Receiving money from anywhere in the world shouldn’t be complicated, and that’s where TransferWise, now known as Wise, steps in. It’s designed to make international money transfers simple, fast, and affordable. If you’re wondering how to receive money using this platform, you’re not alone—it’s a question many people have as they explore its features.

I’ve found that Wise offers a straightforward process for receiving funds, whether it’s from a friend, family member, or business. With its transparent fees and real exchange rates, it’s no surprise so many people trust it for global transactions. Let me walk you through how to get started and ensure your money lands safely and quickly in your account.

What Is TransferWise?

TransferWise, now known as Wise, is an international money transfer platform. It enables users to send and receive money across borders with low fees and real exchange rates. Founded in 2011, Wise has grown to serve over 16 million customers globally.

Wise uses a peer-to-peer system to minimize costs. Instead of transferring money directly across borders, it matches transactions locally. For example, if someone sends money from the U.S. to the U.K., Wise uses funds from someone sending money in the opposite direction within each country. This process eliminates high bank fees.

The platform supports 50+ currencies, including USD, EUR, GBP, and AUD. Users may also hold, convert, and spend in multiple currencies using the Wise account. This versatility makes it ideal for travelers, freelancers, and international businesses.

Setting Up Your TransferWise Account

Creating a TransferWise (now Wise) account is a quick, simple way to begin receiving money. The process involves registering an account, verifying your identity, and setting up your receiving details.

Signing Up For An Account

I visited the Wise website or downloaded the app to start the registration. I clicked “Sign up” and entered my email, created a secure password, and selected my account type (personal or business). Wise also allows sign-ups through Google, Apple, or Facebook accounts for faster access. Once I completed these steps, I could access my account dashboard and proceed to the verification process.

Verifying Your Identity

Wise ensures a secure platform by requiring identity verification. I submitted a government-issued ID, such as a passport or driver’s license, through the dedicated upload feature. Wise reviewed my documents within 1-2 business days. For some currencies or higher transaction limits, Wise requested additional information, like proof of address or bank statements. After approval, I received confirmation, enabling full feature access and receiving funds without restrictions.

How Do I Receive Money On TransferWise?

Receiving money on Wise is straightforward, whether it’s from local or international sources. Below, I’ve outlined different methods to help you receive funds seamlessly.

Using Your Local Bank Details

Wise provides local bank details for select currencies, including USD, EUR, GBP, AUD, and more. I can share my local bank details with the sender, which they use to transfer money as if it’s a domestic payment. For example, if I receive USD, I’ll get a US-based account number and routing number. This method avoids international transfer fees for the sender.

To find my local bank details, I log into my Wise account, navigate to the “Balances” section, and select the currency I want to receive. If I haven’t set up the currency balance, I follow the prompts to activate it.

Receiving International Payments

For international payments, Wise simplifies the process by converting currencies at real exchange rates. When someone sends me money in a foreign currency, the platform converts it to my preferred currency before depositing it into my Wise balance or linked bank account. This ensures transparency, with only a small, upfront fee applied.

I can provide either my Wise account details or my linked bank details to the sender. For instance, if someone wants to send euros to my US bank account, Wise handles the currency exchange and ensures the final amount is accurate and delivered quickly.

Receiving Money Via The TransferWise App

Using the Wise app makes receiving money even quicker. I can manage all my transactions, check updates, and share my payment details directly from the app. The app notifies me instantly when funds arrive, detailing the currency, amount received, and exchange rate applied.

If I want to request money, I use the “Request Money” feature in the app. This creates a payment link that I share with the sender, making it easy for them to initiate the transfer. Once sent, I track its progress directly in the app.

Tips To Ensure A Smooth Transaction

1. Verify Account Information

I double-check my account details before sharing them to avoid delays or errors in the transfer. Inaccurate details, like incorrect IBANs or routing numbers, can cause transaction failures.

1. Confirm Sender Details

I ensure the sender has the exact details required, such as my Wise local account details or email address linked to my Wise account. This prevents incomplete or incorrect transactions.

1. Understand Currency Conversion

I review the current exchange rates offered by Wise when expecting payments in foreign currencies. Wise uses real-time rates, but fluctuations can impact the final amount received.

1. Monitor Transfer Notifications

I enable notifications on the Wise app to track the progress of incoming payments. These updates allow me to anticipate any delays or address potential issues in real-time.

1. Prepare Documentation If Needed

I submit any required verification documents promptly, particularly for large or uncommon currency transactions. Wise may request this to comply with legal and regulatory standards.

1. Communicate With The Sender

I maintain clear communication with the sender to confirm when the transfer is initiated. This helps identify and resolve issues promptly, should they arise during the process.

1. Review Wise’s Limits And Fees

I check Wise’s transaction limits and fee structure to ensure the incoming payment aligns with policy. For large amounts, I calculate costs upfront to avoid unexpected deductions.

Common Issues And How To Resolve Them

Delays In Receiving Funds

Delays often occur when senders input incorrect recipient details or fail to provide required information. I ensure my account details, such as name, account number, and currency type, match exactly with my Wise profile. If delays persist, I advise contacting the sender to verify their submission accuracy. For larger transactions, I prepare additional identification documents before the sender initiates the transfer.

Incorrect Currency Conversion

Wise applies real exchange rates automatically; however, mismatched currency selections may cause conversion issues. I double-check the selected receiving currency and address any discrepancies with the sender before processing. For example, if the sender intended to transfer USD but input EUR, I confirm the currency selection and reconfirm agreed terms with the sender.

Failed Transfers

Failed transfers usually result from incomplete identity verification or system mismatches. I verify my account status in the Wise app, review transactions, and complete any pending verification requirements. If the issue lies with the sender, I suggest confirming that their payment method supports international transfers. Wise also recommends contacting their support team for unresolved cases.

Bank Restrictions

Some recipient banks impose restrictions or block foreign transactions temporarily. To prevent this, I contact my bank to inquire about international transfer policies and notify them of upcoming deposits from Wise. If the bank blocks the transfer, I resubmit the request with accurate intermediary details or use an alternative Wise-supported bank account.

Missing Payment Notifications

Missing notifications can occur if my registered email or phone number is outdated. I review my Wise account settings to ensure contact details are accurate. For app users, enabling notifications allows instant updates about incoming transfers. If messages still don’t appear, I check junk or spam folders for missed emails.

Fee Discrepancies

Fee misunderstandings arise when users don’t account for currency conversion or recipient bank fees. I check Wise’s transparent fee breakdown before finalizing the transaction. If fees seem higher post-transfer, I verify with the sender whether additional charges stemmed from their payment method, such as credit card processing fees.

Currency Unsupported By Wise

If Wise doesn’t currently support my receiving currency, I provide alternate details in a supported currency, such as USD or EUR. I notify the sender to make necessary adjustments or explore Wise’s multi-currency account to hold and convert funds later.

By addressing these common issues, I ensure smooth and efficient transactions every time I use Wise.

Conclusion

Receiving money on Wise is a seamless process that combines speed, transparency, and affordability. With its user-friendly platform and real exchange rates, it’s an excellent choice for handling both local and international transfers. By staying proactive with account verification, monitoring transactions, and understanding fees, you can ensure every transfer is smooth and hassle-free. Wise truly simplifies the way we manage global payments, making it a reliable tool for anyone needing efficient money transfers.

Frequently Asked Questions

What is Wise (formerly TransferWise)?

Wise is an international money transfer platform that allows users to send, receive, and manage money across borders. It uses real exchange rates and minimal fees, making it a cost-effective alternative to traditional banks. Wise supports over 50 currencies and is ideal for travelers, freelancers, and global businesses.

How does Wise keep money transfer fees low?

Wise utilizes a peer-to-peer system to match local transactions, which eliminates high bank transfer fees. Additionally, it uses real mid-market exchange rates, ensuring transparency and affordability.

Is Wise safe for receiving money?

Yes, Wise is highly secure. It is regulated by financial authorities in multiple countries and uses advanced encryption to keep your transactions and data safe.

How can I receive money through Wise?

To receive money, simply share your Wise account details or a payment link. Depending on the sender’s location, the transfer can be made either as a domestic or international payment. Wise also converts funds to your preferred currency at real exchange rates.

What are the steps to set up a Wise account?

You can create a Wise account by registering on their website or app. Complete the process by verifying your identity using a government-issued ID. Once verified, you can access all Wise features, including receiving money.

Does Wise support multiple currencies?

Yes, Wise supports more than 50 currencies. You can hold, convert, and spend money in different currencies directly from your Wise account.

Why is my Wise transfer delayed?

Delays can happen due to incomplete recipient information, failed verification, or bank restrictions. Ensure that all details are correct, verify your identity, and contact Wise support or your bank if delays persist.

Can I track my Wise transactions?

Yes, the Wise app allows you to track transactions in real time. You’ll receive notifications for updates, and you can manage transfers easily via the app.

What documents are required to verify my identity on Wise?

Wise typically requires a government-issued ID for verification. For larger transactions or specific currencies, additional documentation might be needed, such as proof of address or income.

Are there any limits on Wise transactions?

Yes, Wise has transaction limits that vary depending on the currency and country. Check Wise’s official website or app to review the limits and ensure your transfer falls within them.

What should I do if my Wise transfer fails?

If a transfer fails, confirm the recipient’s details, check for currency mismatches, and verify your account again if necessary. Contact Wise support or your bank for assistance if the issue persists.

How can I avoid unexpected fees on Wise?

To avoid unexpected fees, review Wise’s fee structure before making a transfer. Double-check any currency conversions and ensure senders use domestic payment methods when applicable.