It is an online payment service for sending and receiving money and one of the best international money transfer
companies. Wise operates in most countries and offers various benefits to its users, which we will explore in this
article. You can rely on Wise for your financial transactions with ease and security. Now, let's go through how to
create an account and use it effectively.
What is Wise?
Wise, formerly known as TransferWise, is an online platform for receiving and sending money quickly and easily
across various currencies and countries at the lowest possible fees. It also allows users to pay bills, shop online,
and access other financial services.
Founded in 2011 by entrepreneurs Kristo Käärmann and Taavet Hinrikus in England
, Wise quickly gained traction. In its first year, the platform handled transactions worth approximately €10
million.
Wise Bank Fees and Charges
"Wise offers transparent pricing by clearly displaying the exact fees that will be deducted from your transfer before you proceed. With Wise's easy-to-use fee calculator, you can instantly check the total cost of your international transfer, including exchange rates and all associated fees. This feature ensures there are no hidden charges, making Wise a reliable choice for international money transfers. Visit the Wise homepage today and use the simple calculator to get an accurate estimate for your next transfer."
(The article continues with detailed fee breakdowns and examples.)
How to Calculate Wise Fees and Charges
"Calculating Wise fees and charges is straightforward with Wise's transfer fee calculator. To begin, enter the amount you wish to send (e.g., 100 GBP) and select your desired currency. Instantly, you'll see the equivalent amount in your local currency.
In the center of the Wise interface, you’ll find a comprehensive fee breakdown that shows both the fees deducted by Wise and any additional bank charges based on your chosen payment method (such as credit card, debit card, or other options). Afterward, the system will calculate and display the final amount you'll receive after all transfers and fees are applied.
For example, when sending 100 GBP, the final amount received could be 97.74 GBP after Wise's fees are deducted. This same process can be used to estimate fees for any currency transfer, helping you understand the true cost before finalizing your transaction."
Wise Account Maintenance Fees
- If your Wise account balance is below $15,000 annually, there are no administrative or
maintenance fees.
Transaction & Withdrawal Fees
"Receiving and withdrawing money with Wise involves fees that can vary depending on factors like the country, currency, and amount transferred. To get an accurate estimate of the fees, you can use Wise's fee calculator to see the exact charges before proceeding with your transaction.
For international payments, Wise applies a fee of 0.41% of the total transferred amount, along with a 2% currency conversion fee based on current market exchange rates.
Bank card withdrawals:
- Personal accounts: 1.25% fee for credit card withdrawals and 3.8% for debit card withdrawals.
- Business accounts: Fees start at 1.1% and can go up to 4.33% for card withdrawals.
Wise Debit Card:
- The card issuance fee typically ranges from $5 to $9, deducted directly from your Wise balance.
- If your payments exceed $15,000, you may qualify for a free card issuance.
Wise offers a clear and transparent breakdown of all fees associated with withdrawals, currency conversions, and card issuance, ensuring that you can plan your finances effectively."
How to Create a New Wise Account
"Creating a Wise account is quick, free, and accessible on both your mobile phone and computer. Follow these simple steps to open your Wise account and start transferring money internationally:
- Visit the Wise website or download the Wise app from your mobile store (available on both Android and iOS).
- Sign up by entering your email address and creating a secure password.
- Verify your identity by uploading a government-issued ID and a selfie (this is required for security purposes).
- Add your bank details or link your credit/debit card to fund transfers.
- Start transferring money to international recipients or use Wise for personal or business payments.
Wise offers a straightforward and secure process to set up an account, allowing you to send and receive money globally with transparent fees."
1. Go to the official Wise website and click on "Register" at the top of the page.
2. Enter your email address in the provided field, or choose the Google account option below if you're already
signed in to your Gmail.
Next Steps for Creating a Wise Account
- Select your country – Wise supports most Arab countries. Click Continue after choosing your country.
- Enter your phone number – Wise will send you a verification code via SMS. Enter the code in the provided field and click Continue.- Set up a password – Create a strong password with at least 9 characters. You can also use a suggested password from Google and save it in your browser.
- your email – Wise will send a confirmation email. Go to your inbox, open the email, and click Confirm your email to proceed.
- Enter your personal details – Fill in your information exactly as it appears on your national ID or passport, including:
- First and middle name
- Last name- Date of birth
- Country
- City
- Address
- Postal code
Finalizing Your Wise Account & Sending Money
Finalizing Your Wise Account Setup
-Ensure all details match exactly with your national ID and proof of address (such as a utility bill, bank statement, or official document).
-Once entered, click “Save” to confirm your details.-Your Wise account is now successfully created! 🎉 Wise’s support team may contact you via email to request additional documents based on your financial activities and account type.
How to Send Money via Wise
You can send money to over 70 countries worldwide using Wise, as long as the recipient has a bank account and IBAN number. The recipient will receive the money as a local payment without extra fees for receiving.
Steps to Send Money:
Log into your Wise account
Click on the “Send” buttonWise’s fee calculator will appear, showing:
-Total fees
-Exchange rates
-Final amount the recipient will receive
-Select your payment method (bank transfer, debit card, etc.), then click Continue
Enter the recipient’s details:
-Name, email, or phone number (linked to their Wise account)
-Add the recipient’s bank account details
-Click “Add a recipient” and enter their IBAN or bank account number
Choose the recipient type:
-Your other personal account (if you’re transferring to yourself abroad)
-Another person’s account
-A business or organization account
Search for the recipient by name on Wise or manually enter their full bank details
-Verify your identity via email or QR code
-Submit ID verification
-Choose your country and upload a clear image of your passport, national ID, or driver’s license
-Complete the final steps, enter the amount to be sent, and click “Confirm” to process the transfer 🚀
Now your money is on the way! 💸
How to Transfer Money from Wise to Payoneer
Log in to your Wise account.
Click on “Send Money”.Select “Transfer from your Wise account”.
Choose the same currency as your Payoneer account (e.g., USD).
You’ll be redirected to Payoneer—select “Personal Transfer”.
Go to your Payoneer account → “Banks & Cards” → “Receiving Accounts”.
Choose your Payoneer USD account.
Copy the account details.
Paste the details into Wise under recipient’s account fields.
Click “Continue”, and the money will be transferred to Payoneer within 3 business days.
What is the Wise Mobile App?
The Wise app makes sending and receiving payments more accessible on smartphones. Features include:
✅ International Transfers to over 70 countries
✅ Real-time Exchange Rates
✅ Bill Payments & Transfers to Friends & Family
✅ Bank Transfers & Card Payments (Debit/Credit)
✅ Apple Pay & Google Pay Support
✅ Instant Transfers in Some Cases
Download the Wise App:
📲 Wise for Android (Google Play)
📲 Wise for iPhone (App Store)
How to Withdraw Money from Wise?
Two ways to withdraw funds:
Using a Wise Card: Withdraw money from any ATM
Bank Transfer: Transfer funds directly to your bank account
How to Receive Money on Wise?
Log into your Wise account → Go to Settings
Click “Activity” → Select “Receive Money”Verify your account via SMS code
Enter the verification code sent to your phone
Choose your preferred currency
Click “Continue” and complete the process
Your money is now available in Wise! 🎉
Pros of Wise
✅ Fair Exchange Rates – Wise secures rates to prevent currency fluctuations
✅ Direct Transfers – No need to create a Wise account to receive money
✅ Global Support – Transfers to 60+ countries with minimal fees
✅ Multi-Currency Accounts – Manage up to 5 currencies under one account
✅ No Minimum Transfers – Send from $1 up to $200,000 per day
✅ High Security & Compliance – Regulated by financial authorities
Cons of Wise
❌ Requires ID Verification (Passport/National ID)
❌ No Wise Card in Arab & North American Countries
❌ Frequent Identity Verification Requests
❌ High Transfer Fees (Starting at $2 per transaction)
❌ No Cash Pickup Option
❌ Limited Customer Support
Wise vs. PayPal – What’s the Difference
Frequently Asked Questions (FAQ)
Is Wise safe and reliable?
Yes, absolutely! Wise is a very safe and trustworthy platform used by millions of people worldwide.
What are the transfer fees in Wise?
Wise offers very reasonable transfer fees, calculated as a small percentage of the transfer amount. However, fees vary based on the amount and currency type. For example, transferring 1 GBP to EUR incurs a 0.35% fee, while transferring EUR to GBP has a 0.5% fee plus a fixed charge of 2 EUR. Notably, you receive transfers at the real exchange rate without any markups, which sets Wise apart from other online banking services.
Does Wise operate in Arab countries and support transfers within the region?
Yes, Wise operates in the Arab market and supports money transfers to countries such as Egypt and Morocco. Additionally, it offers both sending and receiving services in the United Arab Emirates. Transfers are processed in each country's local currency, while international currencies like USD can be sent to Morocco, UAE, Bahrain, Saudi Arabia, Qatar, Kuwait, Lebanon, and Tunisia.
This guide has provided a comprehensive overview of Wise, including its features, drawbacks, and how to use it. One of Wise's biggest advantages is its ease of use, allowing you to transfer money in multiple currencies to different countries worldwide. It also supports linking with various bank accounts and cards while charging low fees.
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