By kb070 
Key Takeaways
- TransferWise, now called Wise, enables direct account-to-account transfers using only the recipient’s Wise-registered email address, simplifying the process.
- Wise-to-Wise transfers are instant if both accounts are active, offering speed, transparency, and no intermediary bank fees.
- Wise supports over 50 currencies and operates globally, but some currencies and countries have limitations due to regulatory constraints.
- Fees for Wise-to-Wise transfers are minimal, but additional charges may apply for specific funding methods or certain currencies.
- Wise’s mid-market exchange rate ensures fair currency conversion, making it a cost-effective alternative compared to competitors like PayPal, Western Union, and Revolut.
- Enhanced security measures, including encryption and fraud detection, make Wise a reliable choice for transferring money internationally.
When it comes to sending money internationally, TransferWise, now known as Wise, has become a go-to platform for its speed, transparency, and low fees. But what if you want to transfer money directly to another Wise account? It’s a question many users ask as they explore the platform’s features for personal or business use.
I’ve used Wise for various transactions, and understanding how it works between accounts can save time and avoid unnecessary steps. Whether you’re splitting bills with a friend abroad or managing payments with clients, knowing if and how Wise supports account-to-account transfers can make a big difference. Let’s dive into how this works and what you need to know.
What Is TransferWise?
TransferWise, now called Wise, is an international money transfer service designed to offer fast, affordable, and transparent transactions. It supports over 50 currencies, allowing users to send and receive money globally without hidden fees.
Wise uses the mid-market exchange rate, ensuring customers get the fairest currency conversion without inflated margins. It charges a fixed upfront fee and a percentage-based fee, which are disclosed before confirming a transaction.
Besides personal accounts, Wise provides business solutions for invoicing, payroll, and multi-currency accounts. Its borderless account allows users to hold, convert, and spend money in multiple currencies from one platform.
By focusing on transparency and efficiency, Wise simplifies the complexity of cross-border transactions, making international payments more reliable for both personal and corporate needs.
Understanding TransferWise Transfers
Wise simplifies global money transfers by offering a user-friendly platform with transparent pricing. Sending money between Wise accounts enhances transaction convenience and speed.
How TransferWise Works
Wise operates on a peer-to-peer system to process money transfers without intermediary banks. It matches currency exchanges between users and processes transactions using local bank accounts in over 50 currencies.
When I send money through Wise, the platform charges a fixed upfront fee and a percentage-based fee, which I see before confirming the transfer. Wise uses the real mid-market exchange rate, ensuring I avoid hidden markups in currency conversion. Transactions are typically fast, with many completed within hours, depending on the currency and banking systems involved.
Sending Money to Other TransferWise Accounts
When transferring funds to another Wise account, I only need the recipient’s email address linked to their Wise account. There’s no need for traditional bank details like IBANs or SWIFT codes. Once I input the recipient’s email, Wise processes the transaction instantly if the recipient’s account is active.
If the recipient hasn’t activated their Wise account yet, they’ll get an email to sign up and claim the funds. This streamlined process reduces delays and avoids intermediary fees, making Wise-to-Wise transfers seamless for personal interactions and business transactions alike.
Can TransferWise Send To Other TransferWise Accounts?
Yes, money can be sent directly between Wise (formerly TransferWise) accounts. This process is simple and provides immediate transfers if the recipient already has a Wise account.
Step-By-Step Guide to Send Money
- Log in to your Wise account
Access your account using the Wise app or website. Ensure you’re logged in with the correct credentials.
- Select “Send Money”
From the dashboard, click or tap the “Send Money” option to start the transfer process.
- Enter recipient’s email address
Provide the recipient’s Wise-registered email. There’s no need for IBANs or other traditional bank details.
- Enter the transfer amount and currency
Input the amount you’d like to send and choose the currency, ensuring accuracy before proceeding.
- Review the transfer details
Verify the estimated fees, final amount, and recipient information. Wise displays all charges upfront.
- Confirm and send
Complete the payment using your preferred funding method. If the recipient’s Wise account is active, the transfer completes instantly.
Benefits of Sending Within TransferWise
- Instant transfers: Transactions within Wise are processed in seconds when both accounts are active.
- Simplified process: Only the recipient’s Wise email is required, reducing errors linked to manual entry of bank details.
- No intermediary fees: Transfers bypass banks, eliminating extra charges often found in traditional methods.
- Transparent costs: Wise uses real mid-market rates with minimal fees, providing clarity at every step.
- Enhanced security: Account-to-account transfers retain Wise’s encryption and fraud detection systems.
Limitations and Considerations
While Wise offers significant advantages for account-to-account transfers, understanding its limitations ensures an informed experience and avoids unexpected issues.
Fees and Costs
Transferring money between Wise accounts usually involves minimal costs, but certain scenarios can add expenses. Transactions funded by credit cards or involving currencies with higher processing fees might incur additional charges. Although Wise uses the real mid-market exchange rate, administrative fees for smaller transfers could slightly affect cost efficiency. I always check the fee breakdown shown before confirming a transaction to stay aware of associated costs.
Supported Currencies and Countries
Wise supports over 50 currencies and operates in over 170 countries, yet there are restrictions. Some currencies, like the Argentine peso and Cuban peso, are unavailable due to regulatory or operational constraints. Transfers to territories with limited local banking infrastructure might face delays or additional steps. It’s essential to confirm the recipient’s country and currency compatibility using Wise’s currency guide to ensure smooth transfers.
Comparison With Other Transfer Services
I’ve analyzed Wise’s features and compared them to other transfer services like PayPal, Western Union, and Revolut. Wise stands out for its transparent pricing, use of the real mid-market exchange rate, and lower fees. Most alternatives often charge high markups on exchange rates or add hidden fees, making transfers more expensive.
Fees and Pricing Structure
Wise charges a fixed fee plus a percentage of the transfer amount, both disclosed upfront. PayPal’s international transfers typically have higher fees, including currency conversion markups and variable processing costs. Western Union charges transfer fees based on the destination and uses exchange rates that include markups. Revolut offers free transfers up to a monthly limit but charges a markup on currency exchanges during weekends or beyond the free threshold.
Transfer Speed
Wise processes many transactions within hours, depending on the currency. PayPal completes transfers instantly between PayPal accounts but may take days for withdrawals to bank accounts. Western Union allows cash pickups within minutes but delays can happen with bank transfers. Revolut performs same-day transfers for supported currencies but delays occur when sending to unsupported destinations.
Transfer Methods
Wise allows transfers using email addresses for Wise-to-Wise transactions and bank details for others. PayPal works through email-based account transfers or direct bank transfers. Western Union handles cash pickups, bank transfers, and mobile wallet payments. Revolut supports internal transfers between users and external ones to bank accounts.
Exchange Rates
Wise uses the real mid-market rate, avoiding hidden costs. PayPal typically applies a currency conversion fee ranging from 2.5% to 4.5%. Western Union includes significant markups in its exchange rates, while Revolut uses the interbank rate during weekdays but adds a surcharge during weekends.
Country and Currency Support
Wise supports over 50 currencies and operates in 170+ countries. PayPal supports fewer currencies but functions in many regions. Western Union serves over 200 countries and accepts diverse local currencies. Revolut focuses on Europe but extends its service to select countries and currencies.
This comparison highlights Wise’s focus on transparent, cost-effective international transfers without excessive markups, giving it an advantage over competitors.
Conclusion
Wise makes sending money between accounts simple, fast, and cost-effective. Its transparent pricing, real mid-market exchange rates, and user-friendly platform set it apart from traditional transfer methods and competitors. Whether you’re managing personal finances or handling business transactions, Wise’s streamlined process and global reach offer unmatched convenience.
By eliminating hidden fees and unnecessary delays, Wise ensures your money gets where it needs to go efficiently. It’s a reliable solution for anyone looking to save time and money on international transfers.
Frequently Asked Questions
1. What is Wise, and how does it work for money transfers?
Wise (formerly TransferWise) is an international money transfer platform that offers low fees and transparent pricing. It operates by matching currency exchanges between users and uses local bank accounts to avoid intermediary banks, saving time and money.
2. How do I send money to another Wise account?
You only need the recipient’s email connected to their Wise account. If their account is active, the transfer is instant. If not, they’ll get an email to sign up and claim the funds.
3. How much does Wise charge for transfers?
Wise charges a low upfront fee and a small percentage-based fee, both disclosed before you confirm the transaction. There are no hidden currency conversion markups.
4. What currencies does Wise support?
Wise supports over 50 currencies and operates in 170+ countries. However, certain currencies like the Argentine peso and Cuban peso are unavailable due to regulatory constraints.
5. What are the key benefits of Wise-to-Wise transfers?
Wise-to-Wise transfers are fast (often instant), require only the recipient’s email, and have low or no intermediary fees. They also use the real mid-market rates for currency conversion.
6. Are there any limitations when using Wise?
Yes, some regions have limited banking infrastructure, which may cause delays. Additional fees may apply for credit card funding or certain currencies, and not all currencies are supported.
7. How secure is Wise?
Wise ensures security with encryption, two-factor authentication, and robust fraud detection systems, making it highly secure for transactions.
8. Can Wise be used for business purposes?
Yes, Wise offers business solutions like multi-currency accounts, invoicing, and payroll. It’s ideal for managing international transactions efficiently.
9. How does Wise compare to PayPal, Revolut, and Western Union?
Wise outperforms competitors with lower fees, transparent pricing, real mid-market exchange rates, and faster transfers compared to services like PayPal and Western Union.
10. Are international transfers with Wise always instant?
Not always. Transfers are usually fast, often completed within hours, but delays can occur depending on the currency, country, and banking systems involved.