By thestyleoftheday 
Key Takeaways
- Wise (formerly TransferWise) offers faster and more transparent international money transfers compared to traditional banks and other providers.
- Most transfers with Wise complete within 0-2 business days, with over 50% arriving in under an hour.
- Transfer speed can vary based on factors such as destination country, payment method, currency conversion, and bank processing hours.
- Wise charges a low, transparent fee (typically less than 1%) and uses real exchange rates, unlike traditional banks or services like PayPal and Western Union.
- Using tips like verifying identity early, choosing the right payment method, and avoiding peak transfer times can further reduce delays.
- Wise stands out for its efficiency, affordability, and features like multi-currency accounts, making it ideal for global transactions.
Sending money internationally used to be a hassle—hidden fees, unpredictable delays, and endless uncertainty. That’s why services like TransferWise, now known as Wise, have become game-changers for global money transfers. If you’re wondering how long it takes to send money with Wise, you’re not alone. Timing is everything when you’re handling finances, especially across borders.
I’ve used Wise myself, and one of its standout features is its speed. But how fast is it really? The time it takes can depend on several factors, from the country you’re sending to, the payment method you choose, and even the time of day. Let’s break it down so you know exactly what to expect.
What Is TransferWise?
TransferWise, now called Wise, is a financial technology company that specializes in international money transfers. It offers a transparent and cost-effective alternative to traditional banks. By using real exchange rates and low fees, Wise minimizes the hidden costs associated with sending money abroad.
Wise’s platform supports transfers to over 170 countries and multiple currencies, making it versatile for users worldwide. Its technology processes payments using a local banking network, reducing reliance on intermediaries and speeding up transactions.
Wise also provides tools like multi-currency accounts, allowing users to hold and manage funds in over 40 currencies. These features make it accessible to freelancers, businesses, and individuals who need to send or receive money internationally efficiently.
How Long Does It Take To Send Money With TransferWise?
Transfer times with Wise are typically faster than traditional bank methods. Delivery speed depends on multiple factors, including the payment route and specific transfer details.
Standard Transfer Times
Most Wise transfers arrive within 0-2 business days. Over 50% complete in under an hour, while nearly 90% finalize within 24 hours. Local transfers, like USD to USD or EUR to EUR, often process instantly. International transfers, such as USD to GBP, may take longer due to intermediary bank procedures.
Factors Affecting Transfer Speed
Destination country: Transfers to countries with strict financial regulations or less advanced banking infrastructure may require additional processing time.
Payment methods: Bank transfers and direct debits generally take longer than credit card or Apple Pay payments, as these methods clear faster.
Currency conversion: Processing times may increase when converting between less commonly traded currencies, as liquidity in forex markets can influence speed.
Bank processing hours: Transfers initiated outside regular banking hours or on weekends can face delays since most banks operate on standard business days.
Verification requirements: If account holders or transfers trigger mandatory verification, processing may pause until identity or documents are confirmed.
How TransferWise Compares To Other Services
I find Wise stands out for speed and affordability compared to traditional banks and other digital providers. While most bank transfers take 3-5 business days and charge high fees with hidden markups on exchange rates, Wise completes over 90% of transfers within 24 hours using the real mid-market rate.
Other digital services like PayPal or Western Union also fall behind in transparency. PayPal often includes fees up to 4.5% for international transfers and applies currency conversion surcharges. Western Union offers cash pickups but imposes transfer fees that vary by destination and payment method, sometimes reaching 10% of the transfer amount. Wise, on the other hand, charges a transparent fee, typically less than 1% depending on the currency pair.
Speed is another key difference. PayPal and Western Union transfers can take hours to days based on payout methods, while Wise relies on local bank connections to reduce delays, ensuring faster processing for most currencies. For example, local transfers often complete instantly, whereas Western Union requires manual handling for certain bank deposits.
Wise’s multi-currency account gives it an additional edge, enabling users to hold, convert, and spend over 40 currencies seamlessly. Most competitors lack this feature or limit it to a few currencies, resulting in higher costs and slower processes for global transactions.
Tips For Faster Transfers With TransferWise
- Choose the right payment method. Bank debit (ACH) and wire transfers typically process faster than credit card payments. Understanding the pros and cons of each method ensures you avoid unnecessary delays.
- Send during business hours. Transfers initiated during local banking hours process quicker since many banks don’t operate on weekends or public holidays.
- Verify your identity in advance. Completing the required identity verification ahead of time prevents delays in processing your first or higher-value transfers.
- Double-check recipient details. Errors in the recipient’s bank information or IBAN can cause delays or rejections. Accurate details speed up transfers.
- Select popular currencies. Transfers involving commonly traded currencies like USD, EUR, or GBP often take less time due to streamlined processes.
- Avoid peak transfer times. Weekends, public holidays, and end-of-month periods can slow down transfers due to higher transaction volumes across the banking system.
Each of these steps simplifies and accelerates your experience with TransferWise, reducing the wait time for your international money transfers.
Conclusion
When it comes to sending money internationally, Wise stands out for its speed, transparency, and cost-efficiency. It’s designed to simplify global transfers without the hidden fees or delays common with traditional banks and other providers.
By understanding the factors that influence transfer times and following a few simple tips, you can make the most of Wise’s services. Whether you’re managing personal finances or handling international business payments, Wise offers a reliable and user-friendly solution.
For anyone seeking a faster, more affordable way to send money globally, Wise is a game-changer.
Frequently Asked Questions
What is Wise, and how does it work?
Wise (formerly TransferWise) is a financial technology company that offers fast and transparent international money transfers. It uses the real mid-market exchange rate and charges low fees, helping users avoid hidden costs. Wise supports transfers to over 170 countries and lets you hold and manage funds in over 40 currencies via its multi-currency account.
How long does it take for a Wise transfer to complete?
Most Wise transfers complete within 0-2 business days. Over 50% arrive in under an hour, and nearly 90% are delivered within 24 hours. Local transfers often process instantly, while international transfers may take longer due to factors like destination country and bank processing times.
What are the fees for using Wise?
Wise charges transparent, low fees—typically under 1% of the transfer amount. Unlike banks or PayPal, there are no hidden costs, and transfers use the real mid-market exchange rate. You pay only the clearly stated fee, saving money compared to traditional services.
How does Wise compare to PayPal or Western Union?
Wise is faster, cheaper, and more transparent than services like PayPal and Western Union. PayPal charges up to 4.5% in fees, and Western Union can reach 10%, while Wise’s fees are typically below 1%. Wise also uses the real exchange rate, avoiding hidden markups that competitors often add.
What factors affect Wise transfer times?
Transfer times depend on factors such as the destination country’s financial regulations, payment method (bank debit and wire transfers are faster than credit cards), currency conversion, bank processing hours, and whether identity verification is required.
Can Wise be used for business transfers?
Yes, Wise is ideal for businesses. With its multi-currency accounts, businesses can send, receive, and manage funds in over 40 currencies. It’s cost-effective and simplifies international payments, especially for freelancers and global businesses.
How can I make my Wise transfers faster?
To reduce transfer times, choose faster payment methods like bank debit or wire transfers, send during business hours, verify your identity in advance, and double-check recipient details. Popular currencies also process quicker than less commonly used ones.
Is my money safe with Wise?
Yes, Wise is a regulated financial institution in every country it operates. It safeguards users’ funds in separate accounts held with reputable banks, ensuring your money is secure during the transfer process.
Can I hold multiple currencies with Wise?
Yes, Wise offers a multi-currency account that allows users to hold, convert, and spend over 40 currencies. This is particularly useful for frequent travelers, freelancers, and businesses managing international payments.
Why should I choose Wise over my bank for international transfers?
Banks typically charge higher fees, add hidden markups to exchange rates, and take 3-5 business days for international transfers. Wise is faster, cheaper, and offers transparent pricing with no hidden costs, making it a more efficient solution.