The basic process: Wise sends the money directly to your bank
Wise (formerly TransferWise) transfers money to your bank account by connecting to your bank's receiving system. You initiate the transfer from your Wise account, provide your bank's details, and Wise deposits the funds directly. The money arrives in your bank account, not in a separate Wise wallet that you then have to move again.
The transfer happens in one step from Wise's side, but the actual arrival time depends on your bank's processing speed and whether you're transferring domestically or internationally. Domestic transfers within the US typically arrive within one to two business days. International transfers take longer—usually three to five business days—because they move through correspondent banking networks.
Key Takeaways
- You initiate the transfer from inside your Wise account by selecting your bank account as the destination and entering the amount.
- Wise needs your bank's routing number and your account number to send the money; you provide these details during the transfer setup.
- Domestic US transfers usually arrive within one to two business days; international transfers take three to five business days or longer depending on the receiving country.
- Wise charges a fee for transfers, which varies by currency pair and transfer amount—you see the exact fee before you confirm the transfer.
- If money doesn't arrive after the expected timeframe, contact Wise support with your transfer reference number, which you receive immediately after initiating the transfer.
Step-by-step: How to set up the transfer
Log into your Wise account on the website or mobile app. On the home screen, select "Send money" or "Transfer to your bank" (the exact wording varies by app version). Choose the currency you want to send and the amount.
On the next screen, select your bank account as the recipient. If this is your first transfer to that bank account, you'll need to enter your bank's routing number, your account number, and the account holder's name. Wise will ask whether the account is checking or savings. Double-check these details—a wrong routing or account number will cause the transfer to fail or go to the wrong account.
Review the fee Wise is charging. This appears as a separate line item before you confirm. The fee depends on the currency pair (for example, USD to GBP costs differently than USD to EUR) and the amount you're sending. Confirm the transfer. Wise will show you a reference number immediately—save this number in case you need to contact support.
What happens after you confirm: Timeline and tracking
Wise processes your transfer within minutes of confirmation. You'll see the money deducted from your Wise balance right away. The transfer then moves into Wise's outgoing queue, and you can track its status in the "Activity" or "Transfers" section of your Wise account.
For domestic US transfers, your bank typically receives the funds within one to two business days. This timeline assumes your bank processes ACH transfers on a normal schedule—transfers initiated on a Friday evening may not arrive until Tuesday. International transfers take longer because they must pass through intermediary banks in the receiving country. A transfer to the UK, for example, usually arrives within three to five business days, but some countries' banking systems add extra delays.
Wise's tracking will show you when the money has left Wise's system and entered your bank's system. After that point, the timeline is controlled by your bank, not Wise. If your bank's website shows the money hasn't arrived by the expected date, contact your bank first—they can tell you whether the transfer is still in process or if there's a problem on their end.
Fees and exchange rates: What Wise actually charges
Wise charges two things: a transfer fee and an exchange rate markup (if you're converting currency). The transfer fee is a flat amount that varies by currency pair and transfer size. For a USD to GBP transfer, the fee might be $2.50 to $4.00 depending on the amount. Wise shows you the exact fee before you confirm, so you know the total cost upfront.
If you're converting currency, Wise applies its mid-market exchange rate plus a small markup. The markup is typically 0.5% to 1.5% depending on the currency pair. This is usually cheaper than what a traditional bank charges, but it's not the absolute best rate you could theoretically get. You can see the exact exchange rate and markup Wise is using before you confirm the transfer.
The fee is deducted from the amount you're sending, not added on top. If you send $1,000 and the fee is $3, your bank account receives $997.
When transfers fail or don't arrive on time
A transfer can fail if you entered your bank details incorrectly. Wise will usually catch a bad routing number and reject the transfer before it leaves their system, in which case the money returns to your Wise balance within a few hours. If the routing number is valid but the account number is wrong, the transfer may be rejected by your bank, and the money returns to Wise within five to ten business days.
If a transfer doesn't arrive by the expected date, first check your Wise account to confirm the transfer actually completed. Look for the reference number and the status. Then log into your bank account and search your transaction history for any incoming transfer from Wise or from an intermediary bank. Banks sometimes show the sending bank's name rather than "Wise" in the description.
If the money has left Wise but hasn't arrived at your bank after the expected timeframe, contact Wise support through the app or website. Have your transfer reference number ready. Wise can check whether the transfer is stuck in the banking system or if there's a problem on your bank's end. In rare cases, Wise may need to file a trace with the intermediary banks to locate the transfer.
Transferring from Wise to a joint account or someone else's account
You can transfer money from your Wise account to a bank account in someone else's name, but Wise requires that the account holder's name match the name on your Wise account. If your name is John Smith and you try to send money to an account held by Jane Smith, Wise will reject the transfer during setup.
For a joint account, enter the primary account holder's name (the first name listed on the account). Most banks accept transfers to joint accounts as long as the name you provide matches one of the account holders. If you're unsure, contact your bank before initiating the transfer to confirm they'll accept a transfer to the joint account under the primary holder's name.
If you need to send money to someone else's account, you'll need to withdraw the money from Wise to your own bank account first, then transfer it from your bank to the other person's account. Wise does not support third-party transfers.
Frequently Asked Questions
Can I cancel a transfer after I've confirmed it?
If the transfer hasn't left Wise's system yet, you can cancel it from your Wise account and the money returns to your balance within minutes. Once the transfer has been sent to your bank, you cannot cancel it through Wise. You'll need to contact your bank to attempt to recall the transfer, though banks can only recall transfers within a limited window (usually 24 to 48 hours) and success is not may provide.
What's the difference between Wise and a regular bank transfer?
Wise typically charges lower fees and offers better exchange rates than traditional banks for international transfers. For domestic US transfers, Wise uses the same ACH system your bank uses, so the speed is similar. The main advantage of Wise is cost, not speed. If you're sending money internationally, Wise is usually cheaper than a wire transfer through your bank.
Do I need to verify my bank account before transferring money?
Wise does not require you to verify your bank account before sending money to it. However, your bank may have limits on how much you can receive from external sources without additional verification. If your transfer is rejected or limited, your bank will contact you with next steps.
How long does Wise keep money in my account if I don't transfer it?
Wise holds your money indefinitely as long as your account is active. There is no time limit for how long you can keep a balance in Wise before transferring it out. However, if your account is inactive for an extended period (typically two years or more), Wise may close it and return your balance to your bank account on file.
Can I set up automatic recurring transfers from Wise to my bank?
Wise does not offer automatic recurring transfers. You must initiate each transfer manually through your Wise account. If you need regular transfers, you can set up a reminder to transfer money on a schedule, but the transfer itself requires your action each time.