International Money Transfer | Send Money Abroad with Wise (ex-TransferWise) (2024)

FAQs

Is Wise a good way to transfer money internationally? ›

Here are some key points about sending a Wise international payment: All Wise currency conversion uses the mid-market exchange rate with no extra fee added. Wise has low transfer fees which are split out for transparency and which start from just 0.43% Wise payments are fast – 50% are instant and 90% arrive in a day.

Plus, Wise multi-currency accounts can: receive your money like a local in several regions (currently in the EU, the UK, the US, Canada, Turkey, Singapore, New Zealand and Australia) manage and hold your money in multiple currencies. let you spend your funds with the Wise debit card.

All you need to do is log into Wise and look up your recipient in your contacts, or enter their details manually, for an easy payment in a few taps. Payments are sent instantly*, from whichever currency balance you select within your Wise Account.

Yes it is. Since 2011, more than 16 million customers have used Wise. And every month, they trust us to move their money quickly and safely. We work hard to keep all these customers and their money secure.

As and when Wise is obligated to collect and report customer tax and financial information to tax authorities we will do so. In addition to tax requirements, other regulations may require Wise to collect certain data, like transactions over a certain threshold, and report it to regulatory bodies.

When making a transfer from USD, you need to enter your US Social Security number (SSN) so that we can identify you.

Wise is no different. We're a financial institution, so we need to know who's using our service. It helps us combat money laundering, and keep everyone's money safe. So depending on where you're sending money from, and how much you send, we'll ask for you to verify your identity.

Wise customers with USD and SGD bank accounts may choose to link their bank account to Wise, to make it convenient to make transfers. In the US you can make ACH transfers by connecting a bank account to Wise — and in Singapore, payments are processed through the eGIRO system².

Can Americans open a Wise account? ›

Anyone over the age of 18 with a valid ID in one of the accepted countries can open a Wise account. Citizens and residents of most countries can open an account with Wise, however the degree of services may vary. For example, people in most countries can send money, although it will not always be in the local currency.

You can send up to 1 million GBP per transfer. Please keep in mind, if you want to send more than 1 million GBP, you'd need to transfer it from your Wise account. This means: You'll need to open an account for the currency you want to convert from and the currency to convert to (GBP).

Yes, there are limits for how much you can send with us. They depend on which currencies you send to and from, and how you pay. You can check the limits for each currency in the Currencies articles. We'll also let you know if you try to send too much at one time.

If you have their bank details, check the box and add them in — we'll send money to that account. If you don't have their bank details, just enter their email address. If they have an account with Wise, we'll find the account they want to receive money into.

Supported Currencies: Wise supports a wider range of currencies compared to PayPal, making it a suitable option for individuals dealing with a diverse set of international transactions. Security: Both Wise and PayPal prioritize robust security measures to protect user information and financial transactions.

If you're sending money from your account to someone else's balance (of the same currency), it's free. If you're sending money from your account to a bank account outside of Wise, the fee will depend on the currency. We'll always charge a conversion fee if you send money to a different currency.

Is Wise better than a bank? Wise isn't a bank and doesn't offer all the same services a regular bank might. But if you want international transfers or a multi-currency account, Wise has a better range and lower costs than many banks.

We make sure your money is safe and readily available to you. Most of your money is in secure liquid assets such as EU, UK and US Government bonds and money market funds (as of 1 April 2024).