How does Wise work: Your full guide 2024

Wise Key Points

• Create a free Wise account online or in the Wise app

• Send payments to 160+ countries around the world

• Send directly to the recipient's bank account (they don't need their own Wise account)

• Fund Wise international payments using your online banking, pay by card, PayNow, or use a balance you hold in your Wise account

• Wise currency exchange uses the mid-market exchange rate with a small transparent fee

• Hold 40+ currencies in the Wise multi-currency account, with local and SWIFT account details for 8+ currencies

• Get a Wise international debit card for easy spending and withdrawals all over the globe

• Business and personal account options available

What is Wise?

Wise is a financial technology company which specialises in international payments and flexible multi-currency accounts for individual and business customers.

You can use Wise to send a one off or recurring payment to 160+ countries with the mid-market exchange rate and low, transparent fees - or choose to open a Wise multi-currency account to hold and exchange 40+ currencies all in the same place. Wise accounts offer a broad range of features to suit anyone living an international lifestyle - including an international debit card and local and SWIFT account details to get paid easily from a selection of countries. (Wise review)

How does Wise work

You can open a Wise personal account online or in the Wise app for free, to get started sending payments overseas, and managing your money conveniently across currencies in the Wise multi-currency account. We’ll cover all you need to know about how to open a Wise personal or business account, including the verification steps required to keep your account safe, a little later.

Once you’ve registered your Wise account you can send money internationally and pay using your online banking service, PayNow, a credit or debit card, or any balance you hold in your Wise account. Transfers are set up online or in the Wise app - and can move far faster than a normal international bank transfer. In fact, 50% of Wise transfers are instant, and 90%+ arrive within 24 hours*.

Your funds will be deposited right into your recipient’s bank account for convenience. The individual or business you’re sending to won’t need to open a Wise account to get their money, and they’ll be notified when the funds are available for spending. Easy.

How to use Wise

Let’s take a look at how you can make the most of all the services and account features Wise offers - we’ll cover these in more detail in a full step by step guide in just a moment:

• Send Wise payments to 160+ countries

• Hold 40+ currencies in your multi-currency account

• Convert currencies using the mid-market exchange rate

• Get a Wise international debit card for spending and withdrawals in 200+ countries

• Get paid with local and SWIFT account details in 8+  currencies

• Open a business account to send, receive and exchange 40+ currencies

Wise personal account opening procedure

Wise has been created to offer an intuitive user experience with customers able to open a personal account on both the Wise Apple and Android apps, and the Wise desktop site. Here’s how:

• Download the Wise app or head to the Wise desktop site

• Register with your email address, or an Apple, Google or FaceBook account

• Follow the prompts to enter your personal details

• Use Singpass or upload your ID documents for verification

• Once your account is verified you can start sending payments

How do I get verified on Wise?

To keep customers and their money safe, Wise has to complete a verification step when you open an account or set up an international payment. This is to comply with legislation around the world and prevent fraudulent or illegal account use - banks need to do this when customers set up accounts too.

If you have Singpass you can use Myinfo to pre-fill all your personal data onto the application form when you set up your Wise account. It’ll take just a moment. If you’re an Employment Pass holder with an active Singpass account you can also use it, but you’ll need to additionally add a proof of address document. You’ll be guided through the process by the onscreen prompts when you register your account.

If you don’t have Singpass you can upload copies of your documents instead. Again you’ll need to follow the onscreen prompts, and can get in touch with Wise customer support if you need help.

Usually for a personal account you’ll need:

• A valid ID document like a passport or NRIC - driving licences are not accepted

• A proof of address like a utility bill or bank statement in your name

• Information about how you’ll use your account

You’ll be guided through the process and can always save your progress and come back to it if you need to. If you ever need any support while you’re completing the verification step, the Wise customer service team is on hand to advise you - by phone, online or in the Wise app.

How to transfer money with Wise

Once you have a Wise account you’ll be able to send payments in 40+ currencies to 160+ countries around the world. Whenever you need to switch between currencies you’ll get the mid-market exchange rate with no markups and low, transparent fees. Here’s how to transfer money overseas with Wise:

• Log into your Wise account online or in the Wise app

• Select Send Money

• Enter the currencies you want to send to and from

• Confirm either the send amount, or the amount you want the recipient to get in the end

• Select the payment method - you can transfer money using your Wise balance, a bank card, PayNow, or right from your online banking

• Check over the fees and exchange rate, and confirm

• Follow the prompts to fund the payment and your money is on its way

Once your money is moving you’ll get an email notification, and you’ll also be able to track your payment in the Wise app or on the desktop site if you’d like to. Your recipient will be notified about the payment by email once it arrives.

How to send money Wise to Wise

You can send a Wise transfer to a bank account - or you can choose to send a payment to another Wise account. That’s perfect if you’re sending a payment to a friend, splitting a bill or simply looking for the easiest possible way to make a transfer - without needing to know the recipient’s full bank details.

You can send money from your Wise account to another Wise account simply by using the recipient’s phone number - which makes it super easy to send to anyone already in your contacts:

1. Open the Wise app

2. Check you’ve opened a balance in the currency you want to send or receive

3. Tap Recipients in your Wise app

4. Select Find friends on Wise

5. Choose the option to Sync contacts

6. Select the contact you want to send to, and set up the transfer as usual

If you don’t have your recipient in your contact you can still send a payment - entering their email address is usually the easiest way. If they’re already on Wise you’ll be able to make the transfer directly, and if not, they’ll get a message prompting them to set up a Wise account so you can pay them.

How to deposit money in my Wise account

When you open your Wise multi-currency account you’ll be able to open currency balances in any of a selection of  global currencies. That makes it easy to add money to your Wise account using your local and SWIFT account details, or through the Wise app. First let’s look at how you deposit funds in Wise via the app:

1. Select the currency account you’d like to add money to

2. Click Add

3. Enter the amount you want to add and the currency you’d like to pay with

4. Select how you’d like to pay, and click Continue to payment

5. Depending on how you’d like to pay, you’ll be guided through the payment steps

Alternatively you can use your local and SWIFT account details for any of the 8+ eligible currencies, to make a transfer right from your bank account into Wise. Just log into your online banking network and follow the steps to make a payment like you normally would.

Don’t forget though, banks tend to be a very expensive way to convert currencies - so you’ll only want to use your online banking to top up Wise in the same currency as your account. Once you have a Wise balance you’ll be able to convert it instantly in the app with Wise’s great rates and low fees.

How to receive money with Wise

If someone is sending you a payment with Wise you can either receive it into your bank account, or choose to have it deposited into your Wise account using your local and SWIFT account details, depending on the currency.

Singapore based Wise accounts come with the option of getting local and SWIFT account details to receive payments in currencies including:

• Singapore dollars

• British pounds

• Euros

• US dollars

• Australian dollars

• New Zealand dollars

• Canadian dollars

• Hungarian forint

• Turkish lira

Whether you’re having a Wise payment sent to your bank account or deposited in your Wise multi-currency account you’ll just need to give the sender your account details, and the funds will be deposited as soon as they’re cleared. In many cases, you could have your money almost instantly.

What details do I need to give to the sender

Your sender will be able to confirm the details they need based on the way they’re setting up the transfer. However, usually, you’ll need to give them:

• Your full name as shown on your account

• Your account number or IBAN

• Other local details such as your sort code (for GBP payments) or routing number (for USD payments)

All the details you need are available in the Wise app or by logging into your Wise account on the desktop site.

How long does an international money transfer take with Wise?

Wise international transfers are fast. In fact, 50% of Wise transfers are instant, and the vast majority of payments arrive within 24 hours.

In contrast, sending money overseas with your bank can take 3 - 5 days depending on the destination country - and even longer if the currencies involved are less commonly used.

Wise fees

Wise has a reputation for low cost international payments with transparent fees. But Wise is a business - so you might be wondering how exactly the company makes money from the services they provide.

Transparency is a core principle of the way Wise works - so you’ll always be able to see the fees you pay for any service you use, before you confirm the transaction. Wise makes money through charging a couple of fees when you send money:

• Fixed fee: covering the fixed costs associated with the transaction

• Variable fee: covering the cost of the currency exchange

Wise fees do vary depending on the currency you're sending or spending, but the costs start from just 0.33%.

When it comes to international transfers, Wise achieves this by taking a different approach compared to banks. While banks tend to rely on the SWIFT network to move money around the world, Wise built its own payment network and has accounts all over the world. This cuts out many of the inefficiencies of SWIFT and means that Wise payments are cheaper and more transparent compared to many bank transfers - and usually much faster too. Wise then passes on these savings to the customer - while still making money itself.

Wise exchange rates

Wise uses the mid-market exchange rate for currency exchange and splits out the costs of your transaction, transfer or conversion as a separate fee. This makes it easier to check and compare the Wise fees against other providers.

The mid-market exchange rate is the one you might find with a Google search. It’s usually the rate that banks and currency exchange services get when they transact on global markets - but it’s not often passed on to consumers. Instead, a markup is often added into the rate offered. This is a fee which is tricky to spot, and which can mean you pay more than you expect in the end.

Is Wise to Wise transfer free?

Wise to Wise transfers are free of charge when there’s no currency exchange involved. If you’re converting currencies, you’ll be able to make your payment with the mid-market exchange rate and just Wise’s low, transparent conversion fee to pay.

How to use the Wise app

The Wise mobile app is available for both Apple and Android phones. The Wise app is safe to use, with 2 factor authentication processes, and robust security. With the Wise app you’ll also be able to freeze and unfreeze your Wise card in just a tap, and check your balance in a glance. Instant transaction notifications will keep you up to date - and give peace of mind as you’ll be able to see everything that’s happening with your account in real time right from your phone.

Is Wise safe?

Yes. Wise is safe to use. In Singapore, Wise is authorised by MAS - and as an international company, Wise is also overseen and authorised by other regulators around the world, so you’ll know your money is safe no matter what currency you hold with Wise.

Wise also keeps customers and their money safe with manual and automatic processes like account verification, fraud detection and prevention protocols, and secure log in requirements.

How to contact Wise customer service

The easiest way to get support from Wise is to log into your account and open an in-app chat. This will point you to common questions and answers and self help resources, and can also connect you to a live customer support agent if you need individual help.

Conclusion

Wise emerged over a decade ago with some pretty revolutionary ideas about how to make international transactions easier, cheaper and more transparent. Today 16+ million customers trust Wise to help them save money through Wise payments and multi-currency accounts for individuals and businesses.

Using Wise is simple, and you’ll be able to access your account and all Wise services right from your laptop or smartphone. From setting up your account and getting verified, to sending your first payment, switching between currencies or withdrawing funds back to your normal bank, you can manage your money easily and cheaply, without even needing to leave home. Check out Wise low cost international payments and multi-currency accounts today to see just how much time and money you can save.