What Wise does and how the money reaches your bank
Wise (formerly TransferWise) is a money transfer service that moves funds from your bank account to another bank account, usually in a different country. When you send money through Wise, the service converts your currency at the real exchange rate, takes a fee, and deposits the converted amount into the recipient's bank account within one to four business days depending on the destination country and bank.
The money does not travel as a single transaction across borders. Instead, Wise holds accounts in multiple countries and moves money locally within each one. If you send dollars from the US to a UK bank account, Wise takes your dollars from your US bank, converts them at the mid-market rate, and then pays pounds from its UK account into the recipient's UK bank. This method avoids the high fees and poor exchange rates that traditional wire transfers charge.
You need a Wise account to send money, but you do not need the recipient to have one. They only need a regular bank account in the country where you are sending the funds.
Key Takeaways
- Wise transfers money from your bank account to another person's bank account, converting currency at the real exchange rate and charging a flat fee plus a small percentage.
- You create a Wise account online, link your bank account or debit card, and enter the recipient's bank details—no special codes or intermediary steps required.
- Most transfers arrive within one to four business days, though some corridors (like US to UK) often complete overnight.
- Wise shows you the exact fee and final amount the recipient will receive before you confirm the transfer, so there are no surprises.
- If the recipient's bank details are wrong, the transfer may be rejected or delayed, so double-check the account number and routing information before sending.
Setting up your Wise account and linking your bank
Go to wise.com and click the sign-up button. You will need an email address, a password, and your full name as it appears on your bank account. Wise will ask for your date of birth and address to verify your identity.
After you create your account, you must link a bank account or debit card so Wise can pull money from it. Click "Add money" or "Link account" in your Wise dashboard. You can link a US bank account by providing your routing number and account number, or you can add a debit card directly. Wise will verify the account by making two small test deposits to your bank (usually within one business day), and you confirm the amounts in your Wise account to prove you own the bank account.
Some users prefer to link a debit card instead because verification is instant, though Wise charges a slightly higher fee for card transfers than for bank transfers. If you link a bank account, the fee is lower but verification takes a day or two.
Entering the recipient's bank details and sending the transfer
Once your account is verified, click "Send money" and select the country where the recipient's bank account is located. Enter the amount you want to send in your home currency (for example, US dollars). Wise will immediately show you the exchange rate it will use, the fee you will pay, and the exact amount the recipient will receive in their local currency.
Next, enter the recipient's bank details. The fields vary by country, but typically include the recipient's full name, bank account number, and routing number (in the US) or IBAN and BIC code (in Europe and many other countries). Some countries also require a bank name or branch code. If you are unsure which code to use, Wise has a search tool where you can type the bank name and it will populate the correct codes.
Double-check every detail, especially the account number and routing information. If the details are wrong, the transfer may bounce back to Wise (which takes extra time) or be rejected by the recipient's bank. Wise does not hold responsibility for transfers sent to incorrect account numbers, so accuracy is your responsibility.
Review the fee and final amount one more time, then click "Confirm and pay." You will be asked to authenticate the payment using your bank's login or a one-time code sent to your phone, depending on your bank's security setup.
How long the transfer takes and tracking it
Most Wise transfers arrive within one to four business days. Some routes are faster: transfers from the US to the UK, Canada, or Australia often arrive overnight or within one business day. Transfers to countries with slower banking infrastructure (parts of Africa, South Asia, or Latin America) may take the full four days or occasionally longer if the recipient's bank processes payments slowly.
Wise sends you an email confirmation immediately after you send the transfer, and you can track the status in your Wise account under "Activity" or "Transfers." The status will show "Processing," "In transit," or "Delivered." Once the money reaches the recipient's bank, Wise marks it as delivered, though the recipient's bank may take a few hours to credit it to their account.
Weekends and public holidays can add delays because banks do not process transfers on those days. If you send money on a Friday evening, it may not arrive until Tuesday or Wednesday.
Fees and exchange rates
Wise charges two things: a flat fee (which varies by country pair and transfer method) and a small percentage of the amount you send. For example, a US-to-UK transfer via bank account might cost $2.50 plus 0.41% of the amount. A transfer to a less common destination might cost $5 or more.
The exchange rate Wise uses is the real mid-market rate—the rate banks use to trade currencies with each other. You can check the current mid-market rate on any financial website to verify that Wise is not marking it up. This is the main advantage Wise has over traditional banks and wire transfer services, which typically add 2% to 4% to the exchange rate as a hidden markup.
Wise shows you the exact fee and the exact amount the recipient will receive before you confirm the transfer. There are no hidden charges or surprise deductions from the final amount.
What to do if the transfer fails or takes too long
If the recipient's bank rejects the transfer because the account details are wrong, Wise will hold the money and contact you. You can either correct the details and resend it, or request a refund to your original bank account. Refunds typically take three to five business days to appear.
If the transfer is stuck in "Processing" or "In transit" for longer than the expected timeframe, contact Wise support through the app or website. Provide your transfer reference number (shown in your account activity). Wise support can check with the recipient's bank to see if there is a delay on their end or if additional information is needed.
In rare cases, the recipient's bank may hold the money pending verification from the recipient. This usually happens with large transfers or when the recipient's bank has strict anti-fraud rules. The recipient may need to contact their bank to confirm they authorized the incoming transfer.
Frequently Asked Questions
Can I send money to a savings account or does it have to be checking?
You can send to either a savings account or a checking account. The account type does not matter to Wise—it only needs to be a real bank account with a valid account number and routing information. Some recipients prefer to receive transfers into savings accounts for security reasons.
What happens if I send money to the wrong person's account?
If the account details are correct but belong to the wrong person, Wise cannot recover the money. The transfer will be delivered to that account, and you would need to contact that person or their bank directly to request a return. Always verify the recipient's name and account number with them before sending.
Is there a limit to how much I can send?
Wise sets limits based on your account age, verification level, and transfer history. New accounts typically have lower limits (often $5,000 to $10,000 per transfer), and limits increase as you use the service. You can check your limit in your account settings. For very large transfers, contact Wise support to discuss higher limits.
Do I need to tell my bank I am using Wise?
No, you do not need to notify your bank. Wise is a legitimate financial service, and your bank will see the transaction as a normal debit from your account. Your bank may ask you about it if the amount is unusually large, but there is no legal requirement to inform them in advance.
Can the recipient see that the money came from Wise?
The recipient will see that the money came from a Wise transfer, not directly from your personal bank account. The transfer will show Wise as the sending entity in their bank statement, though your name will appear in the transfer details. This is normal and does not affect the validity of the transfer.