Wise, formerly known as TransferWise, allows businesses and individuals to hold and trade using multi-accounts. Using Wise makes international purchases and purchases straightforward and transparent.
Wise can be used to send one-off international transfers of any size. For longer-term solutions, Wise supports multi-currency accounts. Using the service, businesses and individuals can manage their finances across more than 50 currencies, send at the real exchange rate and spend using Wise’s own free debit card.
A small flat, fixed fee will be applied to the transfer when you transfer money. Wise does not mark up the exchange rate, so you will always pay the market price exchange rate.
To start using Wise, you must sign up for an account. The system will ask firstly for an email address. Next, you can select either a personal or business account and your country of registration. Finally, you must create a password and confirm your account with two-factor authentication.
Once you have opened your Wise account, you will have to verify your identity using a government ID (i.e., driver’s license). Once your ID is confirmed, you can send money using Wise or order a Wise debit card.
Opening a balance
Now that your account and details are verified, you can open a multi-currency account and access your account balance. Wise supplies the following step by step guide to using your balance:
- Choose which currency you’d like to add to, then click Add money.
- When you add money to your personal balances, make sure it comes from your personal bank account.
- If you want to add money to your business account, make sure the money comes from your company’s bank account.
With your balance and Wise account, you will be able to:
- Convert money between your currencies in seconds whenever you need at the real exchange rate with a low conversion fee.
- Send money directly from any currency in your account to pay bills, send money to friends and family, and more.
- Spend money with your Wise card.
- Set money aside in a jar.
To send money, type how much you would like to send or how much you would like your international recipient to receive in their currency. If you enter the amount into the recipient box, Wise will tell you exactly how much you must send.
Next, select what kind of transfer you are making; if you’re making a payment from a business account, it will be a business payment.
You will have to specify to whom the money will be sent; a minimum of the recipient’s email is needed. You can send money directly into the recipient’s bank account, or you don’t have their details, Wise will email them asking for their details.
Finally, you will review your transfer details and select your transfer type/ how you will pay for the money transfer.
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