By thestyleoftheday 
Key Takeaways
- Wise (formerly TransferWise) simplifies international money transfers by offering low fees, real exchange rates, and transparent pricing, making it an ideal option for both personal and business transactions.
- Users can receive money efficiently using Wise, whether through direct bank transfers, payment links, or a multi-currency account that supports over 50 currencies.
- The platform ensures fast and secure transfers, with most transactions completed within 1-2 business days, using robust encryption and fraud detection systems for added security.
- Wise’s multi-currency accounts allow users to receive payments like a local in 10 major currencies, eliminating conversion delays and reducing costs for global transactions.
- Transparent and upfront fees eliminate hidden charges, helping users retain more of their money compared to traditional banks or other transfer services.
- Maximizing Wise’s features, such as selecting the best receiving method and avoiding extra charges, ensures an optimal user experience while saving time and money.
Managing money across borders used to be a hassle, but TransferWise, now known as Wise, has made it incredibly simple. Whether you’re receiving payments for freelance work, helping out family overseas, or just splitting costs with friends abroad, Wise offers a fast and cost-effective solution. It’s all about transparency, low fees, and real exchange rates.
I’ve found Wise to be a game-changer when it comes to receiving money internationally. No hidden fees, no inflated rates—just a straightforward process that ensures you get more of what’s yours. Curious about how it works? Let me walk you through how someone can get money with Wise and why it’s one of the best options out there.
What Is TransferWise?
TransferWise, now known as Wise, is an online platform designed for international money transfers. It enables individuals and businesses to send, receive, and manage money across borders using real exchange rates. Its user-friendly interface and transparent structure attract millions of users globally.
Wise operates by matching transfers within its network rather than conducting expensive international bank transfers. By avoiding traditional banking systems, it minimizes fees and ensures better rates for users. For example, sending $1,000 to Europe through Wise typically costs less than using a bank, as outlined in their fee calculator.
Wise’s multi-currency account allows users to hold and manage funds in over 50 currencies. This feature is particularly useful for freelancers, digital nomads, and businesses invoicing clients worldwide.
How Does TransferWise Work?
Wise simplifies international money transfers by offering a transparent, low-cost method to send, receive, and manage funds globally. It uses a peer-to-peer system to avoid traditional banking fees and guarantees the real mid-market exchange rate.
Setting Up An Account
Creating a Wise account takes only a few steps. I started by visiting the Wise website or downloading the mobile app. After entering my email, I selected a personal or business profile, then provided basic details, such as name, address, and date of birth. Wise also required identity verification, which involved uploading a valid ID, like a passport or driver’s license, for security purposes. Once verified, my account was ready to use.
Sending Money Through TransferWise
Sending money internationally with Wise is straightforward. I logged in, selected the “Send Money” option, and entered the recipient’s details, including their full name and bank account information. Next, I specified the amount and currency, and Wise displayed the exact fees and exchange rate. After confirming the details, I used one of the supported payment methods, such as a linked bank account or debit card, to complete the transaction. Wise processed my transfer quickly, and the recipient typically received their money within 1-2 business days, depending on the destination.
How Does Someone Get Money With TransferWise?
Wise offers several methods for receiving money efficiently, making it an ideal choice for personal and business transactions. Below are specific ways to receive funds with Wise.
Receiving Money Via Bank Transfer
Users can receive money directly into their local bank accounts after the sender completes the transfer. Wise converts the currency at the real mid-market exchange rate and deposits the funds into the recipient’s account. For instance, if someone sends euros to a recipient in the US, Wise ensures the conversion to dollars is accurate, with minimal fees. This process typically takes 1-2 business days.
Getting Paid Through TransferWise Links
Senders can utilize Wise payment links to transfer funds without needing the recipient’s full banking details. I generate a unique payment link from my Wise account and share it with the sender. Once the sender clicks the link and completes payment, the money appears in my Wise balance or linked bank account. This option simplifies the process for freelancers or small business owners handling international clients.
Using Multi-Currency Accounts To Receive Money
Wise’s multi-currency account enables users to hold balances in over 50 currencies and receive funds like a local in 10 major currencies, including USD, EUR, and GBP. For example, I can provide banking details like an IBAN or sort code to clients, who then pay me as if making a domestic transfer. This feature eliminates conversion delays and unnecessary costs, making it convenient for global transactions.
Benefits Of Using TransferWise To Get Money
TransferWise, now known as Wise, offers several advantages for receiving money internationally. Its low costs, genuine exchange rates, and robust security make it a preferred choice for users worldwide.
Low Fees And Transparent Pricing
Wise provides competitive fees, ensuring more of the money reaches the receiver. Instead of applying traditional banking markups, Wise charges a minimal percentage of the amount transferred and displays these costs upfront. For instance, transferring $1,000 internationally might cost only $9.00, depending on the currencies involved. The platform guarantees no hidden fees, and users know the exact amount they’ll receive before confirming a transfer. This transparency builds trust and eliminates surprises.
Fast And Secure Transfers
Wise prioritizes speed and safety to enhance user experience. It processes most international transfers within 1-2 business days, thanks to its efficient peer-to-peer system. Payments are encrypted, and fraud detection mechanisms monitor every transaction, providing users with peace of mind. For instance, when receiving money into a local bank account or a Wise multi-currency account, transactions are tracked in real time for clear updates. This reliability makes Wise suitable for urgent transfers and sensitive business payments.
Tips For Maximizing Your Experience With TransferWise
Using Wise efficiently ensures you get the most value from your international transactions. Simple strategies can save money and streamline the process further.
Choosing The Right Method To Receive Money
For receiving money, select the appropriate method based on your needs. Wise allows direct bank transfers for convenience and cost-effectiveness. When using this method, the sender inputs your bank details, and Wise converts the currency at the real exchange rate before depositing the funds. If privacy is a priority, Wise payment links work well. Instead of sharing banking details, I generate a payment link and send it to payers. This method is ideal for freelancers or businesses. Those managing multiple currencies often benefit from Wise’s multi-currency account, which lets me receive payments like a local in 10 currencies, saving on currency conversion fees.
Avoiding Additional Charges
Being aware of fees ensures I avoid unnecessary charges. Wise has transparent pricing but exchange rate fluctuations or incorrect details can cause delays or additional costs. Entering recipient information accurately prevents errors that could result in costly adjustments. Paying for transfers through bank transfers instead of credit or debit cards reduces transaction costs. Also, sending larger amounts rather than multiple smaller ones minimizes fees, as Wise applies fixed, percentage-based charges. Lastly, staying within Wise’s supported currencies ensures no extra charges from intermediary conversion services.
Conclusion
Wise has truly transformed how we handle international money transfers. Its combination of low fees, real exchange rates, and a user-friendly platform makes it a standout choice for anyone managing cross-border transactions. Whether you’re a freelancer, business owner, or someone sending money to loved ones, Wise offers a reliable and cost-effective solution. With its transparency and speed, it’s easy to see why millions trust Wise for their global financial needs.
Frequently Asked Questions
What is Wise, and how does it work?
Wise, formerly TransferWise, is an online platform for international money transfers. It uses real exchange rates and a peer-to-peer system to minimize fees. When you send money, Wise matches your transfer within its network instead of relying on costly international banks. This ensures lower fees, faster processing, and accurate currency conversion.
How much does it cost to send money with Wise?
Wise charges minimal fees based on the amount and currency, typically much lower than traditional banks. For example, transferring $1,000 internationally might cost around $9.00. Wise’s transparent pricing ensures no hidden charges.
What is the difference between Wise and a traditional bank transfer?
Wise offers real mid-market exchange rates without markups, while traditional banks often inflate exchange rates and charge high fees. Wise also processes funds faster (within 1-2 business days) through its peer-to-peer system, which avoids intermediary banks.
How can I receive money with Wise?
You can receive money via Wise directly into your local bank account without hidden fees. Alternatively, Wise offers payment links for secure and simplified transfers. Its multi-currency account also allows receiving and holding funds in 10 major currencies.
Is Wise safe to use for international money transfers?
Yes, Wise is highly secure. It employs encryption, fraud detection, and multi-factor authentication to protect your transactions. Wise is also regulated by financial authorities in multiple countries, ensuring a safe and reliable service.
How fast are Wise transfers?
Most Wise transfers are completed within 1-2 business days, depending on the recipient’s country and currency. The platform prioritizes speed while maintaining transparency and security.
What is a Wise multi-currency account?
A Wise multi-currency account lets you hold, convert, and manage funds in over 50 currencies. You can also receive payments like a local in 10 major currencies, making it ideal for freelancers, digital nomads, and international businesses.
Can Wise be used by businesses?
Yes, Wise is suitable for businesses. It offers a cost-effective way to send or receive payments globally, hold funds in multiple currencies, and invoice clients. Businesses benefit from transparent pricing and real-time tracking.
How do I set up a Wise account?
To set up an account, visit the Wise website or download the app. After registering with personal or business information, complete identity verification. Once verified, you can start sending or receiving international payments.
What are the advantages of using Wise over PayPal?
Wise typically offers lower fees and real exchange rates, while PayPal may charge higher fees and use marked-up exchange rates. Wise is also designed for faster and more transparent international transfers.