How to Do TransferWise: A Step-by-Step Guide to International Money Transfers with Wise

Sending money internationally used to feel like a hassle—hidden fees, long wait times, and confusing processes. When I discovered TransferWise (now known as Wise), it completely changed how I handle cross-border transactions. It’s fast, transparent, and way more affordable than traditional methods.

What Is TransferWise?

TransferWise, now known as Wise, is an international money transfer platform that prioritizes transparency and cost efficiency. It uses real-time mid-market exchange rates, eliminating hidden markups typically added by banks or other providers.

Wise facilitates personal and business transactions across 170+ countries with over 50 supported currencies. Users can send money, hold balances, and convert funds between currencies at minimal costs. For instance, converting USD to EUR or GBP happens with lower fees compared to traditional banks.

Wise accounts offer borderless features like receiving local bank details for various currencies, enabling seamless international payments. Accurate delivery timelines, often within hours or a business day, outperform other methods. Its focus on low fees and fast processing has redefined global money transfers.

Why Use TransferWise?

TransferWise, now known as Wise, provides a transparent and affordable approach to international money transfers. Its features and benefits simplify global transactions for individuals and businesses alike.

Benefits Of TransferWise

• Low Fees: Wise charges a small, upfront fee that’s prominently displayed before confirming a transaction, avoiding hidden costs often associated with traditional banks. For example, transferring $2,000 to euros may cost under $15, while banks typically charge higher fees.
• Mid-Market Exchange Rates: It uses the real-time mid-market rate without adding markups. This ensures accurate conversion rates compared to inflated rates banks often use.
• Faster Transfers: Most transfers arrive within hours or a day, depending on the currency and payment method. In contrast, bank transfers often take multiple business days.
• Multi-Currency Accounts: Users receive local bank details for currencies like USD, GBP, EUR, and others, enabling global transactions without opening separate bank accounts.
• Global Reach: Wise supports 50+ currencies and transactions in over 170 countries, catering to diverse financial needs.

Comparing TransferWise To Traditional Banks

• Transparency: Wise provides a clear breakdown of fees and exchange rates, unlike banks that embed costs in poor exchange rates or undisclosed charges.
• Speeds: Typical bank transfers can take up to five days; Wise frequently completes transactions within one business day.
• Cost Savings: Banks add an average markup of 2-5% on exchange rates, while Wise retains zero markup, saving users substantial amounts.
• Access: Wise offers flexibility to hold, convert, and manage multiple currencies in a single platform, simplifying financial management for global users versus banks’ limited options.

How To Do TransferWise Step-By-Step

Using Wise for money transfers is simple and efficient. I’ve outlined the key steps to guide you through the process, from creating an account to tracking your transactions.

Setting Up Your TransferWise Account

Go to the Wise website or download the app. Click “Sign up” and enter your email address, password, and preferred account type—personal or business. After submitting, confirm your email and log in to your account.

Once logged in, provide any additional details like your full name, date of birth, and country of residence. This ensures the account setup complies with Wise’s policies.

Verifying Your Identity

Upload a government-issued ID, like a passport or driver’s license, in the verification section. Wise uses this step to comply with international regulations and keep transactions secure.

Submit supplemental documents if requested, like proof of address, and ensure the information matches your account details. Verification typically takes a few hours to one business day.

Initiating A Transfer

Select “Send Money” on the Wise dashboard. Enter the transfer amount, currency, and recipient details, including their full name, email, or bank account information.

Review the estimated fees, exchange rate, and delivery time. Confirm the payment by funding the transfer using your linked bank account, debit card, or other available payment options.

Tracking Your Transfer

Go to the “Activity” or “Transfers” section of your Wise account. Select the transaction to view the live status, including payment approval and delivery progress.

Wise sends email or app notifications when the transfer is completed. Recipients are notified upon fund arrival, ensuring transparency throughout.

Tips For Using TransferWise Effectively

Using TransferWise, now called Wise, efficiently enhances your international money transfer experience. I focus on key strategies to avoid errors and reduce costs.

Avoiding Common Mistakes

Entering incorrect recipient details disrupts transfers. I double-check bank account numbers, names, and currencies before confirming transactions. For large transfers, I ensure my sending limit aligns with my Wise account verification level. Ignoring Wise’s provided delivery estimates causes confusion, so I monitor timelines directly on the platform.

Maximizing Savings On Transfer Fees

Scheduling transfers strategically when exchange rates are favorable lowers costs. I calculate transfer fees in advance with Wise’s fee calculator to budget accurately. Using Wise’s multi-currency account reduces conversion fees by holding funds and converting them when needed. For frequent transfers, I recommend batch processing to avoid repetitive costs.

Conclusion

Wise has truly revolutionized how I handle international money transfers. Its transparency, speed, and cost-effectiveness make it a standout choice compared to traditional banking methods. Whether you’re sending money abroad, managing multiple currencies, or running a global business, Wise provides the tools and reliability needed for seamless transactions.

By leveraging its user-friendly platform and smart features, transferring money across borders has never been easier or more affordable. For anyone looking to simplify and optimize their global financial dealings, Wise is a solution worth exploring.

Frequently Asked Questions

What is Wise (formerly TransferWise)?

Wise is an international money transfer platform offering fast, transparent, and cost-effective alternatives to traditional methods. It uses real-time mid-market exchange rates and supports transfers in 50+ currencies across 170+ countries.

How does Wise differ from banks for money transfers?

Wise eliminates hidden fees by using mid-market exchange rates with no markups. It also provides lower upfront fees and faster transfer times, often completing transactions within hours or one business day.

What currencies are supported by Wise?

Wise supports over 50 currencies, allowing transfers and conversions across 170+ countries.

How do I create a Wise account?

Sign up online or via the app, verify your identity with a government-issued ID, and provide personal details to complete the setup.

How long does it take to transfer money with Wise?

Wise typically completes transfers within hours or one business day, depending on currencies and bank processing times.

Are there hidden fees when using Wise?

No, Wise is transparent about fees, displaying them upfront. It uses mid-market exchange rates without hidden markups.

What is a Wise multi-currency account?

A Wise multi-currency account lets you hold and manage multiple currencies, receive bank details for various countries, and convert funds at minimal fees.

How can I track my transfer with Wise?

Track transfers through the Wise dashboard, and both you and the recipient will receive status notifications.

Can businesses use Wise for cross-border transactions?

Yes, Wise supports businesses by offering multi-currency accounts, local bank details, and lower transfer fees for global transactions.

How can I save more when using Wise?

Monitor exchange rates, schedule transfers at favorable times, and use the fee calculator to plan. Frequent users can also avoid repetitive fees through batch processing.