Can I Withdraw Money from TransferWise? A Complete Guide to Fees, Limits, and Methods

Managing money across borders can feel overwhelming, but platforms like TransferWise, now known as Wise, make it simpler. If you’re wondering whether you can withdraw money from Wise, you’re not alone. It’s a common question for those using this service for international transfers or holding balances in multiple currencies.

I’ve explored how Wise works, and withdrawing money is one of its straightforward features. Whether you’re transferring funds to your bank account or accessing your balance with a Wise card, the process is designed to be user-friendly. Let’s dive into what you need to know about getting your money out of Wise efficiently.

What Is TransferWise?

TransferWise, now known as Wise, is an international money transfer platform. It simplifies sending, receiving, and converting money across borders at low fees. The platform supports over 50 currencies, offering mid-market exchange rates without hidden markups.

Wise provides multi-currency accounts, allowing users to hold, manage, and convert funds in multiple currencies. These accounts also offer unique local banking details in select currencies, such as USD, GBP, EUR, and AUD.

The Wise debit card lets users spend globally with direct currency conversions. By focusing on transparency and cost efficiency, Wise caters to individuals, freelancers, and businesses managing international transactions.

Can I Withdraw Money From TransferWise?

Yes, withdrawing money from Wise is a simple process. Wise provides multiple options that make accessing your funds convenient and efficient.

Methods Of Withdrawal

You can withdraw money from Wise directly to a linked bank account. After transferring funds to your Wise balance, select the currency and enter the recipient’s bank account details. Wise supports both domestic and international transfers, ensuring smooth withdrawal experiences.

The Wise debit card offers another method for accessing your funds. If you have a Wise card, use it at ATMs worldwide or for purchases, with automatic currency conversion based on the mid-market rate.

Supported Currencies For Withdrawal

Wise supports withdrawals in over 50 currencies. Examples include USD, EUR, GBP, AUD, CAD, JPY, and SGD. For each currency, Wise provides transparent fees and real exchange rates without hidden surcharges.

Local withdrawal options depend on the available banking details linked with your multi-currency account. For instance, you can transfer USD to a US-based account or EUR to an IBAN account within SEPA-supported countries.

Steps To Withdraw Money From TransferWise

Withdrawing money from Wise is simple and quick, offering flexibility and convenience. Follow these basic steps to access your funds efficiently.

Linking Your Bank Account Or Card

I start by linking my bank account or debit card to my Wise account. To do this, I log in, navigate to the “Recipients” section, and add my banking details. Wise verifies the provided details to ensure a secure connection. For cards, I can link either a debit card or the Wise card itself for ATM withdrawals or direct spending.

Initiating The Withdrawal Process

Once my account or card is linked, I go to my Wise account’s balance section and select the currency I want to withdraw. I click “Send Money” or “Withdraw,” enter the withdrawal amount, and choose my linked account or card as the recipient. Wise displays transparent fees and the exact amount to arrive, ensuring there are no surprises. After confirming the transaction, funds appear in my bank account, typically within 1-3 business days, or instantly when using a Wise card at ATMs.

Fees And Limits For Withdrawal

Wise provides transparent fees and withdrawal limits to make accessing your money straightforward. Knowing these details helps manage your transactions effectively.

Understanding Transaction Fees

Wise charges fees for withdrawals based on the type of transaction and method used. Transfers to bank accounts include a fixed fee and a small percentage of the transferred amount, depending on the currency. For example, withdrawing USD to a local bank account often incurs a fixed fee of $0.43 plus 0.51% of the amount. ATM withdrawals using the Wise debit card allow two free withdrawals per month up to $100; beyond this, there’s a fee of $1.50 per transaction plus a 2% variable fee for amounts exceeding the limit.

Daily Withdrawal Limits

Daily limits apply to ATM withdrawals and transfers via Wise. ATM cash withdrawal limits using the Wise debit card are capped at $1,000 per 24-hour period. For bank transfers, the maximum limit depends on the currency and destination, with some allowing up to $1,000,000. Verifications, such as identity checks, may impact accessibility to higher withdrawal thresholds.

Tips For A Smooth Withdrawal Process

A smooth withdrawal process depends on following key practices to ensure efficiency and reliability. By avoiding common mistakes and verifying information, withdrawals through Wise can stay hassle-free.

Avoiding Delays

Quick withdrawals rely on proper preparation and account verification. I ensure my Wise account is fully verified to prevent any interruptions. Delays may occur if identity checks or document submissions are incomplete. I monitor my email for any updates from Wise requiring additional information.

I also select the correct withdrawal method based on my needs. Bank transfers are ideal for large amounts, while smaller amounts can be withdrawn instantly via ATMs using the Wise debit card. Transaction times can vary depending on factors like destination country and holidays, so I plan in advance for urgent transfers.

Ensuring Accurate Account Details

Accurate account details eliminate errors during transfers. I carefully review the recipient bank details, including the account number, routing number, and IBAN if applicable. Mistakes in entering these details can cause transaction failures or fund recovery delays.

When linking my bank account or card to Wise, I ensure the name matches my Wise account. Mismatches may lead to failed withdrawals or verification issues. For currencies requiring extra local details, such as BSB for AUD or Sort Code for GBP, I double-check these fields before confirming the withdrawal.

Conclusion

Using Wise to withdraw money is a reliable and straightforward option for managing international transactions. Whether you’re transferring to a bank account or using the Wise debit card, the platform offers flexibility, transparency, and competitive fees. By ensuring your account is verified and selecting the right withdrawal method, you can access your funds quickly and efficiently. Wise continues to stand out as a trusted solution for handling global finances with ease.

Frequently Asked Questions

What is Wise, and what does it offer?

Wise is an international money transfer platform that helps users send, receive, and convert money across borders. It supports over 50 currencies, provides multi-currency accounts with local banking details (USD, GBP, EUR, AUD), and offers a debit card for global spending with transparent fees and mid-market exchange rates.

How can I withdraw money from my Wise account?

To withdraw money, link a bank account or use your Wise debit card. Log in, select the withdrawal option, choose your currency, enter the amount, and confirm the transaction. Funds typically reach your bank within 1–3 business days, and Wise cards can be used instantly at ATMs.

What fees does Wise charge for withdrawals?

Withdrawal fees include a small fixed fee and a percentage-based charge. For example, withdrawing USD locally costs $0.43 + 0.51% of the amount. You get two free ATM withdrawals per month up to $100; after that, $1.50 plus a 2% variable fee applies.

What currencies does Wise support for withdrawals?

Wise supports withdrawals in over 50 currencies, including USD, EUR, GBP, CAD, AUD, JPY, and SGD. Local banking details are available for some currencies, enabling seamless transfers directly into bank accounts.

What are Wise’s withdrawal limits?

For ATM withdrawals, the daily limit is $1,000, with two free withdrawals up to $100 monthly. Bank transfer limits can go up to $1,000,000 depending on the currency and destination. Higher thresholds may require identity verification.

How long do withdrawals take with Wise?

Withdrawals to bank accounts typically take 1–3 business days, depending on the destination and currency. Using the Wise debit card, withdrawals at ATMs or for purchases are instant, thanks to automatic currency conversion.

How can I avoid delays when withdrawing money from Wise?

Ensure your Wise account is fully verified and all linked bank accounts match your profile name. Double-check recipient details for accuracy and keep an eye out for any notifications requiring additional information.

Can I use a Wise debit card for international withdrawals?

Yes, the Wise debit card allows you to withdraw money internationally from ATMs or use it for purchases. Transactions benefit from automatic currency conversion at real exchange rates, making it ideal for global spending.

Are Wise’s fees and exchange rates transparent?

Yes, Wise is known for its transparency. It uses mid-market exchange rates with no hidden markups. All fees are clearly displayed upfront before you confirm a transaction, ensuring cost efficiency.

What’s the best method to withdraw large sums from Wise?

For larger amounts, bank transfers are the best choice due to higher limits and lower fees. The Wise debit card is more suitable for smaller, instant transactions at ATMs.