How Much Can I Transfer with TransferWise? Limits, Fees & Everything You Need to Know

Sending money internationally can feel overwhelming, especially when you’re unsure about limits and hidden fees. I’ve been there, wondering how much I can transfer without running into complications. That’s where Wise (formerly TransferWise) comes in—a platform known for its transparency and simplicity.

Whether you’re transferring funds for personal reasons or business needs, understanding the limits is key to planning your transactions. Wise not only offers competitive exchange rates but also clear guidelines on how much you can send. Let’s dive into what you need to know about transfer limits and how they work.

What Is TransferWise?

TransferWise, now known as Wise, is a global financial technology company specializing in online money transfers. It offers individuals and businesses an affordable way to send money internationally by applying the mid-market exchange rate with low, upfront fees. Unlike traditional banks, Wise eliminates hidden costs often associated with currency conversion.

Wise supports over 50 currencies, such as USD, EUR, and GBP. It allows users to send money across more than 170 countries. The platform provides faster transfers compared to conventional methods, with most transactions completing within one to two business days.

Accounts on Wise include multi-currency features, enabling users to hold and convert balances into different currencies. This functionality benefits frequent travelers and businesses managing international finances.

Sending Limits With TransferWise

Understanding Wise’s sending limits is essential for planning international money transfers. Limits vary based on factors like currencies, payment methods, and local regulations.

Minimum Transfer Limit

Wise typically requires a minimum transfer amount of $1 or the equivalent in other currencies. Some currencies or payment methods might impose slightly higher minimums. For example, transferring in GBP mandates a minimum of £2. These limits ensure operational feasibility for small transactions.

Maximum Transfer Limit

Maximum transfer limits depend on the payment method and chosen currency. For bank transfers, the cap is $1,000,000 per transaction in the US. Card payments usually have lower limits, often restricted to $2,000–$20,000 per transfer based on the issuing card’s rules or specific currency constraints. For confirmed amounts in your case, Wise’s platform provides exact limits during the setup process.

Factors That Affect Transfer Limits

Transfer limits on Wise depend on a variety of factors that ensure compliance with global financial regulations and platform policies. Key considerations include the currency of the transfer and the verification status of your account.

Currency Exchange Regulations

Transfer limits vary by currency due to local exchange regulations and legal requirements. For instance, transfers in USD or EUR often allow higher maximums compared to currencies from countries with stricter financial controls. Sending funds to regions like India or China may involve lower caps due to local monetary restrictions. Wise maintains compliance with these rules by adjusting transfer limits accordingly, ensuring secure and lawful transactions.

Your Account Verification Level

The verification level of your Wise account directly impacts your transfer limits. Fully verified accounts, which involve submitting identity documents, allow higher limits for both single transactions and cumulative transfers. Unverified accounts typically have lower caps to adhere to anti-money laundering (AML) and know-your-customer (KYC) policies. Wise prompts users for the required documentation during the setup or when approaching higher thresholds, ensuring seamless transfers while meeting regulatory requirements.

How To Check Your Transfer Limits

I log in to my Wise account to check transfer limits. Once logged in, I select the currency and amount I want to send. Wise automatically displays the applicable minimum and maximum limits for the selected currency during this process.

I use the Wise app or website to access specific transfer limit details. The “Help” section provides direct links to articles outlining limits for different currencies and payment methods. These resources help clarify restrictions based on local regulations or account verification status.

I verify my account to unlock higher limits. For unverified accounts, lower caps apply, but the platform guides me through the steps to submit required documents, such as an ID. Once verified, I can send larger amounts, depending on the sending and receiving currencies.

Benefits Of Using TransferWise For Large Transfers

1. Low Fees for High Amounts

I benefit from TransferWise’s transparent fee structure when transferring large amounts. Instead of paying high, hidden fees, I pay a low, upfront percentage of the transfer amount, which is clearly visible before confirming the transaction.

1. Mid-Market Exchange Rates

I get access to the real mid-market exchange rate without markup. This ensures that I receive more of the transferred amount compared to traditional services that charge inflated rates for large amounts.

1. High Maximum Limits

TransferWise allows me to transfer up to $1,000,000 per transaction via bank transfer in the US, accommodating large transfers seamlessly. The high limits suit businesses and individuals handling significant international payments.

1. Fast Processing Times

Most of my large transfers complete within one to two business days. This speed ensures that transactions meet urgent financial commitments or payment schedules.

1. Secure Transactions

My large transfers are safeguarded by TransferWise’s regulatory compliance and fraud prevention measures. The platform follows strict anti-money laundering (AML) and know-your-customer (KYC) standards, enhancing security.

1. Multi-Currency Support

With over 50 currencies supported, I can send large amounts to recipients worldwide. This flexibility is especially beneficial for global businesses or expats managing finances across multiple countries.

1. Account Verification for Higher Limits

If I verify my account by providing valid documentation, I unlock the ability to send even higher amounts. Verification ensures compliance with regulations while expanding my transfer capabilities.

1. Transparent Tracking

I can track my large transfers throughout the process. TransferWise provides updates at every stage, increasing confidence in successful delivery.

Conclusion

Wise offers a reliable, transparent, and cost-effective way to transfer money internationally, whether you’re handling personal transactions or managing business finances. Its clear guidelines, competitive exchange rates, and multi-currency features make it a standout option for users across the globe.

By understanding the platform’s transfer limits and verifying your account, you can unlock its full potential and enjoy seamless transfers, even for large amounts. With Wise, sending money abroad becomes straightforward and stress-free, giving you confidence in every transaction.

Frequently Asked Questions

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

Wise is a global financial platform that simplifies international money transfers. It uses the mid-market exchange rate and charges low, upfront fees. Users can send money to over 170 countries in more than 50 currencies. By avoiding hidden fees and offering fast transactions, Wise is an affordable alternative to traditional banks.

What are the transfer limits on Wise?

The transfer limits depend on the currency and payment method. Generally, bank transfers can go up to $1,000,000 per transaction in the US, while card payments range from $2,000 to $20,000. Exact limits are shown when setting up a transfer.

How can I check Wise’s transfer limits?

Log in to your Wise account, choose the currency and amount you want to send, and the platform will display the applicable minimum and maximum limits for that currency. You can also check the “Help” section for detailed information on limits.

Why do transfer limits vary on Wise?

Transfer limits differ due to local exchange regulations, currency-specific rules, and the user’s account verification status. Verified accounts have higher limits, while unverified ones face restrictions to meet compliance with legal standards like anti-money laundering policies.

How can I increase my Wise transfer limits?

To raise your transfer limits, verify your Wise account by submitting the required documents, such as an ID. Wise will guide you through the process and notify you when additional verification is needed.

What is the minimum amount I can send using Wise?

The minimum amount varies by currency but generally starts at $1 or its equivalent. Some currencies may have slightly higher minimum requirements based on local regulations.

Are there hidden fees when using Wise?

No, Wise is transparent about fees. It charges a low upfront fee and uses the mid-market exchange rate without any markups. You’ll see a complete fee breakdown before confirming your transfer.

How long do Wise transfers take?

Most Wise transfers are completed within one to two business days. Transfer times may vary depending on factors like the recipient’s bank processing times and the chosen payment method.

Is Wise secure for large international transfers?

Yes, Wise is secure and regulated by financial authorities in various countries. It offers compliance with regulatory standards, transparent tracking, and low fees for large transfers, making it a reliable option for significant international payments.

Can I send money in multiple currencies with Wise?

Yes, Wise supports over 50 currencies. With a multi-currency account, you can hold, send, and convert balances between currencies, which is useful for frequent travelers or international businesses.