Receiving money from abroad used to be a hassle, but platforms like TransferWise, now known as Wise, have made it incredibly simple. Whether you’re getting paid for freelance work, receiving funds from family, or managing international transactions, Wise offers a fast and cost-effective solution. Its transparent fees and real exchange rates make it a favorite for millions worldwide.

When I first used Wise, I was amazed at how straightforward it was to receive money. No confusing bank codes or hidden charges—just a few clicks, and the funds were in my account. If you’re wondering how to get started, don’t worry. I’ll walk you through the steps to ensure you can easily receive money through Wise without any stress.

What Is TransferWise?

TransferWise, now called Wise, is a digital money transfer service designed for international transactions. It provides a platform to send, receive, and manage money across borders with minimal fees. Wise uses the mid-market exchange rate, ensuring transparency and no hidden markups.

Wise supports over 50 currencies, including USD, EUR, and GBP, making it suitable for individuals and businesses. Its secure system meets industry standards, safeguarding users’ financial data during transactions. The mobile app and desktop platform offer real-time updates, enabling users to track transfers effortlessly.

By focusing on transparency and efficiency, Wise has attracted millions of users worldwide who rely on it for lower-cost, reliable international payments.

Setting Up Your TransferWise Account

Setting up a Wise account is straightforward and ensures secure access to international transactions. Following these steps simplifies the process for receiving money efficiently.

Creating Your Account

I started by visiting Wise’s official website or downloading the mobile app. Clicking “Sign up” opened the registration page, where I entered my email address and created a password. Users can also opt to sign up using their Google, Facebook, or Apple account for convenience. During the setup, I selected my primary account type—personal or business—based on its intended use.

Verifying Your Identity

To comply with global financial regulations, Wise requested identity verification. After submitting my personal details like name, date of birth, and address, I uploaded a government-issued ID such as a passport or driver’s license. A clear selfie, matching the ID, was also required for security. Typically, Wise confirmed my identity within 1-2 business days, ensuring that the account met international compliance standards.

Receiving Money Through TransferWise

Receiving money through Wise is straightforward. With features like transparent fees and quick transfers, it simplifies getting paid in supported currencies globally.

Providing Your Bank Details

I share my local bank details with the sender to receive payments. Wise provides bank account details for multiple currencies, such as IBAN for EUR or routing numbers for USD. If the sender needs these details, I log into my Wise account, navigate to the “Account Details” section, and copy the relevant currency information. Providing accurate details ensures payments arrive correctly.

Generating a Payment Request

I use Wise to request payments directly if the sender prefers. By clicking “Request” in the Wise dashboard, I enter the sender’s email, my preferred currency, and the amount. Wise generates a link for payment, which I share with the sender. They can use the link to complete the transaction without needing banking details. This feature simplifies invoicing for individuals or businesses.

Receiving Direct Transfers

Once the sender completes the transfer, I monitor the progress in my Wise account. Wise converts funds at the mid-market rate and deposits them into my local bank account. Transfers typically complete within 1-2 business days, depending on the currency and source country. Notifications keep me updated throughout, ensuring transparency and convenience.

Fees And Transfer Times

Wise charges transparent fees based on the amount, currency, and payment method. For most transfers, I pay a small percentage, such as 0.41% for USD to EUR transfers, plus a fixed fee of $0.43. Currency conversion fees apply only if the sender transfers money in a different currency than the one I’ve set for my account.

Transfer times depend on factors like the currency, payment method, and sender’s bank processing. For major currencies like USD, EUR, and GBP, the transfer completes within a few hours if the payment method uses a debit or credit card. Bank transfers might take 1-2 business days due to external processing by financial institutions. Wise notifies me and updates its dashboard in real-time so I can monitor the status.

Benefits Of Using TransferWise

Using Wise offers several advantages for receiving international payments.

1. Low Fees

Wise applies transparent, low-cost fees. For example, transfers from USD to EUR include a small percentage fee like 0.41% and a fixed fee of $0.43. This ensures cost-effective payments compared to traditional bank transfers.

1. Real Exchange Rates

Wise uses the mid-market exchange rate without hidden markups. If I receive money from abroad, the amount I get reflects the actual market value, maximizing what I receive.

1. Multi-Currency Support

Wise supports over 50 currencies, including USD, EUR, AUD, and GBP. This allows me to receive global payments with ease, regardless of the sender’s location.

1. Local Bank Details

Wise provides local bank account details for various currencies. I can receive payments in USD, EUR, GBP, and other supported currencies without needing an international bank account.

1. Fast Transfers

Transfer completion times are quick. In many cases, funds reach my account within hours for major currencies, while bank transfers take 1-2 business days.

1. User-Friendly Platform

Both the Wise mobile app and desktop version offer intuitive navigation. Features like real-time updates simplify tracking the exact status of incoming transfers.

1. Security Measures

Wise adheres to strict industry security standards, encrypting my data to ensure safe transactions. Their verification process strengthens account safety and reduces fraud risks.

By combining affordability, speed, security, and transparency, Wise makes international payments straightforward and efficient.

Conclusion

Wise has completely transformed how I handle international payments. Its transparent fees, real exchange rates, and user-friendly platform make receiving money from abroad stress-free and efficient. The added security and multi-currency support only enhance its reliability. Whether you’re managing personal or business transactions, Wise offers a seamless solution for receiving money quickly and affordably.

Frequently Asked Questions

1. What is Wise, and how does it work?

Wise, formerly TransferWise, is a digital money transfer service for international transactions. It uses the real mid-market exchange rate to ensure transparency and charges low fees. Users can receive and send money globally, supported by over 50 currencies, through a user-friendly platform.

2. How can I receive money through Wise?

To receive money, provide your Wise-generated local bank details or send a payment request via your Wise account. Once the sender completes the payment, you can track the transfer, and funds are typically deposited within 1-2 business days.

3. Does Wise charge any hidden fees?

No, Wise does not charge hidden fees. Its transparent fee structure includes a small percentage fee and a fixed amount, which vary based on currencies and payment methods. All costs are clearly shown before confirming a transaction.

4. How long does it take to receive money with Wise?

Transfer times vary by currency and payment method. Major currency transfers usually take a few hours with debit/credit cards, while bank transfers may take 1-2 business days to process.

5. Is Wise safe to use for transferring money internationally?

Yes, Wise is highly secure. It complies with global financial regulations and uses industry-standard encryption to protect user data. Identity verification ensures secure access for all transactions.

6. What currencies does Wise support?

Wise supports over 50 currencies, including USD, EUR, GBP, and more. Users can receive payments in multiple currencies using local bank details, simplifying international money transfers.

7. Do I need an international bank account to use Wise?

No, Wise simplifies international payments by generating local bank details for various currencies. You don’t need an international bank account to receive or send money using the platform.

8. How do I set up a Wise account?

To set up an account, visit the Wise website or download the app. Sign up with your email, choose a personal or business account, and complete the identity verification by submitting your ID and selfie. This ensures compliance with global regulations.

9. Are there any limits on how much money I can receive with Wise?

Wise typically has high transfer limits that vary based on the sender’s and receiver’s countries, currencies, and local regulations. Specific limits will be shown during the transaction process.

10. Can I track transfers in real time on Wise?

Yes, Wise provides real-time updates and notifications for all transactions. You can monitor the status of your transfer directly through the Wise mobile app or desktop platform.