Wise: How to Send & Receive Money Internationally with Low Fees
Wise (formerly TransferWise) is a global online platform that allows you to send and receive money internationally with low fees, fast speed, and transparent exchange rates. Whether you want to send money to your family, friends, or business partners abroad, or receive money from overseas, Wise can help you save time and money, and avoid hidden charges and markups. In this article, we will give you an overview and guide on how to use Wise to send and receive money internationally with low fees.
How Wise Works
Wise works by using a network of local bank accounts in different countries, instead of transferring money across borders. This way, it avoids the high fees and poor exchange rates that traditional banks and money transfer services charge. Here is how it works:
• When you want to send money with Wise, you first create an account on their website or app, and enter the amount and currency you want to send, and the recipient’s details.
• Wise then shows you the real exchange rate (the one you see on Google) and the low fee they charge, and tells you how long it will take for the money to arrive.
• You then pay for your transfer using your preferred method, such as debit card, credit card, bank transfer, or Apple Pay.
• Wise then converts your money at the real exchange rate, and sends it to the recipient’s local bank account, using their own local bank account in the recipient’s country.
• The recipient then receives the money in their local currency, without any extra fees or charges.
How to Send Money with Wise
To send money with Wise, you need to follow these steps:
• Create an account on Wise’s website or app, and verify your identity with a photo ID and a selfie.
• Choose the amount and currency you want to send, and the recipient’s details, such as their name, email, phone number, and bank account information.
• Review the exchange rate and fee, and confirm your transfer.
• Pay for your transfer using your preferred method, and track your transfer’s progress on Wise’s website or app.
• Wait for the money to arrive in the recipient’s bank account, usually within 1-2 business days.
How to Receive Money with Wise
To receive money with Wise, you need to follow these steps:
• Create an account on Wise’s website or app, and verify your identity with a photo ID and a selfie.
• Choose the currency you want to receive, and get your own local bank account details from Wise, such as your IBAN, SWIFT, or ACH number.
• Share your bank account details with the sender, and ask them to send you money using Wise.
• Wait for the money to arrive in your bank account, usually within 1-2 business days.
Why Use Wise
There are many benefits and advantages of using Wise to send and receive money internationally, such as:
• Low fees: Wise charges a low and transparent fee for each transfer, which is usually a percentage of the amount you send, plus a small fixed fee. The fee varies depending on the currencies and payment methods involved, but it is always shown upfront before you confirm your transfer. You can also use Wise’s calculator to compare their fees with other providers, and see how much you can save.
• Real exchange rates: Wise uses the real exchange rate (the one you see on Google) to convert your money, without any markups or hidden charges. This means you get more value for your money, and avoid losing money to unfair exchange rates. You can also lock in the exchange rate for up to 48 hours, or set up a rate alert to get notified when the rate reaches your desired level.
• Fast speed: Wise transfers your money as fast as possible, usually within 1-2 business days, depending on the currencies and payment methods involved. You can also track your transfer’s progress on Wise’s website or app, and get notified when the money arrives. You can also use Wise’s speed calculator to estimate how long your transfer will take, and see the factors that affect the speed.
• Secure and reliable: Wise is a licensed and regulated financial institution, with over 10 million customers and 70 billion USD transferred every year. It uses the highest level of encryption and security to protect your personal and financial information, and follows strict compliance and verification procedures to prevent fraud and money laundering. It also has a 4.6/5 rating on Trustpilot, with over 100,000 positive reviews from satisfied customers.
• Easy and convenient: Wise is easy and convenient to use, with a simple and user-friendly website and app, that supports over 50 currencies and 10 payment methods. You can also access your account and transfers anytime and anywhere, and get 24/7 customer support via phone, email, or chat.
Conclusion
Wise is a global online platform that allows you to send and receive money internationally with low fees, fast speed, and transparent exchange rates. It works by using a network of local bank accounts in different countries, instead of transferring money across borders. It also offers many benefits and advantages, such as low fees, real exchange rates, fast speed, secure and reliable, and easy and convenient. If you want to send or receive money internationally with low fees, Wise is the best option for you. You can sign up for a free account on Wise’s website or app, and start saving money and time on your international transfers today!