The Wise account is a platform you can use for sending money abroad. Formerly called Transferwise, Wise bank account includes many currencies to make transactions. It has been providing service for its customers since 2010.
Users of Wise are especially pleased with the transparency policy. They can track any transaction in real-time. They favor the application also because of its user-friendly features and fast transfer time.
Wise Account in More Detail
Although it’s sometimes called a Wise bank account, it’s not actually a bank but a platform for the exchange of money.
Wise money transfer is possible with the exchange of over 50 currencies. You can hold such currencies and switch between them as well.
It’s also possible to link your account to the Wise debit card, enabling you to receive transfers from anywhere. It’s possible for you to have personal account numbers in certain currencies as well. These currencies include EUR, USD, and GBP.
Not all currencies allow you to both receive and send money. So, in some cases, you may not receive money but you can only send it.
Is It Easy To Open a Wise Account?
Yes, you can open Wise account in a short time. To open Wise account, you need to have a bank account first. The next steps are as follows:
- You’ll visit the Wise website
- Then, click the “Register” button
- You’ll provide your email address, create a password, and enter your country of residence
- Then, you’ll provide other personal information
- Finally, you’ll verify your identity through the security code or the link you’re sent to.
What are the Advantages of a Wise Account?
Find the advantages of using a Wise account below:
- Wise offers a user-friendly platform
- The multi-currency account allows you to hold over 50 currencies
- It’s easy to open Wise account
- Transfer limits through Wise bank account are high
- It’s completely an online platform
- Wise account enables you to see currency rates transparently
- You don’t need to pay for a debit card or for maintenance
- Exchange rates through Wise is lower than usual banks
- It’s possible to open Wise account for personal or business interests.
Sending Money Through Wise Account
- When you log in to the account, you select the amount. Then, you can see the exchange rate and relevant fees for this transaction
- Enter the details about the beneficiary and the bank account
- At this point, you’ll verify the transaction by confirming the security code sent to you by SMS
- Pay the fee and the transfer amount
- Finally, the beneficiary will get a notification about this transfer.
The transfer takes around one to two days to reach.
Transfer fees differ according to the payment method, the amount, and the currency. Still, the rate of transfers is quite lower than traditional banks. Wise enables you to see the fee before you complete your transaction. The methods and the currency you use determine the transfer limits.
Wise Multi-Currency Account
The multi-currency account is a useful account especially for people living or moving abroad. You can register for this account simultaneously with your usual Wise account as well.
You can transfer money through a multicurrency account to more than 80 countries. It also enables you to convert money to more than 50 currencies.
A wise multi-currency account does not require you to pay a monthly fee. In addition, if you send money to a different account with the same currency, a fixed fee applies. The fee for this is €0,60.
Through this account, it’s possible to withdraw up to €200 from ATMs for free per month. The ATMs can be anywhere in the world.
With its user-friendliness and speed, Wise account has been the No. 1 choice for many travelers. You can easily open Wise account to enjoy its favorable features.