Sending money internationally used to be a hassle—hidden fees, long wait times, and confusing processes. I’ve been there, trying to figure out the best way to send funds without losing a chunk of it to unnecessary charges. That’s when I discovered TransferWise, now known as Wise, and it completely changed the game for me.

Wise makes transferring money across borders simple, fast, and affordable. Whether you’re paying for a service, supporting loved ones, or managing expenses abroad, it’s designed to save you time and money. If you’re wondering how to get started, don’t worry—it’s easier than you think. Let me walk you through the process step by step so you can send money confidently and without breaking the bank.

What Is TransferWise?

TransferWise, now rebranded as Wise, is an online platform designed for affordable and transparent international money transfers. It uses real exchange rates, avoiding hidden markups that banks often apply. Wise supports personal and business transfers across over 170 countries.

The platform relies on a peer-to-peer model to minimize costs. For example, instead of converting funds directly, Wise matches users sending and receiving the same currency, reducing reliance on expensive international conversions. This process ensures that fees remain low and predictable.

Wise offers additional features like multi-currency accounts. Users can hold, receive, and convert over 50 currencies, making it convenient for frequent travelers or individuals with global financial needs. Its services are accessible through a web interface and mobile app, ensuring flexibility.

Setting Up Your TransferWise Account

Getting started with Wise is straightforward and user-friendly. Follow these steps to create your account and verify your identity for secure transactions.

Creating An Account

I began by visiting the Wise website or downloading the mobile app. The “Sign Up” option led me to a form where I selected whether I wanted a personal or business account. I entered my email address, set a strong password, and chose my country of residence from the dropdown menu.

After confirming my details, I received an email with a verification link. Clicking the link finalized my account setup, and I gained immediate access to the Wise dashboard. The platform’s clean layout made it easy to explore features like multi-currency accounts and real-time exchange rates.

Verifying Your Identity

For compliance with international regulations, Wise required me to verify my identity before transferring larger amounts. I uploaded a government-issued ID, like a passport or driver’s license, directly through the platform. For some transactions, proof of address, such as a utility bill or bank statement, was also necessary.

The verification process took less than two business days. Notifications kept me updated, and once approved, I could send and receive funds without restrictions. Wise’s secure data encryption ensured my personal information remained protected throughout.

How To Transfer Money With TransferWise

Transferring money with Wise is quick and straightforward. Once your account is verified, follow these steps to complete your transfer efficiently.

Adding Your Payment Details

I start by selecting the currency and amount I want to send. Wise shows the exact fees and the real exchange rate upfront. After confirming the details, I choose a payment method, such as bank transfer, debit card, or credit card. If linking my bank account, Wise securely stores the information for future use.

Choosing The Recipient

Next, I provide the recipient’s details. For individual recipients, I enter their full name and bank account information, including the account number and routing number (or equivalent based on their country). For businesses, I input the company’s name and banking details. Wise supports payments to over 170 countries, ensuring compatibility with various formats.

Sending The Money

After verifying all information, I review the transfer summary. Wise calculates the delivery time, typically ranging from a few hours to two business days. Once confirmed, I complete the payment using my chosen method. I receive email notifications with status updates until the money reaches the recipient.

Fees And Exchange Rates

Wise maintains a transparent fee structure and uses the mid-market exchange rate, ensuring no hidden markups. The mid-market rate is the real-time rate used in global financial markets, free from inflated margins often added by banks or other services.

I always see the exact costs before confirming a transfer. Fees depend on the amount, currency, and payment method. For example, sending $1,000 to euros might cost around $7.50 with an ACH transfer, while debit or credit card payments can incur slightly higher charges. These fees are clearly displayed during the transfer setup.

Wise’s peer-to-peer model also contributes to competitive costs. For larger transfers, the percentage-based fee ensures affordability without sacrificing transparency. A breakdown of fees and exchange rates updates in real-time, helping users make informed decisions when sending money internationally.

TransferWise Mobile App Features

The Wise mobile app provides users with a seamless way to manage their international transfers and multi-currency accounts. Available on both iOS and Android, the app offers full functionality for sending and receiving money, monitoring transfers, and managing currencies.

• Currency Conversion: I can instantly convert over 50 currencies at the real mid-market exchange rate. The app displays accurate rates and fees before confirming any conversion.
• Transfer Tracking: The app sends real-time notifications about transfer progress. I receive updates at every stage, from initiation to completion, ensuring transparency.
• Multi-Currency Account Management: I can hold and manage balances in different currencies within the app. This simplifies transactions for global financial needs.
• Payment Options: Using the app, I can set up payments with various methods like bank transfer, debit, or credit card, depending on the currency and amount.
• Transfer Templates: The app saves recipient details and frequent transfers, streamlining repeat transactions.
• Spending Insights: Expense tracking features allow me to view spending patterns and manage budgets more effectively across currencies.
• Biometric Security: The app ensures safety with fingerprint or face recognition for login and transaction approval.

The Wise mobile app combines accessibility with robust features, offering convenience for anyone managing international finances.

Security And Privacy Policies

Wise prioritizes security by employing advanced measures to protect user data and transactions. It uses end-to-end encryption to safeguard sensitive information during digital transfers. Encryption protocols prevent unauthorized access, ensuring user details remain private and secure.

The platform complies with regulations enforced by global financial authorities, such as the Financial Conduct Authority (FCA) in the UK and Financial Crimes Enforcement Network (FinCEN) in the US. Operating under strict regulatory oversight enhances trust and ensures adherence to international security standards.

Two-factor authentication (2FA) adds another layer of security. After entering login credentials, users approve access through their registered mobile device or email. This step minimizes risks of unauthorized account access, even if login details are compromised.

Wise also monitors transactions with fraud detection systems to identify and block suspicious activity. High-risk transfers trigger security protocols, including additional identity verification or transaction suspension, to prevent fraud.

Privacy policies ensure user data isn’t shared with third parties without consent, unless required by law or for regulatory purposes. Users can review and manage their personal information within their accounts, maintaining control over how their data is used.

These measures combine technology, oversight, and user education to deliver a secure and private environment for cross-border transactions.

Pros And Cons Of Using TransferWise

I find Wise (formerly TransferWise) to be a reliable choice for sending money internationally, but like any service, it has strengths and limitations.

Advantages

• Transparent Pricing

Wise displays all fees upfront, ensuring no hidden costs. For example, transferring $1,000 to euros costs about $7.50 for an ACH transfer.

• Real Exchange Rates

Wise uses the mid-market rate for currency conversion, avoiding inflated margins often seen with banks.

• Low Fees

The peer-to-peer model helps minimize costs, making transfers cheaper than traditional services.

• Global Reach

Wise supports transfers to over 170 countries with access to 50+ currencies, ensuring broad usability.

• User-Friendly Technology

Both the web platform and mobile app offer real-time tracking, currency management, and secure payment options like biometric logins.

• Multi-Currency Accounts

Users can hold and convert multiple currencies, which benefits frequent travelers or businesses.

• Fast Transfers

Many transfers complete within hours, although some can take up to two business days, depending on factors like destination and payment method.

Potential Drawbacks

• Fixed Fees For Small Transfers

Minimum costs can outweigh the savings for low-value transfers. For instance, sending $20 might not be as economical.

• Limited Cash Options

Wise focuses on digital payments, so users seeking cash pickups might find other services more suitable.

• Bank Account Requirements

Recipients often need bank accounts to receive funds, which could limit transactions in underbanked regions.

• Variable Speed

While most transfers are rapid, factors like recipient bank processing times or currency availability can occasionally delay transactions.

• Payment Method Constraints

Using credit cards may incur higher fees compared to ACH or debit card payments.

• No Physical Branches

Wise’s online-only model lacks in-person customer support, which some users might prefer.

This mix of advantages and drawbacks makes Wise an effective solution for many users, depending on their specific transfer needs.

Conclusion

Wise has completely transformed how I approach 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 managing personal finances or handling global business transactions, Wise offers a reliable and cost-effective solution.

The added convenience of features like multi-currency accounts and a secure mobile app ensures that you can manage your transfers anytime, anywhere. With its commitment to affordability, security, and simplicity, Wise continues to set the standard for international money transfers.

Frequently Asked Questions

What is Wise, and how does it work?

Wise is an online platform for affordable, transparent international money transfers. It uses real exchange rates and a peer-to-peer system to reduce costs by matching users sending and receiving the same currency. With support for over 170 countries, Wise allows personal and business transfers through its web and mobile app.

How do I create a Wise account?

To create an account, sign up on the Wise website or mobile app, provide your details, and verify your identity. Wise uses encryption and additional security measures to ensure your account and transactions remain protected.

How much are Wise’s fees for sending money?

Wise fees depend on the amount, currency, and payment method. For example, sending $1,000 via an ACH transfer might cost around $7.50. All fees are transparently displayed upfront before confirming your transfer.

Does Wise use the real exchange rate?

Yes, Wise uses the mid-market exchange rate, which is the real-time rate used in global financial markets. This ensures no hidden markups or inflated currency conversion rates for your transfers.

How fast are Wise’s money transfers?

Transfers on Wise typically take a few hours to two business days, depending on the currency and payment method. Over time, most users experience faster processing times.

Can I hold multiple currencies with Wise?

Yes, Wise offers multi-currency accounts where users can hold, receive, and convert over 50 currencies. This feature is ideal for travelers or those managing finances across borders.

Is Wise secure for sending money?

Yes, Wise employs advanced security measures like end-to-end encryption, two-factor authentication, fraud detection systems, and strict compliance with global financial regulations to protect user data and transactions.

What payment methods can I use with Wise?

Wise supports payment methods such as bank transfers, debit cards, and credit cards. Fees may vary based on the payment method selected for your transfer.

Does Wise have a mobile app?

Yes, Wise has a mobile app for iOS and Android devices. The app enables users to send money, manage multi-currency accounts, track transfers, and access real-time exchange rates conveniently.

Are there any downsides to using Wise?

While Wise is excellent for transparent fees and low costs, downsides include fixed fees for small transfers, limited cash options, higher fees for credit card payments, and no physical branches for support.