How to use Wise (formerly TransferWise) in Australia

If you’re looking for ways to send a payment to someone overseas, need to receive money from others in foreign currencies, or want easier and cheaper international card spending, you may have heard of Wise.¹

Wise is a specialist in international money transfers and powerful multi-currency accounts for individual and business customers. But what’s on offer from Wise Australia? How does Wise work? And how much will it cost?.

This guide has you covered.

💸 Hold over 40 currencies in your account and spend at the mid-market exchange rate with the Wise card while abroad.

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Wise Account

What is Wise in Australia and how does it work?

Wise is a global specialist in digital payments and multi-currency accounts. Wise was founded in London in 2011 and has since grown to offer services in most countries around the world, with 16 million+ customers, sending billions of dollars annually.

Wise customers in Australia can open a multi-currency account, get physical and digital payment cards, send money to 160+ countries, and receive money with ease in a selection of currencies. We’ll dive into how Wise Australia works in detail next.

Products and Services Wise offers in Australia

You can use Wise in Australia for yourself, or as a registered business owner. Services include:

• Wise Send Money service
• Wise Account
• Wise Card
• Wise Jars
• Wise Business

Wise Send Money service

With the Wise Send Money service² you can send payments to bank accounts in 160+ countries.

You’ll be able to arrange your transfer online or in the Wise app, with no need to visit a physical branch. Simply confirm the amount and currency you need to send, and your recipient’s details. You can then pay by bank transfer, card, or PayID. If you hold a Wise Account balance you can also use this to make your transfer³.

Wise uses the mid-market exchange rate with fees from 0.42% to convert and send your funds to the recipient’s bank⁴. Plus, Wise payments are speedy. 50%+ of Wise payments arrive instantly, and almost all are there on the same day⁵.

If you need to send a high value payment - or if you’re regularly sending money - you may also be interested in Wise large amount transfers⁶. Volume discounts⁷ of up to 0.17% are available on payments of the currency equivalent of over 100,000 GBP/month (around 190,000 AUD). There’s also a dedicated high value transfer team who can help you with any additional verification support you may need.

Wise Account

Personal customers can open a Wise Account for free, online or in the Wise app, to hold and exchange 40+ currencies, and get paid conveniently in 10 currencies⁸. All currency exchange uses the mid-market rate with transparent fees, and you’ll be able to easily manage and review your account balances in the Wise app.

Your Wise account also comes with local bank details for AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD - just give these to anyone sending you money to have your payment deposited to Wise easily. It’s often free to receive payments to Wise, although a flat fee applies if you receive a USD wire or a CAD SWIFT transfer.

Wise Card

Once you’ve registered a Wise Account you can also choose to order a Wise card for a one time fee⁹. You’ll be able to use your Wise card to spend in 150+ countries and make some free ATM withdrawals every month. See how that works here. Once you’ve exhausted your free ATM withdrawal allowance a small fee applies.

Just top up your account balance in AUD and then you can either convert to the currency you need for overseas spending in advance - or let the card’s auto convert feature do it for you at the point of payment. All currency conversion uses the mid-market exchange rate and it’s free to spend any currency you have in your account using your Wise card.

Once you’ve ordered a Wise debit card you can also generate a Wise digital card - a virtual card that lives on your phone and can be handy for mobile and online payments.

Wise Jars

Wise Accounts have the added feature of Wise Jars - a simple way to set aside money within your Wise Account¹⁰ which can help you save for a purchase or budget more effectively. You can set up multiple jars in your Wise Account, and transfer money to your jar in a few clicks. Once money is in your Wise Jar you can’t accidentally spend it with your card. That can be handy if you’re saving for travel and want to build up your budget, for example.

Once you’re ready to spend your Wise Jar, just move the balance back to your main account for instant spending.

Wise Business

If you have an Australian registered business, a smart international account from Wise Business offers easy and cheap ways to hold, send, spend and exchange 40+ currencies¹¹. Plus you’ll be able to receive payments in a selection of currencies with local bank details you can add to invoices or use to get paid through PSPs like Stripe, or marketplaces like Amazon.

Wise Business accounts have many of the great features of a Wise personal account - including options to switch from one currency to another with the mid-market rate and fees from 0.42%⁴.

Plus, to help making managing your business easier you can also get features like:

• Send money to contractors and suppliers in 160+ countries
• Order debit and expense cards for you and your team
• Batch payment solutions to pay up to 1,000 people in a few clicks
• Cloud accounting integrations
• A powerful API to automate workflow
• Multi-user access, to let you set and manage permissions so your team can get all the tools and information they need to do their jobs

Wise fees in Australia

Wise is working to keep costs down for customers - but there are a few key fees you’ll want to know about if you’re thinking of getting a Wise Australia account. Here are the most important costs to consider:

Service	Wise Australia personal account fee12
Send international payments	Fee from 0.42%
Open your Wise multi-currency account	Free for personal customers
Hold 40+ currencies	Free
Get local bank details for 10 currencies	Free
Order a Wise debit card	10 AUD for personal customers
Spend using your card	Spend currencies you hold using your card - Free Spend currencies you do not hold using your card - fee from 0.42%
ATM withdrawals	First 2 ATM withdrawals up to 350 AUD/month - Free Additional ATM withdrawals - 1.75% +1.50 AUD/withdrawal
Receive money in AUD, EUR, GBP, HUF, NZD, RON, SGD and TRY	Free
Receive USD	By ACH or bank debit - Free By wire - 4.14 USD
Receive CAD	By local payment - Free By SWIFT - 10 CAD

As seen on 20 February 2024

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

How to open a Wise account

You can open a Wise Australia account online or in the Wise app. As with all financial institutions, you’ll need to complete a verification step to get your account registered. However, as Wise is a mobile first provider, the entire application, verification and onboarding process can be done with just your phone. Here’s what you need to know:

How to open a Wise account step by step

1. Open the Wise homepage or app
2. Click **_Register _**and create an account with your email, Facebook, Google or Apple ID
3. Follow the prompts to enter your personal and contact details
4. Get verified - we’ll cover how, next
5. You’re ready to order your debit card, add money, and start using your account

How to verify your Wise account in Australia

Verification is an important step in keeping your Wise account safe - and a legal requirement. For a Wise personal account you’ll normally be asked to upload a clear image of the following documents to complete verification:

• Proof of your identity - like a passport or driving licence
• Proof of address - like a bank statement or utility bill in your name

Exchange rates used by Wise in Australia

When you send a payment with Wise, or spend with your Wise card, you’ll get the mid-market exchange rate, with no markup or margin added to convert funds.

The mid-market rate is the one you’ll find with a Google search or a currency converter tool. However, it’s not always the one used when you send an international transfer with a bank or money transfer service - or if you’re using a travel money card to spend overseas. Instead, retail exchange rates often include a fee called a markup or margin in the rate used, which is not always transparent, and which pushes up your costs in the end.

Instead, Wise uses the mid-market rate and charges a small fee for currency conversion, which is split out for transparency, and which can be as low as 0.42%⁴.

Is Wise safe

Safety is super important at Wise. In Australia, it is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 513764).

To comply with global regulations, and keep customers and their money safe, all deposits are safeguarded at leading banks - and Wise has 24/7 automatic and manual anti-fraud measures in place to identify and prevent suspicious activity.

In addition to this, Wise has security features built into the Wise app - such as 2 factor authentication which ensures only the account holder can get access, instant transaction notifications showing how and where the Wise card has been used, easy ways to freeze and unfreeze your Wise card, and more.

If you ever have an issue with your Wise account or card you can reach out to Wise support 24/7 through in-app chat - we’ll look at the full range of ways to contact Wise in a moment.

In conclusion

Wise Australia offers a strong selection of products and services to personal and business customers in Australia. You can hold, receive, send, spend and exchange currencies with just your phone - and you’ll get the mid-market rate with low fees for the services you need.

Use this guide to figure out if Wise can help you manage your money across borders, with lower overall costs.

How to contact Wise

You can get 24/7 help with guides, FAQs and more, on the Wise help pages¹³. Or if you have a more specific question, you can log into your Wise account online or in the Wise app to chat to the support team and get all the contact details you need for your specific query.

The Wise Account

If you’re looking for a flexible account that is great for daily spending in Australia and overseas, the Wise Account is worth a look.

The Wise Account can be opened for free and allows you to hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally. It’s the rate you see on a Google conversion search.

Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

Register your Wise account
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. Wise Australia
2. Wise Send Money service
3. Wise guide to AUD transfers
4. Pricing/fees: Please seeTerms of Use for your region or visit WiseFees & Pricing for the most up to date pricing and fee information
5. The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
6. Wise large amount transfers
7. Volume discounts
8. Wise Account
9. Wise card
10. Wise Jars
11. Wise Business
12. Wise pricing
13. Wise help pages

Sources checked on: 20 February 2024