How to Accept Money from TransferWise (Wise) Easily: A Complete Step-by-Step Guide

When it comes to receiving money internationally, the process can feel overwhelming with hidden fees and confusing steps. That’s where TransferWise, now known as Wise, steps in to simplify everything. It’s designed to make cross-border payments fast, affordable, and transparent.

I’ve found that accepting money through Wise is not only straightforward but also a great way to avoid unnecessary charges. Whether you’re a freelancer, a small business owner, or just someone receiving funds from abroad, understanding how to use Wise can save you time and money. Let me walk you through the basics so you can start accepting payments with ease.

Understanding TransferWise

TransferWise, now called Wise, simplifies receiving money internationally by offering transparent, fast, and low-cost payment solutions. Its intuitive platform makes it accessible for individuals and businesses.

What Is TransferWise?

TransferWise is a financial technology company that enables cross-border money transfers at real exchange rates. Unlike traditional banks, Wise avoids high markups and hidden fees. It supports over 50 currencies and serves millions globally. Freelancers and businesses benefit from low-cost transfers and multi-currency accounts.

How Does TransferWise Work?

Wise uses a peer-to-peer system to transfer money efficiently. When funds are sent, Wise matches the transaction within local bank networks, bypassing international transfer fees. For example, if someone sends USD to a Euro account, Wise processes a local USD payment and delivers Euros from its reserves. This approach ensures competitive rates and minimal delays. To start, users create an account, verify their identity, and link a bank account.

Setting Up Your TransferWise Account

Getting started with TransferWise (Wise) ensures a seamless experience for receiving international payments. Follow these steps to set up your account.

Creating an Account

Sign up on the Wise website or mobile app by clicking the “Sign Up” button. Provide your email address, choose a password, and select your account type—personal or business. If you’re creating a business account, input the company name and registration details. Once completed, access your account dashboard to proceed with setup.

Verifying Your Identity

Verify your identity to activate full account features. Upload a government-issued ID such as a passport or driver’s license. For address verification, submit a recent utility bill or bank statement. Wise reviews submissions promptly, usually within a few business hours. Verified accounts can receive payments in multiple currencies and access local account details where available.

Receiving Money With TransferWise

Wise makes it simple to receive international payments quickly and without hidden fees. Using real exchange rates and local bank networks, Wise ensures seamless transactions for individuals and businesses.

Providing Your Bank Details

To receive money through Wise, I share my local bank details or Wise account details with the sender. Wise provides access to local account details for currencies like USD, EUR, GBP, and AUD, depending on the country of residence. For example, I use Wise’s USD account details, which include a routing number and an account number, when receiving payments in USD. The sender transfers funds like a local payment, avoiding international bank fees. If a currency-specific account doesn’t exist, Wise converts the amount at the real exchange rate and deposits it in my preferred currency.

Generating a Payment Link

I create payment links directly through Wise to request funds from clients or senders. By navigating to the “Receive Money” section in my Wise account, I generate a unique link. This link includes details like the payment amount and currency, streamlining the process for the sender. Once the sender completes the payment using the link, Wise notifies me and deposits the funds into my account. This feature is ideal for freelancers and small businesses managing multiple clients.

Benefits Of Using TransferWise For Receiving Money

Using TransferWise, or Wise, ensures streamlined international payments, reducing costs and offering transparency. Its user-friendly features provide several advantages, making it an ideal choice for receiving money globally.

Low Fees

Wise charges minimal fees compared to traditional banks. For example, while banks may apply hidden charges and inflated exchange rate markups, Wise displays its fees upfront and offers a transparent pricing structure. This ensures lower costs for every transaction, whether you’re receiving $100 or $10,000.

Competitive Exchange Rates

Wise applies the real mid-market exchange rate without additional margins. Unlike banks or other providers that often add markups, Wise gives users the same rate found on platforms like Google or XE. This accuracy provides value, especially for large payments in currencies such as EUR, GBP, or AUD.

Fast Transfers

Transfers through Wise are processed more quickly than traditional international wire transfers. Payments in many currencies arrive as quickly as in 1-2 business days, reducing waiting times for urgent transfers. Some currencies, like USD or GBP, often allow for same-day deposits, making it highly efficient.

Tips For A Smooth Transaction

Ensuring accuracy and tracking the process are key to successful transfers with Wise. Following these tips minimizes potential issues.

Double-Check Your Bank Details

I always take a moment to review my bank details before sharing them with senders. This includes verifying the account number, routing number, SWIFT code, or any local bank identifiers specific to the currency. Accurate details prevent delays or errors. With Wise, local account details displayed in my profile help avoid confusion in cross-border payments.

Monitor Transfer Status

I closely monitor transfer status through the Wise app or website after the sender confirms the payment. Wise provides real-time updates, showing the transfer’s progress at each stage. Notifications keep me informed of any delays, and I can contact support if the expected timeline (usually 1-2 business days) isn’t met.

Conclusion

Using Wise has completely transformed how I handle international payments. Its transparency, low fees, and real exchange rates make it a reliable option for anyone receiving money from abroad. Whether you’re a freelancer, small business owner, or just someone navigating cross-border transactions, Wise offers a seamless and cost-effective solution. By following the steps to set up and verify your account, you can unlock its full potential and enjoy faster, more affordable transfers. It’s a game-changer for managing global payments with ease.

Frequently Asked Questions

1. What is Wise, and how does it work?

Wise (formerly TransferWise) is a financial technology company that facilitates international money transfers at real exchange rates without hidden fees. It uses a peer-to-peer system to match transactions locally, bypassing traditional international transfer fees. Wise supports over 50 currencies and provides local account details for selected currencies.

2. Is Wise safe to use for international transfers?

Yes, Wise is a safe and regulated platform. It complies with financial regulations globally, uses robust encryption, and has millions of trusted users worldwide.

3. How do I sign up for a Wise account?

To sign up, visit the Wise website or download the app. Create an account by choosing an account type, entering personal or business details, and verifying your identity with a government-issued ID and proof of address.

4. How can I receive money through Wise?

You can receive money by sharing your local account details (e.g., USD, EUR, GBP) with the sender. Alternatively, you can generate a payment link to request funds.

5. What currencies does Wise support?

Wise supports over 50 currencies, including USD, EUR, GBP, AUD, and more. Local account details are available for select currencies.

6. What are the fees for using Wise?

Wise charges low, transparent fees for transactions. The pricing is displayed upfront, with no hidden charges, and uses real mid-market exchange rates to keep costs low.

7. How fast are Wise transfers?

Wise transfers are faster than traditional bank transfers. Most payments arrive within 1-2 business days, with some currencies allowing for same-day deposits.

8. How does Wise ensure low costs for transfers?

Wise avoids traditional bank fees by using local transfers instead of international wires, applying real exchange rates, and charging minimal upfront fees.

9. Can freelancers and businesses benefit from Wise?

Yes, Wise is ideal for freelancers and small businesses since it simplifies cross-border payments, saves on fees, and provides tools like payment links to streamline receiving funds.

10. How can I ensure smooth transactions on Wise?

Double-check your bank details before sharing them, and monitor transfer status via the Wise app or website for real-time updates and notifications to avoid errors or delays.

11. Does Wise offer real-time exchange rates?

Yes, Wise provides the real mid-market exchange rate with no markups, ensuring you always get the best available rate.

12. Do I need a local bank account to use Wise?

No, you don’t need a local bank account. Wise can provide local account details for certain currencies, allowing you to receive payments as if you had a local account.

13. Can I use Wise to request money from clients?

Yes, you can generate payment links on Wise to request funds from clients. This feature is especially useful for freelancers and businesses.

14. What documents are needed for account verification?

You’ll need a government-issued ID (e.g., passport or driver’s license) and proof of address (e.g., utility bill) for account verification to access all Wise features.

15. Can I track my transfers on Wise?

Yes, Wise allows you to track your transfers in real-time via the app or website. You’ll receive notifications when your funds are processed and delivered.