How Does the Recipient Receive Money with TransferWise? A Complete Step-by-Step Guide

Sending money internationally used to be a hassle, but platforms like TransferWise, now known as Wise, have completely changed the game. If you’re wondering how someone actually receives money through Wise, you’re not alone. It’s a question I get asked often, especially since the process is so seamless compared to traditional methods.

When someone sends money through Wise, the recipient benefits from a fast, straightforward system designed to make transfers as smooth as possible. Whether it’s a personal payment or a business transaction, Wise ensures the funds arrive securely and directly. In just a few steps, the recipient can access their money without unnecessary delays or hidden fees.

What Is TransferWise?

TransferWise, now known as Wise, is a global money transfer platform. It allows individuals and businesses to send and receive funds internationally at low costs and competitive exchange rates. Launched in 2011, Wise operates in over 170 countries and supports transfers for 50+ currencies.

Wise uses local banking systems to process transactions efficiently. Funds are sent locally in the sender’s country, converted at the mid-market exchange rate, and distributed locally in the recipient’s country. By avoiding traditional cross-border transfer routes, it reduces fees and speeds up transactions.

Wise also prioritizes transparency. Users see a breakdown of fees and the exact amount the recipient will get before confirming. An intuitive platform and mobile app make Wise accessible for users seeking straightforward international transfers.

How Does TransferWise Work?

TransferWise, now known as Wise, simplifies international money transfers. It uses a localized approach to ensure lower fees, faster transfers, and transparency in every transaction.

Simplified Currency Transfers

Wise uses local banking networks to process transactions. Instead of transferring money across borders, it matches transfers within its system. For example, if I send $500 from a US account to a recipient in Europe, Wise deposits the equivalent amount in euros from its European accounts. This eliminates international bank transfer fees and ensures that I always get the mid-market exchange rate.

Speed and Efficiency

Transfers with Wise are typically faster than traditional bank transfers. Most transactions complete within seconds to a few hours, depending on the currencies and banking systems involved. When I use Wise, I also receive tracking updates, so I know my recipient got the payment as expected.

How Does The Recipient Receive Money With TransferWise?

Wise ensures recipients can access funds quickly and securely through various methods tailored to their preferences. They can choose one of the following options based on convenience and availability.

Bank Account Deposit

Recipients receive money directly into their bank accounts when you choose this option. Wise processes the transfer using local bank networks, ensuring low fees and faster delivery. The recipient doesn’t need a Wise account, just a valid local bank account in the designated currency. For example, sending USD to a US-based bank account or EUR to a European account seamlessly integrates into the system.

Mobile Wallet Options

Wise supports transfers to mobile wallets in certain regions where this service is common. Recipients can access transferred funds directly via their digital wallets if the feature is available in their country. Countries like Kenya and the Philippines often utilize mobile wallet services, enabling users to withdraw cash or make purchases locally.

Email Or Link Notifications

For recipients without a pre-linked bank account or mobile wallet, Wise sends an email or a sharable link. This message guides them to input their bank details or wallet for transfer completion. If the recipient is new to Wise, they can easily sign up to claim their funds, which adds flexibility for cross-border payments without needing prior account setup.

Benefits Of Using TransferWise For Recipients

Using Wise, recipients enjoy key advantages that make receiving international payments simple, affordable, and transparent. These benefits enhance the overall experience of cross-border money transfers.

Lower Fees

Wise maintains lower fees by leveraging local transfers rather than traditional international banking channels. For instance, instead of charging high wire transfer or currency conversion fees, Wise applies minimal, clearly defined charges. With fee transparency, recipients retain more of the transferred amount compared to conventional methods.

Transparent Exchange Rates

Wise always uses mid-market exchange rates—free from markup—to convert currency. This transparency ensures that recipients get the exact amount promised during the transfer process. For example, if a sender sends $1,000 with a conversion to EUR, recipients receive the accurate EUR amount based on real-time rates without hidden costs.

Wide Availability

Wise operates in over 170 countries and supports more than 50 currencies. Recipients can access funds in their local currency across diverse regions, from Europe to Asia to the Americas. The platform supports bank deposits, mobile wallets, and multiple other payout methods, accommodating different financial ecosystems and needs.

Step-By-Step Guide To Receiving Money With TransferWise

Wise makes receiving international transfers stress-free. Follow these steps to ensure a smooth and secure experience.

Providing Bank Details

I provide my bank account details to the sender to ensure the transfer goes to the correct destination. This includes the account number, routing number for US accounts, or the IBAN and SWIFT code for international accounts. If I lack this information, I can find it in my bank’s online banking portal or statement.

For some regions, alternative payout methods like email notifications or mobile wallets are available. If I’m using these, I share the required details, such as a valid email address or wallet number, with the sender.

Verifying Identity

For security purposes, Wise might require me to verify my identity before accessing funds. I complete the verification by uploading a government-issued ID, like a passport or driver’s license, through the Wise platform. Wise provides clear instructions on submitting documents, and the process typically takes just a few minutes.

Some transfers may not require identity verification if the sender has already completed this step during the transaction.

Tracking The Transfer

I monitor the transfer’s progress through the tracking link provided by Wise. This link, usually shared by the sender or accessible via my Wise account, shows real-time updates, including when the funds are sent, converted, and deposited.

If I don’t have a Wise account, I can still check the status using the details shared by the sender. Notifications confirm when the money reaches my account or selected payout method, providing peace of mind throughout the process.

Conclusion

Wise has redefined how recipients receive international transfers by combining speed, transparency, and flexibility. Its localized approach ensures lower fees, accurate exchange rates, and a seamless experience for anyone receiving money. With multiple payout options and real-time tracking, Wise makes cross-border payments simple and accessible for recipients worldwide.

Frequently Asked Questions

What is Wise, and how does it work?

Wise is a global money transfer platform that uses local banking systems to process transactions. It matches transfers within its network, converting funds at the mid-market exchange rate before distributing them locally. This eliminates high bank fees and ensures faster international transfers.

How do recipients receive money through Wise?

Recipients can receive money directly into their bank accounts, via mobile wallets (in supported regions), or through email notifications. They don’t need a Wise account to claim funds but must provide accurate payment details or follow the instructions in the email notification.

How long does it take to receive money via Wise?

Transfers are typically completed within seconds to a few hours. However, the exact timing may depend on the sending and receiving currencies and banking processes.

Are there any hidden fees when using Wise?

No, Wise is transparent about its fees. Users are shown a detailed fee breakdown and the exact amount the recipient will get before confirming the transfer. There are no hidden charges.

What information does the recipient need to provide?

Recipients must share accurate details like bank account numbers, routing information, or mobile wallet details (if applicable). Identity verification, such as uploading a government-issued ID, may also be required in some cases.

Do recipients need a Wise account to receive money?

No, recipients do not need a Wise account. They can provide necessary payment details, such as bank account information, to the sender or follow instructions in an email notification to claim the funds.

Is Wise available in all countries?

Wise operates in over 170 countries and supports transfers for more than 50 currencies. However, certain services, like mobile wallets, may only be available in specific regions.

How does Wise ensure secure money transfers?

Wise uses encrypted systems and adheres to global financial regulations to ensure secure transactions. Identity verification and tracking updates add extra layers of security for users.

What are the benefits of Wise for recipients?

Wise offers lower transfer fees, ensures that funds are transferred at the mid-market exchange rate without hidden costs, and supports faster payouts through various methods. This ensures recipients keep more of the transferred amount.

How can I track my transfer with Wise?

Recipients can use the tracking link provided by Wise to monitor the transfer in real-time. Email notifications also update the sender and recipient on the progress of the transfer.