Can You Send Money from TransferWise to Bank Account? A Complete Guide

Sending money internationally can feel overwhelming, especially with all the fees and delays that traditional banks often impose. I’ve been there, wondering if there’s a faster and more affordable way to move money across borders. That’s where platforms like TransferWise, now known as Wise, come in.

If you’re curious about whether you can send money from Wise directly to a bank account, the answer is simple: yes, you can. It’s designed to make international transfers seamless, cost-effective, and transparent. But how does it work, and what makes it stand out from other options? Let’s dive into the details and see why so many people are turning to Wise for their global money transfers.

What Is TransferWise (Wise)?

TransferWise, now known as Wise, is an online financial platform that focuses on international money transfers. It was founded in 2011 to provide a cost-effective alternative to traditional banks. Wise uses real exchange rates without adding hidden fees, ensuring transparency in conversion costs.

The platform supports transfers in over 50 currencies, covering more than 170 countries. It provides a user-friendly interface for sending money abroad, receiving payments, and holding multiple currencies in a single account with the Wise Multi-Currency Account. This feature is especially beneficial for freelancers, remote workers, and businesses with international clients.

Wise processes transfers quickly, with most transactions reaching the recipient’s bank account within 1–2 business days. Advanced technology and local banking networks minimize delays and additional surcharges. Security protocols like two-factor authentication offer additional account protection.

Can You Send Money From TransferWise To A Bank Account?

Yes, you can send money from Wise (formerly TransferWise) directly to a bank account. Wise allows users to make transfers seamlessly to local and international bank accounts by offering competitive rates and transparent fees.

Features Of TransferWise For Bank Transfers

• Real Exchange Rates: Wise uses the mid-market exchange rate without hidden markups, ensuring recipients get more for their money.
• Transparent Fees: Wise shows fees upfront before completing a transaction, avoiding surprise charges. For example, a $1,000 transfer might display a $5 fee directly at checkout.
• Fast Transfers: Most transfers reach recipients within 1–2 business days using local banking networks, ensuring timely delivery.
• User-Friendly Interface: The platform simplifies adding recipient details, selecting currencies, and confirming payments, making transfers efficient.
• Multi-Currency Account: Users can hold, convert, and transfer over 50 currencies, which is ideal for managing global payments in one place.

Supported Currencies And Countries

Wise supports transfers to over 170 countries and deals in more than 50 currencies, covering regions like Europe, Asia, North America, and Africa. For instance, users can send euros (EUR) to Germany, Australian dollars (AUD) to Australia, or Indian rupees (INR) to India. Supported countries include major economies as well as emerging markets, expanding accessibility for personal and business payments alike.

This wide coverage enables seamless money transfers almost anywhere in the world.

How To Send Money From TransferWise To A Bank Account

Sending money from Wise to a bank account is simple and transparent. The platform’s intuitive design ensures that both new and experienced users can navigate the process effortlessly.

Step-By-Step Process

1. Log In or Sign Up: Access your Wise account using your login credentials or create a new account if you don’t have one. Verification may be required to proceed.
2. Start a Transfer: Click “Send Money” on the dashboard. Enter the amount and currency you want to transfer.
3. Provide Recipient Details: Input the recipient’s name, bank details (e.g., IBAN, SWIFT code, or local banking format), and the currency for their account.
4. Review Fees and Exchange Rate: View the upfront fee, applicable exchange rate, and the estimated time for the transfer to reach the recipient.
5. Make Payment: Choose a payment method, such as bank transfer, debit card, or credit card, and complete the payment. Wise processes the transfer after confirming the transaction.
6. Track Your Transfer: Use the Wise platform to check the transfer status in real-time. You’ll receive a notification once the recipient’s bank account is credited.

Tips For A Smooth Transaction

• Double-Check Information: Ensure recipient details, such as account number and name, are accurate to avoid delays or errors.
• Verify Currency and Amount: Confirm the selected currency aligns with the recipient’s account to prevent additional conversion fees.
• Use Faster Payment Methods: Selecting options like debit card payments can expedite processing times.
• Monitor Notifications: Pay attention to any updates regarding your transfer, including completion or delays.
• Leverage Local Banking Networks: Rely on Wise’s local systems for lower fees and faster transfers.

These steps and tips simplify the process and enhance speed, reliability, and transparency when transferring money from Wise to a bank account.

Fees And Exchange Rates

Wise offers competitive fees and real-time exchange rates, making it a cost-effective platform for international transfers. Below, I outline the key aspects of its pricing model and compare it to other popular services.

Breakdown Of Costs

Wise charges a transparent fee for each transaction, displaying the cost upfront before confirming the transfer. This fee typically includes a fixed amount (e.g., $0.50) and a variable percentage (e.g., 0.35%) of the transfer amount, depending on currency and destination. Users can view detailed cost estimations, ensuring no hidden charges.

The platform applies mid-market exchange rates—the rate banks use when trading currency without markups. For example, if transferring $1,000 to euros at a mid-market rate of 1.10, you’ll receive €1,100 after deducting applicable fees.

Comparison With Other Services

Unlike banks and other money transfer providers (e.g., Western Union, PayPal), Wise doesn’t add a hidden markup to exchange rates. Banks often apply a 2–4% surcharge over the mid-market rate, while Wise sticks to real rates, significantly lowering costs.

Other services frequently charge higher flat fees for transactions. For example:

Service	Flat Fee	Exchange Rate Markup	Sample Total Cost*$1,000
Wise	$5.00	0% (Mid-Market Rate)	$5.00
PayPal	$35.00	~3%	$65.00
Western Union	$15.00	~5%	$65.00

Choosing Wise reduces expenses significantly for both small and large transfers.

Security And Reliability Of TransferWise

Wise prioritizes safeguarding users’ funds and personal data, ensuring trustworthy transactions globally through advanced measures and transparent operations.

Measures To Protect Your Money

Wise employs multiple layers of protection to secure transactions and user accounts. It follows strict regulatory compliance under financial authorities like the FCA in the UK and FinCEN in the US. Two-factor authentication adds an extra layer of security during sign-ins and transactions, reducing unauthorized access risks. Wise maintains segregated accounts for users’ money, keeping funds separate from its operational finances, ensuring that even in the unlikely event of insolvency, users’ money remains unaffected. Additionally, advanced encryption protects data, offering safe online transfers.

User Reviews And Feedback

Wise is consistently praised for its security, cost transparency, and efficiency. User reviews on platforms like Trustpilot reflect a high satisfaction rate, with an average score of 4.5 or higher based on hundreds of thousands of reviews. Many users highlight the ease of tracking their money transfers and the platform’s responsive customer support. Positive feedback often mentions the hassle-free setup, reliable exchange rates, and peace of mind provided by Wise’s robust protection features. Negative reviews are rare but typically concern delays due to additional compliance checks, which underline Wise’s commitment to regulatory adherence.

Pros And Cons Of Using TransferWise For Bank Transfers

Using Wise for sending money to bank accounts offers distinct advantages, but there are also limitations to consider. Here’s a closer look at both.

Advantages

• Low Costs

The platform charges a fixed fee plus a variable percentage, making it more affordable than traditional banks or other transfer services. For example, a $1,000 transfer might cost $7–10, depending on the currencies involved.

• Transparent Pricing

Wise uses mid-market exchange rates without hidden markups. Fees are presented upfront, so I always know the total cost before sending money.

• Speed of Transfers

Most transactions complete within 1–2 business days. Transfers to certain countries, like the UK or Europe, often settle even faster.

• Global Coverage

Wise supports 50+ currencies and over 170 countries. Whether I send money to Canada, India, or Australia, it handles the conversion efficiently.

• User-Friendly Interface

The interface simplifies tasks like setting up transactions, tracking progress, or managing multicurrency accounts.

• Security Features

Regulated by financial authorities, Wise protects funds with security protocols like two-factor authentication and segregated user accounts.

Disadvantages

• Service Limits

Wise only supports international transfers to bank accounts. It doesn’t offer cash pickup or doorstep delivery, which services like Western Union provide.

• Transfer Delays Due to Compliance

While rare, transactions may experience delays if additional regulatory checks are initiated. This helps maintain strict compliance but can interrupt urgent transfers.

• No Credit Card Payments for Recipients

Recipients receive funds in their bank accounts only. Unlike some payment platforms, there’s no option for credit card payouts or mobile wallet deposits.

• Exchange Rate Fluctuation Risk

Although Wise locks rates for a limited time, delays in payments from my side could lead to rate changes and additional costs.

These pros and cons help assess how Wise meets personal or business transfer needs effectively while identifying any potential drawbacks for specific use cases.

Conclusion

Wise offers a reliable, affordable, and transparent solution for sending money to bank accounts worldwide. Its competitive fees, real exchange rates, and user-friendly platform make it an excellent choice for both personal and business transfers. With fast processing times, strong security measures, and global coverage, it simplifies international transactions without the hidden costs often associated with traditional banks. For anyone seeking a seamless way to send money across borders, Wise stands out as a trustworthy and efficient option.

Frequently Asked Questions

What is Wise, and how does it work for international transfers?

Wise (formerly TransferWise) is an online platform designed for affordable and transparent international money transfers. It uses real exchange rates without hidden fees and allows users to send money to over 170 countries in more than 50 currencies. Wise processes transfers quickly, often within 1–2 business days, by leveraging local banking networks to minimize costs and delays.

Why is Wise cheaper than traditional banks for sending money internationally?

Wise is cheaper because it uses real exchange rates and charges only a small, upfront fee. Unlike banks, it doesn’t add hidden markups to exchange rates. This transparency ensures lower costs, making it an affordable option for international transfers.

How long does it take to transfer money using Wise?

Most transfers through Wise are completed within 1–2 business days. Some transactions may be processed even faster, depending on factors like payment method and destination country. Wise uses advanced technology and local banking networks to speed up transfers.

Is Wise secure for international money transfers?

Yes, Wise employs advanced security measures, including two-factor authentication and encryption, to protect your funds and personal data. The platform complies with strict regulatory standards and keeps customer funds in segregated accounts for added protection.

Can I hold multiple currencies on Wise?

Yes, Wise offers multi-currency accounts that let you hold, send, and receive money in over 50 currencies. This feature is especially useful for freelancers, remote workers, and businesses working with international clients.

Are there any hidden fees with Wise?

No, Wise is transparent about its fees. It only charges a low, upfront fee and uses the real exchange rate without hidden markups. All costs are displayed clearly before you confirm a transfer.

Does Wise support global money transfers?

Yes, Wise supports transfers to over 170 countries worldwide and deals in more than 50 currencies. This global coverage makes it suitable for sending money almost anywhere, whether for personal or business purposes.

What are the key advantages of using Wise over other money transfer services?

Wise offers low fees, real exchange rates, fast transfer times, and a user-friendly interface. It also provides secure transactions and supports multi-currency accounts, making it a cost-effective and efficient solution compared to services like PayPal or Western Union.

Are there any limitations when using Wise for money transfers?

Yes, Wise only supports transfers to bank accounts, meaning recipients cannot receive funds via cash or credit card. Additionally, compliance checks may sometimes cause delays, and exchange rates may fluctuate during the process.

How do I send money using Wise?

To send money with Wise, sign in or create an account, enter the transfer details, verify recipient information, review the fees, and complete the payment. You can track your transfer in real time through the app or website. The process is simple and intuitive.