Wise (Formerly TransferWise) Money Transfer Guide for 2025

Exchange Rates, Payment Methods, Fees, and More

Trademark Disclaimer

Wise is a trademark of Wise US Inc., with whom we, Remitbee Incorporated (“We,” “Us,” “Our”), have no affiliation. The content here is for informational and comparison purposes only. All third-party products, services, names, and logos are properties of their respective holders, and their use here does not imply any endorsement or affiliation.

What Is Wise?

Sending money online can feel daunting. Is it safe? Are the fees reasonable? Wise, formerly known as TransferWise, simplifies international money transfers for users in the United States, Canada, Australia, the United Kingdom, and the Eurozone, enabling transfers to over 40 countries. It offers fast, secure, and cost-effective solutions via its user-friendly app and online platform.

Payment Methods Available with Wise

When sending money through Wise, you can fund your transfer using:

• Bank Transfer: Link your bank account directly to Wise for a seamless transaction.
• Credit Card: Pay using a Visa or Mastercard, but note the associated higher processing fees.
• Debit Card: A quick and convenient payment method.

Daily Transfer Limits

• Standard Transfers: Up to $999 per day for unverified accounts.
• Enhanced Limits: Verified accounts can transfer up to $6,000 daily, with options to raise limits further by submitting additional documentation.

Receiving Options

Recipients can access funds through:

• Direct deposit to a bank account for ultimate convenience.
• Digital wallet transfers for tech-savvy users.
• Cash pickup at one of Wise’s partner locations worldwide.

Need a speedy transfer? The “Express” option delivers funds instantly at a higher cost, ideal for emergencies or time-sensitive needs.

How Much Money Can You Transfer?

Wise uses a tiered verification system to manage transfer limits:

• Tier 1: $999 daily, $10,000 monthly, $18,000 every six months.
• Tier 2: $6,000 daily, $20,000 monthly, $36,000 every six months.
• Tier 3: $9,999 daily, $30,000 monthly, $60,000 every six months.

To unlock higher tiers, users must provide:

• A government-issued ID.
• Proof of address.
• Documentation verifying the source of funds.

These measures ensure regulatory compliance and protect against fraud.

Transfer Times with Wise

Wise offers two transfer speeds:

• Express: Funds arrive within 4 banking hours. This option is faster but incurs higher fees.
• Economy: Transfers take 3–5 business days but come with lower costs.

The exact timing depends on:

• The sender’s and recipient’s bank processing times.
• Time zones and weekends/holidays.

Wise Transfer Fees

Fee Breakdown

Wise fees are influenced by:

• Transfer Amount: Higher amounts often come with proportionally lower fees.
• Destination Country: Certain regions may incur higher charges due to additional processing.
• Payment Method: Credit card payments usually have higher fees.
• Currency Conversion: The exchange rate and associated markup directly impact costs.
• Transfer Speed: Express transfers cost more than economy transfers.

Fee Examples

• Economy Transfers:
  • Canada to the Philippines: $2.99 for amounts under $500; free for transfers above $500. Delivery time: 3 days.
• Express Transfers:
  • Canada to the Philippines: $6.99 for any amount. Delivery time: instant.

Additional Fees:

• Credit card transactions incur a processing fee (dependent on the card issuer).
• Bank fees may apply for international transfers initiated from certain accounts.
• Currency conversions involving USD may incur additional charges.

Pros and Cons of Using Wise

Pros

• Intuitive interface for both web and mobile platforms.
• Competitive exchange rates that remain locked during transfers.
• Multiple payout options, including cash pickup and mobile wallet transfers.
• Transparent fee structure with real-time tracking.
• Security measures including 256-bit SSL encryption and fraud detection.
• Refundable fees for unsatisfactory transactions.

Cons

• Fees for express and credit card-based transfers are higher.
• Daily and monthly limits without enhanced verification.
• May not be the cheapest for small amounts.

How to Use Wise for Money Transfers

Step-by-Step Guide

1. Create a Free Account: Sign up at www.wise.com.
2. Initiate Your Transfer: Specify the transfer amount and destination. Fees and estimated delivery times are displayed upfront.
3. Add Recipient Details: Provide their bank account or contact information for Wise to request details directly.
4. Verify Your Identity: Submit a government-issued ID or required documents.
5. Make Your Payment: Choose your preferred funding method.
6. Track Your Transfer: Use the Wise platform to monitor the transfer until completion.

Wise Exchange Rates

Wise’s exchange rates are among the most competitive in the market, typically 0.5%–2% below mid-market rates. Unlike traditional banks, Wise charges transparent fees without hidden markups.

How Wise Makes Money

Wise generates revenue from:

• Transfer fees based on amount, speed, and method.
• Exchange rate markups (a small percentage of the transfer amount).
• Premium services like instant transfers.

Wise Availability

Platforms

• Web-Based Platform: Accessible via desktop, tablet, or mobile.
• Mobile Apps:
  • iOS
  • Android

Both platforms are highly rated for their simplicity and functionality.

Is Wise Secure?

Wise is widely regarded as a secure and trustworthy platform. Security measures include:

• Comprehensive identity verification processes.
• Advanced fraud detection and prevention systems.
• 256-bit SSL encryption for all transactions.
• Compliance with regulatory bodies like FinCEN in the U.S. and FCA in the UK.

Wise is backed by notable investors like Jeff Bezos and Goldman Sachs, ensuring its financial stability.

Countries Where Wise Operates

Sending Money From:

Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, UK, USA.

Sending Money To:

Argentina, India, Nigeria, Philippines, Thailand, and dozens more (check Wise’s website for a comprehensive list).

FAQs

Can I Avoid Wise’s Transfer Fees?

No, but choosing economy transfers and sending larger amounts can minimize costs.

How Much Does It Cost to Send Money with Wise?

Fees vary based on transfer details. Economy transfers often have the lowest costs, with some fees waived for higher amounts.

Is Wise Safe?

Yes, Wise employs robust encryption, fraud detection, and compliance measures to ensure user security.

Can I Receive Money in Multiple Currencies?

Yes, Wise’s multi-currency account supports up to 30 currencies, offering real exchange rates and low fees.

Customer Support

For assistance, contact Wise via:

• Website: wise.com/contact
• Help Center: FAQs, live chat, and ticket support are available for troubleshooting.