How does Wise work?
How Wise money transfer works
Transferring money with Wise is easy and convenient. Here's how it works:
1. Sign up for Wise
Before you can make a transfer, you need to sign up for Wise. The registration process takes only a few minutes and allows you to create a free account.
2. Enter recipient details
After completing the registration, you can start entering the details of the recipient of your transfer. These include the name, address, and bank account or mobile number of the recipient.
3. Select the amount to transfer
After entering the recipient details, select the amount you want to transfer. You can choose from different currencies and view the current exchange rate for each option.
4. Make the payment
Once you have selected the amount, you can make the payment via bank transfer or credit/debit card. Wise will show you the total cost of the transaction, including any applicable fees.
5. Receive confirmation
After making the payment, you will receive an email confirmation from Wise. At this point, your transfer has been initiated and the money should arrive at the recipient within a few business days.
In summary, transferring money with Wise is a simple and secure process. Thanks to its cutting-edge technology and competitive rates, Wise is one of the best options for sending money worldwide.
Wise fees and commissions
Wise stands out from traditional banks for the transparency and fairness of its fees and commissions. Let's take a closer look at the costs associated with using the service.
Currency conversion fees
Wise uses the real exchange rate, without applying any hidden margin, to convert currency from one country to another. In addition, a small fixed commission is applied to the transaction based on the currency pair used.
Example: if you want to convert 100 euros into US dollars, Wise will use the real EUR/USD exchange rate and charge a fixed commission of 0.45 euros on the transaction.
Transaction fees
Wise applies a fixed commission on transactions based on the type of payment made. For example:
- Credit card payments: 1% of transaction value
- Bank transfer payments: from 0.5 to 1.5 euros (depending on destination country)
- Wise balance payments: free
Cash withdrawal fees
If you want to withdraw cash with your Wise card, the following fees apply:
- Euro cash withdrawal: free up to 200 euros per month, then a 2% commission on the amount withdrawn
- Foreign currency cash withdrawal: a 2% commission on the amount withdrawn
In addition, it is possible to check for any additional fees applied by ATMs or local banks.
Account management fee
Wise does not apply any fee for account management. However, if the account remains inactive for a period of more than 12 months, a small monthly fee will be charged.
In summary, Wise stands out for the transparency and fairness of its rates and fees. Moreover, thanks to the use of the real exchange rate and the reduction of traditional banking expenses, it is possible to save significantly on costs associated with international transactions.
The advantages of using Wise for international transfers
Wise, formerly known as TransferWise, is an online service that allows you to send money securely and conveniently worldwide. By using Wise for international transfers, users can enjoy numerous advantages over traditional transfer methods.
Competitive exchange rates
One of the main advantages of using Wise for international transfers are the competitive exchange rates offered by the service. Unlike traditional banks, Wise applies the mid-market rate at the time of the transaction, without any hidden fees. This means that users get a more favorable exchange rate compared to traditional banks.
Transparent fees
Wise has a transparent fee policy that makes it easy to understand how much you are paying for the service. Fees are calculated based on the amount sent and the chosen currency, and all fees can be viewed before making the transaction. Additionally, there are no hidden costs or unpleasant surprises.
Fast and reliable
With Wise, international transfers occur in seconds or minutes, depending on the destination and payment method chosen. Additionally, the service is extremely reliable, with a success rate of 99.9%. This means that you can send money worldwide without worrying about losing your funds.
Safety
Wise uses advanced technologies to protect transactions and ensure the security of user data. Additionally, the service is regulated by various financial authorities around the world, including the Financial Conduct Authority (FCA) in the UK and the Financial Crimes Enforcement Network (FinCEN) in the US. This ensures that Wise is a safe and reliable service for international transfers.
Convenience
Finally, Wise offers great convenience to users thanks to its easy-to-use online platform. Users can make transfers anytime and anywhere using a computer or mobile device. Additionally, Wise supports many different currencies, making it easy to send money to relatives and friends worldwide.
- Competitive exchange rates
- Transparent fees
- Fast and reliable
- Security
- Convenience
How to open an account with Wise
Opening an account with Wise is easy and quick. Here are the steps to follow:
1. Visit the Wise website
To open an account with Wise, visit their official website at www.wise.com.
2. Create an account
Click on the "Sign up" button at the top right of the main Wise website page. Enter your name, email, and a secure password.
3. Verify your identity
After creating your account, you'll need to verify your identity by providing personal information such as your address and date of birth. You may also need to upload a copy of your ID document.
4. Add money to your account
After verifying your identity, you can add money to your Wise account using a credit or debit card or by making a bank transfer.
5. Send money abroad
You're now ready to send money abroad with Wise. Enter the amount you want to send and select the recipient. You can also choose whether to pay the transfer fees yourself or have them paid by the recipient.
- Advantages: Opening an account with Wise is free, and the identity verification process is straightforward. Additionally, transfer fees are much lower than traditional banks.
- Disadvantages: Wise doesn't offer full banking services like loans or credit cards. Also, it may take a few days for the sent money to arrive at its destination.
Opening an account with Wise is a smart choice for anyone who needs to send money abroad in an affordable and fast way. Follow these steps, and you'll be ready to use their services in just a few minutes!
Conclusion
In conclusion, Wise is an excellent solution for anyone who needs to send money abroad quickly and affordably. The account opening process is easy and quick, while transfer fees are much lower than traditional banks. Additionally, the platform offers an excellent user experience and a wide range of options for sending money anywhere in the world.
If you're looking for a reliable way to send money abroad, we highly recommend trying Wise!
Michael Anderson - Software Engineer
My name is Michael Anderson, and I work as a computer engineer in Midland, Texas.
My passion is sharing my knowledge in various areas, and my purpose is to make education accessible to everyone. I believe it is essential to explain complex concepts in a simple and interesting way.
With GlobalHowTo, I aim to motivate and enrich the minds of those who want to learn.
