Send Money Abroad Confidently with Wise: Your Complete Guide

This guide will walk you through everything you need to know to use Wise for international money transfers. You’ll learn how to set up an account, understand Wise fees, send money abroad securely, and avoid common pitfalls. By the end, you’ll be able to send money internationally with confidence, saving time and potentially money compared to traditional methods. This guide is designed for beginners, so don’t worry if you’ve never sent money internationally before.

Before You Start

This section covers what you need before you begin and sets expectations for the process.

What You’ll Need:

• A valid government-issued ID (like a passport or driver’s license) for verification.
• Your bank account details (account number, sort code/SWIFT/BIC).
• The recipient’s bank account details (name, account number, IBAN, SWIFT/BIC).
• A stable internet connection.
• A smartphone or computer.
• About 30-60 minutes for initial setup and your first transfer. Subsequent transfers are much faster.

Difficulty Level: Beginner. We assume no prior knowledge of international money transfer services.

Estimated Time Commitment:

• Account Setup & Verification: 15-30 minutes
• First Transfer: 15-30 minutes
• Subsequent Transfers: 5-15 minutes

Prerequisites:

• You must be over 18 years old.
• You must have a bank account in your country of residence.
• You need to know the exact details of the person you are sending money to.

If you don’t have a bank account or accurate recipient details, it’s best to gather these before proceeding.

Preparation Steps

This section details the necessary preparation before you can start sending money.

1. Create Your Wise Account

This is your first step to unlocking Wise’s international money transfer services.

• Why: You need an account to access all of Wise’s features, including sending and receiving money.
• Action:

1. Go to the Wise website (wise.com) or download the Wise app from your smartphone’s app store (available on iOS and Android). The app interface looks very similar to the website.
2. Click on “Sign up” or “Get started”.
3. Choose whether to sign up as an individual or a business. For personal transfers, select “Individual”.
4. Enter your email address, create a strong password, and select your country of residence.
5. Click “Sign up”. You’ll receive a confirmation email.
6. Open the email and click the confirmation link to activate your account.

• Time Estimate: 5 minutes.

2. Verify Your Identity

Wise requires identity verification for security and to comply with financial regulations.

• Why: This step is crucial for preventing fraud and ensuring that Wise meets legal requirements. It builds trust and allows for higher transfer limits.
• Action:

1. Log in to your newly created Wise account.
2. You’ll likely be prompted to verify your identity. If not, navigate to your “Profile” or “Account Settings” and look for a “Verification” section.
3. Wise will ask for some personal information, including your full name, date of birth, and address. Enter this accurately.
4. You will then need to upload a picture of a valid government-issued ID. This could be a passport, driver’s license, or national ID card. Ensure the photo is clear, well-lit, and all four corners are visible.
5. Some users may also be asked for proof of address (like a utility bill or bank statement).
6. Follow the on-screen prompts to upload your documents. Wise uses advanced security to protect your data.

• Acknowledgement: This can feel a bit like a bureaucratic hurdle, but it’s a standard and important security measure for any financial service.
• Time Estimate: 10-20 minutes (including taking photos and uploading). Verification itself can take a few hours to a couple of business days depending on demand.

3. Add Your Bank Details

This prepares Wise to send money from your account.

• Why: Wise needs to know where to take the money from for your transfer.
• Action:

1. Once verified, navigate to the “Home” or “Send money” section of your Wise account.
2. You will be asked to provide your bank account details. This typically includes your bank name, account number, and sometimes your routing number or other specific codes depending on your country.
3. Enter this information precisely as it appears on your bank statements or your bank’s online portal.

• Time Estimate: 3-5 minutes.

Step-by-Step Instructions: Sending Your First International Money Transfer

Now that you’re set up, let’s send some money!

Section A: Setting Up the Transfer

Step 1: Initiate a New Transfer

This is where you tell Wise where the money is going and how much.

• Why: To start the process of sending funds.
• Action:

1. From your Wise dashboard or the app’s main screen, click “Send money”.
2. You’ll see fields to enter the amount you want to send and the currency you’re sending in.
3. Next, select the currency you want the recipient to receive. Wise automatically shows you the mid-market exchange rate.
4. Enter the amount you want to send or the amount you want the recipient to receive. Wise will immediately show you the exchange rate and any applicable fees.

• Visual Cue: You’ll see a breakdown like “You send X, Recipient gets Y, Fee Z”. This transparency is a key feature of Wise.
• Time Estimate: 2 minutes.

Step 2: Add Recipient Details

You need to tell Wise who the money is for.

• Why: This ensures the money reaches the correct person or business. Incorrect details can cause delays or the transfer to fail.
• Action:

1. If sending to someone for the first time, click “Add a recipient”.
2. You’ll be asked for the recipient’s full name, their country of residence, and their bank details.
3. For most countries, this will include their bank name, account number, and IBAN (International Bank Account Number). For countries like the US, it might be a routing number and account number.
4. Caution: Double-check all recipient details. An incorrect IBAN or account number is the most common reason for transfers to go wrong. If you’re unsure, ask the recipient to check their bank statement or contact their bank.
5. Once entered, you can save the recipient for future transfers.

• Time Estimate: 5-10 minutes (more if you need to get details from the recipient).

Step 3: Choose Your Payment Method

This is how you’ll pay Wise for the transfer.

• Why: You need to fund the transfer, and different methods have different speeds and costs.
• Action:

1. Wise will present you with payment options. Common methods include:

• Bank Transfer (ACH, SEPA, etc.): Usually the cheapest but can take a day or two to process.
• Debit/Credit Card: Faster but often incurs slightly higher fees.
• Wire Transfer: Generally more expensive and takes longer.

2. Select the method that best suits your needs for speed and cost. For most users, a standard bank transfer is recommended for better value.

• Time Estimate: 1 minute.

Section B: Completing and Tracking Your Transfer

Step 4: Review and Confirm

A final check before you commit.

• Why: This is your last chance to catch any errors before the money is sent.
• Action:

1. Wise will show you a summary of your transfer: the amount you send, the exchange rate, the fees, and the total cost.
2. Confirm that the recipient’s details and the amounts are exactly as you intended.
3. If everything looks correct, click “Confirm” or “Send money”.

• Visual Cue: Ensure the “Recipient gets” amount matches your expectation based on the exchange rate.
• Time Estimate: 1 minute.

Step 5: Make Your Payment

This is where you fund the transfer using your chosen method.

• Why: Wise needs to receive your funds before they can send them to the recipient.
• Action:

1. Follow the instructions for your chosen payment method.
2. If you chose “Bank Transfer”, Wise will provide you with their bank details and a reference number. You will then need to log in to your online banking or visit your bank to make the payment, ensuring you include the provided reference number.
3. If you chose “Debit/Credit Card”, you will be prompted to enter your card details.

• Caution: If using bank transfer, it’s vital to use the exact reference number Wise provides. This helps them identify your payment quickly and avoids delays.
• Time Estimate: Varies by payment method.

• Bank Transfer: 5-15 minutes to initiate the payment from your bank.
• Card Payment: 2-5 minutes.

Step 6: Track Your Transfer

Wise provides excellent tools to see where your money is.

• Why: To stay informed about the progress of your transfer and know when the recipient can expect the funds.
• Action:

1. Once your payment is confirmed by Wise, your transfer will move to “In progress”.
2. You can track its progress in the “Payments” or “Activity” section of your Wise account.
3. Wise will send you email or app notifications at key stages: when they receive your money, when they send it to the recipient’s bank, and when it’s delivered.
4. You can often see the estimated delivery date, and it will update if there are any changes.

• Visual Cue: The tracking page often looks like a timeline, showing each stage your money has passed through.
• Time Estimate: 1 minute to check.

Common Mistakes and How to Avoid Them

Understanding common pitfalls helps ensure a smooth transfer.

Mistake 1: Incorrect Recipient Bank Details

• What it looks like: The transfer gets stuck, returned to you, or sent to the wrong person.
• Consequences: Significant delays, extra fees for redirection or return, or loss of funds if sent to an unreclaimable account.
• How to avoid: Double-check the recipient’s name, account number, IBAN, and SWIFT/BIC code against a reliable source (e.g., their bank statement). Ask the recipient to confirm these details with their bank.

Mistake 2: Missing or Incorrect Reference Number

• What it looks like: Your payment is not matched to your transfer, causing it to be held up or returned.
• Consequences: Delays while Wise manually matches your payment or the payment being returned to your bank.
• How to avoid: When paying via bank transfer, copy and paste the exact reference number Wise provides into your bank’s payment details. Do not omit it.

Mistake 3: Sending Money in the Wrong Currency

• What it looks like: The recipient receives less money than expected, or you pay more than intended.
• Consequences: You might end up paying more due to unfavorable exchange rates or the recipient receiving an unusable currency.
• How to avoid: Always confirm the “You send” and “Recipient gets” currencies and amounts on the review screen before confirming the transfer.

Mistake 4: Not Verifying Your Identity Promptly

• What it looks like: Your first transfer is delayed or blocked.
• Consequences: The transfer won’t proceed until verification is complete.
• How to avoid: Complete the identity verification process as soon as you create your account. Be prepared to provide clear ID documents.

Tips, Tricks & Optimization

Make your Wise experience even better.

• Use the Wise App: The Wise app (available on iOS and Android) makes sending money on the go incredibly convenient. It mirrors most of the website’s functionality and provides push notifications for transfer updates.
• The Mid-Market Rate is Your Friend: Wise is known for using the real exchange rate, the one you see on Google or Reuters, not a marked-up rate. This often means you get more for your money compared to traditional banks or other money transfer services.
• Understand Fee Tiers: Wise fees are transparent and usually consist of a small fixed fee plus a small percentage of the amount sent. The percentage can vary slightly by currency pair. Always check the fee breakdown on the Wise calculator before sending.
• Save Frequent Recipients: If you regularly send money to the same people, save their details. This saves significant time on future transfers.
• Set Up Alerts: For significant transfers, you might want to set up alerts via email or push notifications to monitor the progress closely.

Variations & Alternative Approaches

While this guide focuses on standard transfers, Wise offers more.

• Wise Borderless Accounts (now Wise Accounts): For those who travel frequently or do business internationally, a Wise Account allows you to hold money in multiple currencies, get local bank details in several countries, and convert currencies at the mid-market rate. This is a great option if you frequently receive payments from abroad or need to pay international invoices.
• Wise for Businesses: If you’re a business owner needing to pay international suppliers or employees, Wise offers a business account with features tailored for companies, including multi-user access and batch payments.
• Wise vs. Western Union/MoneyGram: While Western Union and MoneyGram are well-known, Wise generally offers better exchange rates and lower fees for standard bank-to-bank transfers. Western Union and MoneyGram excel in cash pickup services and extremely fast transfers, but at a higher cost. Wise is typically the better choice for everyday international payments.

Troubleshooting Common Issues

Here’s how to handle problems that might arise.

Issue: My transfer is taking longer than expected.

• Possible Causes:

• Recipient bank holidays or weekends.
• Incorrect bank details provided.
• Additional verification required by Wise or the recipient’s bank.
• Local bank processing times.

• Solution:

1. Check the estimated delivery date in your Wise account.
2. Review the transfer details for any errors.
3. Contact Wise support. They can investigate the status with their partners.
4. If the money has been sent but not arrived, ask the recipient to contact their bank.

Issue: My payment method failed.

• Possible Causes:

• Insufficient funds in your bank account.
• Card declined by your bank (they might flag international or online transactions).
• Entering card details incorrectly.

• Solution:

1. Check your bank balance or credit card limit.
2. Contact your bank to ensure they aren’t blocking the transaction.
3. Carefully re-enter your payment details.
4. Try a different payment method if available.

Issue: I sent money to the wrong person.

• Caution: This is the most serious issue and can be very difficult to resolve.
• Solution:

1. Immediately contact Wise support to explain the situation.
2. If the money hasn’t reached the recipient’s bank yet, Wise might be able to recall it.
3. If the money has already been credited to the recipient’s account, Wise can attempt to contact that bank to request a return. However, this is not guaranteed, and the recipient may have the right to keep the funds if they believe they are legitimately theirs.
4. Prevention is key: Always verify recipient details meticulously.

Next Steps & Building on This Skill

Once you’ve mastered basic transfers, explore more.

• Set up a Wise Account: If you send money frequently or receive international payments, opening a Wise Account provides local bank details for multiple currencies, making receiving and holding money much easier and cheaper.
• Explore Wise Business: If you manage finances for a small business, investigate the Wise Business account for its dedicated features.
• Compare Exchange Rates Regularly: Continue to monitor the exchange rates Wise offers for your common currency pairs. This helps you understand when it’s a good time to send money.
• Learn About Other Wise Features: Wise also offers a debit card that can be used internationally, often with better exchange rates than traditional bank cards.

Frequently Asked Questions

Q1: How long does it take to send money abroad with Wise?

A1: Most transfers arrive within 24 hours, but some can take up to 2 business days depending on the destination country and the banks involved. Faster options like card payments are also available for a small extra fee.

Q2: What are the Wise fees for international money transfers?

A2: Wise fees are transparent and consist of a small fixed fee plus a small percentage of the amount sent. These fees vary slightly depending on the currencies involved. You’ll see the exact fee before you confirm your transfer.

Q3: Can I use the Wise app to send money internationally?

A3: Yes, the Wise app is available for both iOS and Android devices and allows you to perform all the same functions as the website, including setting up and tracking international money transfers.

Q4: Is it safe to send money with Wise?

A4: Yes, Wise is a highly reputable and regulated financial institution. They use strong security measures and hold safeguarding licenses globally, meaning your money is protected.

Q5: What happens if I enter the wrong recipient details?

A5: If the details are slightly incorrect, the transfer might be delayed. If they are significantly wrong, the money may be returned to you, potentially with a fee. Always double-check recipient information carefully.