Wise.com (formerly TransferWise) is a popular platform for sending and receiving money internationally. It offers low fees, real exchange rates, and quick transfer times. In this step-by-step guide, we’ll walk you through the process of receiving money with a Wise account.
Step 1: Set up a Wise account
If you haven’t already, create a Wise account by following our guide on “How to Create a Wise Account.” Make sure your account is fully set up, including identity verification.
Step 2: Open a multi-currency account
To receive money in different currencies, you’ll need to open a multi-currency account within Wise. Log in to your Wise account, navigate to the “Balances” tab, and select “Open a balance” for each currency you want to receive. Wise supports over 50 currencies.
Step 3: Get your account details for the desired currency
Once you’ve opened a balance for a particular currency, click on the currency in the “Balances” tab. You will find your account details, such as account number, routing number, IBAN, or SWIFT code, depending on the currency and your location. These are the details you’ll provide to the sender.
Step 4: Share your account details with the sender
Provide the sender with your account details for the currency they will be sending. Make sure they have the correct information to avoid any errors or delays. Inform the sender that they can use Wise.com or any other money transfer service of their choice to send the funds to your Wise account.
Step 5: Monitor your account for the incoming transfer
Once the sender initiates the transfer, you can track the status on your Wise account dashboard. Wise will also send you email notifications when funds are received. The time it takes for funds to arrive in your account will depend on the sender’s method and the currencies involved, but it usually takes between a few hours and a few days.
Step 6: Convert or withdraw the received funds (optional)
After receiving the funds, you can either keep the balance in the original currency or convert it to another currency within Wise. If you wish to withdraw the funds, add a bank account in the desired currency and initiate a withdrawal. Follow the on-screen instructions to complete the process. Keep in mind that withdrawal times and fees may vary depending on the currency and your location.