Wise Money Transfer: How to Receive International Payments with Wise in 2023

 

Wise or formerly known as TransferWise was launched in the UK in 2011 with the goal of making it easier for everyone, no matter where they are, to send and receive international payments and access foreign account services. Wise now offers personal and commercial multi-currency accounts (formerly known as Borderless accounts) to customers in nearly every country in the world in an effort to make international transactions simpler, quicker, and more affordable.

This article is for you if you’re interested to receive international payments using Wise. We’ll go over the procedure for receiving money from abroad using your regular bank account as well as how Wise enables international transfers. We will also offer instructions on how to use the Wise mobile application to receive payments into a specific multi-currency account offered by Wise.

What is Wise?

Wise is a financial technology company that specializes in offering multi-currency accounts and international payment solutions to both people and corporations.

You may send a one-time or recurring payment to over 70 countries with Wise at the mid-market exchange rate and with low, transparent fees. You can open a multi-currency account with Wise, allowing you to store and trade more than 50 different currencies in one location. An international debit card and local bank information that enable you to receive payments from over 30 countries without incurring any fees is just two of the many features that Wise accounts offer to those who live an international lifestyle.

How to use Wise?

Numerous advantages and features come with a wise account. This guide will focus on using Wise to receive money from abroad. Here is a brief step-by-step tutorial on how to create a Wise account before that.

To open a Wise account, follow these steps:

1. Visit the Wise website on your PC or download the Wise mobile app.
2. Select “Register” from the menu.
3. Use your email address, Apple ID, Google ID, or Facebook credentials to create an account.
4. As prompted, enter your personal information.
5. Finish the verification procedure.
6. Add money to your account, get a debit card from abroad, or make your first transfer.
7. Your Wise account is now available for use.

You can proceed to arrange for overseas payments or to add and convert funds into your Wise multi-currency account after creating and validating your Wise account. You can also send and receive international payments with a Wise multi-currency account and make purchases with a Wise debit card connected to your account.

Here are the main features you can expect with Wise:

• Using the Wise app, you can send money transfers to more than 70 countries using your Wise account or another bank account.
• Order a Wise debit card and use it to make in-person and online purchases in more than 170 countries. Virtual cards can also be made without charge.
• The opportunity to receive money into your Wise account by giving the sender your local account information and receive payment in 10 different currencies like a local.
• Option to store and exchange more than 50 different currencies at mid-market exchange rates in your Wise account.
• The ability to open a business account that allows you to send, receive, and exchange more than 50 currencies.

More information on how to receive money from Wise will be covered in a moment.

How does Wise handle receiving money from abroad?

1. To create a Wise account:
2. By entering your name, address, phone number, and email, you may create a Wise account online.
3. Verify your identity by submitting a copy of your ID and evidence of your address through their website. A recognized photo ID, such as a driver’s license, passport, or national ID card, can serve as proof of identification. Official correspondence from a reputable organization can serve as proof of address. Wise might need different kinds of verification, like for a business account.
4. Use your Wise account to receive money:
5. After creating your Wise account, navigate to the Borderless account’s balances section and select “Add” next to the currency you want to be paid in.
6. Click on the currency to get your bank information, then give it to the individual sending you the money.

Personal clients can complete the following procedures to set up a Wise account to accept money transfers:

1. Log in to your Wise account using the desktop website or the app.
2. Select “Open a balance” and the currency you want to receive within your Wise account.
3. Copy the account details for the currency you require by tapping “Get account details”.
4. To receive the funds in your Wise account, give the sender of the payment this account information.

Wise provides local account information for 10 currencies, including AUD, USD, EUR, and GBP, making accepting transfers simple. Obtaining local account information will allow you to accept payments like a local one while avoiding expensive international transaction costs.

How does a Wise account work?

Once you’ve created a Wise account, you’ll be able to maintain a balance in more than 50 different currencies and transfer funds between them at mid-market exchange rates with minimal, transparent fees. Additionally, using a linked Wise card, you can easily send money to more than 70 different countries and make purchases abroad. Wise accounts let you receive payments from more than 30 countries without paying any fees because local bank details are provided for up to 10 currencies.

Do I need a Wise account to receive a money transfer?

You don’t need a Wise account to receive money from Wise. Your Wise payment can be deposited into your regular bank account in the currency of your choice. Alternatively, you could decide to open a Wise account, enabling you to accept payments in as many as ten different currencies and be paid in local currency.

How do I get verified?

When you open an account or set up an international payment, Wise is required to carry out a verification process in order to guarantee the security of its customer’s funds. This regulation obligation is in place everywhere and aids in preventing account misuse that is fraudulent or unlawful. In a similar vein, banks also ask for proof from clients when opening accounts.

Fortunately, you can complete the Wise account verification process entirely online or within the Wise app, unlike the procedure for validating your bank account. Images of two different forms of paperwork must be uploaded during the process:

• Evidence of identity – such as a photo of your passport or driver’s license
• Proof of address – such as a recent utility bill or bank statement in your name

What details does the sender need?

You must give someone your Wise local currency account information if they want to send you money through your Wise account. These include:

• Your name
• Wise bank account numbers and information relevant to the currency will all be included in these specifics.
• For some transactions, more details could be needed, like the payment’s motivation.

How to set up a Wise account to receive money [business]

The majority of the features found in Wise personal accounts are also available in Wise corporate accounts, along with some extra perks like batch payments and interfaces with cloud accounting systems.

If you have a Wise business account, receiving local bank transfers in up to 10 different currencies from more than 30 different countries is simple. You only need to give your Wise account information for that particular currency, which can be accessed on the Wise app, to accept payments. Getting your account information follows a similar procedure to getting a personal Wise account. All you have to do is:

1. Access your business account by logging in on the desktop website or Wise app.
2. Within your account, click “Open a balance” and then choose the required currency.
3. Copy the account details for the currency you will be receiving by selecting “Get account details” and clicking on it.
4. To receive money into your Wise account, give the person making the payment these account details.

How does my business get verified?

In addition to the previously listed features, a wise business account needs other details as well. These include:

• Depending on the form of the firm, you may typically need to present business documentation that varies.
• Any directors and shareholders who own 25% or more of the company must also have their names, birthdates, and countries of residence provided.

How do I deposit money into my Wise account?

With the ability to add money in more than 50 different currencies, including dollars, to your Wise multi-currency account, you can use your associated debit card to make purchases anywhere in the world.

Your desired payment option is available, including bank transfers and adding funds using debit or credit cards. You can select the payment option that is best for you because each one has a different set of fees.

The steps needed to deposit money into your Wise account are as follows:

1. Go to the Wise website or app.
2. Select the currency to which you want to add money.
3. Your desired deposit amount should be entered.
4. Choose your favorite payment option from the list of possibilities.
5. Verify your payment’s specifics, authorize the transaction, and finish the payment.

How much does it cost to receive money in your Wise account?

Wise costs are uncomplicated and simple to understand. When you share your Wise local bank information for any of the 10 supported currencies, you can receive payments free of charge when they are made to your Wise account. Additionally, it is frequently the least expensive choice for the sender since they will make a local transfer. You might be able to add money to your Wise account through a bank transfer without paying any fees. However, some currencies and payment methods may have a small top-up fee if you want the money to be transferred as soon as possible. You can utilize the calculator tools on the Wise app or desktop website to see all of your possibilities.

Will you, the receiver, be required to pay any fees?

There are no fees associated with depositing money into your Wise account using the local bank information Wise provided. If the sender pays via USD wire, there can be a modest cost. However, there is a free alternative to this; you can send USD payments for nothing using the ACH method.

What currencies can you receive from Wise for free?

By using the local bank information included with your Wise account, you can receive the following currencies for nothing:

• US Dollars (USD)
• Euros (EUR)
• British Pounds (GBP)
• Australian Dollars (AUD)
• New Zealand Dollars (NZD)
• Singapore Dollars (SGD)
• Polish Zloty (PLN)
• Romanian Lei (RON)
• Hungarian Forint (HUF)

To accept payments without incurring fees or currency conversion charges, you can give the bank account information for your Wise account for the desired currencies. However, receiving USD via wire transfer costs 4.14 USD, while receiving USD via ACH transfer is cost-free. So as to avoid the cost, it is advised to ask the sender to use an ACH transfer.

Advantages and disadvantages of receiving and sending money with Wise

Advantages:

• Wise provides free local bank information for accepting payments in ten different currencies.
• Low and transparent conversion fees based on the Google exchange rate
• Timely deposits
• When funds are received through the Wise app, immediate notifications are sent.

Disadvantages:

• There is a 4.14 USD fee for receiving USD wire transfers.
• Depending on the chosen payment method and currency, self-topping up can incur a minor cost.

Additional information for receiving money with Wise

The amount of information and figures involved in international money transfers might be intimidating. There’s a chance that you’ll need to give specific information in order to get a payment through Wise.

Wise IBAN number

Australian banks do not use the IBAN, which is a specialized bank account format used by European banks. Therefore, an IBAN is unnecessary when sending money through Wise to an Australian bank account. If an IBAN field is present on the overseas payment form, it can be left empty. But if you use Wise to receive money from Europe, Wise will give you an IBAN if you need one.

Wise routing number

Depending on the currency you’re receiving in your Wise account, the sender may ask for a National Clearing Code, Routing Number, BSB Number, or Sort Code. If this happens, you can quickly obtain the account information for that currency from the Wise app by following the methods previously indicated. You can give the sender the information they require using these specifics.

Currency exchange rates for Wise

Wise’s currency converter lets you check the most recent exchange rates and offers prices for international transactions. It’s crucial to remember that currency conversion rates can change instantly. At the time of making the transfer reservation, the sender will be given the most current and accurate rate.

How to receive money to your bank account

You do not necessarily need a Wise account to receive money sent through Wise. You can have the funds transferred immediately to your standard bank account.

If you’re expecting a Wise payment to go to your standard bank account, you can let the sender know your bank information and wait for the funds to show up in your account. Over 50% of Wise transfers arrive within 24 hours, and the majority of transfers happen instantly.

What details do I need to give the sender?

Your account information, which normally consists of the following, must be given to the sender of the money if you want to receive payment through Wise.

• Your complete name as it is written on your bank account
• your banking information
• Your routing number (if you’re in the US) or BSB number (if you’re in Australia)
• You can also be asked for your address or the explanation for the payment, depending on the type of payment.

How much does it cost to receive money in my bank account?

Your bank could charge a receiving fee when you receive a payment in your bank account. You can check your account’s terms and conditions document to see if this cost is applicable.

Advantages and disadvantages of receiving money in your bank account

Advantages:

• For currency conversions, Wise uses the Google exchange rate, which can result in lower costs for the sender and more money for the recipient.
• Transfers made using wise are handled swiftly, sometimes instantly.
• Wise accepts payments in more than 50 currencies to more than 70 different countries.

Disadvantages:

• The recipient may be charged by receiving banks for accepting payments.
• Wise charges a fee to the sender that is determined by the transfer amount and the chosen payment method.

How much does it cost to open a Wise account?

It costs nothing to open a personal Wise account. To use all account features, you will need to open a business account and pay a one-time charge. You won’t have to worry about ongoing fees or keeping a minimum balance for both personal and corporate accounts once you’ve opened an account.

How long does it take to receive money with Wise?

With 50% of transfers coming quickly or within seconds and 90% of transfers arriving within 24 hours, wise transfers are renowned for their rapidity. However, the precise timing of your Wise payment will depend on a number of variables, including the currency, value, and the sender’s preferred payment method.

.If you’re looking for a fast and affordable way to receive money from overseas, Wise is a great option to consider. With competitive exchange rates and low fees, it’s a popular choice for people around the world. So why not give it a try? Sign up for a Wise account today and start receiving money from overseas with ease.