How To Use Wise For International Fund Transfers?
Meta Description: Looking for a quick, secure, and affordable way to send and receive money from your international connections? Learn how you can do that with Wise, at a fraction of the service charges of other popular options available.
With the immense growth in the eCommerce sector in recent years, online international fund transfers have become an everyday need for the average person. To cater to this demand, a number of service providers have sprung up today - each with its own pros and cons. However, for the regular person, Wise continues to be the best tried and true method for local and international transactions.
In this article, we will tell you why and how you can use Wise to send and receive money across borders, at the lowest possible service charges.
What is Wise?
Before we get into how to use Wise, let’s talk about what it essentially is.
Wise, previously known as TransferWise, is a financial technology company that assists you with local and international online fund transfers. It is being used by individuals and businesses alike to manage, send, and receive money across the world at the lowest possible rates.
Why use Wise for your international fund transfers?
Wise is neither the first nor the only service that enables you to make international transactions. Why, then, should you choose it over all the other service providers to transfer funds?
There are many reasons that make Wise the best choice for handling international fund transfers. These include:
Significantly lower service charges than other well-known competitors
Great exchange rates for foreign currency
Accepts over 30 different currencies worldwide
Ability to create an account in a different country
Well-known and trusted by a number of big eCommerce companies
A fantastic way to manage payments, especially for freelancers who work with international clients
Easy batch payments
Ability to switch between business and personal payment options
The recipient does not need to have a Wise account for you to send money through it - you can simply send it directly to their bank account as well
And much more!
How to set up your Wise account?
Though using Wise does have a bit of a learning curve, it is pretty convenient once you have gotten the hang of it.
To set up a new account on Wise, simply visit the website and click on the Register button. You will then be prompted to choose between creating a business or a personal account. After you have chosen your preferred option, you will need to enter your email, create a password, click on your country of residence, and Sign Up.
With this done, you will be prompted to verify your account using valid identification. After your account is verified, you can immediately start enjoying the services offered by Wise.
How to accept international payments through your Wise account?
If someone living beyond the border wishes to make a payment to you, it is incredibly easy - and cheap - to do it through your Wise account.
All you need to do is log in to your Wise account, make sure it has been activated, share your account details with the one making the payment, and wait for the money to appear in your account. It is really that simple!
When receiving money through Wise, you can choose to either get it into your Balance account or in your Recipient account. A Balance account holds your money in the currency that it was originally sent as. On the other hand, a Recipient account automatically converts this currency into one of your countries of residence, so that you can withdraw and use it right away.
Using a Balance account is helpful when you want to make further payments to someone else in the currency that you received the amount.
How to send money across borders with your Wise account?
In addition to receiving money through Wise, sending money to another Wise account across the border is also quite simple.
To make an international payment via Wise, you will first need to click on the Send Money button visible on your Wise homepage. This will take you to a window where you can put in the exact amount that you want to transfer. You will be able to see the amount and currency that the recipient will get, and the service charges for the transaction. To go ahead with the transfer, click Continue.
With this, you will be prompted to enter the recipient’s account details that they have provided to you. If you make frequent transfers into their account, you can also choose to add them as one of your connections on Wise to save time.
How long does Wise take to transfer funds from one account to another?
Wise is a quick and safe way to make online international transactions. Exactly how fast the money will appear into the recipient’s account once it has been sent depends on a few factors. These include:
Having a verified account that is ready to go
The time the transaction was made
The choice of payment method
The recipient’s and sender’s country of residence
Usually, it takes 2 hours for Wise to transfer the money into the recipient’s account once the sender has confirmed payment.
How to keep track of the international fund transfers made through Wise?
If the conditions are less than ideal, transactions can take a short while to get from one Wise account to another. In this case, the recipient and the sender might both want to track the international fund transfer. Wise makes this possible by issuing a unique tracking id for every transaction made through them.
To check the money tracker, you must log in to your Wise account and then click on View Transfer Details on the transaction that you want to check.
The Final Word
While using Wise for the first time may seem tricky to some, the very friendly user interface and the self-explanatory process makes it easy to get a hang of quickly. Try Wise for your international payments now and enjoy secure transfers at affordable charges.
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