By thestyleoftheday 
Key Takeaways
- Wise (formerly TransferWise) offers fast and transparent international money transfers, but the exact delivery time varies based on factors like currency, payment method, and location.
- Instant transfers are possible for some transactions, especially when using credit or debit cards and supported banks with fast payment systems.
- Standard transfers often take 1 business day, while multi-day transfers may occur for unusual currencies, stricter regulations, or slower banking networks.
- Factors like banking hours, public holidays, and weekends can impact transfer speeds, so planning around these times is essential.
- Verifying recipient details and completing identity verification upfront can prevent delays, ensuring smoother processing times.
- Tracking your transfer via the Wise app or website provides real-time updates, keeping you informed throughout the process.
When it comes to sending or receiving money internationally, speed matters. I’ve often found myself wondering how long it actually takes for a transfer to go through, especially with services like TransferWise, now known as Wise. Whether you’re paying bills abroad or helping out a friend, timing can make all the difference.
What’s great about Wise is its reputation for fast and transparent transfers, but the exact time it takes can depend on a few factors. From the currency you’re sending to the payment method you choose, there’s more to it than meets the eye. Let’s dive into what impacts transfer times and how you can get your money delivered as quickly as possible.
What Is TransferWise?
TransferWise, now known as Wise, is a global financial technology company specializing in cross-border money transfers. It provides an alternative to traditional banks by offering faster processing times and lower fees. Wise works by using a peer-to-peer system that matches transfers in different countries to streamline the process.
The platform supports over 50 currencies, covering major economies like the US, UK, and Eurozone. Users can send money through bank transfers, debit cards, credit cards, and other payment methods depending on the country. Wise also offers transparency by displaying upfront fees and real-time exchange rates before completing a transaction.
Factors Affecting Transfer Time
Transfer times with Wise depend on multiple variables that influence how quickly money reaches the recipient. Understanding these factors can help plan transactions better.
Sender’s Location
The country where the sender initiates the transfer affects processing times. Transfers from regions with robust banking infrastructures, like the US or UK, often process faster due to automated systems. However, payment methods like manual bank transfers may delay the process in countries with less developed systems.
Recipient’s Location
The recipient’s country determines fund availability and delivery speed. Transfers to countries with slower banking networks or strict regulations may take longer. For example, payments to nations with compliance checks, such as India or South Africa, require additional time for verification.
Banking Hours And Weekends
Banking hours influence when a transfer is processed. Transfers initiated outside standard working hours or on public holidays take longer since banks process payments only during operational hours. Weekends delay transfers further, especially in regions where banks are closed for multiple days.
Currency Exchange And Conversion
Currency exchange adds additional steps to the transfer process. If converting between currencies with high volatility, transfers may take longer as Wise matches conversion rates. Examples include converting USD to currencies like BRL or INR, which often involve additional checks or settlement processes.
Typical Transfer Times With TransferWise
TransferWise, now Wise, offers varied transfer speeds depending on multiple factors. These include the payment method, currency corridor, and bank processing times.
Instant Transfers
Certain transfers can be completed instantly, usually within seconds. Instant speed is achievable if both the sender and recipient banks support fast payment systems. Credit or debit card-funded transfers often fall under this category. For example, transfers within countries like the UK with Faster Payments or the Eurozone with SEPA Instant frequently result in near-instant delivery.
One-Day Transfers
Most transfers are processed within one business day. This timeframe applies if transactions occur during regular banking hours and involve major currencies, such as USD to EUR or GBP to CAD. Bank account or direct debit-funded transfers also typically fit within this bracket, ensuring money arrives the next day under standard conditions.
Multi-Day Transfers
Transfers might take two to three business days or longer in specific scenarios. Sending to countries with stricter banking regulations, slower financial networks, or uncommon currencies can extend processing times. For instance, transfers involving exotic currencies like VND (Vietnamese Dong) or ZAR (South African Rand) may require additional verification, affecting delivery speed.
How To Track Your Transfer
Tracking a transfer with Wise ensures transparency and lets users monitor their money’s journey. I use the Wise app or website to access real-time updates on my transfer status.
- Log in to your Wise account: I begin by signing in through the Wise mobile app or website using my credentials.
- Navigate to the “Activity” section: I select the “Activity” tab, which lists all past and ongoing transfers.
- Select the specific transfer: I click on the relevant transfer to view its details, including current status and estimated delivery time.
Statuses like “Processing,” “Converted,” or “Sent” keep me informed at each stage. Wise also sends email notifications when significant updates occur, such as payment confirmations or delays.
Tips To Speed Up Your Transfer
- Choose Immediate Payment Methods
Using credit or debit cards can significantly reduce transfer times compared to bank transfers. While bank transfers may take hours or even days due to intermediary processing, card payments are processed almost instantly.
- Transfer During Business Hours
Transferring money when both the sender’s and recipient’s banks are open can expedite processing. Avoid initiating transfers late in the day, over weekends, or on public holidays to prevent delays caused by non-operational banking networks.
- Verify Recipient Details
Ensuring the recipient’s name, account number, and banking details are accurate can help avoid unnecessary verification delays. Mistakes or mismatches trigger additional checks, increasing processing time.
- Send Common Currencies
Transfers involving widely used currencies like USD, EUR, or GBP tend to process faster. Less common currencies may require additional conversion steps or checks, leading to delays.
- Use Faster Currency Routes
Certain currency routes, such as USD to CAD or EUR to GBP, often support instant or same-day transfers. Choosing these routes, when possible, can save time.
- Complete Identity Verification
Providing all requested identification documents and verifying your account before initiating a transfer prevents delays caused by compliance checks. Wise may require this for larger amounts or specific destinations.
- Enable Notifications for Updates
Activating email or app notifications keeps you informed about transfer progress. Quick responses to any issues flagged by Wise, such as additional information requests, minimizes delays.
- Plan Around Peak Periods
Sending funds during off-peak hours can help you avoid longer processing times caused by higher transaction volumes. Transfers initiated during peak periods, like end-of-month or holiday seasons, may process slower.
Conclusion
Wise offers a reliable and efficient way to send money internationally, but transfer times can vary depending on several factors. By understanding what influences these timelines and taking proactive steps like choosing faster payment methods and verifying details upfront, you can ensure smoother and quicker transactions. Wise’s transparency and user-friendly tracking tools make it easy to stay informed throughout the process, giving you confidence your money will arrive as expected. With a little planning, you can make the most of this innovative platform for your cross-border transfers.
Frequently Asked Questions
What is Wise, and how does it work?
Wise (formerly TransferWise) is a global financial technology company specializing in cross-border money transfers. It uses a peer-to-peer system to match transfers across countries, bypassing traditional banks. Wise supports over 50 currencies, provides real-time exchange rates, and displays upfront fees for transparency.
How fast are transfers with Wise?
Transfer times with Wise vary based on factors like payment method, currency, and banking systems. Instant transfers may happen within seconds, while most standard transfers are completed within one business day. Transfers to countries with strict regulations or uncommon currencies may take 2–3 business days.
What factors affect Wise’s transfer speeds?
Key factors include the sender and recipient locations, currency type, payment method, and banking hours. Transfers are faster for major currencies and robust financial systems. Delays can occur due to bank holidays, weekends, or additional verifications for certain currencies.
Why do some transfers take longer than others?
Transfers can take longer if the currency is uncommon, the recipient bank has slower processes, or additional verification is required. Sending money outside banking hours or during weekends also extends processing times.
How can I track money sent through Wise?
You can track transfers by logging into your Wise account via the app or website. Navigate to the “Activity” section, select the transfer, and check its status. Updates like “Processing,” “Converted,” or “Sent” provide real-time tracking. Wise also sends email notifications for major updates.
Are there tips to make transfers faster with Wise?
Yes, choose expedited payment methods like credit or debit cards, send money during business hours, and verify recipient details before transferring. Using common currencies and completing identity verification in advance can also help ensure faster delivery.
Does Wise show fees and exchange rates in advance?
Wise offers full transparency by displaying fees and real-time exchange rates before you complete a transaction. This ensures you know the exact cost of your payment and the amount the recipient will receive.
Are transfers with Wise secure?
Yes, Wise is regulated by financial authorities in multiple countries and uses encryption and secure systems to protect customer data and transactions. It is a trusted platform for millions of users worldwide.
What currencies does Wise support?
Wise supports over 50 currencies, covering major global and some less commonly used currencies. However, processing times may vary depending on the specific currency and the banking systems involved.
Can I transfer money instantly with Wise?
Instant transfers are possible in certain regions, such as the UK or Eurozone, especially for credit or debit card-funded payments. However, instant delivery depends on the payment method and recipient bank’s support for fast transactions.