Sending money internationally used to be a hassle—hidden fees, slow processing times, and confusing exchange rates. I’ve been there, frustrated by the lack of transparency and the high costs. That’s when I discovered TransferWise, now known as Wise, a game-changer for transferring money across borders.

Wise makes sending money simple, fast, and affordable. Whether you’re paying freelancers, helping family abroad, or managing business transactions, it’s designed to save you time and money. With its real exchange rates and low fees, it’s no wonder so many people trust it for their international transfers.

What Is TransferWise?

TransferWise, now branded as Wise, is a global financial technology platform designed for international money transfers. It allows users to send, spend, and receive money in multiple currencies at real exchange rates. By eliminating hidden fees, Wise ensures transparency in transactions.

Founded in 2011, Wise supports over 170 countries and 50+ currencies. It operates by matching transfers within its network, reducing costs and speeding up processing times. This peer-to-peer system makes it both cost-effective and efficient.

Wise also offers multi-currency accounts, enabling users to hold balances in various currencies and switch between them instantly. Businesses benefit from its batch payments feature to handle bulk transfers.

Why Use TransferWise for Money Transfers?

TransferWise, now known as Wise, simplifies international money transfers while ensuring lower costs and faster service. Its transparent model and user-friendly features make it a preferred alternative to traditional methods.

Benefits Of Using TransferWise

• Lower Fees: Wise charges low upfront fees and eliminates hidden costs. For instance, sending $1,000 abroad costs significantly less compared to bank rates.
• Real Exchange Rates: Wise uses the mid-market rate, unlike banks that add a markup. This guarantees that you’re not overpaying when converting currencies.
• Fast Transfers: With its network, most transfers reach recipients within hours, contrasting with the multi-day delays often seen with banks.
• Multi-Currency Accounts: Hold, send, and spend in over 50 currencies instantly. For example, you can store EUR and transfer it when rates are favorable.
• User-Friendly Platform: The mobile app and web interface make tracking and managing transfers easy, ensuring a smooth experience.

Comparison With Traditional Banks

• Costs: Banks commonly charge higher fees (e.g., $20-$50 per international wire) and add hidden markup on exchange rates. Wise clearly displays all charges upfront.
• Speed: Bank transfers can take up to 5 business days, while Wise processes transactions faster, often within 1-2 days or even hours.
• Transparency: Unlike banks, which often obscure exchange rate markups, Wise guarantees a clear breakdown of fees and exchange rates.
• Global Reach: Wise supports over 170 countries, surpassing the restricted transfer routes used by many banks.

TransferWise redefines international transfers, making them cost-effective, fast, and transparent compared to traditional banking systems.

Step-By-Step Guide On How To Send Money With TransferWise

Sending money with Wise is straightforward and efficient. Follow these steps to complete your transfer smoothly.

Setting Up Your Account

Create an account on the Wise website or mobile app. Use a valid email address and password, or sign up with your Google or Facebook account. Verify your identity by uploading a government-issued ID and, if required, a proof of address.

Adding Payment Details

Enter the amount you want to send. Wise displays the exact fees and exchange rates upfront. Select the payment method, such as a bank transfer, debit card, or credit card, ensuring it’s supported for your transfer.

Choosing The Recipient

Provide the recipient’s details, including their full name and bank account information. For specific currencies, confirm any additional details, like an IBAN or SWIFT code. Double-check for accuracy to avoid delays.

Completing The Transfer

Review all transfer details for confirmation. Pay using your chosen method, and Wise processes your transaction. Monitor the status through your account, where you can track its progress in real time.

Tips For A Smooth TransferWise Experience

A successful experience with Wise depends on proper steps and precautions. Following these tips can help avoid problems and enhance efficiency.

Avoiding Common Mistakes

I double-check recipient details, such as the name, account number, and bank information, before initiating a transfer. Mistakes here can delay or misdirect funds. I also ensure the entered amount matches the recipient’s expectation, accounting for fees and exchange rates.

I review the transfer details carefully before confirming. This includes verifying the payment method, applicable fees, and estimated processing time to avoid surprises. If transferring to a bank account, I confirm the recipient’s local bank holiday schedule, as it can affect processing.

Ensuring Security Of Your Transactions

I always use Two-Factor Authentication (2FA) enabled on my Wise account. This feature adds an extra layer of security by requiring verification steps during login or transfer approval.

I avoid accessing my Wise account on public Wi-Fi networks. Instead, I rely on secure and private internet connections to protect my financial data from unauthorized access. When contacting Wise support, I avoid sharing sensitive details, such as my password, over unsecured channels.

How Long Does A Transfer With TransferWise Take?

Transfer times with Wise depend on several factors, including payment method, currency pair, and processing times of the recipient’s bank. Most transfers are completed within 1-2 business days, with many finishing in a few hours.

Factors Affecting Transfer Time

1. Payment Method: Transfers via bank debit or credit cards are often processed faster than ACH or wire payments. However, they might include additional fees.
2. Currency Pair: Common currency routes (e.g., USD to EUR) are faster due to existing demand, while rarer currency combinations may take longer.
3. Recipient Bank Processing: Deposit times vary by the recipient’s bank and operating hours. Processing delays can occur during weekends or holidays.
4. Identity Verification: If identity verification is required, the transfer can take longer until documents are reviewed.

Estimated Transfer Times by Region

Region	Estimated Time
Europe (EUR)	Few hours to 1 business day
United States	Same day to 2 business days
Asia (SGD, AUD)	1-2 business days
Africa (ZAR, NGN)	1-3 business days

Tips to Speed Up Transfers

• Complete Verification Early: Ensure my profile is fully verified before initiating a transfer.
• Use Faster Payment Methods: Opt for bank debit or credit cards for quicker processing.
• Track Transfer Status: Monitor updates through the Wise app to address delays promptly.

Conclusion

Wise has completely changed the way I think about international money transfers. Its transparent fees, real exchange rates, and user-friendly platform make it a standout choice for sending money across borders. Whether you’re transferring funds to loved ones or managing business payments, Wise offers a reliable and cost-effective solution.

By prioritizing speed, security, and simplicity, Wise ensures a smooth experience for users worldwide. If you’re looking for a better way to send money internationally, Wise is a platform you can trust to deliver efficiency and savings every time.

Frequently Asked Questions

What is Wise, and how does it work for international transfers?

Wise is a financial technology platform for international money transfers. It uses real exchange rates and charges low fees by matching transfers within its network. With support for over 170 countries and 50+ currencies, Wise allows users to send, receive, and hold money in different currencies quickly and affordably.

How does Wise save money compared to traditional banks?

Wise charges low upfront fees and uses the mid-market rate, avoiding hidden charges. Its peer-to-peer system reduces costs, making transfers cheaper and faster than the often high fees and poor exchange rates offered by banks.

How long do Wise transfers take?

Most Wise transfers are completed within hours or up to 1-2 business days, depending on the payment method, currency pair, and the recipient’s bank. Debit or credit card payments are usually faster than ACH or wire transfers.

Is Wise safe to use for international money transfers?

Yes, Wise is safe and regulated by financial authorities worldwide. It uses advanced security measures like Two-Factor Authentication (2FA) and encryption to ensure account safety and secure transactions.

How can I create a Wise account?

To open a Wise account, visit their website or download the app. Fill in your details, verify your identity, and link a payment method. Once your account is set up, you can start sending or receiving money internationally.

What fees does Wise charge?

Wise charges a low upfront fee based on the transfer amount and currency. It displays all costs transparently before confirming the transfer, so you always know how much you’re paying.

Can I send money in multiple currencies with Wise?

Yes, Wise supports over 50 currencies, allowing users to send, receive, and hold funds in multiple currencies using a multi-currency account. You can switch between currencies instantly.

What’s the benefit of Wise’s real exchange rate?

Wise uses the mid-market rate, which is the fairest rate with no added markups. This ensures you get better value on currency conversions than traditional banks, which often charge inflated rates.

How can I track my Wise transfer?

You can track your transfer in real-time using the Wise app or website. Once you initiate a transfer, you’ll receive updates about its progress until the funds are delivered.

Are there tips to make Wise transfers faster?

To speed up Wise transfers, complete identity verification early, double-check recipient details, and use faster payment methods like debit or credit cards. Avoid sending funds on weekends or local bank holidays that might delay processing.

Does Wise offer services for businesses?

Yes, Wise provides business accounts with features like batch payments for managing bulk transfers. It’s ideal for businesses needing to make payments in multiple currencies efficiently.

Can I use Wise on mobile?

Yes, Wise offers a mobile app for both iOS and Android devices. The app allows you to send, track, and manage transfers on the go, ensuring convenience and simplicity.

What should I double-check before sending money with Wise?

Before sending money, verify the recipient’s details, transfer amount, and payment method. Ensure all information is correct to avoid delays or transfer issues. Wise provides a summary for review before confirmation.

Are there specific factors that affect Wise transfer times?

Yes, factors like payment methods, currency routes, and the recipient’s bank can impact transfer times. Debit or credit card transfers are generally faster, while unusual currency pairs may take longer.

What security measures should I take when using Wise?

Enable Two-Factor Authentication (2FA) for added security, avoid using public Wi-Fi for transactions, and never share sensitive account details over unsecured channels to protect your account.