The Wise account is an easy way to transfer your money internationally. It also offers cheap transactions worldwide. Users of Wise are also content with its transparency. You need a bank account to be able to use Wise, first.
In this article, you’ll find the answers to how to open a Wise bank account, the related fees, and how to use the platform.
How To Open Wise Account
You first go to the website of Wise. Then, you select “Register”. For signup, you’ll enter your email address, and create a password. You also need to select your country of residence. You’ll then provide the necessary personal information, and then your signup will be complete. You’ll receive an email with a security code/link to confirm your information.
Once your registration is complete, you can start conducting Wise money transfer.
Sending Money With Wise
- After you open Wise account, you can begin sending money internationally. It’s an easy step to send money through this platform.
- You’ll first select the amount of money you’ll send abroad. Wise will show you both the currency exchange rate and the ultimate fee you’ll pay at the end of the transfer.
- The second step is to include the information of the receiver and their bank account details. It’s important to provide the correct information about the bank details.
- You’ll then need to authenticate your identity so that Wise will know it’s you that is attempting this transfer. To do this, you’ll receive an SMS providing a security code to your phone. Sometimes, it may also be required to provide a copy of your identification for safety purposes.
- Finally, you can pay the amount of your transfer, and the related fee. You can then follow the update of your transfer’s status.
Wise money transfer may take from one to two business days.
Benefits of Using Wise Bank Account
Several benefits are available when you open Wise account:
- It’s completely online and easy-to-use
- You can see fees and rates without any hidden fees
- The rates and fees are cheaper compared to lots of other platforms
- Usually, the transfer limits are high
- It’s authorized by the UK’s Financial Conduct Authority (FCA), so it’s secure to use Wise.
When you open Wise account, you may wonder about the limits of the amount of money transfer. There are certain limits regarding your transfer. They depend on the currencies used, and the method of payment. You’ll be notified if your transaction is above the limit.
Wise Money Transfer: Fees
One of the most appealing features of Wise is that you’re charged with the commercial exchange rate and not the tourist exchange rate. This means that you’re charged quite lower than you’re usually charged by traditional banks. Also, the fees you pay change every time depending on various factors like the currency or the amount of money. The method of payment also determines the fee you’ll pay. You can see the details of the fees to pay before your transaction is complete.
Wise Multi-Currency Account
The multi-currency account is another option provided by Wise. Via this account, you can both keep and exchange over 50 currencies. You can also convert them at the real mid-market exchange rate. This exchange rate applies to all currencies you want to exchange. You can link your multi-currency account to your Wise debit card as well.
This account also allows you to send money to over 80 countries. It also allows you to convert your currency to over 50 currencies.
Opening a Wise multi-currency account is possible both at the registration step and later. You’ll submit certain documents for verification for this.
Wise Debit Card
When you open Wise account, you can get a MasterCard debit card. You can withdraw or pay money through this card. However, it’s available for only the residents of the European Economic Area (EEA).
You can easily open your Wise account today if the features are interesting enough for you!