This helps Wise to curb money laundering, so do be honest. Wise acts as a middleman between you and your payee, much like a bank or e-wallet. To get started, all you have to do is sign up for an account, and then head to “send money” once logged in.
“They make our life split between two continents possible. Transfers are simple and very, very fast.”
Once you’ve set up your personal and business account(s), you can get started on a Wise Account where you can hold over 40+ currencies. Just click on Open a balance, and follow the instructions. You can spend money in different currencies around the world with the Wise card and get low conversion fees — check this on our pricing page.
Then, you simply need to enter in how much you’d like to send. You can choose between international and same currency transfers. Wise automatically tells you the exchange rate if you’re paying internationally, based on their guarantee for the date of sending in question. The great news is, keeping money in Wise via more than 50 different currency accounts is free.
MTN Mobile Money international transfer guide
We’re building the best way to move and manage the world’s money. This first top up can be in any currency you’d like to have available, but the minimum top forex pairs amount should be 20 GBP or equivalent in another currency. The full balance will be available for you to spend afterwards. Once your account has been verified you can add currencies.
- Receiving money into your Wise Account is free with the exception of incoming USD and CAD wires, for which there’s a fixed charge of 6.11 USD and 10 CAD, respectively.
- It’s also worth noting that Wise is up front about not being the cheapest option for money transfers.
- Also, Wise offers a debit card and a multi-currency account, neither of which is available from OFX.
- Request and receive money directly with Wise, and get paid easily with account details in top currencies.
Select who you want to send money to and which pay-out method to use. You can’t get all details at the same time — you’ll need to request details for each currency separately. You can get account details for each currency that we offer them for. But you can only have one set of account details per currency. A personal account should only be used for personal transactions. Wise may request additional documents to verify your identity or business.
Does this mean I have multiple accounts with Wise?
We believe your large transfer deserves dedicated support, too, and have an expert team on hand who are more than happy to assist or answer any questions.
Is Wise a Russian company?
When 3 of your friends make their first transfer of more than £200, we’ll pay you up to £75 as a referral bonus. If you provide your recipient’s email address, we’ll also give your recipient a heads up to let them know your money is on the way. To calculate the cost of exchanging money from one currency to another, Wise relies on what’s known as the mid-market exchange rate, also called the “real” exchange rate.
Wise’s Support
You can send money that’s in your Wise account to a bank account outside of Wise whenever you like. We’ll charge a fixed fee and a conversion fee when you send to a different currency. Sending and receiving money between Wise Accounts in the same currency is free.
There’s costs incurred for some international transfers, and if you move money from an international currency into a physical bank account – but they are all clearly signposted. Let’s say you’re a company with one customer in the UK and one in the US. You can open both USD and GBP account details in your Wise account to get paid in both currencies. All you have to do is share your USD account details with your US customer and your GBP account details with your UK customers — now they can send you money in those currencies. Account details aren’t separate accounts — they’re a way to make a pay-in or receive money into your Wise account. That way, with just one Wise account, you can have different currencies to hold money, and different account details to receive money.
How does Wise money transfer work?
- You can spend money in different currencies around the world with the Wise card and get low conversion fees — check this on our pricing page.
- I like the fact that you can apply for physical cards from Wise, and that you can trade in up to 50 different currencies.
- This means you lose less of your money in fees or hidden markups.
- This first top up can be in any currency you’d like to have available, but the minimum amount should be 20 GBP or equivalent in another currency.
- Discover secure methods like bank transfers and online tools to manage payments with ease.
- Opening a Wise account to make payments, or adding a currency to your Wise account to hold and get paid in foreign currencies is easy.
Your recipient doesn’t need a Wise account to get their money. A Xoom user can add cash to a prepaid mobile phone account or can pay international bills; neither of those features is available from Wise. In addition, Xoom allows cash to be picked up or delivered, something that isn’t offered by Wise. Wise uses HTTPS encryption and a two-step login process to protect data. The company says it will never “misuse” or sell customer data.
Taavet, who was the first employee at Skype, lived in London but got paid in euros. Kristo worked for Deloitte, also lived in London, and got paid in pounds. Wise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference , for the issuing of electronic money. It was founded in the UK and continues to operate from there. We never used the card to directly withdraw any cash as there was really no need to do so. Everywhere we went – from basic Taco places (Taco El Pastor was great!) to the fanciest bars – the card worked seamlessly.
And since our price is transparent, you know exactly what you’ll get on the other side. If you’re using the Wise debit card, you’ll have a specific limit as to how much you can withdraw each month before incurring costs (which will vary depending on where you’re based). There’s also a handful of conversion, account funding and ATM fees to consider, too. We offer the Wise debit card that lets our customers spend in 150+ currencies worldwide with low conversion fees.