Mastering Wise transfers between currency accounts

Gabriela Peratello

If you’ve got a Wise Account you can seamlessly convert a balance between USD and 40+ other supported holding currencies within your account, and send payments to others for deposit to their Wise account in 40+ currencies, too.

Read on for all you need to know about how to transfer between currency accounts with Wise.


What is the Wise Account and how does it work?

You can open a Wise Account online or in the Wise app, to hold 40+ currencies, and send payments instantly* to other Wise accounts in any supported holding currency.

You’ll also get local bank details from Wise which can be used to receive 9 currencies by local bank transfer, plus ways to send fast or even instant* payments directly to bank accounts in 160+ countries globally.

All Wise currency conversion uses the mid-market exchange rate and low fees from 0.43%².

Wise isn’t a bank, it’s an online money services business, which was built to allow people to send money quickly, cheaply and securely in foreign currencies.

Wise takes a different approach to processing cross currency transfers compared to banks, driving down costs and passing on the savings to customers in the form of great exchange rates and low, transparent fees.

*Transaction speed claimed depends on individual circumstances and may not be available for all transactions

Setting up your Wise Account

Let’s walk through how to get started with Wise. Here’s a step by step guide to opening a Wise account online or in the Wise app:

Step 1. Head to the Wise desktop site or download the Wise app

Step 2. Tap Register and use your email, Google, Facebook or Apple ID to create an account

Step 3. Follow the prompts to enter your personal and contact details and set a secure password

Step 4. Complete the verification step

Step 5. Once your account is verified you can start to transact

To keep your money safe and comply with local and international laws, you must complete a verification step to activate your Wise account.

This can all be done with nothing more than your phone or laptop - just upload a clear photo of your passport and proof of ID. You’ll also be prompted to enter your SSN or ITIN*.

*Wise may request additional documents to verify a customer's identity

How to transfer money between currency Accounts in Wise

You can transfer money from one of your own currency account balances to another currency you hold with Wise - or you can send money to someone else’s Wise account in 40+ currencies.

Sending money from your Wise Account to someone else's

If you need to send a payment to someone else with a Wise Account you can do so instantly with nothing more than the email or phone number - which are called identifiers - the recipient has linked to their Wise account.

Alternatively, you can get the local bank details that come with your recipient’s Wise account, and set up a transfer using these instead.

You can send in the same currency - so USD to USD for example - or in a different currency, such as sending USD to be deposited in GBP.

It’s free to send a Wise to Wise transfer when no currency exchange is needed, and if you need to switch currencies as part of the transaction, Wise’s low, transparent fees from 0.43% will apply.

✅ Pros❌ Cons
Sending money via identifiers
  • All you need is an email or phone number for your recipient

  • Send in any of the 40+ Wise holding currencies

  • You’ll need to double check the phone or email you have is the one the recipient has linked to Wise

Using recipient's Wise Account details
  • Familiar method - setting up a payment is similar to sending a transfer with a bank

  • Free to receive in 8 foreign currencies and when receiving USD by ACH

  • You’ll have to get and enter full banking details for your recipient

  • Send only in the 9 Wise currencies that come with local bank details

  • 4.14 USD fee to receive a USD wire transfer

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

Here’s how to send a payment to a Wise account using a phone number or email:

  1. Log into the Wise site or app

  2. Confirm how you want to fund the payment

  3. Tap Send money and enter the amount and currency you want to send

  4. When prompted to enter the recipient’s details simply click on the list shown from your phone contacts, or enter the recipient information manually

  5. Check everything over and confirm

Here’s how to send a payment to a Wise account using Wise local account details:

  1. Ask your recipient for their Wise local account details for the currency you’re sending

  2. Log into the Wise site or app

  3. Confirm how you want to fund the payment

  4. Tap Send money and enter the amount and currency you want to send

  5. Follow the prompts to enter the recipient bank details

  6. Check everything over and confirm

Using identifiers: cross-balance transfers

Sending to a Wise account using the recipient’s phone number or email is convenient and also has the advantage that you can send any of the supported currencies for holding.

That means you can send payments in 40+ currencies and pay using whichever currency balance you prefer from your own Wise account.

There’s no Wise fee to send in the same currency to another Wise account. If you’re sending a cross-balance transfer, and currency conversion is needed, the payment is converted with the mid-market rate and a low, transparent fee will apply.


Using the recipient's Wise account details

You can also send payments to someone else using the local bank details that are available with Wise in 9 currencies. In this case, a small fee may apply depending on the currency involved.

It’s free to receive payments to a Wise account using local bank details in most cases - the one important exception is when sending USD by wire. In this case the recipient pays a 4.14 USD fee - but there’s no Wise charge to receive USD by ACH.

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Converting currencies in your Wise Account

Of course you can also convert between currency balances within your own Wise account, too. To switch from one currency to another using your Wise account:

  1. Log into the Wise website or app

  2. Tap the currency balance you want to convert from

  3. Tap Convert

  4. Follow the prompts to enter how much to convert and the currency you want to convert to

  5. Check everything over and confirm

Your funds will be instantly converted and ready for use.

What else can you do with Wise?

Wise offers great ways to hold, exchange, send and receive payments in 40+ currencies. But that’s not all. Here’s an overview of some of the key features you can get with a Wise account:

  • Hold 40+ currencies and convert with the mid-market exchange rate

  • Send money to bank accounts in 160+ countries

  • Send to other Wise accounts instantly in 40+ currencies

  • Receive payments to Wise in 9 currencies conveniently

  • Get a linked Wise card for spending in 150+ countries

  • Check and manage your account with your phone

Use this guide to sending and receiving money in dozens of currencies with a Wise account, to get you started - and see if Wise can help you save when managing your money across currencies.

Get started with Wise

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

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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