How to Transfer Money With Wise

Wise, formerly TransferWise, is a trusted service for sending money worldwide. It operates in over 160 countries and is known for its fast transfers, transparent pricing and low fees. With Wise, your recipient receives the full amount without any hidden fees. They also provide a multi-currency account that lets you hold and convert different currencies.

Is Wise a Good Way to Transfer Money

Wise is widely regarded as a reliable and efficient option for international money transfers due to several factors such as the following:

  • Low fees: Wise charges a minimal flat fee and a small percentage of the converted amount, making it more cost-effective than traditional banks.
  • Transparent pricing: Before initiating the transfer, Wise provides a clear breakdown of the amount your recipient will receive, ensuring no hidden charges surprise you.
  • Convenience: With Wise, you can send money easily online or through their user-friendly app, streamlining the transfer process.
  • Security: Wise is a regulated entity, authorized by respected financial authorities in the UK, Australia, US, Singapore, EEA, UAE, and more.
  • Extensive geographical coverage: You can send money to over 160 countries.
  • Fast transfers: While instant transfers are available for select currencies and processed within seconds, regular Wise transfers are generally swift.

How Does a Wise Transfer Work?

Paying for a Wise money transfer from your bank account is often the most cost-effective option. This requires accessing your online banking or visiting your branch to send the money to Wise.

To sign up with Wise, provide your email address and create a password. You can also use your Google, Apple or Facebook account. Enter the transfer amount and specify the type of transfer. Fill in your personal details and provide recipient information, either their bank details or email address. If the recipient is already a Wise user, they will locate the account, but if the recipient is not a Wise user, they will email them requesting their bank details. Review the transfer details, add a reference if needed, and choose the transfer type and payment method. You can choose to pay using a credit or debit card, make a bank transfer, or use your Wise account if you already have one. Many transfers take place the same day. However, international money transfers may take 1-3 to be complete.

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How to Receive Money from Wise

When receiving a payment through Wise, you have two options. You can either have the payment sent directly to your regular bank account, or you can opt to receive it in your Wise account by providing your local bank details, depending on the currency involved. You can receive money directly into Wise account in Australian dollars, British pounds, Canadian dollars, Euros, Hungarian forints, New Zealand dollars, Romanian leu (only available for residents in EEA, Switzerland, the US, Canada, Australia, and Japan), Singapore dollars, Turkish Lira, and US dollars.

Wise Money Transfer Limits

Wise has certain limits in place for its money transfer services. The specific limits may vary based on factors such as the country you are sending from, how you pa and the currency involved.

If you are sending money from your Wise account, the per-transaction limit is typically set at 1,000,000 USD. It’s important to note that this limit may vary based on specific factors and regulations. For bank transfers, the limit is often set at $15,000 per day. When using a debit or credit card, the limits are usually $2,000 every 24 hours and $8,000 every seven days. It’s worth mentioning that your bank might have its own limitations on the amount you can send per day or per transaction.

To ensure accurate and up-to-date information on the specific limits applicable, it is advisable to consult their customer support directly.

Wise Fees

Wise is a more cost-effective option compared to banks and other money transfer platforms like PayPal. For example, PayPal charges a transaction fee of $0.30 plus 2.9% for each transaction, and additional fees may apply when the recipient withdraws the funds and the receiving bank will also charge the recipient. Over time, these costs can add up, making it more expensive. Wise, on the other hand, has a transparent fee structure, including a fixed fee to cover transaction costs. For example, if you are transferring USD 100 to EUR, you will pay a flat fee of USD 4.17 USD plus 0.47 USD variable fee. Before confirming the transaction, Wise always displays the total fee you will pay,

Read also: Wise vs PayPal

Wise Reviews

Wise has a positive reputation and favorable reviews on Trustpilot, with a rating of 4.3 out of 5 stars based on over 190,000 reviews. Users appreciate Wise’s low fees, transparent pricing, convenience, security, wide range of supported currencies, and fast transfers. Some criticisms include customer support quality, fees not being as low as desired, and transfer limits.

Wise Alternatives

There are other money transfer platforms you can use as TransferWise alternatives to transfer money for personal or business reasons.

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Transfer money with Wise

What is Wise money transfer?

Wise (formerly TransferWise) is a low-cost, transparent global money transfer service.

Is Wise safe for money transfer?

Wise's multi-currency account is secure, operating as a licensed and regulated financial technology company across multiple countries. It holds approvals from esteemed financial authorities such as the FCA in the UK, NBB in Belgium, and FinCEN in thr US.

How much time Wise take to transfer money?

The amount of time it takes for a Wise money transfer to be completed depends on several factors, including the currency involved, the recipient's bank, and the payment method chosen. Typically, Wise transfers are processed within 1 to 3 business days

How much does it cost to transfer money from Wise?

The cost of sending money with Wise depends on the currency you are transferring, the amount of money you are transferring, and the payment method you use. For instance, if you are transferring USD 100 to EUR, you will pay a flat fee of USD 4.17 USD plus 0.47 USD variable fee.

Is Wise a good way to send money?

Wise is widely regarded as a reliable and efficient option for international money transfers due to several factors such as low fees, transparent pricing, security, and instant transfers.

Who owns Wise?

Wise is owned by a number of venture capital firms. The company's co-founders, Kristo Käärmann and Taavet Hinrikus, also own a significant stake in the company.

Vincent is a writer and researcher with an interest in finance, banking, startups, and remittance. He holds a Bachelors degree in Applied Statistics with computing. He founded Nexin Startups, an online platform offering startup advice to investors and entrepreneurs. Read more about us and our authors.