Sending money from one country to another has never been easy but with Wise formerly known as Transferwise, it is as easy as anything.
In this guide, I will be showing you the benefits of using Wise money transfer to both an individual and a business. I will also show you how to transfer money using Wise money transfer.
What is wise?
Wise is a safe and secured authorized Electronic Money Institution independently regulated by the Financial Conduct Authority (FCA) in the United Kingdom, and FinCEN in the US.
It is one of the leading money transfer services that was established in 2011 and has been serving its purpose to date.
Transferwise is widely known for offering low fees and super high speed during transactions.
Wise guarantees its customers cheaper, faster, and transparent payments services.
Wise never hides extra charges in the exchange rate. They use the exchange rate provided by Reuters which is fair and low-cost transfers.
Wise always gives the real and fair mid-market exchange rate. The recipient gets money in their currency directly in their local bank account.
They are widely trusted by more than 10 million people.
The beautiful thing about wise is that it handles any amount of money, and it allows users to send a large amount with fees which is way cheaper than sending through a bank.
Due to their transparency and innovative ideas, wise has partnered with banks and companies like Monzo, Bolt, and GoCardless, to bring their customers better international banking.
Moreover, people like Richard Branson, and PayPal co-founder Max Levchin, among others, have also invested in their vision.
Additionally, wise offers Global support in a variety of languages.
They do not follow complicated, automated procedures, they have offices around the world you can walk in and get your problem solved.
Benefits Of Wise To Individuals
Wise offers lots of benefits to its users. Below are the benefits of wise to individuals.
1. Wise converts money at a favorable rate
Sending money through wise is cheaper and easier than sending it through our local and regular banks.
Through wise, you can send money at a substantial exchange rate with no hidden fees charged.
Wise is transparent and convenient, on the home page, there is a conversion calculator that will calculate the amount of money you will receive after deducting the charges.
2. High security
Wise formerly known as Transferwise follows a strict set of rules set by regulatory agencies like the FCA in the UK in every country they operate in.
These agencies protect their customers and protect market-wise operations.
The wise team is honest to their customers, their regulators strictly monitor them to make sure their actions and words are following regulatory standards.
As they are not a bank, their customers’ money isn’t Financial Services Compensation Scheme protected, instead they safeguard it.
To further make sure your money is safe and cannot be tampered with, they use 2-factor authentication to protect your account and transactions. That means it’s only you and no one else can get to your money.
They are committed to keeping your account and money secured from even the most intelligent fraud.
They are meticulous when it comes to their customers’ data. They keep it safe and are straightforward in collecting, processing, and storing them.
3. You Can Convert And Hold 54 currencies
Imagine having 54 currencies at your disposition without paying a dime.
Holding numerous currencies is completely free with wise and they use the actual exchange rate to convert.
With Wise multi-currency account, You can hold, receive, send, and spend money.
4. Shopping Through Abroad Online Stores
Wise enables its customers to easily shop from online stores and pay at the real exchange rate. Customers only pay a low upfront conversion fee, and no annual card fee.
5. Fast Transfers
Sending money through wise is very fast compared to transfers carried out by indigenous banks.
It is stress-free no matter where you are sending it to.
Moreover, the international transfer may take about one to two business days to reach the recipient’s account.
However, the time of delivery varies based on the destination of the transfer, payment method, the recipient’s bank processing time, transfer payment schedule, and security Checks.
6. You Can Receive money from around the world
With Wise, you can use your account details to receive and manage your earnings.
Wise enables you to Invoice properly and manages your income from several online platforms and storefronts.
With Wise, you can receive your salary, pension, and more anywhere in the world and spend in local currency with your card.
It enables you to conveniently Move your money between countries, and It’s the best option to send money home, save when you buy property abroad, pay your bills remotely, and Receive payments from tenants.
Benefits of Wise To Businesses
Everything you need to grow your business and operate internationally without the high fees of an indigenous bank is made available in wise. Below are the benefits of wise to businesses.
1. Business Money Is Kept Safe And Protected
Wise is committed to safeguarding customers’ money instead of protecting it in a financial protection scheme like FSCS.
Unlike banks, Wise does not lend out customers’ money to avoid borrowers from collecting a huge sum and fail to pay.
Wise keeps their customers’ money in a separate account backed by assets that they hold in separate accounts.
Additionally, wise two approaches to safeguarding customers’ money are— depositing at banking institutions and investing in government-backed liquid assets, primarily government bonds.
2. They Act Fairly And Honestly
Wise is very transparent and cannot tamper with people’s money.
They are monitored by their regulators to make sure they say and act according to regulatory standards and operate following their licenses.
Wise Strictly follows rules set by regulatory agencies like the FCA in the UK.
These agencies protect their customers and protect the market they operate in.
3. Invoice payments Made Easy
With wise, you can pay invoices in more than 70 countries with an exchange rate that is far cheaper than that of indigenous banks.
You do not need to go queue up in the bank, you can pay from your phone or app.
Moreover, your recipient does not need a wise account to get paid, all you need is their local bank details or email.
4. Fast Employees payments
Paying your employees shouldn’t be difficult. With wise, you can pay up to 1,000 people in one click.
All you need to do is to upload a spreadsheet with details for each transfer and submit it at once.
5. Banking Makes Easy
To get prepared for customers who seek your IBAN or wire number, you can easily get an IBAN, routing number, sort code, and more within your wise account.
6. Get paid and accept payments for less.
Wise makes it easy for business owners to receive multiple currencies without high recipient or conversion fees.
As a business owner, you are at liberty to convert or transfer money within Wise business or withdraw to an external account with ease.
7. Make Quick Payment With Ease
Wise enables business owners to transfer more than 55 currencies instantly, pay mortgages, rent, or bills without a local bank.
Moreover, business accounts are secured with End-to-end encryption, and money is safeguarded with top institutions like Barclays.
Best Ways to Transfer Money With Wise
Below are the best ways to do an international money transfer with Wise
1. Bank Transfer
Bank transfer is the cheapest option when it comes to funding an international money transfer with Wise.
Bank transfer is slower than debit or credit cards, but it gives satisfactory value for your money.
To pay by bank transfer, you’ll first need to structure your transfer on Wise.
Then, exit your Wise account, and pay by bank transfer directly through your bank.
You can do this through your online banking, over the phone with your telephone banking, or physically at a bank branch.
2. Debit/Credit Card
Paying out a transfer with a debit or credit card is relatively easy and fast and it’s cheaper than a credit card.
For most currencies, you can pay using your debit or credit card.
Moreover, wise only accept visas, MasterCards, and some maestro cards.
Your card must have a 16 digit card number, expiry date, and 3D security enabled.
Currently, wise can’t accept payments from all cards issued in Argentina and China, business cards issued in Russia or Ukraine, prepaid cards from the UAE, or international payments from an AED currency card.
Additionally, be informed that you would be charged a higher fee if you pay with a credit card or business card because it costs wise more to process them.
3. Payment Initiation Service Provider
Payment initiation service provider (PISP) Payments are instructions you give wisely to make a bank transfer directly from your bank account without having to log into your online banking platform.
PISP option is very cheap as a manual bank transfer, but it’s not adopted by all banks yet.
Using swift to fund your transfer delays your transfers and Is more expensive as your bank will charge you.
How To Send Money Instantly With Wise
Below are the methods to send money to instantly with Wise money transfer
1. Create Your Free Account
To send money to any country of your choice with wise, you need to create a free account by clicking sign up.
You can sign up on their website or with their app. All you need to create your free account is your email address, or your Google or Facebook account.
2. Set up your first transfer
At this stage, you would use your calculator to tell them how much you want to send, and where you want to send it. They will show you their fee upfront and tell you when the money will get to its destination.
3. Provide Your Details
You will have to indicate if you’re sending money as an individual or business. Wise will ask for your full name, birthday, phone number, and address.
4. Provide your recipient’s information
You would have to choose from a host of options who you are sending it to.
Yourself, Someone else, A business or charity.
Then you will provide some basic information about your recipient, including their bank details, not necessarily a wise account.
After the registration, you would be shown a summary of your transfer and you click confirm If every detail is correct.
Moreover, you can also make changes If you made mistakes.
5. Pay For Your Transfer
Choose how you want to pay for your transfer, is it through debit or credit card, or bank transfer.
After making your choice, wise will show you how to go about it because each payment method has its steps.
Wise Fees For Transfers
Below are the fees charged by wise for transfers
- Fixed fee 0.46 GBP
- % fee for transfers up to 100,000 GBP0.51%
- % fee for transfers up to 300,000 GBP0.41%
- % fee for transfers up to 500,000 GBP0.36%
- % fee for transfers up to 1,000,000 GBP0.35%
- % fee for amounts over 1,000,000 GBP0.34%
List of Countries You Can Transfer Money to with Wise
Below is a list of the countries you can use Wise money transfer to send money to.
- Czech Republic
- San Marino
- The Netherlands
- The United Kingdom
- The Vatican
- Burkina Faso
- Guinea Bissau
- Ivory Coast
- South Africa
- Hong Kong
- South Korea
- Sri Lanka
- New Zealan