By zoostoki 
Key Takeaways
- Wise (formerly TransferWise) allows direct money transfers between Wise accounts, making the process faster, cost-effective, and hassle-free.
- Internal transfers are almost instant and carry minimal or no fees, compared to traditional international transfer methods.
- Users can send money in over 50 currencies, benefiting from real mid-market exchange rates without hidden markups.
- Wise accounts provide multi-currency flexibility, enabling users to hold, convert, and transfer funds seamlessly worldwide.
- Transaction limits and availability may vary based on currency, payment method, and regional regulations, so verifying specifics beforehand is recommended.
- Setting up and managing a Wise account is simple, with transparent pricing, secure verification, and efficient transfer management tools.
Sending money internationally has never been easier, thanks to platforms like Wise (formerly TransferWise). If you’re like me, you want a reliable, cost-effective way to transfer funds without jumping through hoops. But what happens when you need to send money from one Wise account to another? Is it even possible?
I’ve explored this question myself, and it’s an important one for anyone managing global finances. Whether you’re paying a friend, splitting bills, or handling business transactions, understanding how Wise handles transfers between accounts can save you time and unnecessary fees. Let’s dive into the possibilities and see how Wise makes it work.
What Is TransferWise (Wise)?
TransferWise, now known as Wise, is a financial technology platform designed for efficient, low-cost international money transfers. It focuses on transparency and avoiding high fees often associated with traditional banks.
Overview Of TransferWise Services
Wise offers personal and business accounts to send, receive, and convert money globally. Users can hold balances in over 50 currencies, making it convenient for international transactions. The platform also provides local bank details for key currencies, enabling seamless local payments. Business features include multi-currency accounts, automated payroll, and integration with tools like QuickBooks and Xero.
How It Works For Money Transfers
Wise matches transfers across currencies using its peer-to-peer model. Instead of converting and transferring funds internationally, it redistributes them between users domestically, reducing costs. For example, sending $500 to a UK account shifts $500 from a US pool to the recipient’s bank account via a UK pool. This method ensures real exchange rates and avoids hidden fees. Transfers are typically completed within one business day, depending on the chosen payment method.
Can You Send Money Via TransferWise To TransferWise?
Yes, it’s possible to send money directly between TransferWise (now Wise) accounts. This feature allows users to complete transfers faster and with reduced costs compared to sending money to external accounts.
Sending Money Between TransferWise Accounts
Sending money between Wise accounts is straightforward. Both the sender and the recipient need active Wise accounts. I initiate a transfer by entering the recipient’s email linked to their Wise account. The money typically moves instantly without additional processing delays. No international bank details are necessary, simplifying the process.
Recipients can hold the funds within Wise or withdraw them to their external bank accounts. For example, if I’m transferring $200 to a friend using Wise, they can access the funds immediately in their preferred currency.
Key Features For Internal Transfers
- Low Fees: Internal transfers on Wise have minimal or zero fees, making them cost-effective compared to external methods.
- Multi-Currency Support: I can send money in over 50 currencies, letting recipients choose their preferred currency for withdrawal.
- Speed: These transfers are almost instantaneous since they don’t rely on external banking networks.
- Real Exchange Rates: Wise always provides mid-market rates for internal and external transfers, with no hidden markups.
These features make Wise an efficient choice for direct account-to-account transfers.
Benefits Of Using TransferWise For Money Transfers
Using Wise simplifies sending money internationally while offering cost-effective and transparent services, making it a preferred choice over traditional banking methods. Users gain access to reduced fees, fast transfers, and versatile multi-currency accounts.
Low Fees And Transparent Pricing
Wise charges minimal fees for transactions, and I always know the exact cost upfront. Unlike traditional banks, it provides real mid-market exchange rates without hidden markups. For instance, transferring $1,000 might incur less than $10 in fees, depending on the currency and payment method.
Speed Of Transfers
Transfers on Wise happen quickly. Internal Wise-to-Wise transfers are often instant, while cross-border transactions to external accounts depend on factors like payment methods or recipient bank processing, typically taking no more than 1-2 business days.
Multi-Currency Accounts
Wise supports holding and converting funds in over 50 currencies. I can receive payments, store balances, and transfer money globally using real-time exchange rates. Examples include receiving EUR payments with an IBAN or GBP payments using a UK sort code. This integration reduces the hassle of managing multiple individual bank accounts.
Step-By-Step Guide To Sending Money Via TransferWise
Sending money between Wise accounts is simple and cost-efficient. Here’s a breakdown of the steps to help you complete your transfer smoothly.
Setting Up Your TransferWise Account
To start, I create a Wise account by visiting Wise’s website or downloading the app. I select either a personal or business account and provide my email address, a password, and my country of residence. After registering, I verify my identity by uploading government-issued identification, like a passport or driver’s license. Verification ensures the account complies with Wise’s security standards and is typically completed within 1-2 business days. Once verified, I can hold and convert balances in over 50 currencies.
If I already have an account, I double-check that it’s active and update my payment methods or linked bank details as needed.
Initiating A Transfer To Another TransferWise User
To send money to another Wise user, I log into my account and select “Send Money” from the dashboard. I choose “Someone else’s account” and input the recipient’s registered email associated with their Wise account. If their Wise email matches, the platform enables an internal transfer.
I enter the currency and the amount I want to send, reviewing the estimated fees and exchange rates displayed transparently. After selecting my payment method—bank transfer, debit card, or credit card—I confirm the details and approve the transaction. Internal transfers usually process instantly or within minutes, provided both accounts are active and funded.
Potential Limitations And Considerations
Using Wise for transfers between accounts is efficient, but there are certain constraints to remember. Awareness of these factors ensures smooth transactions without unexpected issues.
Transaction Limits
Wise imposes transaction limits based on factors like currency, payment method, and user verification status. For example, maximum transfers may range from $1 million for fully verified business accounts to $10,000 for personal accounts using debit cards, depending on the currency involved. These limits aim to mitigate risks and comply with anti-money laundering regulations. Checking the specific limits for your currency and payment method beforehand helps avoid delays.
Availability In Different Countries
Wise supports transfers in more than 170 countries, but not all features are universally available. For instance, sending or receiving funds in certain restricted regions isn’t possible due to local regulatory constraints. Additionally, supported currencies exceed 50, but some currencies, like the Philippine peso or Indian rupee, may have limited payment options. Verifying service availability for your target country ensures compatibility before initiating transfers.
Conclusion
Wise makes sending money between accounts seamless, cost-effective, and incredibly efficient. Its commitment to transparency, real exchange rates, and minimal fees sets it apart from traditional banking options. Whether you’re managing personal finances or running a business, Wise offers the flexibility and tools to handle international transfers with ease.
By enabling direct transfers between Wise accounts, the platform eliminates unnecessary delays and expenses, ensuring a smooth experience for users. With its multi-currency support and user-friendly interface, Wise continues to be a reliable solution for anyone looking to send money globally without the hassle.
Frequently Asked Questions
What is Wise, and how does it work?
Wise is a financial technology platform that enables low-cost international money transfers. It uses a peer-to-peer system and connects local currency pools to avoid high conversion fees. Users can send, receive, and hold money in over 50 currencies while benefiting from real mid-market exchange rates.
Can I send money between two Wise accounts?
Yes, transferring money between Wise accounts is simple. Just enter the recipient’s registered email and the amount to transfer. These internal transfers are often instant, with low or zero fees compared to traditional bank transfers.
How long do Wise transfers take?
Internal transfers between Wise accounts are usually processed instantly. Cross-border transactions to external accounts typically take 1-2 business days, depending on the currency and payment method used.
Are there fees for using Wise?
Wise charges minimal fees that are transparently displayed before completing a transfer. For example, sending $1,000 may cost under $10, depending on the payment method and currency. Unlike traditional banks, Wise uses mid-market exchange rates without hidden markups.
How do I create a Wise account?
Visit the Wise website or app to sign up. Choose either a personal or business account and verify your identity using a government-issued ID. Once verified, you can start sending and receiving money globally.
What currencies does Wise support?
Wise supports holding, transferring, and converting funds in over 50 currencies. It provides local bank details for major currencies, making it easy to send and receive payments as local transactions.
Does Wise support business accounts?
Yes, Wise offers multi-currency business accounts with features like automated payroll, local bank details, and integration with tools like QuickBooks and Xero. These accounts help manage global transactions efficiently and cost-effectively.
Are there any limits on Wise transfers?
Yes, transfer limits vary based on factors like currency, payment method, and user verification. For fully verified business accounts, the limit can reach $1 million per transfer. Personal accounts or certain methods like debit cards may have lower limits.
Are there any services Wise doesn’t provide?
Wise operates in over 170 countries, but not all features are available in every region due to regulatory constraints. Some currencies may have limited payment options, so it’s best to check the availability for your specific needs.
Why is Wise better than traditional banks for international transfers?
Wise is more cost-effective and transparent than traditional banks. It provides real exchange rates, low fees, and fast transfers, making it ideal for international and multi-currency transactions. For example, internal Wise transfers are often instant and virtually fee-free.