Can You Get TransferWise in the US? Everything You Need to Know About Using Wise in America

When it comes to sending money internationally, finding a fast, affordable, and reliable service is key. That’s where TransferWise, now known as Wise, comes in. It’s been a game-changer for people looking to avoid hefty fees and complex processes. But if you’re in the US, you might be wondering—can you actually use Wise here?

I’ve explored this question myself, and the good news is that Wise is available to US residents. Whether you’re paying freelancers abroad, sending money to family, or managing international business transactions, Wise offers a straightforward solution. But how does it work in the US, and what should you know before signing up? Let’s dive in.

What Is TransferWise?

TransferWise, now known as Wise, is an international money transfer platform. It facilitates low-cost currency conversions and seamless cross-border transactions. Launched in 2011, Wise serves millions of individuals and businesses globally.

Wise uses a transparent fee structure and real mid-market exchange rates. This eliminates hidden costs often found in traditional banking systems. Users can send money to over 70 countries, covering major currencies like USD, EUR, and GBP.

The Wise Multi-Currency Account allows users to hold and exchange over 50 currencies. This feature supports freelancers, digital nomads, and businesses managing international payments. Wise also provides local bank account details in 9 currencies, including USD, GBP, and AUD.

I trust Wise for its licensing and compliance with financial regulations in every operating region. For US residents, Wise operates under the oversight of FinCEN and relevant state authorities. This ensures security and legal adherence for all transactions.

Is TransferWise Available In The US?

Yes, US residents can access Wise (formerly TransferWise) for international money transfers. It’s fully operational and offers a range of services designed for both individuals and businesses in the US.

Who Can Use TransferWise In The US?

Individuals and businesses with a valid US address can use Wise. Users must be at least 18 years old and have a US bank account or debit card for funding transactions. Freelancers, remote workers, and companies engaged in cross-border trade benefit the most from its low-cost international transfers. Anyone sending money abroad or working with foreign currencies finds Wise valuable.

Supported Features For US Customers

Wise provides various features for users in the US:

• Multi-Currency Account: Customers can hold and exchange over 50 currencies, offering flexibility for managing international payments.
• Local Bank Details: Users receive local banking details in 9 different currencies, including USD, EUR, GBP, and AUD.
• Low-Cost Transfers: Transfers use mid-market exchange rates, with fees displayed upfront, preventing hidden costs.
• Debit Card Access: Wise cards enable spending in multiple currencies with automatic conversion at real-time rates.
• Regulatory Compliance: Wise operates under FinCEN oversight with licenses from state authorities, ensuring secure and lawful transactions.

These features cater to a wide array of personal and professional financial needs.

How To Get Started With TransferWise In The US

Setting up Wise (formerly TransferWise) in the US is straightforward. Follow these steps to take advantage of secure, low-cost international transfers.

Creating An Account

I visit the Wise website or download the mobile app to begin. I select “Sign Up”, provide an email address, and create a secure password. The system asks for personal details such as my full name, date of birth, and a valid US address. For businesses, I input company details like legal name and EIN (Employer Identification Number). Wise verifies my identity using a government-issued ID, such as a passport or driver’s license, to comply with financial regulations.

Linking Your Bank Account

Once my account is created, I connect my US bank account or debit card. The platform provides an option to set up direct ACH transfers or use a debit card for funding. I input my bank account number and routing number into Wise’s secure login process, which ensures compliance with US payment standards. When connecting a debit card, I simply enter my card details, after which Wise processes a small, refundable verification amount to confirm the linkage.

Sending And Receiving Money

Through the Wise platform, I can send money domestically or internationally. I enter the recipient’s details, choose the currency, and specify the amount I want to send. Wise calculates the total cost upfront, showing exact fees and the mid-market exchange rate. For receiving international payments, US users like me can share local bank account details provided by the Wise Multi-Currency Account, enabling seamless deposits in USD or other supported currencies. Transfers usually process within one business day, depending on the payment method and country.

Benefits Of Using TransferWise In The US

Using Wise in the US provides significant advantages for international money transfers. These benefits focus primarily on cost, transparency, and convenience, making the platform an attractive choice.

Cost-Effective Transfers

Wise offers low fees and real exchange rates for every transaction. Unlike traditional banks, it doesn’t rely on inflated exchange rates, ensuring users pay only a small, upfront percentage fee. For example, sending $1,000 internationally through Wise often costs less than $10, depending on the destination. Additionally, the platform avoids intermediary bank fees, which significantly reduces overall costs for its users.

Transparency And Ease Of Use

Wise provides complete clarity on fees and exchange rates. Users see exactly what they’ll pay and receive before confirming a transfer. For instance, the platform calculates charges upfront and shows the mid-market exchange rate with no hidden markups. It’s also simple to navigate, with a user-friendly mobile app and website enabling quick access to multi-currency accounts, local banking details, and transaction tracking. Verifying accounts and completing transfers happens seamlessly, even for first-time users.

Are There Any Limitations For US Users?

US users can access most Wise features, but there are a few limitations and requirements to keep in mind. First, users must have a valid US address for account verification. Second, transactions must be funded using a US bank account or debit card, as credit cards aren’t supported for funding transfers. Additionally, Wise doesn’t allow cash or check deposits for any transactions.

Sending money internationally is possible for over 70 countries, but certain destinations may have restrictions or legal requirements for transfers. For instance, some countries limit the maximum transfer amount or require additional documentation for compliance.

Wise debit cards are available to US users, but only after signing up for a Multi-Currency Account. Cardholders can spend in various currencies, but offline transactions or usage in restricted countries may not be supported. The platform also limits daily spending and ATM withdrawal amounts to ensure security.

Business accounts for US-based companies have restrictions on using the Multi-Currency Account for purposes like speculative trading. Wise doesn’t currently offer interest accumulation on funds held in the Multi-Currency Account either, so users might need alternative options for savings.

Comparison: TransferWise Vs Other Services In The US

TransferWise, now operating as Wise, stands out against traditional banks and other money transfer platforms due to its transparent pricing structure and real exchange rates. Here’s how it compares:

• Fees: Wise charges a fixed percentage of the transfer amount, often costing 0.5%–1% for most transfers. In comparison, banks charge fees ranging from $15–$50 per transfer, plus hidden currency conversion costs. Competitors like PayPal and Western Union may include higher margins in their exchange rates and additional fees for expedited services.
• Exchange Rates: Wise uses the real mid-market exchange rate with no markups. Banks and services like PayPal typically add a margin of 2%–4% above the mid-market rate, increasing the overall cost of a transfer.
• Speed: Domestic transfers through Wise often complete within hours. International payments can take up to one business day. Western Union and MoneyGram offer instant transfers but charge higher fees. Bank transfers may take 3–5 business days, depending on the institutions involved.
• Accessibility: Wise provides a Multi-Currency Account with local banking details in 9 currencies, including USD, GBP, and EUR. Competitors like Payoneer offer multi-currency accounts but often impose higher fees for transfers and currency withdrawals. Zelle operates only within the US and isn’t suitable for cross-border transfers.
• Convenience: Wise’s mobile app and web platform allow users to track transfers, access exchange rates, and manage multiple currencies seamlessly. In comparison, banks often require separate services for international funds, and platforms like Western Union may necessitate physical visits to agent locations.

This comparison highlights Wise’s affordability, transparency, and ease of use, making it a preferred choice in the US for international money transfers.

Conclusion

Wise is an excellent option for anyone in the US looking to simplify international money transfers without breaking the bank. Its transparent fees, real exchange rates, and versatile features make it a standout choice for individuals and businesses alike. Whether you’re managing cross-border payments or holding multiple currencies, Wise offers a seamless and secure experience that’s hard to match. If you’re ready to take control of your global finances, Wise provides the tools to make it happen efficiently and affordably.

Frequently Asked Questions

What is Wise and how does it work?

Wise is an international money transfer platform offering low-cost currency conversions with transparent fees and real mid-market exchange rates. It enables users to send money to over 70 countries, exchange over 50 currencies, and manage international payments via the Wise Multi-Currency Account. Unique features include local banking details in multiple currencies and quick, affordable transfers.

Is Wise available for US residents?

Yes, Wise is available to US residents. To use it, individuals and businesses must have a valid US address and a US bank account or debit card for funding transactions.

How much does it cost to transfer money with Wise?

Wise charges a small fixed percentage, usually 0.5%–1% of the transfer amount, with no hidden fees. For example, sending $1,000 internationally typically costs less than $10, depending on the destination.

How long does it take for Wise transfers to complete?

Domestic transfers can process within hours, while international transfers are generally completed within one business day. Timing depends on the payment method and destination.

What is the Wise Multi-Currency Account?

The Wise Multi-Currency Account allows users to hold, exchange, and send money in over 50 currencies. It includes local bank account details in 9 currencies like USD and GBP, and users can spend globally with the Wise debit card.

Is Wise secure for US-based users?

Yes, Wise is regulated by FinCEN and other relevant state authorities in the US, ensuring secure and lawful operations for all transactions.

Can freelancers and businesses use Wise?

Absolutely. Wise is ideal for freelancers, remote workers, and businesses handling cross-border payments due to its low-cost transfers, Multi-Currency Account, and transparent pricing structure.

Does Wise support credit cards for funding transfers?

No, Wise does not accept credit cards as a funding method. Users in the US must use a bank account or debit card to fund transactions.

Are there any restrictions for US users on Wise?

Yes, US users must have a valid US address and cannot use credit cards for payments. Certain countries or transactions may have restrictions based on legal requirements.

How does Wise compare to banks for international transfers?

Wise charges lower fees (0.5%–1%) and uses real mid-market exchange rates, unlike banks, which often charge $15–$50 per transfer plus hidden fees and inflated exchange rates. Wise transfers are faster, often taking 1 business day compared to banks’ 3–5 days.

How do I start using Wise in the US?

To get started, sign up via the Wise website or app, verify your identity with a government-issued ID, and link your US bank account or debit card for funding. You can then send or receive money easily.

Does Wise offer interest on funds in my account?

No, Wise does not offer interest accumulation on funds held in the Multi-Currency Account, as it focuses on money transfers and currency exchange.

What are the benefits of using Wise for US-based users?

Wise offers affordable transfers, transparent pricing, quick processing times, and access to local banking details in multiple currencies. The platform is user-friendly, making it accessible for individuals and businesses alike.