resources, thus increasing the overall cost to develop an app like Wise.

4. Development Team Location

Your development team location has a significant impact on the overall cost to build an app like Wise.

Of course, because developers working in areas such as the US or Western Europe have higher labor costs, you'll be spending much more.

Alternatively, outsourcing to countries where your developers can run at lower costs helps bring down the overall cost to make an app like Wise.

5. Security and Compliance

Since an app like Wise deals with sensitive financial information, strong security measures along with strict compliance with rules and regulations such as GDPR and PCI-DSS are of the utmost importance.

Integrating these features will raise the overall cost of building an app like Wise, as they need specialized expertise and thorough testing to ensure that everything is alright in terms of security.

6. Payment Gateway Integration

Top eWallet apps like Wise provide flawless cross-border money transfers.

To develop an app like Wise, it is necessary to integrate numerous payment gateways, which must also be secure, adding to the total developing cost.

Depending on which regions you are targeting, it may also require some complex integrations for nurturing local support for multiple payment systems.

7. Testing and Quality Assurance (QA)

Before the app goes live, thorough testing to make sure everything works correctly is essential.

This is where the big cost comes in regarding developing Wise-like applications time for bug fixes, performance, and user acceptance testing.

QA is indispensable as missing even a minor mistake can have very expensive consequences in such apps.

8. Maintenance and Updates

Building your app is just the start.

You will be doing regular updates, bug changes, and security patches to keep the app running at peak efficiency.

Also, you need to include the ongoing maintenance in the cost to develop an eWallet app like Wise.

This means hiring a team for the task of continuous improvements so the app is competitive and secure.

9. Backend Infrastructure

The backend is the core of your app. It deals with everything from user info to payment transactions.

The cost to build a digital wallet app like Wise depends on the backend performance and scalability of an app like Wise.

A decent backend can handle a number of transactions happening at once and still remain fast and smooth.

10. Marketing and Launch Costs

Once your app is launched, cost needs to be allocated for marketing and launching it to the users.

The cost to build an app like Wise doesn't stop with development; you also need to promote it so that people can start using it.

The response to marketing the app, combining promotion, advertisement, and public relations, escalates the total cost to bring the app to life, as in the case of Wise.

How Wise-like Apps Make Money

Let’s be honest: The cost to Create an eWallet app like Wise can be heavy. So, you need monetization models in your app to make revenue.

Wise-like apps generate money through various monetization models that help sustain their operations and grow their services.

Let’s get right into it:

1. Transaction fees

Generally, services such as Wise charge a low per-transaction fee.

These fees, although low compared to regular banks, provide various entities with an opportunity to make money.

These transaction fees can mitigate the cost to build an app like Wise, depending on the amount of money transferred.

2. Currency exchange markups

In addition to transaction fees, apps like Wise are also usually involved in currency exchange service.

They apply some markups on the exchange rate at which users are willing to convert money of different currencies.

Narrowing the cost to make an app like Wise would depend on whether a business model would include these currency conversion features where revenue can be generated.

3. Subscription models

Some Wise-like apps offer paid services through subscription models.

As an example, a user can subscribe for quicker transfers with their reduced fees, or have access to advanced custom features.

The cost to create an app like Wise also varies with the business model of choice in incorporating subscription tiers.

4. Foreign Currency Holding

Apps such as Wise allow users to hold and manage multiple currencies from a single account.

On such platforms, income may be generated through the use of interest or investment of funds held in users' accounts.

To build an app like Wise incorporating this feature, it would require a robust framework to facilitate the safe and expedient management of funds.

5. Affiliate Marketing

Some Wise-like apps send users toward services, such as banks or financial institutions, by generating commissions through affiliate marketing.

If your app promotes third-party financial products or services, you can generate passive income through referral links.

The cost to make an app like Wise will most likely segregate into enabling such affiliate integrations.

How Techanic Infotech Can Help You to Build an App Like Wise?

The global appetite for seamless, secure digital transactions is rapidly heightening, thus rendering the fintech space one of the most promising to explore further.

With rising requirements for digital wallets, money transfer solutions, and eWallet services, the development of an application that rivals Wise will put you at the forefront of this booming market.

One of the leading eWallet app development service providers, Techanic Infotech has acquired proficiency in developing highly secure, scalable, and intuitive applications.

We will give your Wise app idea the power of an insightful and skilled developer. Let’s connect to make something meaningful.

Conclusion

To pull together, making an app like Wise can be gamified, but only if that perfect combination of strategy, features, and a winning development team is coherently assembled.

Also, being aware of the costs involved transaction fees, currency conversion risk, and security, to maintain-this should help better position your app for success.

With the right custom application development partner, you can build a solid digital financial solution that scales up to the flow of current and future demand.