How to TransferWise: A Complete Guide to Easy, Low-Cost International Money Transfers

Sending money internationally used to be a headache—hidden fees, slow transfers, and confusing processes made it a challenge. That’s where TransferWise, now known as Wise, steps in to simplify things. It’s designed to make global money transfers faster, cheaper, and more transparent.

I’ve used Wise myself and was impressed by how straightforward it is. Whether you’re paying for services abroad, sending money to family, or managing a business, Wise offers a seamless way to move your money across borders. Let me walk you through how it works so you can start saving time and money today.

What Is TransferWise?

TransferWise, now known as Wise, is an international money transfer platform designed to offer low-cost, transparent, and fast services. It enables users to send money globally while avoiding high fees and unfavorable exchange rates commonly associated with traditional banks.

Wise operates by matching local transfers through its network of accounts worldwide. For example, if someone sends US dollars to a recipient in euros, Wise uses its local euro account to pay the recipient instead of transferring money across borders. This process reduces bank fees and speeds up transactions.

The platform supports over 50 currencies and provides exchange rates based on the mid-market rate, with no hidden markups. Users pay a small upfront fee, which varies depending on the transfer amount and currency involved. For transfers of $1,000 to €850, the fee typically ranges between $3.99 to $10.

Wise also offers multi-currency accounts, allowing account holders to send, receive, and store money in multiple currencies. This is particularly useful for freelancers, travelers, and businesses working internationally.

Setting Up Your TransferWise Account

Getting started with Wise is straightforward. To unlock its features, follow these steps for creating and verifying your account.

Creating Your Profile

To create a profile, visit Wise’s website or download the mobile app. Select the “Sign Up” option, then choose between a personal or business account. Enter your email address, set a secure password, and provide the required personal details, including your full name and country of residence.

If you’re creating a business account, additional details like your business name, type, and registration number are necessary. Ensure all information matches your official documents to avoid verification issues.

Verifying Your Identity

Wise ensures security by requiring identity verification. Upload a government-issued ID, such as a passport or driving license, and, in some cases, proof of address like a utility bill or bank statement. Use clear, readable copies to expedite approval.

For large transfers or specific currencies, Wise may request additional documents. You’ll receive an email notification with instructions if further verification is required. Most accounts are verified within one to three business days.

How To Transfer Money With TransferWise

Transferring money with Wise is a simple and quick process. It involves three main steps: adding funds, selecting currencies and exchange rates, and finalizing the transfer.

Adding Funds

I choose a payment method to fund my Wise transaction. Wise supports debit cards, credit cards, wire transfers, and direct debit from linked bank accounts. The specific options depend on the country. For example, PayPal and ACH payments are available in the US, while POLi is an option in Australia. I enter the amount I want to send and confirm the funding method after reviewing the fees, which are clearly displayed.

Choosing Currencies And Exchange Rates

I select the currency I want to send and the recipient’s currency. Wise uses the mid-market exchange rate, with no hidden markups. I can lock in the rate for a short period, ensuring the recipient gets the expected amount. Wise shows how much the recipient will receive after fees for transparency. For instance, if I send $1,000 USD to EUR, I see the converted amount and the upfront cost.

Completing The Transfer

I provide the recipient’s details, including their full name, bank account information, and currency type. Depending on the recipient’s location, country-specific details like IBAN or SWIFT code might be necessary. Wise processes the transfer after I confirm all details. Transfers typically take a few hours to two business days, though times vary based on payment methods and recipient banks.

Benefits Of Using TransferWise

Using TransferWise simplifies global money transfers while saving costs. It combines transparency, speed, and flexibility to improve the cross-border payment experience.

Low Fees And Transparent Pricing

TransferWise offers significantly lower fees than traditional banks. It uses a straightforward pricing structure, with no hidden costs or inflated exchange rates. For example, sending $1,000 to Europe might cost only $7.25, with the exact charges displayed upfront. The mid-market rate ensures you get a fair conversion rate without any markups.

Real-Time Tracking And Updates

TransferWise provides real-time tracking so you always know the status of your transfer. Instant notifications update you at every step, from funding to delivery. If transferring funds to Asia, for example, you’ll receive alerts once funds are deducted, being converted, and successfully deposited into the recipient’s account.

Multiple Currency Options

TransferWise supports over 50 currencies for transfers worldwide. Users can send money, such as Indian Rupees (INR) or British Pounds (GBP), directly from their account without needing separate banking arrangements. This feature caters to freelancers, frequent travelers, and international businesses managing multi-currency transactions seamlessly.

Tips For Using TransferWise Effectively

Using Wise effectively maximizes its features and reduces potential errors in international money transfers. Here are essential strategies to ensure a smooth experience.

Double-Check Details Before Sending

I always verify recipient details before confirming a transfer. This includes the recipient’s full name, account number, and bank information. typos may cause delays or failed transfers, which Wise can’t reverse instantly. Reviewing every field avoids unnecessary complications.

Learn About Recipient Account Requirements

Understanding the recipient’s bank account requirements ensures successful transfers. Some countries or banks may only accept specific account types, such as IBANs (for Europe) or SWIFT codes (for international transfers). Wise flags errors during setup, but knowing these details avoids processing issues.

Monitor Exchange Rate Trends

Wise uses the mid-market exchange rate, but rates fluctuate during the day. Monitoring these trends lets me time transfers for better currency conversion. Wise offers a rate alert feature to help lock in favorable rates and reduce costs during volatile market periods.

Conclusion

Wise has completely transformed the way I handle international money transfers. Its transparency, low fees, and speed make it a standout option for anyone dealing with global transactions. Whether you’re a freelancer, a business owner, or just sending money to loved ones abroad, Wise offers a reliable and cost-effective solution.

With its user-friendly platform, real-time tracking, and access to over 50 currencies, Wise ensures every transfer is simple and stress-free. By taking advantage of its features and tools, you can save both time and money while enjoying peace of mind.

Frequently Asked Questions

What is Wise, and how does it work?

Wise (formerly TransferWise) is an international money transfer platform that offers low-cost, fast, and transparent global payments. It works by matching local transactions through its worldwide network of accounts, reducing bank fees and delays. Users pay a small upfront fee, get mid-market exchange rates with no hidden markups, and can send money in over 50 currencies.

How do I create a Wise account?

You can create a Wise account by visiting their website or downloading the app. Choose a personal or business account, provide your details, and complete identity verification by uploading a government-issued ID. Most verifications are completed within 1–3 business days.

What fees does Wise charge for money transfers?

Wise charges a small upfront fee based on the transfer amount and currency. The fee structure is transparent, with no hidden costs. For example, sending $1,000 to Europe might cost only $7.25. All charges are clearly displayed during the transfer process.

How long do transfers with Wise take?

Transfers typically take a few hours to two business days, depending on the payment method and recipient bank. Debit or credit card payments are faster, while wire transfers may take longer depending on banking hours.

What currencies and payment methods does Wise support?

Wise supports over 50 currencies and various payment methods, including debit cards, credit cards, wire transfers, and direct debit. Payment options may vary depending on your location.

What exchange rate does Wise use for transfers?

Wise uses the mid-market exchange rate with no hidden markups. This is the fairest rate available and ensures transparency. Users can also lock in rates for a short time for added convenience.

Is Wise safe for international money transfers?

Yes, Wise is highly secure. It is regulated by financial authorities worldwide, employs encryption to protect user data, and mandates identity verification to prevent fraud. Additionally, real-time tracking and notifications ensure the safety of your transfers.

What is the Wise multi-currency account?

The Wise multi-currency account allows users to hold and convert money in over 50 currencies. It’s especially useful for freelancers, businesses, and travelers who need to manage multiple currencies without opening separate international bank accounts.

How can I monitor my transfers with Wise?

Wise provides real-time tracking and updates via notifications. You can see the status of your transaction at every step, giving you complete transparency and control throughout the process.

Are there tips for using Wise effectively?

To get the most out of Wise, double-check recipient details, monitor exchange rate trends, and use the rate alert option to lock in favorable rates. This helps avoid delays, ensures accuracy, and maximizes savings during volatile market periods.