Wise is formerly known as Transferwise, is an innovative peer-to-peer money transfer platform that’s completely changing the way people send money abroad. Unlike most other transfer services, our unique online platform lets you transfer money directly to another person’s bank account. We use real exchange rates, so you can pay in your home currency and get the local currency for free.
The online money transfer is different from traditional banks because it doesn’t have foreign exchange branches or employ foreign currency traders. This makes the process cheaper and faster, whilst insuring that costs are always transparent and predictable.
• How does Transfer wise work?
Transfer Wise is built on the premise of peer-to-peer, which means that when you send money, it goes directly into another person’s bank account. The money then sits in that account for 24 hours before being sent to the recipient, making it possible to transfer funds at any time of day.
Also, Transfer wise, transfers are covered by their bank guarantees scheme, so you can rest assured that your money will be safe in transit. This also means there are no hidden fees or extra charges.
• How to Register an account with Transferwise.
Transferwise helps people send money abroad in more than 40 currencies. It is used by over 1 million customers globally, including small businesses and global enterprises such as KLM. In order to register an account with Transferwise and be one of the many users, make sure you follow the steps below.
1. Visit the Transferwise official website “https://wise.com/register/” to begin your registration.
2. Click on “Register” at the top corner of your browser.
3. Type in valid email address, create a strong password and choose your country of residence.
4. Click on “Sign up” and you will be redirected to another page where you will fill out your personal information.
5. After providing all the required details correctly, click on continue.
6. You would be sent a link to your e-mail address or a 6 digit code to your mobile number for verification.
7. Once the verification is complete, your account would be successfully created and you can now perform various transactions using Transfer wise.
• How to Transfer money using Transferwise
Once you’ve opened an account, then Sending money with Transferwise is simple and takes as little as 5 minutes. You can start transferring money immediately using the following steps.
1. Login into your account from the Transferwise official website or mobile application.
2. Click on “send money” on the website or “Send” on the mobile app.
3. Type in how much you want to transfer
4. Enter all your personal information which would be needed for the transaction
5. Type in the details of the recipient such as full name, bank account details etc.
6. Check and review all the information you have provided.
7. Choose your method of payment and click on send.
Note: Transferwise charges a little fee on every transaction made, depending on how much you want to transfer and it also varies from currency to currency.
• How to receive payments through Transferwise
Receiving money through Transferwise is almost similar as receiving money through your bank account. It is very easy and stress free. All you have to do is follow the process
1. Create an account with Transferwise and open a balance in the exact currency you want to get your payment.
2. Get your account details from the website by clicking on “Get account details”
3. Share this information with the person who wants to send you the money.
4. Once that is done, you would receive your money in that exact currency in no time.
• How to track payments on Transferwise
When you submit a transaction with TransferWise you’ll be sent an email to confirm the details of the transaction and an email from us with details on how to track payments.
To check your payment, go to www.transferwise.com and login into your Transferwise account. Then click on “View transfer details”. There you’ll find the transaction confirmation and detailed payment information. You can also download the transaction receipt in PDF format and send it to your recipient.