Sending money across borders used to be a hassle, but platforms like TransferWise, now known as Wise, have made it incredibly simple. Whether you’re paying a friend, a freelancer, or a business overseas, Wise offers a fast and cost-effective way to transfer money without the hidden fees traditional banks often charge.

I remember the first time I used Wise—it was a game-changer. The platform’s transparency and ease of use stood out immediately. If you’re wondering how to make a payment to someone using Wise, don’t worry. It’s a straightforward process that anyone can handle with just a few clicks. Let me walk you through it so you can send money confidently and efficiently.

What Is TransferWise?

TransferWise, now known as Wise, is an online financial technology platform for international money transfers. It prioritizes cost-efficiency, speed, and transparency.

An Overview Of TransferWise

Wise enables users to send money globally by converting currencies at the mid-market exchange rate. Unlike traditional banks, it avoids hidden markups on currency conversions. Founded in 2010, Wise caters to individuals and businesses, simplifying cross-border transactions in over 170 countries. Registered users can send payments directly to a recipient’s bank account without extensive paperwork.

Key Features Of TransferWise

• Mid-Market Exchange Rates: Wise applies real-time market rates without any additional markup, ensuring fair currency conversions.
• Low Transaction Fees: Pricing is transparent, with a small, upfront fee displayed before the transaction begins.
• Global Reach: Wise supports transfers to more than 50 currencies across 170+ countries, covering major currencies like USD, EUR, GBP, and AUD.
• Fast Transfers: Transfers typically complete within hours or a maximum of 2 business days, depending on recipient and location.
• User-Friendly Platform: Its website and app provide an intuitive interface, making the transfer process clear and accessible.
• Multi-Currency Account: Users can hold and manage multiple currencies simultaneously through a Wise account.

These features make it a practical alternative for people and businesses managing international payments.

Setting Up Your TransferWise Account

Creating an account on Wise is straightforward and takes only a few minutes. The platform ensures users have a seamless and secure experience from registration to making transfers.

Creating An Account

I started by visiting the Wise website or downloading the Wise mobile app. On the homepage, I clicked the “Sign Up” button. I entered my email address, created a strong password, and selected the account type—personal or business. Wise also offers the option to register using Google, Apple, or Facebook accounts, which simplifies the process for many users. After submitting the form, I immediately received a confirmation email to verify my email address.

Verifying Your Identity

To comply with financial regulations, Wise requires identity verification for all users. I uploaded a government-issued ID, such as a passport or driver’s license, through the platform’s secure upload system. In some cases, Wise asked for proof of address, like a utility bill or bank statement. The system processed most documents within a few hours, but during peak periods, it took up to two business days. Once my documents were verified, I gained full access to Wise’s services, including international money transfers.

How To Make A Payment With TransferWise

Making a payment with TransferWise, now known as Wise, is straightforward and efficient. The platform guides you step-by-step to complete international transfers seamlessly. Below, I outline the key steps involved.

Adding Recipient Details

I start by logging into my Wise account and navigating to the “Send Money” option. To proceed, I input the recipient’s details, including their full name, account number, and bank details. Wise also offers the option to send to an email address if the recipient is not yet a Wise user. For business transfers, additional information such as the company name might be required, depending on the destination.

Entering Payment Amount And Currency

Next, I specify the amount I want to send and the currency I wish to transfer. Wise immediately displays the mid-market exchange rate and calculates the total fees and the expected amount the recipient will receive. This transparency ensures there’s no confusion about the cost or delivery.

Choosing Payment Method

Wise allows me to choose between several methods for funding the transfer. I can use a bank transfer, debit card, credit card, or other country-specific options like direct debit. While bank transfers typically have lower fees, card payments might be faster. The choice depends on my preferences and urgency.

Reviewing And Confirming Your Transfer

Before finalizing, I carefully review all the transfer details, including recipient information, payment amount, fees, and estimated delivery time. Wise prompts me to confirm the details to ensure everything is accurate. Once confirmed, the transfer begins, and I receive regular updates about its progress until it’s completed.

Transfer Time And Fees

TransferWise, now Wise, offers fast transfers and transparent fees for international payments. Knowing these specifics helps plan transactions effectively.

Transfer Processing Times

The time required for a transfer depends on factors like payment method, currency pair, and recipient bank. Most transfers complete in 1–2 business days, but some might process instantly, especially for same-currency payments. Transfers requiring currency conversions may take slightly longer due to banking hours or additional checks. Wise always provides an estimated delivery time before confirming the payment, so I know what to expect.

Understanding TransferWise Fees

Wise employs a low-cost, transparent fee structure. Fees vary according to the transfer amount, currency, and chosen payment method. For example, when I use a bank transfer, fees are typically lower compared to credit card payments. Wise calculates fees as a small percentage of the amount being sent, along with a fixed fee. All charges are displayed upfront during the transfer process to ensure full transparency, letting me make informed decisions without encountering unexpected costs.

Tips For Using TransferWise Effectively

Using Wise efficiently can help save time and money while ensuring smooth transfers. These tips focus on maximizing accuracy and cost-effectiveness when sending money internationally.

Ensuring Accuracy Of Recipient Information

I double-check all recipient details before confirming any transaction. This includes the recipient’s full name, bank account number, and routing or SWIFT/BIC codes. Errors in these fields often result in delays or failed transfers. Wise typically verifies some of this information, but entering accurate details initially ensures the process flows without complications.

If I’m unsure about specific bank codes, I consult the recipient or check their bank’s website. Accurate information avoids extra delays or re-entry and streamlines the process.

Monitoring Exchange Rates

I always track exchange rates on Wise’s platform for better transfer timing. The mid-market rate displayed by Wise reflects the fairest market rate without unnecessary markups. Since I’ve noticed fluctuations in exchange rates throughout the day, I use Wise’s rate alert feature to notify me of favorable changes.

When rates are higher, transferring more significant amounts can save money. This strategy works best for non-urgent payments, where timing flexibility allows me to benefit from better conversions.

Conclusion

Using Wise to send money internationally has completely changed how I approach cross-border payments. Its transparency, speed, and low fees make it a standout choice compared to traditional methods. Whether you’re sending money to friends, family, or business associates, Wise offers a reliable and user-friendly platform that simplifies every step of the process. By taking advantage of its features and tools, you can manage your transfers with confidence and ease while saving both time and money.

Frequently Asked Questions

What is Wise, and how does it work?

Wise is a financial technology platform designed for fast, affordable, and transparent international money transfers. It converts currencies using the mid-market exchange rate without hidden fees. Users can send money to over 170 countries and 50 currencies, holding multiple currencies in one account. Transfers are initiated via their website or app, ensuring simplicity and efficiency.

Why is Wise better than traditional banks for international transfers?

Wise offers lower fees, faster processing times, and complete transparency. Traditional banks often impose hidden fees and markups on exchange rates, while Wise ensures customers always know the exact costs upfront.

How do I set up a Wise account?

Creating a Wise account is simple. Visit the Wise website or download the app, choose personal or business registration, and sign up using Google, Apple, Facebook, or your email. Identity verification involves uploading a government-issued ID and, if necessary, proof of address.

How long do Wise transfers take?

Transfers typically complete within 1–2 business days. However, the exact timing depends on factors like the payment method, currency pair, and recipient bank. Wise provides an estimated delivery time before confirming a transfer.

How much does it cost to send money with Wise?

Wise charges low, transparent fees that vary based on the transfer amount, currency, and payment method. All fees are displayed upfront during the transaction process so users can avoid unexpected costs.

Can I use Wise for business purposes?

Yes, Wise supports business accounts that allow companies to send and receive payments globally, convert currencies at low fees, and streamline financial operations using one multi-currency account.

What payment methods can I use with Wise?

Wise accepts several payment methods, including bank transfers, debit cards, and credit cards. The availability of methods may vary based on your location and the currency being sent.

How do I ensure my Wise transfers are accurate?

To avoid delays or errors, double-check all recipient details, such as names, bank account numbers, and country codes. Ensuring accurate information is critical for a smooth transaction.

Does Wise offer tools to track exchange rates?

Yes, Wise provides rate alerts and real-time exchange rate tracking. Users can set up notifications to monitor rates and time their transfers for optimal conversion rates.

Is Wise safe to use?

Wise is highly secure and regulated by financial authorities in multiple countries. It uses advanced encryption technology to protect users’ information and transactions, ensuring safety and reliability.