Receiving money through TransferWise, now known as Wise, is simpler than ever. Whether you’re getting paid for freelance work, receiving support from family abroad, or handling international business transactions, Wise makes the process fast, affordable, and hassle-free. With its transparent fees and competitive exchange rates, it’s no wonder so many people trust it for global money transfers.

I remember the first time I used Wise—it felt like a game changer. No hidden fees, no confusing steps, just a straightforward way to get money from anywhere in the world. If you’re wondering how to receive money with Wise, don’t worry. It’s quick, secure, and designed to make your life easier. Let me walk you through the essentials so you can start receiving funds effortlessly.

What Is Wise (Formerly TransferWise)?

Wise, previously known as TransferWise, is an international money transfer platform. It enables users to send and receive money across borders quickly and cost-effectively. Designed with transparency in mind, Wise uses real-time exchange rates and shows upfront fees before any transaction.

The platform operates in over 170 countries and supports 50+ currencies, including USD, EUR, GBP, and JPY. It provides bank transfers, multi-currency accounts, and card services for individuals and businesses. With over 16 million customers by 2023, Wise is trusted for its speed, ease of use, and low fees compared to banks or traditional remittance services.

Wise uses a unique peer-to-peer system to match local payments instead of transferring funds internationally. This setup minimizes fees and bypasses traditional banking channels, making the process faster and more affordable.

Ways To Receive Money Through Wise

Receiving money through Wise is simple and efficient. There are multiple options available to suit different preferences and circumstances.

Bank Account Transfer

I provide my bank account details directly to the sender to receive transfers. Wise processes the payment by converting the currency at the mid-market rate and depositing the equivalent amount into my account. It supports over 50 currencies, making international payments straightforward. For example, I received funds from Europe in USD, and Wise handled the conversion before sending it to my US bank account. Transferring money this way avoids intermediary bank fees, saving costs.

Email Link Payment

When I want to receive money but don’t want to share bank details upfront, I use the email link payment option. The sender enters my email address instead of banking information, and Wise sends me a notification. Clicking the link, I provide my bank information securely, and Wise transfers the money. This method ensures privacy and is ideal for situations where the sender and I haven’t exchanged account details. For instance, someone from the UK sent me GBP using this feature, and I received it seamlessly into my USD account.

Step-By-Step Guide On How To Receive Money With Wise

Receiving money on Wise is simple, secure, and efficient. Follow these steps to ensure smooth transactions.

Providing Your Wise Account Details

I start by sharing my Wise account details with the sender. To do this, I log in to my Wise account, navigate to the “Balances” section, and select the currency I want to receive. Wise provides local account details for major currencies like USD, EUR, and GBP, depending on my balance. For less common currencies, the sender can transfer funds using Swift or other supported methods, which are displayed in the same section. After copying the necessary account details, I share them directly with the sender, ensuring the transfer aligns with Wise’s instructions for that currency.

Options for Currency Conversion

When receiving money in a different currency, Wise uses the current mid-market exchange rate to convert funds. I can manage this by opening the multi-currency account in my profile and accepting funds in any of the supported 50+ currencies. If I prefer, I let Wise convert the funds into my default receiving currency during the transfer process. For larger payments, I monitor rates to choose the best time to convert funds manually within the platform. Wise’s upfront fee breakdown and real-time rates ensure I know the conversion costs before finalizing any transaction.

Benefits Of Using Wise For Receiving Money

Wise offers multiple advantages when receiving international payments. It’s a reliable platform that combines low costs, transparency, and efficiency.

Low Fees

Wise charges significantly less than traditional banks for receiving money. It avoids intermediary and hidden fees, which can increase costs in other transfer methods. For example, receiving $1,000 from abroad through Wise costs a fraction compared to traditional wire transfers, ensuring more money reaches my account. Its transparent pricing model shows fees upfront before confirming any transaction.

Transparent Exchange Rates

Wise uses the mid-market exchange rate, unlike banks that often add markups. This ensures I receive the exact currency conversion shown during the transaction process. For instance, when receiving €500, I can verify the rate aligns with real-time market values. By avoiding rate inflations, Wise delivers full transparency, which builds trust and accuracy in international transfers.

Key Tips For A Smooth Money Receiving Experience

Understanding essential practices ensures seamless transactions when receiving money through Wise. Following these tips enhances security and efficiency throughout the process.

Verifying Your Account

Verifying my Wise account ensures smooth processing of transactions. I complete this by uploading a valid government-issued ID, such as a passport or driving license. For higher transaction amounts, Wise may request additional documentation, like proof of address or income source, to comply with regulatory requirements. I keep these documents ready to avoid delays.

Keeping Your Details Secured

Protecting my account details is critical for secure transfers. I use strong passwords, set up two-factor authentication, and regularly update my information. I only share my Wise account or bank details with trusted senders to prevent unauthorized access. Remaining cautious about phishing attempts helps safeguard my personal and financial information.

Conclusion

Receiving money through Wise is a game-changer for anyone dealing with international transactions. Its combination of speed, low fees, and transparency makes it a reliable and efficient choice. Whether you’re managing freelance payments, family support, or business finances, Wise simplifies the process while keeping costs down.

By following the steps to securely share your account details and staying mindful of exchange rates, you can make the most of Wise’s features. With its user-friendly platform and commitment to fair pricing, Wise offers peace of mind and convenience for global money transfers.

Frequently Asked Questions

How do I receive money through Wise?

To receive money through Wise, share your Wise account or bank account details with the sender. Wise will convert the currency using the mid-market rate and deposit the funds directly into your account. Alternatively, you can receive money using an email link payment, where you don’t need to share your bank details.

---

Is Wise cheaper than traditional banks for receiving money internationally?

Yes, Wise is significantly cheaper than traditional banks. It avoids intermediary and hidden fees, provides upfront pricing, and uses the mid-market exchange rate, ensuring you receive more money compared to traditional methods.

---

What currencies does Wise support?

Wise supports over 50 currencies, including popular ones like USD, EUR, GBP, and AUD. Users can also manage multiple currencies through their Wise multi-currency account for seamless international transactions.

---

How fast can I receive money through Wise?

Wise transactions are typically very fast, with most transfers completed within a few hours. In some cases, depending on the currencies and bank processing times, it may take up to one business day.

---

Do I need a Wise account to receive money?

Not necessarily. If the sender chooses email link payment, you can receive money without having a Wise account. However, a Wise account offers more flexibility and access to additional features like multi-currency management.

---

Is Wise safe for receiving money?

Yes, Wise is highly secure. It uses strong encryption, two-factor authentication (2FA), and other security measures to protect your account and transactions. Additionally, Wise is regulated by financial authorities in multiple countries.

---

How can I ensure my Wise account is secure?

To secure your Wise account, use a strong password, enable two-factor authentication (2FA), and only share account details with trusted senders. Regularly monitor your account for any unusual activity.

---

Is there a maximum amount I can receive through Wise?

Wise does not enforce a strict maximum limit. However, limits may apply depending on your country, currency, or if your account requires additional verification for larger transactions.

---

Can Wise handle currency conversions automatically?

Yes, Wise converts funds using the mid-market exchange rate. You can manage and hold multiple currencies in your Wise account, making international transfers and currency management simpler.

---

Are there any hidden fees with Wise?

No, Wise is transparent about its fees. All costs are shown upfront before making a transaction, ensuring there are no hidden or surprise charges.