Wise - TransferWise

Low Fees Money Transfers + Free Debit Cards + Free US and EU Bank Accounts

Main Features

Wise (TransferWise) is considered one of the best international virtual wallets due to the large number of features that it includes for free:

Bank accounts in multiple currencies (Multi-Currency Account) such as dollar, euro, Australian dollar, pound sterling, Singapore dollar, Swiss franc, New Zealand dollar and many more
Convert and Hold 53 Currencies for free, converting between currencies at the real exchange rate (no extra costs)
Receive payments like a local in 9 different currencies, lowering the barrier to sell online
Physical and Virtual Debit Card that you can request from Europe, Australia, Singapore
International transfers at a very low cost compared to traditional bank transfers, Western Union, etc.
Expense, savings and personal finance control tools
More than 13 Million users
More than 9 Million Pounds moved monthly by Wise

💸 Para Create una cuenta en Wise y obtener la primera transferencia gratis, podes usar el siguiente link: https://wise.com/invite/dic/cristiang366

Multi-Currency Bank Accounts

Having an account at Wise (ex Borderless) allows you to receive:

Wages
Pensions
Rents (tenant payments)
Transfers from family and friends as if you were a local, since when using Wise you have access to bank details in 9 countries:

England: British Pound (Account number, UK sort code and IBAN)
Europe: Euro (Bank Code (SWIFT / BIC) and IBAN (European bank account number) that allows you to receive and send local SEPA transfers
United States (USA): US Dollar (ABA Route Number (routing number) and Account Number in the US) that allows you to receive and send local ACH transfers and wire transfers in the US
Australia: Australian Dollar (BSB Code and Australian Account Number) which allows you to send and receive payments as if you lived in Australia
New Zealand: New Zealand Dollar (Account Number) which allows you to send and receive payments as if you lived in New Zealand
Singapore: Singapore Dollar (Bank Code, Bank Name and Account Number). All the necessary data to expand your business to the westernmost country of Asia, a mecca of the modern entrepreneurial world and where most of the Head Quarters of multinationals in Asia are located.
Canada: Canadian Dollar (Institution Number, Transit Number and Account Number) which allows you to send and receive payments as if you lived in Canada
Hungary: Hungarian Forint (Account Number)
Turkey: Turkish Lira (Bank Name and IBAN)

In addition to this, you can receive international transfers from any bank in the world using the international interbank system (SWIFT), so the options are unlimited.

In Wise you can store up to 53 currencies from different countries around the world and easily exchange between them at low cost.

This functionality is used to build diversified savings in various currencies and not suffer the devaluation of a particular currency (as happened in 2022 for the Euro and the Pound Sterling).

It is also useful if you are a digital nomad or travel to various countries and consume with the physical or virtual card that wise gives you, since the change is made from the local currency, avoiding many additional costs that traditional banks generate when consuming with your card in another country (they take a more unfavorable exchange rate, so you lose money with each consumption of the card without realizing it).

In turn, you can pay remote bills denominated in any of the 53 currencies, since Wise enabled direct debit payments in the United Kingdom, Europe, the US and Canada, which allows you to make your payments as if you were local.

For those who need to move large amounts of money (for example to buy a property in another country), Wise applies an even lower commission on transfers of more than 100,000 GBP (pounds sterling) or the equivalent in your currency.

💳 Free Physical and Virtual Card

Wise enabled the possibility of requesting both a physical and virtual card with no annual maintenance cost

The card is debit (so if you don’t have money in your Wise account, you won’t be able to use it)

Payments at the Real Exchange Rate: Using the Wise card, you avoid the extra prices that traditional banks usually charge when making purchases abroad or in a currency that is not your country’s, as well as the extra commissions that banks charge for spending abroad
Payments in Local Currency: With 53 currencies available in the Wise balance, consumption is less expensive than normal since you avoid dynamic currency conversion fees (“Dynamic Currency Conversion”)

In the video on the right we explain in detail how everything related to the Wise card works.

Payments are secure, since they use 3DS authentication technology and every time you make a purchase you will receive a notification on your mobile app.

Within the Wise App, or by logging into your account from a PC, you can manage card settings, save them in case you can’t find it or lose it (preventing someone from using your card without authorization).

The card allows you to make cash withdrawals at no cost if you do not exceed 350 AUD per month and after that amount is exceeded, they charge you only 1% of what you withdraw. You should check if the ATM cashier charges you for using it.

You can download an account summary, associate direct debits and subscriptions.

You can create several virtual cards and discard them if you distrust electronic commerce and think that your data was stolen.

The delivery of the physical card is free but if you want it to arrive expressly, you will have to pay a small cost.

The Wise card is currently available in the UK, US, Switzerland, Australia, New Zealand, Singapore, Malaysia, Japan, Canada, Brazil and most European Union countries. There are some exceptions, so check the list of eligible countries.

💸 International Bank Transfers - Remittances

With Wise I can easily and cheaply send money to 80 countries.

Before sending the money, you can see the details of the commissions and costs so as not to have surprises as is often the case with other remittance and transfer processors such as Western Union, Remitly, WorldRemit, MoneyGram, etc.

If you receive money in your Wise account, you can easily exchange it to any of the 53 currencies supported on the platform.

If you are an entrepreneur, you can link your Paypal, Amazon, Payoneer, Stripe to Wise accounts and receive payments.

Be very careful with the world of Cryptocurrencies! Since Wise is NOT a friend of Cryptos and if it detects that you send or receive money from Wise to any Exchange, Broker, platform that works with cryptocurrencies, you may receive an account block and lose the funds!

Deposit and Withdraw Money in Wise

The main ways to deposit money into Wise are:

Debit or Credit Card
Local Bank Transfer (from one of the 9 countries where Wise gives you local bank details)
International Bank Transfer (SWIFT)
Wire Transfer from USA
Connect your US ACH account
Using Airtm as an alternative way (Airtm Tutorial)

🔒 Regulation and Security at Wise

Wise is a Fintech (it is not a bank), so it must be clear that it is not protected with the FSCS bank insurance (or the different names in the different countries)

Fintech Regulated in the United Kingdom by the FCA and in the United States by FinCEN
Wise holds the money in established financial institutions, so it is separate from Wise’s own accounts and, in the normal course of Wise’s business, not accessible to its partners
Regularly audited
Team dedicated to the fight against fraud
Data Protection: Wise is committed to keeping personal data secure and is transparent in how it is collected, processed and stored
Extra secure transactions: They use 2-step authentication to protect the account and transactions. This means that every time you go to make a purchase online, it asks you to confirm that it is you using the Wise app on your mobile. The cards have a security PIN that can be requested when you spend large amounts or from remote locations to protect your money

Step by Step to Create an Account in Wise

Step 1: Enter the Link: https://wise.com/invite/dic/cristiang366

Step 2: Register from the website or from the mobile application with your email address or your Google, Facebook or Apple account

Step 3: Verify your identity with your Identity Document

Step 4: Add money to your account (You can add money using your bank account, Apple Pay, or your debit or credit card)

Done!

Share your balance data to receive or make payments worldwide with your debit card.

✔️ WISE BUSINESS Account

You can create your business wise account (register as a company not as a person) and you can access to a business account with no stress and focus globally.

Get bank details to receive payments from all around the world in an easy way and cheaper than other traditional banks
Add members of your team to the businesswise account (so you can delegate and give different authorization to different people in order to work together using the same wise business account)
Pay invoices and get paid
Exchange from one currency to the other one
Connect with different application in order to improve the way you work all in the same place
Depending the country you are creating the account from, you are even going to receive a wise business card so you can spend the money that you get in your business account easily
Reduce a lot the fees that you pay normally to receive and send money overseas
Get paid faster

You can give your customers the possibility to send money easy and free. You are going to receive the payments instantly or in an hour.

You can collect money seamlessly and create a clever invoice inside the same platform.

Collaborate with all your Workforce, because you can add different employees to your business wise account (controlling the permissions that you want that the other people have).

Connect with different applications in order to reconcilate payments using QuickBooks

Make batch payments (pay up to 1 000 people in one click); so for example, if you want to pay the salary of your employees (if you have a business that has less than 1000 employees), you can do it in one click. You can upload a spreadsheet with the details and all the transfers are going to go straight away.

Get started for free

If you want the international banking details, you’re going to pay 31 dollars(one-time payment, it’s not a recurring payment). You pay 31 dollars and you’re going to access to all your bank details in all the countries around the world (get paid as a local)

I believe that if you have a business business, this is quite cheap option in comparison with other alternatives.

You can withdraw money from platforms like Shopify, Stripe, Amazon, etc

If you have a larger business, you can also speak with the Wise team to get a specific account to cover all your needs

Based on your country of residence, you will have access to different services; for example, from United Kingdom you can get the debit card, the banking details, etc

If you don’t have an account, you can use this link to create an account, get the first transfer by free and help us to keep creating content.