By zoostoki 
Key Takeaways
- Wise (formerly TransferWise) is a secure, fast, and cost-effective platform for receiving international transfers with transparent fees and real exchange rates.
- Setting up a Wise account is simple—users need to sign up, verify their identity, and access multi-currency account features for global transactions.
- To receive payments, users must share accurate Wise bank details such as IBAN, SWIFT codes, or ACH numbers based on the currency and country.
- Wise provides real-time payment tracking via its app or website, offering transparency and updates on transaction statuses.
- Receiving money through Wise is highly efficient due to low fees, real exchange rates, and fast transfer times compared to traditional banks.
- Wise supports over 50 currencies and 80+ countries, making it a versatile solution for freelancers, businesses, and global families.
Receiving money through TransferWise, now known as Wise, is simpler than ever. Whether you’re expecting payments from overseas or splitting costs with friends, Wise offers a fast, secure, and affordable way to get your money. With its transparent fees and real exchange rates, it’s become a favorite for anyone dealing with international transfers.
I remember the first time I used Wise—it felt like a game-changer. No hidden charges, no waiting for days, just a straightforward process. If you’re wondering how to receive money using Wise, don’t worry. It’s easy, and I’ll guide you through the steps to ensure your funds land safely in your account.
What Is TransferWise?
TransferWise, now known as Wise, is a global money transfer platform. It enables individuals and businesses to send and receive money internationally at real exchange rates without high fees. Established in 2011, Wise specializes in transparent pricing and fast transfers.
The platform supports over 50 currencies, including USD, EUR, GBP, and AUD. It operates entirely online through a website or mobile app. Its main advantage is offering mid-market exchange rates, avoiding marked-up rates commonly used by banks. Due to its efficiency and security, users trust Wise for personal and business transactions.
Setting Up Your TransferWise Account
Starting with Wise is straightforward and takes just a few minutes. Follow these simple steps to create and verify your account for secure transfers.
Creating An Account
Visit Wise’s official website or download the Wise app from Google Play or the App Store. Select “Sign Up” and choose between a personal or business account based on your needs. Fill in your email address, create a strong password, and provide your preferred country of residence. After submitting the form, Wise sends a confirmation email to activate your account. Click the link in this email to complete registration.
Verifying Your Identity
To comply with global anti-money laundering laws, Wise requires identity verification. Log in and navigate to the verification section under your profile settings. Upload a government-issued ID (e.g., passport or driver’s license) and take a selfie within the app or website. At times, Wise may ask for additional documents like proof of address. Approval typically takes 1–3 working days. Once verified, you’ll gain access to all features, including receiving international transfers securely.
How To Receive TransferWise Payments
Receiving payments through Wise is simple. Following a few key steps ensures a hassle-free experience.
Sharing Your TransferWise Details
To receive payments, I share my Wise bank details with the sender. These details are found under the “Balances” section in my Wise account. I choose the currency balance I prefer to receive the payment in and click “Get account details.” Wise provides bank details such as account number, routing code, IBAN, or SWIFT, depending on the currency and country.
For example, if I’m expecting a payment in euros, I share my Wise-provided IBAN and SWIFT. If in US dollars, I provide the ACH routing number and account number available in my USD balance. It’s important to double-check the accuracy of these details to prevent delays.
Tracking Your Payment
Once the sender completes the transfer, I track the payment on the Wise mobile app or website. I select the specific transaction in my account to view its status. Wise provides updates on every stage—when the sender initiates the payment, when the funds are processed, and when they’re deposited into my Wise account.
If the transaction includes a delay, I check the estimated delivery time shown in the details. Notifications in my account ensure I don’t miss critical updates.
Benefits Of Receiving With TransferWise
Receiving money with TransferWise offers multiple advantages that enhance the overall experience for individuals and businesses. Its core benefits include cost-effectiveness, transparency, speed, and multi-currency support.
- Low Fees
TransferWise provides a competitive edge by charging minimal fees for receiving money, unlike traditional banks that often include hidden costs. For example, while banks may charge up to 5% in fees for foreign currency transfers, TransferWise operates with flat, upfront pricing.
- Real Exchange Rates
TransferWise ensures all international transactions use mid-market exchange rates, avoiding marked-up rates. This guarantees you receive the maximum value compared to standard currency conversion practices.
- Fast Transfers
Transactions through TransferWise take just minutes or hours to complete in many cases. For commonly used currencies like USD or GBP, transfers often settle within one business day.
- Global Accessibility
TransferWise supports over 50 currencies, enabling users to receive money from more than 80 countries. This flexibility is essential for freelancers, remote workers, and global families requiring frequent international payments.
- Account Convenience
With Wise multi-currency accounts, recipients can hold balances in multiple currencies simultaneously. For instance, a user can receive euros and retain them without immediate conversion, saving future currency conversion costs.
- Secure Transactions
TransferWise utilizes advanced encryption and complies with global financial regulations, ensuring your money and personal data remain secure throughout the transaction process.
- Transparent Tracking
The app or website lets you track incoming payments in real-time, providing updates on the status and expected delivery time. This transparency reduces uncertainty associated with financial transfers.
Common Tips For A Smooth Receiving Process
- Double-Check Bank Details
I always ensure the bank details shared with the sender are accurate. For USD, I verify the ACH routing number and account number, while for EUR, I confirm the IBAN and SWIFT code. Small errors in these details can delay payments.
- Select the Correct Currency
I choose the currency that matches the sender’s transfer to avoid unnecessary conversion fees. Wise assigns local account details for supported currencies, which simplifies receiving funds directly without exchange rate losses.
- Keep the Wise Account Verified
I make sure my Wise account remains verified by updating documents when requested. Wise’s verification process complies with regulations, and unverified accounts may face delays or restrictions during transactions.
- Monitor Transfer Status
Using the Wise app or website, I track payments to stay updated on their status. Notifications about confirmation, processing, and delivery times help me manage incoming funds effectively without guessing.
- Communicate With the Sender
I confirm the exact details and amount with the sender before they initiate the transfer. Clear communication prevents mistakes like incorrect amounts or currency mismatches, ensuring faster transactions.
- Avoid Peak Times
When possible, I recommend avoiding transfers during weekends or public holidays to reduce delays. Financial institutions process fewer transactions on non-working days, and transfers may take longer to complete.
- Review Transaction Fees
I check Wise’s minimal, transparent fees before confirming receipt of funds. This way, I can accurately calculate the final amount credited and avoid surprises caused by overlooked charges.
Conclusion
Receiving money with Wise is a game-changer for anyone dealing with international transfers. Its combination of low fees, real exchange rates, and user-friendly features makes it a reliable choice for both personal and business needs. By following the simple steps to set up your account and ensuring accuracy in payment details, you can enjoy a seamless and secure transfer experience. Wise truly simplifies global transactions, saving you time and money while providing peace of mind.
Frequently Asked Questions
What is Wise, and how does it work?
Wise (formerly TransferWise) is a global money transfer platform that allows individuals and businesses to send and receive money internationally. It uses real exchange rates (mid-market rates) and charges low, transparent fees. Users can sign up online via the Wise website or mobile app to manage transactions securely and efficiently.
How do I receive money using Wise?
To receive money with Wise, share your Wise bank details (like IBAN or SWIFT code) with the sender. These details can be found in the “Balances” section of your account. Once the sender transfers the funds, you’ll get updates on the transaction’s status.
What are Wise’s fees for receiving money?
Wise charges minimal fees based on the transfer’s currency and region. You can view the exact cost upfront before confirming transactions. Unlike traditional banks, Wise does not have hidden charges and offers transparent pricing.
How long does it take to receive money on Wise?
Wise processes most transactions quickly, often completing them within minutes or hours. However, delivery times may vary based on factors such as currency, payment method, and the sender’s bank.
Is Wise safe for receiving international payments?
Yes, Wise is highly secure. It uses advanced encryption to protect user information and transactions. The platform adheres to strict global regulations and is trusted by millions of users worldwide.
What currencies are supported by Wise?
Wise supports over 50 currencies, allowing users to receive payments in various currencies such as USD, EUR, GBP, and AUD. You can hold and manage balances in multiple currencies within the platform.
How do I set up a Wise account for receiving money?
To set up a Wise account, visit the website or download the app, choose between a personal or business account, and complete the registration process. Verification requires uploading a government-issued ID and takes 1–3 working days.
Can I track my payments on Wise?
Yes, you can track your payments in real time using the Wise app or website. Wise provides updates on your transaction status and estimated delivery time to ensure transparency.
What should I do if my payment is delayed?
If your payment is delayed, double-check the bank details provided to the sender and confirm they are correct. You can also reach out to Wise’s support team via the platform for assistance.
What are the benefits of using Wise over traditional banks?
Wise offers low fees, real exchange rates, faster transfers, secure transactions, and easy global accessibility. Unlike banks, Wise does not charge hidden fees or markups on currency exchange rates, making it more affordable and efficient.
Do I need to verify my identity to receive money on Wise?
Yes, verification is required to comply with anti-money laundering laws. You’ll need to upload a government-issued ID and take a selfie. Once verified, you can fully access Wise’s features.
How can I avoid unnecessary fees when receiving money on Wise?
To avoid unnecessary charges, provide accurate bank details, select the correct currency to prevent extra conversion fees, and review Wise’s transparent fees before confirming transactions.
Can I hold money in multiple currencies with Wise?
Yes, Wise allows users to hold and manage balances in multiple currencies. This feature offers flexibility for international transactions without converting money unnecessarily.
Is there a mobile app for Wise?
Yes, Wise offers a user-friendly mobile app available for iOS and Android. You can manage your account, track payments, and receive money conveniently through the app.
Do Wise’s fees vary by currency?
Yes, Wise’s fees depend on the currency and the region of the transaction. However, all fees are transparent and displayed upfront before any transaction is processed.