Getting paid from anywhere in the world shouldn’t be complicated, and that’s where TransferWise, now known as Wise, comes in. It’s a fast, secure, and affordable way to receive payments internationally without the hassle of traditional bank transfers. Whether you’re a freelancer, a small business owner, or just someone who needs to get paid, Wise makes the process seamless.

I’ve found that using Wise not only saves me money on fees but also ensures I get the best exchange rates. The platform is straightforward, and setting it up to receive payments is a breeze. If you’re wondering how people can pay you through Wise and what steps are involved, don’t worry—it’s simpler than you think. Let me break it down so you can start receiving payments effortlessly.

What Is Wise (Formerly TransferWise)?

Wise, previously known as TransferWise, is an international money transfer platform. It enables users to send and receive money across borders at low costs by using real exchange rates without hidden fees. Established in 2011, Wise simplifies global transactions for individuals and businesses.

The platform operates by matching transfers within local markets instead of initiating traditional cross-border bank transfers. This structure reduces intermediary costs and accelerates transaction speed. For instance, when someone pays you in EUR, Wise processes it locally and deposits the equivalent amount in USD or your chosen currency.

Wise supports over 50 currencies and offers multi-currency accounts. With these accounts, you can hold balances in multiple currencies and convert between them at competitive rates. Features like virtual account details in major currencies (e.g., USD, GBP, EUR) make receiving payments seamless for freelancers and businesses.

Why Use Wise For Payments?

Wise simplifies international payments with transparency, low fees, and real exchange rates. It supports seamless transactions for personal or business use.

Key Features And Benefits

1. Real Exchange Rates

Wise uses mid-market exchange rates with no markups. This ensures I receive maximum value for my payments.

1. Multi-Currency Accounts

I can hold balances in over 50 currencies, facilitating payments without extra conversion charges.

1. Local Account Details

Wise provides virtual account details for USD, EUR, GBP, and other major currencies. This simplifies receiving payments as if I have a local bank account.

1. Fast Transfers

Most transactions process within minutes or hours rather than days.

1. User Interface

The Wise platform is intuitive, making navigating and managing payments straightforward.

1. Wide Support

Wise integrates with platforms like Upwork and Stripe, providing convenience for freelancers and businesses.

Cost Efficiency Compared To Other Methods

Wise outperforms traditional bank transfers and PayPal in cost efficiency.

• Lower Fees

Wise charges fees ranging from 0.5% to 2%, depending on the currency route, which is significantly lower than the 3-5% often charged by alternatives.

• No Hidden Costs

All details of fees and exchange rates display upfront. This avoids the surprises common with traditional methods.

• Savings From Real Exchange Rates

By eliminating exchange rate markups, Wise ensures I receive more in my currency than when using banks or PayPal.

• Reduced Intermediary Charges

Wise matches currency exchanges locally, reducing additional processing fees.

Setting Up Your Wise Account

Getting started with Wise is a streamlined process. Creating an account and linking your bank details ensures you can receive payments quickly and securely.

Creating And Verifying Your Account

I signed up for my Wise account by visiting its website or downloading the Wise app. I entered my email address, created a password, and selected my account type (personal or business). Wise asked for basic information like my full name, date of birth, and address to complete the sign-up process.

Account verification was straightforward. Wise required a government-issued ID, such as a passport or driver’s license, and occasionally proof of address. I uploaded clear photographs of these documents using their secure portal. Verification took between a few minutes to 2-3 business days, depending on the document type and my location. After completing these steps, my account was ready to receive payments.

Linking Your Bank Details

Linking my bank details was essential to transfer funds from my Wise account into a local bank account. I navigated to the “Recipients” or “Bank Accounts” section in the Wise dashboard and selected “Add Account.” Wise prompted me to input accurate details, such as my account number, routing number, and account holder name.

For international payments, Wise provided localized bank account information, including IBANs or SWIFT codes, allowing seamless transfers. I double-checked the entered details to prevent errors. Wise saved the information securely, and I could manage or update these bank details anytime if needed.

How Can People Pay Me By TransferWise?

People can pay me via Wise by using my unique account details provided by the platform. The process is straightforward and ensures secure, transparent, and low-cost international payments.

Sharing Your Wise Details

I share my Wise account details, which include localized bank information, with the payer. Wise provides account information specific to major currencies, such as a US account number and routing number for USD or a UK sort code and account number for GBP. I find these details in my Wise account under the “Balances” section or through the app’s dashboard.

If I don’t have details in a specific currency, I request them by adding a new balance for that currency. Once done, I share these account details via email or any communication method I prefer. This makes it easy for the payer to transfer money just like a domestic transaction in their currency.

How The Payment Process Works

Once the payer has my Wise account details, they transfer the payment as they would with any local bank transfer. Wise receives the payment and credits it to my account. If it involves currency conversion, the platform uses mid-market exchange rates and deducts a small, upfront fee. I can then decide whether to transfer the funds to my local bank or hold them in my multi-currency balance.

Transfers are usually processed within minutes to a few hours, depending on the payer’s bank and country. Notifications through the Wise app or email keep me updated on the payment status, ensuring the entire process is transparent and efficient. Receiving payments from clients or customers feels seamless with this system.

Tips For Seamless Transactions

Efficient and secure transactions with Wise require attention to detail and best practices. A few simple steps can help avoid delays and ensure smooth payments.

Avoid Common Errors

Entering accurate account details prevents failed transfers. I double-check the currency and account numbers in my Wise profile before sharing them. Ensuring the payer sends funds in the correct currency format streamlines the process. Including your unique reference or additional required information avoids delays.

Regularly updating personal and financial details in your Wise profile, like address or ID, keeps the account compliant and active. For recurring payments, setting reminders for upcoming transfers helps maintain consistency.

Ensuring Secure Transfers

Using Wise’s secure dashboard protects sensitive financial data. I always avoid sharing information through unsecured channels like email or social media. Activating two-factor authentication (2FA) in my account adds another layer of security.

Monitoring transaction notifications ensures I’m promptly aware of completed or flagged payments. If any unusual activity is detected, reporting it immediately through Wise’s support enhances security and avoids financial loss.

Conclusion

Wise has completely transformed how I handle international payments. Its transparency, low fees, and real exchange rates make it a standout option compared to traditional methods. The seamless process of setting up an account and receiving payments has saved me time and money while giving me peace of mind.

Whether you’re a freelancer, small business owner, or simply need to receive payments globally, Wise offers a reliable and efficient solution. With its user-friendly platform and robust security features, it’s never been easier to manage cross-border transactions.

Frequently Asked Questions

What is Wise, and how does it work?

Wise (formerly TransferWise) is a low-cost money transfer platform that allows users to send and receive international payments. It operates by matching local transfers, reducing fees and speeding up transactions. It uses the real mid-market exchange rate without hidden costs and provides virtual account details in major currencies to simplify payment processes.

Why should I use Wise for receiving international payments?

Wise is fast, secure, and cost-effective compared to traditional banks and platforms like PayPal. It offers low, transparent fees (0.5% to 2%), real exchange rates, and features like multi-currency accounts. Transactions are processed quickly, often within minutes or hours.

Which currencies does Wise support?

Wise supports over 50 currencies, allowing users to send, receive, and hold money in multiple currencies. It also lets users convert between currencies at competitive rates, using localized account details for seamless transactions.

How do I set up a Wise account?

To set up a Wise account, visit their website or app, provide basic information, and verify your identity with a government-issued ID and proof of address. Once verified, you can link your bank account and start managing payments via the Wise dashboard.

How do I receive payments with Wise?

To receive payments, share your Wise-provided local bank details from the “Balances” section of your account with the payer. They transfer funds as a local payment, and Wise credits your account. Currency conversions use real exchange rates with a small upfront fee.

How long does it take to receive money on Wise?

Most transfers are completed within minutes or hours. However, processing times may vary depending on the payment method, currency, and time of the transaction.

Are Wise’s fees lower than traditional bank transfers?

Yes, Wise’s fees are significantly lower than banks or PayPal, typically ranging from 0.5% to 2%. Unlike many banks, Wise eliminates hidden costs and exchange rate markups, making it highly cost-effective.

Is Wise secure for international payments?

Yes, Wise prioritizes security with encryption, two-factor authentication (2FA), and regulatory compliance. Users can monitor transactions and manage payments securely through the dashboard, ensuring a safe experience.

Can I hold multiple currencies in my Wise account?

Yes, Wise offers multi-currency accounts, enabling you to hold, send, and receive money in over 50 currencies. You can convert currencies at the real exchange rate with a small fee.

Does Wise integrate with payment platforms like Upwork and Stripe?

Yes, Wise integrates with platforms like Upwork and Stripe. This makes it easier for freelancers and businesses to manage and receive payments directly into their Wise account.

How can I avoid delays in payments through Wise?

To avoid delays, double-check your account details and ensure the payer uses the correct currency format. Regularly update your personal and financial information in your profile for compliance and smoother transactions.

Are there any hidden charges when using Wise?

No, Wise is transparent with its fees. All fees and the real exchange rate are displayed upfront, and there are no hidden charges or exchange rate markups.

How can I enhance the security of my Wise account?

Enable two-factor authentication (2FA), use Wise’s secure dashboard to manage payments, avoid sharing account details via unsecured channels, and monitor notifications for any unusual activity. Promptly report any suspicious behavior to Wise support.

Can I transfer money from my Wise account to my local bank?

Yes, you can link your local bank account to your Wise profile and transfer funds directly. The process is simple, secure, and supports various currencies with competitive fees.