By thestyleoftheday 
Key Takeaways
- Wise ensures quick and transparent international money transfers, with many transactions completed within a single business day for major currency routes.
- Transfer times vary based on factors like payment method, currency pair, location, verification processes, and banking hours.
- Bank and card payments differ in speed, with debit or credit card payments often processing faster than traditional bank transfers.
- Delays can be minimized by providing accurate recipient details, completing verification in advance, and avoiding transfers on weekends or public holidays.
- Wise often outperforms traditional banks and competitors in speed, cost-efficiency, and transparency, making it an ideal choice for regular international money transfers.
- Utilizing Wise tools and tips, like tracking transfers or choosing faster payment methods, improves user experience and ensures timely delivery.
Waiting for an international money transfer can feel like forever, especially when you’re unsure how long it’ll take. With TransferWise (now known as Wise), the process is designed to be fast and straightforward, but timing can still vary depending on a few factors. Whether you’re sending funds to a loved one or handling business payments, knowing what to expect can save you a lot of stress.
I’ve used Wise for multiple transfers, and their speed often stands out compared to traditional banks. But how long does it actually take for the money to land in someone’s account? Let’s break down the key factors that influence transfer times and what you can do to ensure a smooth transaction.
What Is Wise (Formerly TransferWise)?
Wise, previously known as TransferWise, is an international money transfer service launched in 2011. It simplifies sending and receiving money across borders by offering transparent fees and real exchange rates. Unlike traditional banks, Wise avoids hidden charges, making it a cost-effective choice for individuals and businesses.
The platform supports over 50 currencies and operates in more than 170 countries. It uses local accounts in sending and receiving regions to minimize transfer costs and boost efficiency. For example, transferring USD to EUR involves Wise matching funds domestically in both currencies rather than executing costly international transactions.
Wise also provides borderless accounts, allowing users to hold funds in multiple currencies and access local bank details. This feature benefits freelancers, travelers, and anyone managing finances globally. With a focus on transparency and speed, Wise ensures users can track transfer statuses in real time.
How Money Transfers Work With Wise
Wise simplifies international money transfers by focusing on speed and transparency. Using its platform ensures that funds are sent at real exchange rates with minimal fees.
Steps Involved in Sending Money
- Account Setup
I log in to my Wise account or create one if I’m new to the platform. Providing identification details ensures compliance with regulatory requirements.
- Initiate the Transfer
I enter the recipient’s details, including their name, bank account number, and country. I also select the amount and currency for the transfer. Wise provides an upfront calculation of the fees and the estimated delivery time.
- Fund the Transfer
I pay for the transfer via bank transfer, debit card, or credit card. Wise’s platform adjusts to various payment methods to accommodate user preference.
- Processing and Completion
Once Wise processes the payment, the funds are sent to the recipient’s bank via its local accounts, significantly reducing intermediary costs. Notifications keep me updated throughout the process.
Factors Influencing Transfer Times
- Payment Method
Transfers funded by bank transfers may take longer due to processing times, while card payments are typically faster.
- Currency Pair and Location
Transferring between popular currency pairs, such as USD and EUR, usually results in quicker processing. Transfers to less common destinations may experience delays due to additional banking steps.
- Verification Requirements
Wise may require identity or security checks for large or first-time transfers, which could extend the overall processing time.
- Banking Hours and Public Holidays
Transfers initiated outside banks’ operating hours or on public holidays might process slower since banks play a crucial role in receiving or dispatching funds.
How Long Does It Take to Receive Money TransferWise?
Receiving money through Wise usually happens quickly, but the timeframe varies based on several factors like currency routes, payment methods, and banking schedules. Here’s a breakdown to clarify how long transfers can take.
Average Delivery Times by Currency Routes
Delivery times depend on the currencies and countries involved. For major pairs like USD to EUR or GBP to AUD, it often takes less than 1 business day, with many transfers completing in minutes. However, less common currency routes, such as INR to ZAR, may take up to 2-3 business days due to local processing times or regulations. Wise provides real-time estimates before completing the transfer.
Impact of Payment Methods and Banking Hours
The time it takes to receive transfers can depend on how they’re funded. Bank transfers sent to Wise may take up to 2 days to clear, while debit or credit card payments process almost instantly. Transfers initiated outside banking hours or on public holidays can face delays, as partner banks might only process transactions during regular working hours.
Delays and How to Avoid Them
Delays may occur due to account verification needs, incorrect recipient details, or banking issues in the destination country. Ensuring all details are accurate and completing any required verifications in advance minimizes risks. Choosing faster funding options like debit cards and initiating transfers during business hours also helps avoid unnecessary delays.
Comparison to Other Money Transfer Services
When comparing Wise to other money transfer services, its speed and transparency stand out. Wise often completes transfers within one business day for major currencies, whereas traditional banks can take 3-5 business days. Services like Western Union or MoneyGram, while fast for cash pickups, charge higher fees and use marked-up exchange rates, reducing the overall value of transfers.
Platforms like PayPal also handle international transfers but involve higher costs. PayPal’s fees for sending money abroad can reach 5%, and its exchange rate margins further increase the expense. Most digital remittance services don’t match Wise’s transparency in showing upfront fees and real exchange rates.
Revolut and Remitly provide competitive services, though limitations exist. Revolut processes transfers quickly for supported currencies but restricts use in certain countries. Remitly offers faster transfers for express options but applies significant fees for priority processing.
Wise combines speed, cost-efficiency, and transparency, outperforming many alternatives for regular international transfers.
Tips for Faster Money Transfers With Wise
- Provide Accurate Recipient Details
Ensuring the recipient’s name, account number, and banking details are correct prevents delays. Errors can lead to additional verification steps or rejected transfers.
- Use Faster Payment Methods
Choosing debit or credit card payments shortens transfer times compared to bank transfers. Instant transfers via these methods often process quicker.
- Complete Verification in Advance
Verifying your identity and, if required, your transfer’s purpose before sending ensures processing isn’t postponed. Upload necessary documents promptly to avoid delays.
- Avoid Weekends and Bank Holidays
Initiating transfers on banking days helps avoid delays caused by non-working days. Schedule early in the week to expedite completion.
- Track Transfers Using Wise Tools
Monitoring your transfer through the Wise app or website provides real-time updates and ensures you’re aware of all stages and any potential issues.
- Maintain Sufficient Balance for Fees
Covering transaction fees in your payment ensures smooth processing. Inadequate amounts can halt or cancel the transfer.
- Transfer During Banking Hours
Sending money during active banking hours speeds up initial processing. This is particularly relevant when transferring to countries with limited banking hours.
Conclusion
Wise has revolutionized the way we handle international money transfers with its speed, transparency, and cost-effectiveness. By understanding the factors that affect transfer times and taking simple steps to avoid delays, you can make the most of this reliable service. Whether you’re sending money for personal or business purposes, Wise consistently delivers a seamless experience that stands out from traditional banks and other providers.
Frequently Asked Questions
How long does it take to receive money through Wise?
Wise transfers are typically completed within one business day for major currency pairs. For less common routes, it may take 2-3 business days. Delivery times vary depending on factors like payment methods, recipient country, and banking hours.
What factors affect Wise transfer times?
Transfer times can vary due to payment methods (e.g., bank transfer vs. credit card), currency pair, location, verification requirements, and recipient bank’s operating hours. Public holidays and weekends may also cause delays.
Is Wise faster than traditional banks for international transfers?
Yes, Wise is generally faster than traditional banks. Wise often completes transfers within one business day, while banks may take 3-5 business days.
Are there hidden fees when using Wise?
No, Wise prides itself on transparency. It uses real exchange rates and shows all fees upfront, unlike traditional banks or services with hidden fees and marked-up rates.
Can I track my Wise transfer in real-time?
Yes, Wise provides real-time tracking for your transfers. You can monitor the progress through your account or notifications provided on the platform.
What payment methods does Wise support?
Wise supports payment methods such as bank transfers, debit cards, credit cards, and Apple Pay. However, the availability of these methods may vary by country.
How can I avoid delays with Wise transfers?
To avoid delays, ensure recipient details are accurate, complete verifications in advance, use faster payment methods like debit/credit cards, and avoid initiating transfers on weekends or public holidays.
Is Wise cheaper compared to other money transfer services?
Yes, Wise is often cheaper due to its transparent fees and real exchange rate. While services like Western Union or PayPal charge higher fees and marked-up rates, Wise offers cost-effective transfers.
What currencies and countries does Wise support?
Wise supports over 50 currencies and operates in more than 170 countries. Its local accounts help to reduce costs and improve transfer efficiency.
Can Wise hold multiple currencies in one account?
Yes, Wise offers borderless accounts that allow users to hold, send, and receive money in multiple currencies. This feature is ideal for freelancers, travelers, and global businesses.