By thestyleoftheday 
Key Takeaways
- TransferWise, now known as Wise, enables fast, transparent, and cost-effective international money transfers by leveraging local banking systems.
- Transfer times vary depending on factors like payment methods, currencies involved, time zones, and recipient bank processing speeds.
- Domestic transfers via Wise are often completed in seconds to hours, while international transfers may take 1-3 business days.
- Using debit/card payments, completing verification in advance, and sending funds during business hours can help ensure faster transfer speeds.
- Popular currency pairs like USD to EUR tend to process faster than transfers involving less common currencies.
- Wise stands out from competitors due to its transparency in fees and mid-market exchange rates, making it a reliable choice for quick and affordable transactions.
When you’re sending money internationally, timing is everything. I know how frustrating it can be to wait and wonder when your transfer will reach its destination. That’s why platforms like TransferWise, now known as Wise, have become so popular—they promise fast, transparent, and affordable transfers. But how long does it actually take?
The time it takes for a TransferWise transaction depends on a few factors, like the currencies involved, payment method, and the banks in play. While they’re known for being quicker than traditional banks, it’s worth understanding what influences the process to set the right expectations. Let’s dive into what you need to know about TransferWise’s transfer times and how you can ensure your money gets where it needs to go as quickly as possible.
What Is TransferWise?
TransferWise, now rebranded as Wise, is an international money transfer service. It focuses on providing fast, cost-effective, and transparent ways to send money globally. Wise converts currency using mid-market exchange rates, avoiding hidden markups typically added by traditional banks.
Established in 2011, Wise has expanded to serve over 16 million customers. It supports transfers to and from 160+ countries, covering 50+ currencies, including USD, EUR, and GBP. Wise also offers multi-currency accounts, letting users hold and manage balances in different currencies.
Wise prioritizes transparency in fees and processing times. Its platform displays total costs upfront, helping users track exact transfer-related expenses. By leveraging local banking systems for its network, Wise reduces transfer times and costs. Users can send money through bank transfers, debit cards, or linked accounts, ensuring flexible payment options.
How Does TransferWise Work?
Wise facilitates international money transfers using a simple, efficient system designed to provide speed and transparency. It separates payments locally and uses mid-market exchange rates to ensure fairer costs.
Understanding the Transfer Process
I initiate a transfer by entering the amount, recipient details, and payment method. Wise displays the transfer fee and estimated delivery time upfront. After confirming the details, I make a payment to Wise through my chosen method, such as bank transfer or debit card.
Wise processes the incoming payment locally in my country, converts the funds using mid-market rates, and disburses the equivalent amount locally in the recipient’s country. This approach minimizes reliance on international banking networks, speeding up the process.
Key Factors Influencing Transfer Time
- Currencies involved: Transfers between widely-used currencies like USD or EUR are often faster compared to less common ones like ARS or KES.
- Payment methods: Bank transfers typically take longer to process than card payments, which are usually instant.
- Time of transfer: Transactions initiated during local banking hours for both sender and recipient countries process faster than those outside operational hours or on weekends.
- Verification requirements: Additional identity or transaction verification steps may delay the process for first-time users or larger transfer amounts.
- Banks’ processing times: Recipient banks can affect delivery time if delays occur due to operational hours or internal procedures.
No single timeframe applies to all transactions due to these variables. As a result, transfers range from minutes to a few days in duration.
How Long Does TransferWise Take For Different Transfers?
TransferWise, now Wise, offers varying processing times depending on the type and circumstances of the transfer. Here’s a breakdown based on common transfer categories.
Domestic Transfers
Domestic transfers through Wise typically take seconds to a few hours. Transactions are faster because there’s no cross-border processing, and the platform uses local payment systems to streamline delivery. For instance, a USD-to-USD transfer within the US often completes almost instantly if the payment method is a debit card or instant bank transfer.
International Transfers
International transfers may take 1-3 business days. Faster transfers under an hour occur when both payment and recipient banks process transactions efficiently. For example, EUR transfers within the SEPA zone often settle faster than transfers between less common currency corridors. Factors like the sender’s verification status or local bank processing times in the recipient’s country can also add delays.
Business vs Personal Transfers
Business transfers might take slightly longer than personal ones. Extra time may arise due to additional compliance checks, especially with larger sums or first-time business transactions. However, recurring transfers for payroll or vendor payments are typically quicker once approved. Personal transfers, like sending money to family, generally follow the standard processing times unless verification requirements delay the process.
Factors That Affect Transfer Speeds
Several variables influence how quickly funds move through Wise’s system. Understanding these factors helps in managing expectations and choosing optimal transfer options.
Bank Processing Times
Bank processing times significantly impact transfer duration. Recipient banks may take up to 3 business days to clear funds, depending on their internal procedures. Transfers initiated during weekends or public holidays often experience delays due to non-operational banking days. For faster processing, local bank transfers tend to work better than international clearing systems like SWIFT.
Currency Conversion Delays
Currency conversion can slow transfers when less common currencies are involved. Popular pairs such as USD to EUR typically face minimal delays because they involve high liquidity and streamlined processes. In contrast, exotic currencies may require additional time due to limited availability or intermediary banking requirements.
Time Zones and Working Hours
Time zone differences and recipient bank working hours create another layer of delay. Transfers initiated outside regular banking hours in the recipient’s time zone often wait until the next business day for processing. Choosing a transfer time during overlapping business hours of both sender and recipient countries can reduce delays.
Comparison With Other Money Transfer Services
Wise stands out for its speed and transparency, but examining competitors like PayPal, Western Union, and Revolut reveals distinct differences in transfer times.
- PayPal: Transfers to other PayPal accounts occur instantly, while bank transfers take 3–5 business days depending on recipient banks. PayPal’s fees can be higher due to currency conversion markups.
- Western Union: Cash pickup transfers are nearly instant, but bank transfers may take 1–5 business days based on destination and banking networks. Western Union often charges higher fees for quicker transfers.
- Revolut: Domestic transfers using Revolut are usually instant, while international ones often require 1–2 business days. Transfers involving less common currencies may take longer.
- XE Money Transfer: XE facilitates quick foreign exchange conversions, enabling transfers to complete in 1–4 business days. However, delivery times vary based on recipient country and payment methods.
The comparison highlights Wise’s advantage in disclosing exact fees and rates upfront. Wise also matches or beats many of these services in terms of speed, especially for cross-border transfers involving popular currencies like USD and EUR. Users prioritizing transparency and lower costs may find Wise a more appealing option.
Tips To Ensure Faster Transfers With TransferWise
Optimizing transfer speed with TransferWise involves specific strategies:
- Use Debit or Credit Card Payments
Card payments process faster than bank transfers. For example, debit card transactions typically take minutes to a few hours, while manual bank deposits may take longer.
- Complete Verification in Advance
Setting up and verifying your account before initiating a transfer avoids delays. Wise may request additional documentation, particularly for higher amounts.
- Transfer During Business Hours
Processing times improve when transfers align with the business hours of both sending and receiving banks. Avoid weekends and public holidays to prevent delays.
- Select Popular Currency Routes
Transfers involving common currencies, like USD to EUR, process faster due to streamlined banking networks. Less common currencies may require additional conversion time.
- Double-Check Recipient Details
Errors in recipient details, such as IBAN or SWIFT codes, can lead to processing delays. Double-check information before submission to avoid manual corrections.
- Enable Instant Transfers Where Available
For supported countries, choose instant transfer options. These can deliver funds in seconds, though fees may vary based on region and transaction size.
- Monitor Transfer Status
Check the transfer’s progress on the Wise app or website. Identifying issues early, like flagged verifications, allows quicker resolution.
Conclusion
Wise has revolutionized international money transfers with its speed, transparency, and affordability. While transfer times can vary due to factors like currencies, payment methods, and bank processing, Wise consistently delivers a reliable and user-friendly experience. By following practical tips and understanding the variables that affect transfer speeds, you can make the most of this efficient platform for your global transactions.
Frequently Asked Questions
What is Wise, and how does it work?
Wise (formerly TransferWise) is an international money transfer service known for its transparency and low costs. It uses a local payment system, avoiding traditional banking fees. Transfers are processed at mid-market exchange rates without hidden markups, ensuring affordable and reliable transactions.
How long do international transfers with Wise take?
International transfers with Wise typically take 1-3 business days but can sometimes be faster depending on factors such as currencies, payment methods, and recipient banks.
Why does the duration of Wise transfers vary?
Wise transfer times vary due to factors like currency conversion, bank processing times, time zone differences, and verification requirements.
How can I send money faster using Wise?
To expedite transfers, use debit or credit cards for payments, complete verification in advance, send during business hours, and ensure recipient details are accurate.
Does Wise charge any hidden fees for transfers?
No, Wise is fully transparent. All fees and exchange rates are displayed upfront, so you know the exact costs before transferring.
How does Wise compare to other money transfer services?
Wise is praised for its speed, low fees, and transparency. Unlike competitors like PayPal and Western Union, Wise uses mid-market exchange rates without hidden markups, making it more affordable for users.
Can I track my transfer with Wise?
Yes, Wise allows you to track your transfer in real-time through its app or website, providing updates at each stage of the process.
Does Wise support multi-currency transfers?
Yes, Wise supports over 50 currencies and offers multi-currency accounts, allowing users to hold and transfer money in different currencies.
Are there fees for opening a Wise account?
No, opening a Wise account is free. You only pay fees when you make a transfer or use additional services.
What tips can help me avoid delays in Wise transfers?
To avoid delays, complete your account verification early, transfer during overlapping business hours, and select commonly used currency routes. Always double-check your recipient’s details before sending.