By zoostoki 
Key Takeaways
- TransferWise, now known as Wise, simplifies international payments with transparent fees, real-time exchange rates, and support for over 50 currencies.
- Users can receive payments easily using local bank details provided by Wise or by sharing payment links for direct transactions.
- Wise offers significant cost benefits, including mid-market exchange rates and avoiding hidden bank fees, ensuring you retain more of your earnings.
- Its multi-currency accounts and tools make it practical for freelancers, businesses, and remote workers to manage global transactions effortlessly.
- Transactions are generally fast (1–2 business days), though users should be aware of currency limits, verification requirements, and occasional card payment fees.
- Wise’s localized banking details feature enables seamless direct payments, providing IBANs, SORT codes, and routing numbers for different currencies.
Getting paid internationally can feel like a hassle, especially with hidden fees and confusing exchange rates. I’ve been there, wondering if there’s a simpler, more affordable way to receive money from abroad. That’s where TransferWise, now known as Wise, comes into the picture.
Wise has become a popular choice for freelancers, remote workers, and businesses looking for fast and transparent international payments. But can you actually get paid through Wise, and how does it work? Let me break it down so you can decide if it’s the right option for you.
What Is TransferWise?
TransferWise, now known as Wise, is an international money transfer service designed to simplify cross-border payments. It focuses on offering low-cost transfers with transparent fees and real-time exchange rates.
Wise operates by matching transfers within its network, avoiding traditional bank fees and enabling faster processing times. Users can send and receive payments in over 50 currencies, including USD, EUR, GBP, and AUD, using Wise’s platform.
The service includes tools like multi-currency accounts, allowing individuals and businesses to hold, manage, and convert funds in different currencies. Wise also issues debit cards for account holders, making it easier to spend in local currencies without additional transaction rates.
How Does TransferWise Work?
Wise simplifies international payments by enabling users to send and receive money at real exchange rates with minimal fees. Its process avoids traditional bank markups and hidden costs.
Setting Up An Account
Creating a Wise account takes only a few steps. I sign up online or through the Wise app using my email, Google, or Apple account. Once registered, I provide basic personal or business details and complete identity verification. Setting up a multi-currency account lets me hold and manage balances in over 50 currencies.
Sending And Receiving Payments
To send money, I initiate a transfer by entering the recipient’s details, the currency amount, and the funding method, like a bank account or card. Wise then converts the money at the mid-market rate and completes the transfer within 1–2 business days in most cases. For receiving payments, I give clients my Wise account details, which include local bank information for multiple countries. This allows me to accept payments directly in local currencies with no need for currency conversion.
Can I Get Paid Through TransferWise?
Yes, I can get paid through Wise (formerly TransferWise) efficiently for international payments. Wise simplifies the process by offering low fees, transparent exchange rates, and multiple payment options.
Supported Payment Methods
Wise supports payments via bank transfers and direct debit. A payer can send money directly from their bank account to my Wise account. I can also share local bank details provided by Wise for receiving payments in USD, EUR, GBP, and other supported currencies.
Employers or clients can use credit or debit cards for transactions. Wise accepts payments made with Visa or Mastercard, ensuring flexibility for payers who prefer card payments.
Benefits Of Using TransferWise
Wise offers several advantages when getting paid internationally. Firstly, it uses real exchange rates and avoids hidden markups, so I receive more of what clients pay. Processing times are quick, often within 1–2 business days.
Wise provides local account details in popular currencies. With these, I can receive payments in USD, GBP, EUR, or AUD without triggering expensive conversion fees. Additionally, Wise’s multi-currency account enables me to hold, convert, or withdraw funds at any time.
These benefits make Wise a practical and affordable solution for freelancers and businesses managing global transactions.
Steps To Get Paid Through TransferWise
Getting paid through Wise is straightforward. There are two primary methods: creating payment links and sharing account details for direct transfers.
Creating Payment Links
I can create a payment link to simplify receiving payments. To do this, I log into my Wise account, navigate to the “Receive” section, and select “Payment Link.” After entering the payment amount and currency, the system generates a unique link. I share this link with my client, who can use it to pay me directly through the Wise platform. This method eliminates the need for providing additional banking details.
Sharing Account Details
Providing account details allows clients to send payments directly in their local currency. I access the “Account Details” section of my Wise multi-currency account, where I find unique banking details like IBAN for EUR, SORT code for GBP, and routing number for USD. I share the relevant details with the payer based on the currency they’re using. Wise automatically converts or deposits the amount into my account with no hidden fees or inflated rates.
Pros And Cons Of Getting Paid Through TransferWise
Pros
- Transparent Fees
TransferWise displays fees upfront. I always know the exact cost of receiving payments. There are no hidden charges, making it easier to predict expenses.
- Real Exchange Rates
I get paid using mid-market exchange rates. Unlike traditional banks, TransferWise avoids inflated rates, saving me additional costs on currency conversions.
- Multi-Currency Support
With over 50 currencies available, I can receive payments in diverse currencies like USD, EUR, and GBP. This eliminates the need for frequent conversions.
- Speed
Payments through TransferWise usually process within 1–2 business days. This reduces delays when compared to traditional methods.
- Localized Banking Details
TransferWise provides local account details for various currencies. I can offer IBANs for EUR or routing numbers for USD, enabling direct payments from clients.
- User-Friendly Payment Tools
Features like payment links simplify client transactions. I can instantly generate and share links for easy payments.
Cons
- Transaction Limits
TransferWise imposes transaction limits for specific currencies and regions. This can restrict larger amounts, especially for high-value payments.
- Verification Delays
I had to complete identity verification when signing up. Although necessary for security, this process caused minor delays initially.
- Fees for Certain Transactions
While overall fees are low, card payment methods may incur additional charges. This could impact small-scale payments.
- Non-Supported Currencies
Some currencies aren’t supported by TransferWise. If I receive payments in these currencies, I’d need an alternative solution.
- No Credit Option
TransferWise doesn’t include credit services or overdraft options. I can only transact funds already in my account.
Each pro and con depends on specific payment needs, making it essential for users to evaluate TransferWise’s suitability for their business.
Conclusion
Wise offers a modern, efficient way to handle international payments without the usual headaches of hidden fees and poor exchange rates. Its transparent pricing, multi-currency support, and user-friendly tools make it a valuable option for freelancers, remote workers, and businesses managing global transactions. While it may not suit every scenario, its benefits far outweigh its limitations for most users. If you’re looking for a straightforward and cost-effective solution for cross-border payments, Wise is definitely worth exploring.
Frequently Asked Questions
1. What is Wise, and how does it work?
Wise is an international money transfer service that helps individuals and businesses send and receive payments efficiently. It uses real exchange rates and minimal fees by matching transfers within its network, avoiding traditional bank costs. Users can manage transactions in over 50 currencies and utilize tools like multi-currency accounts and debit cards for seamless global payments.
2. How do I set up a Wise account?
Setting up a Wise account is simple. Sign up online or via the Wise app, complete identity verification, and create your multi-currency account. After setup, you’re ready to send or receive international payments quickly and transparently.
3. What currencies does Wise support?
Wise supports over 50 currencies, including USD, EUR, GBP, AUD, and more. This allows users to send, receive, and manage funds in multiple currencies without excessive conversion fees.
4. How do I send money using Wise?
To send money, log in to Wise, enter the recipient’s details and the amount. Wise converts the funds at a mid-market exchange rate and processes the transfer, typically within 1–2 business days.
5. How can I receive payments through Wise?
You can receive payments by sharing your Wise account details with the sender or creating a payment link through your account. Payments are received directly in local currencies with no additional conversion requirements.
6. What are the benefits of using Wise?
Wise offers transparent fees, real exchange rates, fast transfers, multi-currency accounts, and localized banking details in popular currencies. It’s a cost-effective and user-friendly option for freelancers, remote workers, and businesses managing international transactions.
7. Are there any disadvantages to Wise?
Some drawbacks include transaction limits for certain currencies, potential delays in verification, fees for specific payment methods, and unsupported currencies. Wise does not offer credit options, which might not suit all users.
8. Is Wise suitable for businesses and freelancers?
Yes, Wise is an excellent solution for businesses and freelancers managing international payments. It offers transparency, quick processing times, multi-currency support, and tools like payment links and account details for efficient transactions.
9. Does Wise provide a debit card?
Yes, Wise offers debit cards for account holders. The cards allow users to spend in local currencies, avoiding excessive transaction fees during international payments or purchases.
10. Are there hidden fees with Wise?
No, Wise is transparent about its fees. All charges are clearly displayed upfront, and the service uses mid-market exchange rates without hidden markups or additional costs.