By thestyleoftheday 
Key Takeaways
- Wise (formerly TransferWise) transfers are fast and reliable, typically completing within hours to a few business days depending on currency, payment method, and recipient bank.
- Same-day transfers are common for popular currencies like USD or EUR, particularly when using faster payment methods like debit or credit cards.
- Factors such as bank processing times, verification, and time zones can influence how quickly a transfer is completed.
- Ensuring correct recipient details, completing account verification early, and using instant payment options can significantly speed up your transfer.
- Alternative services like PayPal, Western Union, and Revolut may offer faster or unique features, but Wise remains competitive with lower fees and transparent exchange rates.
- Delays can occur due to identity verification, public holidays, or discrepancies in recipient information, but these are typically rare with Wise.
When it comes to sending money internationally, speed matters. I’ve often found myself wondering how quickly a transfer will reach its destination, especially when time is of the essence. That’s where services like TransferWise, now known as Wise, come in—they’ve built a reputation for being fast, reliable, and transparent.
What Is TransferWise And How Does It Work?
TransferWise, now known as Wise, is an international money transfer service. It enables users to send money abroad with low fees and at the mid-market exchange rate, avoiding hidden charges typical of traditional banks.
Wise works by using a unique peer-to-peer model. When I send money, Wise matches my transfer with someone sending money in the opposite direction. For example, if I’m transferring USD to EUR, the service pairs my request with another user sending EUR to USD. Instead of completing a full international transfer, money stays within local bank accounts, reducing costs and processing times.
To get started, I create an account, select the transfer amount, and provide the recipient’s details. I then fund the transfer using my preferred payment method, such as a bank transfer, debit card, or credit card. Wise converts the money and deposits it into the recipient’s account, typically within a few hours to a couple of business days, depending on the currency and payment method.
Wise also offers features like a multi-currency account, allowing me to hold and convert over 50 currencies. The platform works for both personal and business users, simplifying international payments in more than 170 countries.
Factors Affecting TransferWise Transfer Times
Several factors influence how quickly a transfer through Wise is completed. These include banking processes, identity verification, exchange rates, and time zones.
Bank Processing Times
Bank processing speeds significantly affect the overall transfer time. Transfers involving recipient banks that support instant or same-day processing are faster. However, if the recipient’s bank operates only during standard business hours or doesn’t process payments on weekends and public holidays, delays occur.
TransferWise Verification Process
Wise processes transfers faster when user accounts and transactions are verified. Initial transfers or larger amounts might require additional identification checks, causing brief delays. Once verified, subsequent transfers proceed quicker.
Currency Exchange Rates and Time Zones
The availability of real-time exchange rates and corresponding time zones play a critical role. Transfers for pairs with high-market demand (e.g., USD to EUR) often process faster. Transfers initiated outside standard foreign exchange market hours or involving less commonly traded currencies might take longer.
Typical Transfer Durations With TransferWise
TransferWise, now known as Wise, processes most transfers swiftly, with durations varying based on factors like currency, payment method, and recipient bank. While many transfers complete within hours, others may take a couple of days depending on specific circumstances.
Same-Day Transfers
Many transfers complete on the same day, especially for frequently traded currencies like USD, EUR, or GBP. When sending funds to countries with compatible banking systems, transactions often process within minutes. Payments made via debit or credit cards also tend to be faster. Ensuring all details are accurate and completing payments during business hours improves the likelihood of same-day completion.
One-To-Two Day Transfers
Some transactions take one to two business days to process. This timeline is common for less frequently traded currencies or recipient banks with slower processing systems. Bank transfers using ACH in the US or SEPA in Europe may require extra time for settlement. Transfers initiated outside of banking hours or during weekends can also extend the duration.
Exceptions And Delays
Certain scenarios may result in delays. Additional identity verification, required for first-time transfers or large amounts, can extend processing times. Public holidays, both in the sender’s and recipient’s locale, affect bank operations and can delay transfers. Also, discrepancies in recipient account details or unforeseen technical issues with intermediary banks may slow down the process, though these occurrences are rare.
Tips To Speed Up Your TransferWise Transfers
Small adjustments can make your Wise transfers faster. Follow these tips to ensure quicker processing and fewer delays.
Ensuring Correct Information
Accurate details help avoid processing delays. Confirm the recipient’s name matches their bank account. Double-check account numbers, IBANs, or SWIFT codes before submitting. Mistakes in recipient details often result in rejected transfers or additional verification.
Verifying Your Account Early
Complete your account verification beforehand. Wise typically requests personal ID, address proof, or business documents for large transactions. Verifying early prevents delays caused by the review process during transfers. For first-time users, advance verification ensures the transfer isn’t interrupted.
Choosing The Right Payment Method
Select faster payment methods for quicker transactions. Payments via debit or credit card process instantly, unlike bank transfers which depend on clearing times. Use real-time payment methods where supported for prompt processing, especially when transferring during business hours or for urgent purposes.
Alternative Services Compared To TransferWise Transfer Times
Wise offers quick, reliable transfers, but other services may provide faster delivery or unique features depending on user preferences or specific transfer needs. Here’s a comparison of some alternatives:
- PayPal
PayPal processes international transfers instantly between PayPal accounts. However, when sending money to a bank account, processing can take up to 3-5 business days, and the fees and exchange rate markups are typically higher than Wise.
- Western Union
Western Union provides instant cash pickups for recipients in over 200 countries. While this is faster than Wise, the exchange rates include significant markups, and fees depend on the transfer amount and delivery speed.
- Revolut
Revolut supports same-day transfers in supported countries for users with accounts, similar to Wise’s currency conversion at competitive exchange rates. Bank transfers, however, can take 1-3 business days depending on the currency and recipient bank.
- Remitly
Remitly offers two speed options—Express transfers deliver funds within minutes but involve higher fees, while Economy transfers take 3-5 business days and cost less. Wise generally matches or exceeds Remitly’s standard delivery timeframe with lower costs for large amounts.
- Skrill
Skrill processes same-day international transfers, especially for Skrill-to-Skrill transactions. For bank account withdrawals, delivery can take up to 2-5 business days, and fees can exceed Wise’s depending on transfer routes.
- OFX
OFX specializes in high-value transfers with competitive exchange rates. Transfers can take 1-2 business days, similar to Wise, but require higher minimum transfer amounts. Additionally, OFX lacks instant processing options.
Summary Table: Transfer Times and Key Features
| Service | Estimated Transfer Time | Key Feature |
|---|---|---|
| Wise | Hours to 2 days | Transparent fees, mid-market rates |
| PayPal | Instant (PayPal accounts), 3-5 days (banks) | Easy in-network payments |
| Western Union | Instant (cash pickup), 1-5 days (banks) | Broad global coverage |
| Revolut | Same-day (app), 1-3 days (banks) | Multi-currency account |
| Remitly | Minutes (Express), 3-5 days (Economy) | Speed flexibility |
| Skrill | Minutes (Skrill accounts), 2-5 days (banks) | Rapid network transfers |
| OFX | 1-2 days | Ideal for large transfers |
Selecting a service depends on transfer speed, cost, and recipient needs.
Conclusion
When it comes to international money transfers, speed and transparency are essential. Wise stands out as a reliable option for sending money quickly and affordably, with features designed to meet both personal and business needs. While transfer times can vary based on several factors, Wise consistently delivers an efficient experience for most users.
By taking simple steps like verifying your account early and double-checking recipient details, you can ensure smoother and faster transactions. Whether you’re handling urgent payments or planning ahead, Wise offers a practical solution for transferring money across borders with confidence.
Frequently Asked Questions
What is Wise, and how does it work for international money transfers?
Wise (formerly TransferWise) is a money transfer service that enables users to send funds internationally with low fees and at the mid-market exchange rate. It uses a peer-to-peer system to match transfers, reducing processing times and costs. Users simply create an account, enter the transfer details, and the recipient will typically receive funds within hours or a few business days.
How long does a Wise transfer usually take?
Wise transfers often complete within hours for frequently traded currencies and instant payment methods. However, some transfers may take 1-2 business days, depending on factors like the currency, payment type, and recipient bank.
What factors affect the speed of Wise transfers?
Several factors influence transfer speed, including the payment method, currency being used, recipient bank’s processing times, and whether identity verification is required for the transfer.
Can I make same-day transfers with Wise?
Yes, same-day transfers are common when sending frequently traded currencies and using faster payment options like debit or credit cards. Transfers initiated during business hours are more likely to process quickly.
How can I speed up my Wise transfers?
To ensure faster transfers, double-check the recipient’s details, verify your Wise account early, and use faster payment methods like debit or credit cards instead of bank transfers.
Does Wise charge hidden fees?
No, Wise is transparent about its fees. It charges a small, upfront fee and uses the mid-market exchange rate without hidden markups, unlike many traditional banks.
What currencies does Wise support?
Wise supports over 50 currencies, allowing users to send, receive, and hold funds in a multi-currency account. Transfers are available to more than 170 countries.
Are Wise transfers reliable for large amounts?
Yes, Wise is dependable for larger transfers, though additional identity verification may be required for compliance with security regulations, potentially causing minor delays.
How does Wise compare to other money transfer services?
Wise offers lower fees and faster transfers for most cases. Alternatives like PayPal, Western Union, or Remitly may offer unique features (e.g., instant cash pickups) but often come with higher fees or slower bank transfer times.
What should I do if my transfer is delayed?
If your transfer is delayed, check for potential issues like incorrect recipient details, pending identity verification, or public holidays. Contact Wise support for assistance if delays persist.