The True Cost to Develop an App Like Wise - What You Need to Know

Are you ready to create an app like Wise?

Earlier known as TransferWise, It is a popular money transfer app that has gained huge popularity among users all across the globe. As a result, many want to create a version of their own.

This is where the question comes, “What is the cost of Wise-like App Development?”

Typically, the cost to build an app like Wise can be from $50,000 to $150,000+. This cost can change based on different factors that include the app’s features, the complexity of your idea, the tech stack, and the development team involved.

Knowing the cost to create an app like Wise can be a huge challenge, especially without having information on multiple factors affecting the price. 

Therefore, to assist you on your path to success with your payment app, let’s explore these elements further:

Wise Explained - A Quick Overview

Launched in 2011, Wise is a mobile transfer app enabling users to easily send money between bank accounts.

Its popularity has risen due to its low-cost, transparent international transfers with real exchange rates and quick processing times, saving your money on transfers. 

Besides, the app is available on both Android & iOS and has 12.8 million users, showing a positive reputation.

If you want to build a money transfer app, there’s no better inspiration than Wise. Don’t believe us? Take a look at the market stats:

Wise raised its income to £349.5 m last year. News says this British fintech company reports a 55% increase in profit driven by growing market share.

As per reports, from 2018 to 2025, the company saw huge growth in its customer base. 

Seeing a continuous increase, Wise is expected to see a rise in customer count, with an estimated 17.7 million by the end of 2025. 

It is pretty evident that if you want to create an eWallet app, then Wise is the right blueprint for it. 

With that being said, it is the right time to know.

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

On average, Wise-like app development costs can go from $50,000 to $150,000+.

Similar to any other cost to develop an eWallet app, it depends on various factors from features, complexity to much more. 

This is why knowing the true cost to build a fintech app like Wise is so challenging. 

But, to find out how much your idea will cost, we suggest consulting an experienced mobile app development company. 

Nonetheless, here is a quick breakdown of your cost to develop an app like Wise:

Factors Affecting the Overall Wise Clone App Development Cost

Several factors influence the cost to develop an app.

From complexity to choosing a tech stack, each of these factors impacts the overall budget when making a platform similar to Wise. 

To effectively estimate the expense and create a budget, it is important to understand all these considerations in detail:

1. App Complexity 

There is a generally accepted rule in fintech app development or any other app development that is “The more complex your app is, the more it will cost.’’

And, that is true in terms of Wise-like app development costs too. 

If you have a complex idea, it will require a more experienced team, more time, more resources, and more time, resulting in the spiking of the overall cost to develop a mobile app like Wise for international transfers.

2. UI/UX Design

A beautifully designed app isn’t just a luxury; it’s a necessity for user satisfaction & retention. 

But, beyond that, it truly affects the overall cost to build an app like Wise. 

It might be cost-friendly to go for a polished and user-friendly design. 

However, it will surely make a hole in your pocket, if you get a more sophisticated UI/UX design with custom graphics and animations, resulting in increasing the cost to develop a Wise clone app for startups & businesses. 

So, plan accordingly.

3. Platform (iOS, Android, or Both)

Whether you choose Android app development, iOS app development, or both, it sets the entire structure. 

Simply put, you have to decide between Hybrid & Native one. 

But, the question is how does this affect the overall cost to build an app like Wise? As a matter of course, every platform comes with its requirements, vital resources, and more. 

And, this is what affects the cost. 

To understand better, take a look below:

4. Security 

In this cyber age, app security is an important thing. 

Money transfer app like Wise deals with sensitive financial data, and robust security features are essential. 

This includes encryption, 2FA authentication, compliance with financial regulations (Such as GDPR, PCI-DSS), and more. 

In layman's terms, the more extensive the security feature you add, the higher the cost to create an app like Wise. 

5. Backend System 

As we are done with security, now it’s time to take a look at the backend system and how it affects the overall cost to create an app like Wise. 

Well, having a strong backend is important to handle user accounts, transaction processing, and integration with payment gateways or banks. 

Here, the complexity of the backend is a factor contributing to increasing the overall cost to build an international money transfer app like Wise. 

So, you have to plan wisely what exactly you want in your app. 

6. App Testing

Can we skip testing? No. 

As you know, Testing makes sure that your app is bug-free and runs smoothly across all devices and platforms. So, it is an important element.

The more testing and QA work that needs to be done (e.g. bug fixes, and performance testing), the higher the cost to develop an international money transfer app like Wise.

Also, If your app has too many features (Unnecessary ones) it will take up more time in testing resulting in increased costs. 

7. Development Team Location & Type

Once you have an idea, it’s time to hire mobile app developers. 

Truth be told, there are many wise clone app developers available in the market. But, the selection you make will add to the cost to develop an eWallet app like Wise in the long run. 

Let’s understand it. 

7.1 Development Team Location 

Take a look at this table to understand how the development team location can be a factor in the cost to develop an app like Wise: 

7.2 Development Team Type 

Here is how your selection of development team can affect Wise-like app development cost: 

8. Features of Your App

Indeed, features are an important part of Wise clone solutions. 

Basic features don’t affect much, but advanced features are a different tale. This is where your cost to build an app like Wise starts getting heavier. 

Here's a table outlining the different eWallet app features of a Wise-like app and their corresponding impact on the overall development cost:

These are some of the important factors that affect the Wise-like app development cost. With this out of the way, let’s shift our focus to how to reduce this cost.

How to Reduce the Overall Wise-like App Development Cost?

When you’re looking into creating an app like Wise, somewhere managing the overall cost is important to ensure your app’s success.

To your luck, there are several effective strategies for Wise-like app development costs available. 

 Let’s look at some strategies to help you save money while building an app:

A] Start with Core Features

Rather than jumping straight into advanced features, you should start with essential features that users need to transfer money efficiently. 

By prioritizing basic features, such as sending & receiving money, and adding complex ones later, you’ll significantly reduce your initial cost to create an app like Wise. 

This approach allows you to launch quickly, gather feedback, and improve over time. 

B] Outsource to Cost-Effective Countries

One of the easiest ways to lower the cost to develop an app like Wise is by outsourcing your development work to countries that have lower hourly rates, such as India, or Ukraine. 

Skilled developers in these regions can provide you with top-notch work at a fraction of the cost compared to Western Europe or UK-based teams.

C] Leverage Pre-Built Solutions

Instead of building everything from the start, look for pre-built solutions and third-party APIs that can help you with payment processing, user verification, and security. 

These tools can save you time & effort, reducing both the complexity and cost to create an eWallet app like Wise while delivering a functional product.

D] Start Small, Scale Later

Instead of launching a fully-featured app from the start, focus on creating an MVP with the most essential features. 

Once your MVP proves successful, you can gradually add more advanced features, minimizing both the initial investment and risk while still allowing room for growth. 

E] Build an Efficient User Interface (UI)

A well-thought-out, user-friendly UI can reduce the time spent on changes and redesigns, which in turn reduces Wise-like app development costs. 

Invest in creating an intuitive and clean design from the start. 

This diminishes the number of changes needed during the app’s development and improves user experience, leading to better retention rates. 

F] Automate Testing and QA

Quality Assurance and testing are important to ensure that your app works properly. 

However, manual testing can be time-consuming and expensive. 

Automating your testing process will reduce your long-term costs and make sure that your app remains reliable and bug-free, which also helps to lower maintenance costs down the road. 

By implementing these strategies, you’ll not only reduce the cost to develop an app like Wise but also build a strong, scalable app that can evolve to meet user needs.

How Long Does it Take to Develop an App Like Wise? 

Knowing Wise-like app development time is as important as understanding how much does it costs to create an app like Wise. 

On average, the time can go from 15-22 weeks, and this time can grow too if you have several requirements. 

Such as, as you know digital wallet trends are evolving, so suppose you want to integrate some features as per that. It will increase the development timeline & cost. 

Other than that, a general time breakdown of the Wise clone solution looks like this:

How Wise Like App Can Make Money? 

A business owner invests in app development to earn money.

Now, it’s time to discover ways to recover the money you spent to create an app like Wise.

We’re discussing monetization strategies for eWallet apps:

1] Transaction Fees

Wise-like apps can charge users a small fee on each transaction made, either as a percentage or a flat rate. 

This provides a steady income stream, especially if the app handles frequent cross-border or domestic transfers. 

2] Currency Exchange Fees

The Wise-clone solution can profit by offering currency exchange services at a slightly higher rate than the market value. 

This can generate revenue without directly charging users for every exchange, capitalizing on the difference between buying and selling prices.

3] Premium Features 

By offering a free basic version and a paid premium version, Wise-like apps can generate revenue through some advanced features. 

Premiums may include faster transfers, higher withdrawal limits, or access to special financial tools. 

4] Affiliate Partnerships

Partnering with different financial institutions, loan providers or insurance companies allows your app to earn affiliate commissions for referring users to these services. 

This offers a passive revenue stream without significantly affecting users' experience or functionality. 

5] Data Analytics Services 

Wise-like apps can monetize user data by providing insights to businesses or financial institutions. 

The app can generate income by selling anonymized financial data trends or offering customized market reports to interested partners. 

How JPLoft Can Help You to Build an App Like Wise? 

Do you want to create an International Money Transfer App like Wise? We are right here to help. 

JPLoft, a leading eWallet app development company has the experience, and expertise needed to develop scalable and robust eWallet solutions like Wise that stand out in the market. 

We have what it takes to make your dream come true. So, whether you are looking for the cost to clone the Wise app or want our guidance on your idea, connect with us to get the right guidance. 

Conclusion

Creating an app like Wise can be a rewarding investment, given the rising demand for convenient, low-cost international money transfers. 

However, the cost of developing a Wise-like app can vary significantly depending on factors such as the complexity of the app, features, and the development team you choose.

To ensure a successful project, it’s essential to balance your desired features with your budget and timeline. 

By understanding these aspects of development and planning accordingly, you can create a functional and scalable app like Wise that meets user expectations and sets you up for success in the competitive fintech market.