What Wise does and how the transfer works
Wise (formerly TransferWise) is a money transfer service that moves money from your bank account to someone else's bank account, usually across borders or between countries. You start the transfer from a Wise account you create online, and the money lands in the recipient's bank account in their local currency.
The process works like this: you log into Wise, enter the recipient's bank details and the amount you want to send, Wise converts the money at the real mid-market exchange rate (if you're sending internationally), and then transfers it to the recipient's bank. The recipient never needs a Wise account—the money goes straight into their regular bank account.
Wise charges a flat fee plus a percentage of the amount you send, depending on the currency pair and the payment method you use. The fee is shown before you confirm the transfer, so you know the exact cost upfront.
Key Takeaways
- You need a Wise account (created online with your email and ID verification) and the recipient's full bank account details, including their IBAN, routing number, or account number depending on their country.
- Wise converts money at the real mid-market exchange rate for international transfers, which is typically cheaper than what banks charge.
- The transfer speed depends on the destination country and the recipient's bank, ranging from same-day to five business days.
- You fund the transfer from your own bank account using a bank transfer (ACH in the US), debit card, or balance in your Wise account.
- Wise protects your money with encryption and fraud monitoring, and you can cancel a transfer before it leaves Wise's system.
Setting up your Wise account and verifying your identity
Go to wise.com and click the sign-up button. Enter your email address and create a password. Wise will ask for your full name, date of birth, address, and phone number. You'll need to verify your identity by uploading a photo of your passport, driver's license, or national ID card—take a clear photo of the front and back, or upload a scan.
Wise checks your documents automatically in most cases and confirms your identity within minutes. If there's an issue with the photo quality or the information doesn't match their records, they'll ask you to resubmit. Once verified, your account is active and you can send money immediately.
Keep your login details secure and enable two-factor authentication in your account settings. This adds a second verification step when you log in from a new device, which protects your account if someone gets your password.
Entering the recipient's bank details correctly
When you start a transfer, Wise asks for the recipient's bank account information. The exact details required depend on which country the money is going to. For US accounts, you'll need the recipient's routing number and account number. For European accounts, you'll need their IBAN (International Bank Account Number). For other countries, Wise specifies what information is needed—the form updates based on the country you select.
Double-check every digit of the account number and routing number before you confirm. If you enter the wrong account number, the money may go to someone else's account, and recovery is difficult. Wise allows you to save recipient details for future transfers, which saves time if you send to the same person regularly.
If you're unsure of the recipient's bank details, ask them to provide their full account information or a bank statement showing their account number. Some banks print this on debit cards or statements. Never guess or use partial information.
Funding your transfer and paying Wise
Wise offers three main ways to fund a transfer: bank transfer (ACH in the US), debit card, or money already in your Wise balance. Bank transfers are free but take one to two business days to arrive at Wise. Debit card payments are instant but carry a small fee (usually 1 to 2 percent of the amount). If you have money sitting in your Wise account from a previous transfer or deposit, you can use that balance immediately with no additional fee.
When you choose your payment method, Wise shows you the total cost: the Wise fee plus any payment method fee, minus the amount that will actually reach the recipient. This total is locked in at the time you confirm, so exchange rates or fees won't change after you've agreed to the transfer.
For bank transfers, Wise gives you a unique reference number to include with your payment. Use this reference exactly as shown—it tells Wise which transfer the incoming money belongs to. If you send money without the reference, Wise may not know which transfer to credit, and you'll need to contact support to sort it out.
How long the transfer takes and tracking it
Transfer speed depends on the destination country and the recipient's bank. Transfers within the US typically arrive the same day or next business day. Transfers to Europe usually take one to two business days. Transfers to other regions can take two to five business days. Wise shows you an estimated delivery date when you confirm the transfer.
Once you've sent the money, Wise sends you a confirmation email with a tracking reference. Log into your Wise account and click on the transfer to see its status in real time. The status updates as the money moves through the system—you'll see when it leaves Wise and when it arrives at the recipient's bank.
If a transfer is delayed beyond the estimated date, contact Wise support with your transfer reference number. Delays are usually caused by the recipient's bank taking longer to process incoming transfers, not by Wise. Wise can sometimes contact the recipient's bank to speed things up, but there's no may provide.
What happens if something goes wrong
If you sent money to the wrong account number, contact Wise immediately. If the transfer hasn't left Wise's system yet, they can cancel it and refund your money. Once the money has been sent to the recipient's bank, Wise can't reverse it directly—you'll need to contact the recipient's bank to request a reversal, which may take weeks and isn't always successful.
If the recipient's bank rejects the transfer (for example, because the account is closed or the details don't match), the money returns to your Wise account automatically. Wise notifies you by email when this happens, and you can then resend the money with corrected details or withdraw it back to your bank account.
If you suspect fraud or unauthorized activity on your Wise account, change your password immediately and contact Wise support. Wise monitors transfers for suspicious patterns and may freeze your account temporarily while they investigate. This is a security measure to protect you and other users.
Frequently Asked Questions
Can I send money to a bank account that isn't in the recipient's name?
No. Wise requires the account to be in the recipient's name for compliance reasons. If you're sending to a joint account, the recipient's name must be on the account. Sending to an account in someone else's name violates Wise's terms and may result in the transfer being rejected or your account being closed.
What if the recipient's bank doesn't accept transfers from Wise?
This is rare but can happen with very small or regional banks. Wise will tell you during the transfer setup if there's a problem with the recipient's bank. If the bank rejects the transfer, the money returns to your Wise account within a few days, and you can try a different payment method or contact the recipient's bank directly to ask why they rejected it.
Do I need to report Wise transfers to the IRS or my bank?
Wise transfers are regular bank transfers and follow the same reporting rules as any other money movement. If you're sending large amounts internationally, your bank or the IRS may ask about the source of the funds for tax or anti-money-laundering reasons. Keep records of what the money was for. Wise also reports large transfers to financial authorities as required by law.
Can I cancel a transfer after I've sent it?
You can cancel a transfer only if it hasn't left Wise's system yet. Once Wise has sent the money to the recipient's bank, cancellation isn't possible. Check your transfer status in your Wise account—if it still shows "processing" or "pending", you may be able to cancel. If it shows "sent" or "delivered", it's too late.
What's the maximum amount I can send with Wise?
Wise doesn't publish a single maximum limit. Your limit depends on your account history, verification level, and the destination country. New accounts typically have lower limits that increase as you send more transfers. If you hit a limit, contact Wise support—they can sometimes raise it for you or explain what you need to do to increase it.