By thestyleoftheday 
Key Takeaways
- Wise (formerly TransferWise) offers fast and transparent international money transfers, with most transactions to major currencies completed within minutes to a few hours.
- Transfer times depend on key factors like currency pairs, payment methods, and the time of initiation, with exotic currencies or bank transfers typically taking longer.
- Verified accounts and accurate recipient details help reduce waiting times, ensuring transfers are processed smoothly and quickly.
- Using faster payment methods such as debit or credit cards can significantly speed up transactions, compared to bank transfers.
- Wise outperforms traditional banks and many competitors in terms of speed, cost, and transparency, with low fees and mid-market exchange rates.
- Exotic currency transfers may take 1-3 business days but are still faster and more cost-efficient compared to many other services.
When it comes to transferring money internationally, speed is often a top priority. I’ve been there—waiting anxiously, wondering how long it’ll take for the funds to reach their destination. That’s where Wise (formerly TransferWise) stands out, offering a reputation for quick and transparent transfers.
But how fast is “fast”? Whether you’re sending money to friends, paying overseas invoices, or managing personal finances, understanding the waiting time with Wise is crucial. Let’s dive into what influences transfer times and what you can expect when using this service.
What Is TransferWise?
TransferWise, now known as Wise, is a global financial technology company specializing in cross-border money transfers. Launched in 2011, it’s recognized for offering low-cost, transparent, and fast international transfer services. Its core mission is to make sending money abroad fairer and more economical.
Wise uses mid-market exchange rates, avoiding hidden fees often associated with traditional banks. It supports over 170 countries and 50+ currencies, including USD, EUR, and GBP. Users can send money to bank accounts, mobile wallets, or other payment services, depending on local options. Wise also provides multi-currency accounts, enabling individuals and businesses to hold, transfer, and convert funds globally.
Security is a priority, with Wise regulated by financial authorities in countries where it operates, including the FCA in the UK and FinCEN in the US. This ensures strict compliance with anti-money laundering and other financial policies.
How Does TransferWise Work?
Wise simplifies international money transfers by using a peer-to-peer system. This method matches users sending money in one currency with others looking to receive money in the same currency, reducing costs and transfer times. If a direct match isn’t available, Wise completes the transaction using its local currency reserves.
The platform offers a clear process. Users start by creating a Wise account and entering the details of their transfer, including the recipient’s information and the amount to send. Once users fund the transfer, Wise converts the money at the mid-market exchange rate and transfers it to the recipient’s account. Notifications update users at every step, ensuring transparency.
Wise supports multiple payment methods, including bank transfers, debit cards, and credit cards. Delivery options depend on the currency and the recipient’s country, allowing flexibility for users.
Factors Influencing TransferWise Waiting Time
TransferWise (now Wise) waiting times depend on various factors. These include currency pairs, payment methods, and the time of the day when the transfer is initiated.
Currency Pair
Different currency pairs impact processing times. Transfers between widely traded currencies, like USD and EUR, are typically faster since they face fewer banking delays. In contrast, payments involving exotic or less commonly traded currencies may take longer due to increased processing requirements or intermediary bank involvement.
Payment Method
The chosen payment method directly affects the duration. Bank transfers might require more time for clearing, while debit or credit card payments are processed more quickly. For funded transfers through services like SWIFT, additional steps might extend the waiting time compared to local payment methods.
Time Of The Day
The day and time of transfer initiation also influence waiting periods. Transactions started during banking hours on business days process faster, as banks and payment systems operate more actively. Initiating a transfer during weekends or holidays can lead to delays since payment processing might not begin until the next working day.
Average Waiting Time For TransferWise
Wise processes most transfers quickly, but the exact waiting time depends on several factors like currency pairs and payment methods. Common scenarios for major and exotic currencies highlight these variations.
Transfers To Major Currencies
Transfers involving major currencies, such as USD, EUR, or GBP, typically take a few minutes to a few hours. In my experience, over 85% of such transfers are completed on the same day. Payment methods like debit or credit cards speed up processing compared to bank transfers, which might add a few hours. Transactions initiated during banking hours are faster, while those outside these hours could delay slightly due to processing constraints.
Transfers To Exotic Currencies
When sending funds to exotic currencies like the Indonesian Rupiah (IDR) or Kenyan Shilling (KES), the waiting time is longer. These transfers often take 1-3 business days, affected by factors like local banking systems and currency liquidity. For example, bank transfers in countries with fewer currency exchange connections may prolong processing times. Initiating transfers during local business hours minimizes delays.
How To Reduce Waiting Time With TransferWise
Reducing waiting time with Wise involves strategic actions to ensure smooth and faster transfers. Following specific practices can optimize transfer speed effectively.
Verifying Your Account
Verified accounts ensure faster processing. I complete the verification process promptly by uploading a valid ID, proof of address, or requested documents when creating my account. Delays in verification can hold up transfers until the required documentation is approved.
Providing Accurate Recipient Details
Accurate recipient details eliminate errors during processing. I double-check the recipient’s bank account number, name, SWIFT code, or IBAN before confirming the transfer. Incorrect details might result in failed transactions or additional delays.
Choosing Faster Payment Options
Certain payment methods offer quicker transfers. Using debit or credit cards instead of bank transfers speeds up processing times since card payments are usually instantaneous. I also initiate transfers during the recipient’s local banking hours to avoid delays caused by non-business hours.
Comparing TransferWise Waiting Time To Competitors
TransferWise, now Wise, offers competitive waiting times compared to traditional banks and other money transfer providers. Most transfers, particularly between major currencies like USD and EUR, are completed within the same day. Over 85% of these transactions are processed in under 24 hours, with many completed in seconds when using faster payment methods like debit or credit cards.
Banks often take 3-5 business days for international transfers, with additional processing fees and exchange markups. Some online services, such as PayPal and Western Union, can process transfers faster but involve higher transaction costs. For example, PayPal completes transfers almost instantly within its ecosystem, but cross-border fees can exceed 3-4% of the total amount. Western Union allows same-day cash pickups, yet exchange rates and service fees typically reduce the amount the recipient gets.
Other competitors like Revolut and Remitly target similar market segments but still show differences in speed and costs. Revolut processes same-currency or cryptocurrency transfers instantly but can take up to two days for cross-border fiat transactions. Remitly offers an express option that processes transfers in minutes but charges higher express fees, while standard transfers might take up to three days, depending on the destination.
Wise balances speed, cost, and transparency by charging low fees and using mid-market rates without hidden charges. Although some exotic currencies, like the Indian Rupee or Philippine Peso, may take 1-3 business days, Wise outperforms many peers in consistency and transparency across supported currencies.
Conclusion
Wise stands out as a fast, transparent, and cost-effective solution for international money transfers. Its innovative approach, using mid-market exchange rates and a peer-to-peer system, ensures users get both speed and value. While transfer times can vary based on factors like currency pairs and payment methods, most transactions are completed within 24 hours, especially for major currencies.
By taking simple steps like verifying your account and choosing faster payment methods, you can further reduce waiting times. Compared to traditional banks and many competitors, Wise consistently delivers a reliable and efficient experience, making it a top choice for cross-border transfers.
Frequently Asked Questions
What is Wise, and how does it work?
Wise, formerly TransferWise, is a financial platform specializing in low-cost, transparent international money transfers. It uses a peer-to-peer system to match transactions in the same currency or completes them through local currency reserves. Customers send funds, which are converted at mid-market exchange rates, avoiding hidden fees. Transfers can then be delivered to recipients quickly, often within the same day.
How fast are international transfers with Wise?
More than 85% of Wise transfers, especially between popular currencies like USD and EUR, are completed within 24 hours. Transfers involving less common currencies may take 1-3 business days due to local banking systems and currency liquidity.
Does Wise have hidden fees?
No, Wise prides itself on full transparency. The platform charges minimal upfront fees and uses mid-market exchange rates, which means there are no hidden fees or markups commonly found with traditional banks.
What are the factors impacting Wise’s transfer speed?
Transfer speed depends on currency pairs, payment methods, and the time of day. Using debit or credit cards, accurate recipient details, and initiating transfers during business hours improves processing times.
Is Wise a secure platform?
Yes, Wise is regulated by financial authorities in multiple countries, ensuring full compliance with anti-money laundering and financial policies. It employs top-tier security protocols to protect user data and funds.
Can I send money to any country using Wise?
Wise supports transfers to over 170 countries and 50+ currencies. However, availability may vary based on currency or specific local banking restrictions in some regions.
How does Wise compare to traditional banks for international transfers?
Wise is generally faster, cheaper, and more transparent than banks. While banks may take 3-5 business days and charge high fees, Wise often completes transfers within 24 hours with lower costs and no hidden charges.
Are there ways to make transfers faster with Wise?
Yes, verifying your account, providing accurate recipient details, and choosing faster payment methods like debit or credit cards can all speed up transfers. Initiating transfers during local banking hours also helps reduce delays.
Does Wise support multi-currency accounts?
Yes, Wise offers multi-currency accounts that allow users to hold, convert, and send money in multiple currencies. This is especially useful for frequent travelers, freelancers, or businesses operating internationally.
Is Wise better than other transfer services, like PayPal or Western Union?
Wise offers lower fees, mid-market exchange rates, and consistent transfer speeds compared to PayPal and Western Union. While PayPal and Western Union can process some transfers faster, their higher fees and markups make Wise a more cost-effective option for most users.