By thestyleoftheday 
Key Takeaways
- Wise (formerly TransferWise) simplifies international money withdrawals through bank transfers and Wise debit cards, offering ease and transparency.
- Set up and verify your account and payment methods to avoid delays, including linking bank accounts or debit cards with accurate details.
- Choose between bank transfers or ATM withdrawals for flexibility, keeping in mind Wise’s competitive exchange rates and withdrawal limits.
- Understand Wise’s transparent fee structure, which includes low amounts for domestic and international transfers and ATM withdrawal fees beyond the free limits.
- Monitor withdrawal processing times, which can range from minutes to 2 business days depending on the method and currency route.
- Double-check account details and stay updated via notifications to ensure smooth transactions and troubleshoot failed attempts efficiently.
Managing your money across borders has never been easier, thanks to platforms like TransferWise, now known as Wise. If you’re like me, you probably appreciate how simple it is to send and receive money internationally without the hefty fees traditional banks charge. But when it comes to withdrawing money from your Wise account, you might wonder how to do it quickly and efficiently.
I’ve been there, figuring out the best way to access my funds without any hiccups. The good news? Wise makes the process straightforward and hassle-free. Whether you’re withdrawing to your local bank account or need access to cash on the go, I’ll walk you through the steps to ensure your money gets where it needs to be.
What Is TransferWise?
TransferWise, now called Wise, is a financial technology company specializing in international money transfers. It allows individuals and businesses to send, receive, and manage money across borders at reduced costs compared to traditional banks.
Wise uses mid-market exchange rates, avoiding inflated charges often seen with other providers. With over 300 currency routes and 10+ million customers globally, it’s a popular choice for cross-border transactions.
The platform offers multiple services, including local bank details for specific currencies, multi-currency accounts, and debit cards for spending or withdrawals. Users can access these features through its website or mobile app, ensuring convenience and transparency.
Preparing To Withdraw Money
Withdrawing money from Wise is a simple process. Before accessing your funds, ensure your account and payment methods are properly set up.
Setting Up Your TransferWise Account
I confirm my Wise account is active by logging in through the website or mobile app. A valid email address and secure password are required. For added security, I enable two-factor authentication in the settings.
To withdraw money in different currencies, I open a multi-currency account. This allows me to hold, convert, and send money across 50+ supported currencies. If I plan to use a Wise debit card for cash withdrawals, I order one through my account.
Verifying Your Bank Account Or Card
Wise requires me to link a bank account or card to process withdrawals. I add a bank account by providing account details, such as the routing number and account number for US accounts or SWIFT/BIC and IBAN for international accounts. For card verification, I enter the card number, expiration date, and CVV.
I verify ownership by completing a small transaction or uploading bank/card statements if necessary. Wise notifies me once the verification process is complete, enabling smooth withdrawals going forward.
How Do I Withdraw Money From TransferWise?
Withdrawing funds from Wise is straightforward, offering flexibility through bank transfers or card-based withdrawals. These methods ensure seamless access to your funds.
Withdrawing To A Bank Account
Access the Wise website or mobile app. Navigate to the “Balances” section, select the currency balance you want to withdraw from, and click “Send.” Enter the recipient as “Myself” and provide your bank account details, including account number and routing number for US accounts or IBAN for international ones. Double-check the information for accuracy before confirming.
Wise offers a mid-market exchange rate when converting to a different currency. Processing time varies by currency and region. Domestic transfers often take minutes, while international ones may take up to 2 business days.
Withdrawing Using A Debit Or Credit Card
Ensure your Wise debit card is activated. Log into your Wise account, then locate a supported ATM in your area. Use the card to withdraw cash directly in the local currency, benefiting from competitive exchange rates.
Some ATMs charge a usage fee, so select fee-free ATMs when possible. If you’re withdrawing above your monthly free allowance, Wise applies a 2% fee to the additional amount. The Wise app shows your available limits for transparency.
Fees And Processing Times
Wise provides clear fee structures and efficient processing times for withdrawals, ensuring transparency and reliability in accessing your funds.
Breakdown Of Withdrawal Fees
Wise charges a small fee for withdrawals, which depends on the transfer amount and destination. For domestic bank transfers, fees typically range from $0.50 to $1. International transfers cost 0.35% to 1% of the total amount, influenced by currency conversion and payment method. ATM withdrawals using a Wise debit card come with no charge for the first two withdrawals, but subsequent transactions incur a $1.50 fee per transaction in addition to a 2% charge for amounts exceeding $300 per month.
How Long Does It Take To Withdraw Money?
Processing times vary based on the withdrawal method and currency. Most domestic bank transfers complete within minutes, although some may take up to 2 hours. International withdrawals typically require 1-2 business days. For ATM withdrawals with a Wise debit card, funds are instantly accessible, subject to daily limits set by Wise and the ATM provider.
Common Issues And Troubleshooting
Even with Wise’s streamlined services, users may encounter issues when withdrawing funds. Identifying common problems and their solutions helps ensure seamless transactions.
Failed Withdrawal Attempts
Failed withdrawals often stem from account-related restrictions or insufficient funds. Wise blocks transactions if the linked bank account or card isn’t verified. I recommend confirming that all linked accounts and payment methods are up-to-date and verified before retrying.
Temporary technical errors on Wise’s platform could also disrupt processing. Checking Wise’s official status page can reveal any ongoing issues. If the error persists, I advise contacting Wise’s support team directly through the app or website for quicker resolution.
Incorrect Bank Details
Inputting incorrect bank details leads to delayed or failed withdrawals. Wise verifies submitted bank account information for accuracy during the setup process. Double-checking routing numbers, IBANs, or SWIFT codes prevents errors.
Missing or incorrect recipient names may also cause issues. I suggest ensuring the entered name matches the bank account holder’s name exactly. If you’ve already submitted incorrect details, Wise often permits corrections; however, the process may require additional time and verification.
Tips To Ensure A Smooth Withdrawal Process
- Verify Account Details
Accurate account information ensures funds are transferred correctly. I always double-check my linked bank details, including account numbers and routing codes, before initiating withdrawals. For card withdrawals, I confirm that my Wise debit card is activated and linked properly.
- Monitor Processing Times
Withdrawal times depend on the method and transfer destination. Domestic bank transfers often complete in minutes, while international transactions can take up to 2 business days. I plan my withdrawals accordingly to avoid delays.
- Stay Within Limits
Wise sets specific withdrawal limits for bank transfers and ATM transactions. For example, ATM withdrawals are free for the first two transactions each month but incur a $1.50 fee and 2% charge if I exceed $300 monthly. Knowing these limits helps me avoid extra fees.
- Check Fees in Advance
Although Wise is transparent about its fees, I always review the exact costs for my withdrawal. For instance, domestic bank transfers typically charge $0.50 to $1, while international fees range from 0.35% to 1% of the withdrawn amount.
- Verify Platform Status
I ensure there are no ongoing technical issues with Wise by visiting their official status page. Temporary errors can sometimes affect withdrawals, but checking the platform status saves me unnecessary troubleshooting efforts.
- Review Supported Currencies
To avoid complications, I confirm my withdrawal currency is supported by Wise. Managing currencies in my multi-currency account brings flexibility but requires me to select the correct balance before transferring.
- Enable Notifications
To stay updated, I enable notifications for any changes in my withdrawal status. Emails or app alerts help me keep track of transactions from start to finish without manual follow-ups.
Conclusion
Withdrawing money from Wise is a seamless process when you’re prepared and informed. By setting up your account, verifying your details, and choosing the right withdrawal method, you can access your funds quickly and with minimal fees. Whether you’re transferring to a bank account or using a Wise debit card, the platform ensures transparency and efficiency every step of the way. By following the tips provided, you can avoid common pitfalls and enjoy a hassle-free experience managing your money globally.
Frequently Asked Questions
What is Wise, and how does it work?
Wise (formerly TransferWise) is a financial technology company specializing in international money transfers. It allows individuals and businesses to send, receive, and manage money globally with reduced fees. Wise utilizes mid-market exchange rates to avoid inflated charges and supports over 300 currency routes. It also offers features like multi-currency accounts, local bank details, and debit cards for spending, withdrawals, or transfers.
How do I withdraw money from my Wise account?
You can withdraw money from your Wise account via bank transfer or an ATM using a Wise debit card. For bank transfers, go to the “Balances” section, select a currency, and enter your bank details. To withdraw cash, activate your Wise debit card and use a supported ATM. Ensure accounts are verified and check for potential withdrawal fees.
What are the fees for withdrawing money through Wise?
Wise charges low fees for withdrawals. Domestic bank transfers typically cost $0.50–$1, while international transfers range from 0.35% to 1% of the amount. ATM withdrawals are free for the first two transactions but cost $1.50 plus 2% for amounts over $300 per month. Fees vary by withdrawal method and amount.
How long does it take to process a withdrawal on Wise?
Processing times depend on the withdrawal method. Domestic bank transfers are often completed within minutes, while international transfers typically take 1–2 business days. ATM withdrawals using a Wise debit card offer instant access to cash, subject to any daily or ATM limits.
Why did my Wise withdrawal fail?
Failed withdrawals may result from account restrictions, unverified bank accounts, or insufficient funds. Temporary technical issues on Wise’s platform can also disrupt transactions. Verify your account details, ensure all linked accounts are active, and double-check bank information for accuracy. If the issue persists, contact Wise’s support team.
Are there limits on withdrawing cash from a Wise debit card?
Yes, Wise imposes daily ATM withdrawal limits. The default limit varies by location but can be adjusted in the Wise app. Additionally, you are allowed two free ATM withdrawals per month. Exceeding $300 in withdrawals incurs a $1.50 fee plus 2% of the total amount.
Can I manage multiple currencies on Wise?
Yes, Wise supports over 50 currencies through its multi-currency account. You can hold, convert, and transfer funds between currencies using mid-market exchange rates. This makes it easy to manage international payments or withdraw funds in different currencies.
How do I link a bank account to Wise for withdrawals?
To link a bank account, log in to your Wise account, enter your bank details, and complete the verification process. Verification may involve submitting a small test transaction or providing a bank statement. Once verified, you can initiate transfers to the linked account.
What should I do if I encounter technical issues on Wise?
If you experience technical difficulties, first check Wise’s official status page for updates on platform issues. Ensure your internet connection is stable and retry the transaction. If problems persist, contact Wise’s customer support for assistance.
How can I reduce fees when withdrawing money on Wise?
To minimize fees, use domestic bank transfers whenever possible, stay within the $300 ATM withdrawal limit (for free withdrawals), and monitor Wise’s fee calculator before initiating any withdrawal. Planning ahead ensures fewer unexpected charges.