How to Transfer Money on TransferWise: Step-by-Step Guide for Fast & Secure Transactions

Sending money abroad used to be a hassle, but platforms like TransferWise, now known as Wise, have made it faster, cheaper, and more transparent. Whether you’re paying for services, supporting loved ones, or managing international business, Wise simplifies the process with its user-friendly interface and competitive exchange rates.

I’ve used Wise several times, and it’s a game-changer compared to traditional banks. The platform lets you transfer money quickly without hidden fees, so you know exactly what you’re paying upfront. If you’re new to Wise or just curious about how it works, I’ll walk you through the steps to make your first transfer seamless and stress-free.

What Is TransferWise?

TransferWise, now known as Wise, is an online platform designed for sending money internationally. It offers lower fees compared to traditional banks and uses mid-market exchange rates without hidden markups. Founded in 2011, Wise aims to make global money transfers cost-effective and transparent.

Wise supports over 170 countries and 50 currencies, including USD, EUR, GBP, and AUD. Users can send, receive, and hold money in various currencies through their multi-currency accounts. Unlike conventional providers, Wise ensures fees are clearly shown upfront.

The platform operates by matching users transferring money in opposite directions, reducing intermediary costs. Its straightforward approach has attracted millions of users worldwide. For example, if I transfer USD to EUR, the process avoids extra bank fees by directly matching the currency need with another transaction.

Steps To Transfer Money On TransferWise

Using Wise to send money internationally is simple and efficient. Below are the step-by-step details to guide you through the process.

Creating An Account

First, I signed up for a Wise account. On the Wise website or app, I selected “Sign up” and entered my email address. Then, I created a strong password and chose my account type—personal or business. The entire process took just minutes.

Verifying Your Identity

Wise requires identity verification for secure transfers. I uploaded a photo ID, such as a passport or driver’s license, and took a selfie for confirmation. In most cases, approval happened within minutes, but it may take longer depending on the document review.

Adding A Recipient

Next, I entered the recipient’s details. Wise allowed me to input their full name, email, and bank account information, including the IBAN or local bank account number. The “Add recipient” option saved their information for future transfers.

Choosing The Amount And Currency

I specified the amount I wanted to send and selected the recipient’s currency. Wise displayed the exact fees and the exchange rate before confirming. For example, if sending $500 to GBP, the platform showed the converted amount and delivery time upfront.

Completing The Payment

Lastly, I selected a payment method—bank transfer, debit card, or credit card. After completing the payment, Wise provided a transfer summary and email updates with tracking details until the funds reached the recipient.

By following these steps, transferring money on Wise becomes straightforward and transparent.

Features And Benefits Of Using TransferWise

Wise simplifies international money transfers by combining speed, affordability, and transparency. Its features make it a reliable choice for personal and business transactions globally.

Fast Transfers

Wise processes transfers quickly, often completing them within minutes or hours. Delivery times depend on currency pairings, recipient bank processing, and payment methods. For example, sending money to major currencies like USD or EUR is typically faster than less common ones.

Low Fees

Wise offers low, competitive fees, often lower than traditional banks. It charges a fixed percentage of the transfer amount plus a small fixed fee. For instance, sending $1,000 to a bank in the UK costs significantly less than using conventional bank services.

Transparent Exchange Rates

Wise uses mid-market exchange rates, which are the fairest available. There are no hidden charges or markups; the rate displayed during a transfer is the exact one applied. The platform’s fee breakdown ensures users know the cost upfront, eliminating unnecessary surprises.

Common Issues And How To Solve Them

Even with Wise’s streamlined system, users may encounter issues during money transfers. Below are some common problems and practical solutions to ensure a smooth experience.

Delayed Transfers

Transfers may take longer due to factors like bank processing times or regulatory checks. If delays occur, I check the estimated timeframe provided by Wise in the transfer summary. Public holidays, weekends, or incorrect recipient bank details can also cause delays. Ensuring all recipient details are accurate helps prevent processing errors. Monitoring the transfer’s status via the Wise app or website provides real-time updates. For unresolved delays, contacting Wise support directly often resolves the issue quickly.

Incorrect Recipient Details

Entering incorrect details, such as an invalid IBAN or recipient name mismatch, can result in failed or misplaced transfers. I double-check bank account numbers, recipient names, and Swift codes before confirming a transfer. Wise notifies users if the recipient bank rejects the payment due to incorrect details, allowing me to amend and resend. In such cases, early contact with the recipient’s bank or Wise support can help identify and fix errors promptly.

Payment Method Problems

Rejections may occur when payment methods fail due to issues like insufficient funds or unsupported cards. I ensure my debit/credit card or bank account has sufficient funds before initiating a transfer. Wise also provides a list of supported payment methods for each currency, which I verify beforehand. If payments fail due to technical errors, clearing browser cookies, updating the Wise app, or using an alternative device often resolves the issue. For further troubleshooting, Wise’s support team offers prompt assistance.

Conclusion

Wise has truly simplified the process of sending money internationally. Its combination of speed, transparency, and affordability makes it a standout option for anyone looking to avoid the high fees and hidden charges of traditional banks. The platform’s user-friendly design and upfront pricing create a stress-free experience, whether you’re sending money for personal reasons or business needs.

By following the steps outlined, you can complete your transfer with confidence, knowing exactly where your money is and how much it’ll cost. If any issues arise, Wise’s support team is there to help, ensuring a smooth and reliable experience every time.

Frequently Asked Questions

What is Wise, and how does it work?

Wise (formerly TransferWise) is an online platform for international money transfers. It offers low fees, transparent mid-market exchange rates, and supports over 50 currencies. Wise reduces costs by matching users transferring money in opposite directions and displays fees and rates upfront.

How is Wise different from traditional banks?

Wise charges lower fees, uses mid-market exchange rates without hidden markups, and provides greater transparency compared to traditional banks. Transfers are often faster, with clear upfront costs.

How long does a Wise transfer take?

Most Wise transfers are completed within minutes or hours. However, processing times can vary depending on factors like the recipient’s bank and payment method.

Is Wise safe to use for money transfers?

Yes, Wise is regulated by financial authorities globally and uses encryption to safeguard user data. Millions of users trust Wise for secure transactions.

What payment methods does Wise support?

Wise supports bank transfers, credit cards, debit cards, and some local payment methods depending on your location. Ensure your payment method has sufficient funds and is supported.

Can I track my Wise transfer?

Yes, Wise provides a transfer summary and tracking updates. You can monitor the status of your transfer through the Wise website or app.

Are there any hidden fees with Wise?

No, Wise is completely transparent. All fees are clearly displayed upfront, and they use mid-market exchange rates without hidden markups.

What should I do if my transfer is delayed?

Delayed transfers can happen due to bank processing times or incorrect recipient details. Double-check the information, verify the estimated timeframe, and monitor the transfer status using the Wise app.

How do I create a Wise account?

To create a Wise account, sign up with your email, set a password, and verify your identity by uploading a photo ID and a selfie. It’s quick and straightforward.

Can I send money to any country using Wise?

Wise supports money transfers to over 170 countries. However, availability may depend on the currency and local banking regulations in the recipient’s country.

What currencies can I transfer with Wise?

Wise supports more than 50 currencies. You can send, receive, and hold money in different currencies through its multi-currency account feature.

What should I do if I entered incorrect recipient details?

If you provided incorrect recipient details, the transfer may fail. Contact Wise support immediately to resolve the issue or amend the details before the transfer is completed.

How much does Wise charge for transfers?

Wise charges a small fixed fee and a percentage of the transfer amount. Fees are clearly shown upfront, and they’re typically lower than traditional banks.

How do I contact Wise support?

You can contact Wise support through their website or app by submitting a ticket or using their live chat feature. Wise also has email support for unresolved issues.

Can I use Wise for business transactions?

Yes, Wise is suitable for businesses. It offers features like multi-currency accounts, lower fees, and real-time exchange rates for efficient global transactions.