Wise, like PayPal, is a convenient platform that allows you to send money anywhere in the world. This quick tutorial shows how to use Wise to transfer money within the platform and to an outside bank account.
Content
- How to Transfer Money to a Wise Account
- How to Transfer Money From Wise to a Bank Account
- Does Wise Charge Fees to Transfer Money?
How to Transfer Money to a Wise Account
To transfer money to another Wise account, log in to your Wise account, and choose your preferred currency. Click the Send button.
Choose a recipient from the list in the following window. If you want to send money to a new recipient and haven’t added their details to your Wise account yet, click Add a recipient. Choose a currency and the Search Wise option, and search for them using their email or Wisetag. Once the person is located, add them, enter the amount you want to send, and click Continue. Choose a reason for your transfer, and click Continue again.
Review the details, and click on the Continue to payment option.
How to Transfer Money From Wise to a Bank Account
The process of transferring money from your Wise account to a bank account is slightly different, as you need to enter the details of the recipient manually.
Open your account, choose your preferred currency, and click Send. Choose Add a recipient and a currency again. In the Add a recipient window, click on the Enter bank details option. Choose the new recipient (you, someone else, or a business/charity).
Enter the bank details of the recipient. Choose between three options: ACH, Wire, and SWIFT. Depending on the option you choose, enter the bank details and the other required information manually. It is also important to note that the Wise fee is different for each option. Choose Confirm.
Enter the payment details, and choose the reason for the transfer. Review the information provided, and click Continue to payment.
Does Wise Charge Fees to Transfer Money?
If you are transferring money from your account to another Wise account in the same currency, you won’t be charged a fee. However, Wise charges a fee when you are sending money outside of Wise to a bank account or transferring the amount in a different currency.
You can see the amount that a transfer will charge you in the Review window before you make the payment. This fee depends on how much you are sending and how you’re choosing to pay. At the time of writing, the fee starts at 0.35% of the amount you are sending. The transfer fee for some currencies might also be higher, which is a disadvantage of using Wise.
Sending and receiving money through Wise is both quick and convenient. Both the Wise website and Wise app are easy to use. It is, however, important to keep in mind that most transfers require you to pay a fee while sending (unless you are paying a Wise account in the same currency). We also recommend enabling two-factor authentication for a more secure online banking experience.
Image credits: Unsplash. All screenshots by Zainab Falak.
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Zainab Falak –
Staff Writer
Zainab is an Actuarial Sciences graduate from Pakistan with a passion for technology. When she’s not busy writing insightful pieces on Windows and the latest tech trends, you’ll find her with her nose buried in a productivity book, always on the lookout for ways to optimize her workflow and stay ahead of the curve.
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