How to use Wise for global remittances: quickly get started, save money and time

In today’s globalized world, cross-border remittances have become a part of the daily lives of many individuals and businesses. Whether it’s sending money to friends and family or conducting business transactions, finding an efficient and reliable remittance tool is crucial. Wise (formerly TransferWise) is such a modern remittance platform that has won the trust of global users with its unique advantages and transparent fee model.

This article will detail how to use Wise to complete global remittances and provide some helpful tips for using Wise.

Introduction to Wise

Wise is a global fintech company dedicated to providing low-cost, transparent, and efficient international remittance services. Its uniqueness lies in utilizing exchange rate differences and technological means to provide users with more favorable remittance fees than traditional banks. Wise’s core advantages include:

• Transparent Fee Structure: Wise displays all fees and exchange rates before sending money, allowing users to clearly know the Actual Cost of each transaction.
• Real-time exchange rates: Wise uses real-time market exchange rates to ensure that users receive fair exchange rates, rather than the exchange rate bonuses typically provided by traditional banks.
• Fast Transfer: With Wise, users can make almost instantaneous cross-border transfers, eliminating the hassle of long processing times at traditional banks.

How to use Wise to complete global remittances

Step 1: Register an account

Visit the official Wise website or download the Wise mobile app.

Follow the prompts to fill in personal information and complete identity verification, and you will need to provide valid identification documents to comply with Anti Money Laundering regulations.

Step 2: Set up remittance

Log in to your Wise account.

Select the “Send Money” option and enter the amount and currency you want to transfer.

Select the destination country and recipient currency for the remittance, and Wise will display an estimated exchange rate and cost.

Step 3: Enter recipient information

Enter recipient’s name, bank account number, bank name and bank code (such as IBAN, SWIFT/BIC code, etc., as required by the target country)

Ensure that all information is accurate to avoid remittance errors.

Step 4: Select payment method

Select the payment method you wish to use and follow the system prompts to complete the payment.

Step 5: Confirm remittance

Verify all information, including fees, exchange rates, and recipient information.

Submit a remittance request and wait for Wise to process it. You will be notified of the progress of the remittance.

Step 6: Track remittances

You can track the remittance status in real time through the Wise platform.

Once the remittance is completed, the recipient will receive a notification.

Payment methods for WIES remittance

Bank transfer

When using Wise for cross-border remittances, bank transfer payment is usually the cheapest option. Bank transfer may be slower than debit or credit card, but it is usually the most cost-effective.

Debit card

Using a debit card to pay remittance fees is both simple and fast. It is usually cheaper than a credit card because credit card processing fees are higher.

Credit card

Paying remittance fees with a credit card is fast and convenient. Wise accepts Visa, MasterCard, and some Maestro cards.

Apple Pay

If you have set up Apple Pay on your phone, you can use it to pay for remittance fees. If you link credit card payments to Apple Pay, please note that some banks may consider such payments as withdrawals and may charge you additional fees.

Google Pay

If you have set up Google Pay on your phone, you can use it to pay for remittance fees. If you have linked credit card payments to Google Pay, please note that some banks may consider such payments as withdrawals and may charge you additional fees.

Note: Using Wise for large transfers may not be convenient because transfer fees are charged as a percentage.

A more convenient alternative - multi-asset trading wallet - BiyaPay

If you are looking for lower fees or better exchange rate remittance services, you can consider the more convenient global multi-asset transaction wallet - BiyaPay.

For those who want to conduct cross-border remittances or investment and financial management, in addition to traditional banks, BiyaPay is a more convenient tool.

BiyaPay provides fast, secure, and low-cost cross-border fund transfer services, supporting local transfer and remittance services in most regions and countries around the world. Same-day remittance, same-day delivery, supporting large remittances with transaction fees as low as 0.5%, making it an ideal choice for overseas investors.

It supports real-time exchange of digital currencies for mainstream fiat currency services such as USD and GBP, making it easier and more reassuring for cryptocurrency traders to manage their funds.

Use Wise for global remittances and enjoy fast and transparent services. By understanding Wise’s operation process and related matters, you can easily deal with various cross-border remittance needs, ensuring the safety and prompt arrival of funds. Whether you are an individual user or a corporate user, Wise is a trustworthy international remittance solution.