How Much Does it Cost to Develop a Money Transfer App Like Wise?

Earlier at the time, sending money outside the country was quite a challenge and a frustrating task for both businesses and individuals. Why? Due to long queues at banks, slow speed of transferring money, and unpredictable exchange rates, the process of payments was a hectic task for all of us. 

Businesses often took a lot of time, and clients complained about delays in the process or lost funds.

Then there was an introduction of Wise (formerly known as TransferWise), which not only solves the problem of money transfer, but it also becomes an essential part of payment processing service amongst all banks and people.

By providing transparent fees, fast transfers, and continuous service, Wise has changed the way people and businesses transfer their money from one region to another. 

Today, fintech entrepreneurs are looking to change that level of success. 

But the question is: how much does it cost to create an app like Wise? 

Let’s dive deep.

Overview of the Fintech Industry: Transforming Global Payments

The financial technology (fintech) industry has completely changed the way people manage money seamlessly from anywhere across the globe. 

From mobile banking and digital wallets to AI-focused AI-investment channels, fintech is driving faster and more secure financial services.

Globalization has changed everything from digitalization to AI. Users now demand fast, transparent, and data-driven solutions for transferring money without any lag.

The most well-known example of this transformation is the fintech app, which is Wise. From fast international transactions to real-time tracking, Wise has disrupted the global payments landscape and has created a fintech innovation at an unexpected level.

Core Features of a Wise-Like Money Transfer App

Features and functionalities are crucial to focus on when developing a fintech app. Here are the core features of the app: 

1. User Registration & Onboarding

It is important to enter the fintech apps with a seamless process. This is more possible with the help of integrating AI-driven KYC verification and biometric authentication, so users can register quickly and securely. The app should focus more on providing a smooth user experience to users for a strong base. 

2. Multi-Currency Wallet

If you want to send, receive, or hold your payments, this is all possible only with a feature like a Multi-currency wallet without any lag in processing. Additionally, it supports transactions at a global level, providing flexibility, critically allowing users to manage international money transfers within a single app.

3. Live Exchange Rate Integration

With the evolution of time, in today’s current scenario, everyone wants to get updated with real-time information, right? So make sure that the app has real-time exchange rate integration to ensure users always see accurate rates for currency conversion. This directly improves users’ trust and speeds up financial transactions. 

4. Cross-Border Money Transfers

Transparency is the key to success between users and the company. So, a fintech app needs to enable international money transfers and fee breakdowns, creating a reliable user experience and confidence. Users can depend on your app for seamless global transfers by removing hidden charges and maintaining the level of transparency at the primary point. 

5. Payment Gateway Integration

Integrate your app with multiple payment gateway methods, such as debit/credit cards, UPI, bank transfers, or PayPal, ultimately enhancing the convenience of users.

6. Expense Analytics & Reports

We all want to know how much we spent last week or month, or year, to stay on track at the time of expenses and maintain the balance. A fintech app should enable users to get visual insights, spending patterns, and transaction history so that users can make more effective financial decisions.

7. Push Notifications & Alerts

To stay updated in real-time, notifications are available for exchange rate updates, payment confirmations, and more. Such timely alerts and notifications enhance transparency among users, allowing them to stay updated and minimize errors.

Tech Stack Used to Build an App Like Wise

The different types of tech stack can be used to build an app, as Wise mentioned, as follows: 

Component	Technologies
Frontend	Flutter, React Native
Backend	Node.js, Django, .NET Core
Database	PostgreSQL, MongoDB
Payment Processing	Stripe, PayPal, Currency Cloud API
KYC/Compliance	Onfido, Jumio
Cloud & Hosting	AWS, Google Cloud, Azure
Security	AES encryption, HTTPS

Rule of thumb: Select technologies are scalable, secure, and widely supported. Opt for frameworks that allow cross-platform development, like Flutter, and can easily ensure your cloud infrastructure can manage growing user traffic without compromising the quality of your app speed.

What Is the Cost to Develop an App Like Wise?

The client demand and user expectation vary from country to country, and the functionalities of the app. The cost to develop a fintech app like Wise is mentioned as follows: 

1. UIUX Design

If you are looking to create a fintech app like Wise requires a clean, intuitive, and user-friendly design, you definitely need a strong U/UX dedicated design team who can immensely create a user interface as per brand guidelines. This will cost you roughly $5000 to $7000, depending on the level of process complexity and screen size.

2. Frontend Development

This focuses on the creation of smooth navigation, beautiful widgets, and responsive design. This is all done by front-end developers, and they can charge you between $10,000 and $35,000.

Tech Stack:

• Flutter: Mostly used as a cross-platform mobile development (iOS & Android)
• React.js: For web interfaces
• TypeScript & JavaScript: For dynamic functionality and frontend logic
• Figma / Adobe XD: For the implementation of design components

Cost Breakdown:

• Basic User interface Implementation: $5,000 – $10,000
• Advanced Interactivity & Animations: $5,000 – $15,000
• Cross-Platform Integration (APIs): $3,000 – $10,000

3. Backend Development

The back-end of the app is critically important as it is the engine of your app, which is responsible for handling crucial, well-secured transactions, keeping user data safe, and strengthening the server logic. Developing this part usually costs $20,000 to $55,000.

Tech Stack:

• Node.js / Express.js: For server-side logic
• Java / Kotlin: For Android-specific backend framework
• PostgreSQL / MongoDB: Database management
• AWS / Google Cloud: Cloud hosting, storage, and scalability

Cost Breakdown:

• Server Setup & Database Design: $5,000 – $15,000
• API Development & Integration: $7,000 – $20,000
• Security & Encryption Modules: $3,000 – $10,000
• Scalability & Cloud Deployment: $5,000 – $10,000

4. Testing & QA

Testing and QA testers play an important role here at this stage. The software testers test your app across devices, for which the cost will fall between $10,000 and $15,000.

5. Security Implementation

If talking about a fintech app, you cannot compromise on the security procedure. It is necessary to implement two-factor authentication, and a fraud detection system with multiple layers is crucial for user data safety. The tools and security measures will cost you up to $5,000 to $15,000.

6. Compliance & Legal

Complying with legal processes, rules, and regulations enhances the credibility of users towards the fintech app. Thus, make sure to follow AML/ KYC. Hiring legal experts for such things costs range from $7,000 to $12,000.

Factors Affecting the Cost of Developing a Fintech App Like Wise

There are various factors responsible for the Cost to build a Mobile Banking App. Likewise, some of them are highlighted as follows:

1. Feature Set & App Complexity

With the evolution of AI in the current digitalised landscape, strong features with advanced functionalities such as real-time tracing of FX rates, an AI-powered fraud detector make the process complex and increase the cost. 

2. Platform Choice (iOS, Android, or Both)

Yes, platform choice is crucial to acknowledge, because your app should run on iOS and Android, or both, right? Instead of hiring multiple developers, try to hire Flutter developers for cross-platform development. 

3. UI/UX Design Quality

The quality of navigating seamlessly within your app should not decline. To achieve this, UI/UX designers are being hired, which can increase your cost. 

4. Backend & Server Infrastructure

An intuitive, highly secure, and scalable backend system with complex APIs for payment gateways, currency conversions requires a lot of resources. 

5. Compliance & Regulatory Requirements

Following up on the regulatory requirements is essential, and you can integrate with AML, KYC, and other relevant options, which also enhances the cost of hiring legal experts.

6. Third-Party Integrations

Licensing and subscription fees are needed when it comes to getting integrated with the third-party payment gateways, fraud detection, and more.

The Process: How to Develop an App Like Wise?

Are you looking to create an app like Wise that is not only a tech-based app but also one that can understand work according to the users’ needs and trending frameworks? Let’s see below what steps are needed to achieve the same: 

Step 1: Research Planning and Conduct Competitor Analysis

The fintech industry is large, and a lot of companies are already evolving their app with features that can align with users’ expectations. If you are just starting, then research at best, with proper execution of planning, conduct the competitor analysis. 

Step 2: Define Your USP (Unique Selling Proposition)

A USP is an important part of your app, which is to be reflected with options such as lower fees compared to competitors, quick transitions, cryptocurrency exchange rates, and more. 

Step 3: MVP Development

The next step is to get started with MVP development in which can include features like transfer of initiation and tracking system, account creation via numerous social media platforms, 

Step 4: UI/UX Design

Every app is to be built based on UI and UX design principles. In a fintech app, simplicity generates more trust. The design of your app should provide clear navigation and easy-to-use action steps, calm colours, and typography that focus on reliability. Make sure you have a strong, dedicated development team who have experience in creating intuitive designs for different clients. 

Step 5: Backend & API Integration

A strong backend infrastructure is a must when it comes to building and creating a fintech app.  This is essential in order to handle larger and secure transactions with big data. Integrate your app for currency conversion, multiple gateways, bank connectivity, and more. 

Step 6: Compliance & Security

Rules and regulations to be followed in international and national regions. Follow regulatory frameworks such as KYC, AML, and more.

Step 7: Testing & QA

Testing ensures performance testing under heavy load, penetration testing for security, and more. Bugs can be identified before the final deployment, minimizing your additional cost and time. 

Step 8: Launch & Post-Launch Support

It’s time to launch your app on App Store and Google Play with proper marketing campaigns with third parties. Further, post-launch could include customer support via multiple channels, regular updates, and ongoing continuous performance tracking. 

Key Note: Make sure you have done detailed research analysis and app testing, which are the critical base steps for a successful fintech app. Knowing what users want and what competitors offer helps implement your strategy thinking in a much better way. Hire Mobile App Developers who know how to work with cross-platform frameworks, reducing your development timelines and cost simultaneously.

Challenges in Building a Wise-Like App

Having a strong development plan doesn’t mean you will not face any problems in your app. Creating an international money transfer app often includes lots of challenges mentioned below: 

Challenge	Description	Potential Solution / Tips
Regulatory Compliance	Follow AML, GDPR, KYC, and other local regulations.	Try to hire legal experts as per the region
Security & Fraud Prevention	Make sure to have a strong layer of security so that the chances of fraud and data breaches can be avoided.	Use HTTPS and two-factor authentication, and continuous monitoring for any kind of unknown activity.
Payment Gateway Integration	Getting into integration with numerous platforms could be quite a difficult process due to the different APIs, bank rules, and regulations.	Get started with a few reliable gateways ( PayPal, Currency Cloud API) and expand slowly.
Real-Time FX Rates & Transfers	Delays or inaccuracies in currency conversion can hurt user trust	Use robust APIs for live exchange rates and ensure backend processing is optimized for speed
Multi-Currency Management	Supporting multiple currencies in wallets and transactions increases app complexity.	Get started with high-demand currencies and expand gradually, ensuring compliance in each region

Hiring a good Fintech App Development Company will help you with the successful development of a fintech app like Wise. 

Start today and bring your fintech vision to market with confidence

Developing a fintech app is not just about creating and running it in the market, but is more about solving users’ real-life problems, building trust with secure and scalable solutions.

A fintech app should include features like allowing users to do international transactions seamlessly, and every feature should have simple functionalities and with strict regulations to be followed. 

If you are on a journey of creating a fintech app like Wise, SolGuuz is the best fintech app development company and has an expert development team available for you. Our experts in the fintech industry have done real-life business projects and are solving users’ problems as a priority. 

Now, get ready to build your fintech app like Wise by  IT experts with an advanced skill set.  

FAQs

1. How much does it cost to develop a Wise-like app?

The cost depends on app complexity, advanced features, and more. A basic MVP can cost around $10,000–$30,000, while a complete setup app can increase the cost $100,000, in countries like Europe or the USA.

2. How long does it take to develop a fintech app like Wise?

The time duration of such an app also relies on various factors and the partner you are hiring for it. Sometimes development takes 3–7 months for an MVP with key features. Full-scale apps with high-end security and compliance may take 6–11 months or more.

3. Which features are essential for a money transfer app?

There are basically several key features, such as KYC, multi-currency wallet, real-time analytics, and more.

4. How can I ensure compliance and security in a fintech app?

You do compliance and enhance the security of your fintech app by strictly integrating your app with AML or KYC verification for proof of identity.

5. Can I reduce development costs without compromising quality?

Yes, it is possible. Cost can be reduced by hiring the right partners and a dedicated development team from regions such as India, where low cost is present, and with skilled experts in the profession.