Getting paid internationally used to be a hassle, with hidden fees and complicated processes. When I discovered Wise, everything changed. It’s a game-changer for anyone who wants to receive payments quickly and affordably from around the world. Whether you’re freelancing, running a business, or just splitting costs with friends abroad, Wise makes it seamless.

I know how frustrating it can be to deal with confusing payment platforms. That’s why I’m excited to share how you can get paid on Wise without breaking a sweat. From setting up your account to understanding how transfers work, I’ll walk you through the essentials so you can start receiving money with ease.

What Is Wise?

Wise, previously known as TransferWise, is an international money transfer service designed to make global payments affordable, fast, and transparent. Founded in 2011, it offers low-cost transfers using real exchange rates, avoiding inflated rates commonly applied by banks.

The platform caters to individuals, freelancers, and businesses, providing options like multi-currency accounts for seamless cross-border transactions. It supports over 50 currencies, enabling users to send, receive, and hold money globally without excessive fees.

Wise eliminates unnecessary intermediaries by utilizing local bank systems, resulting in faster processing times and reduced costs. By prioritizing fairness and transparency, it has become a reliable choice for millions worldwide.

Setting Up Your Wise Account

Creating a Wise account is straightforward, taking only a few minutes. After signing up, verifying your identity is essential to access all features.

Creating An Account

To create an account, visit the Wise website or download the mobile app. Select “Sign Up” and choose whether you’re registering as a personal or business user. Enter your email, create a secure password, and specify your country of residence. You can also use Google, Apple, or Facebook credentials for faster registration.

After completing the form, confirm your email address through the link sent to your inbox. Once verified, log in to your account to explore its features, including sending, receiving, or holding funds.

Verifying Your Identity

Identity verification is required for security and regulatory compliance. To start this process, navigate to the “Personal Details” or “Profile” section within your account.

Provide basic details like your full name, date of birth, and address. Upload a government-issued ID such as a passport, driver’s license, or national ID card. In some cases, you may need to provide additional documents like a utility bill, especially for proof of address.

Wise typically reviews documents within 2-3 business days, but processing times can vary based on the demand. Once verified, your account becomes fully operational, allowing you to receive payments without interruptions.

How To Get Paid On Wise

Getting paid with Wise is straightforward, no matter the currency or payment method. I’ll explain how to share your details, receive payments in various currencies, and use Wise Business for invoices.

Sharing Your Wise Details

Sharing your Wise account details ensures easy and accurate payments. When logged into my account, I access my balances section to find local account details like IBANs for EUR or account and routing numbers for USD. I share these details with payers to enable direct transfers. Wise-generated account details match local banking systems, allowing payments as if they were domestic.

Receiving Payments In Different Currencies

Receiving money in over 50 supported currencies is simple with Wise. I provide payers with my details, and when payments arrive, the platform automatically credits them to the corresponding currency balance. If I don’t hold a balance in that currency, Wise notifies me, and I can opt for conversion at the real exchange rate. This flexibility minimizes conversion losses, especially for frequent currency changes.

Using Wise Business For Invoices

With Wise Business, I can create professional invoices and accept payments globally. The feature allows me to include local payment details on invoices, making it easier for clients to transfer funds. Wise Business supports multi-currency account access, eliminating issues related to invoicing and payment in foreign markets.

Wise Fees And Transaction Times

Wise provides transparent fees and fast processing times, offering a reliable solution for international payments. Below, I explain the platform’s fee structure and average transaction durations.

Understanding Wise’s Fee Structure

Wise charges low, transparent fees based on the transaction amount and payment method. For most transfers, the cost includes a small percentage (typically around 0.35%-1%) and a fixed fee. For example, transferring $1,000 in USD to EUR might cost $5.01, comprising the fixed and percentage-based fees.

Currency conversion uses the mid-market exchange rate without hidden markups. Payment method impacts fees, as bank transfers tend to cost less than payments via debit or credit cards. Wise provides a fee calculator on its platform, allowing users to estimate costs before completing a transfer.

Typical Transfer Times

Transfer times on Wise vary based on the source and destination countries, currency, and payment method. Local transactions often process within seconds, while international transfers typically settle within 1-2 business days. For instance, EUR-to-USD payments may complete in 24 hours if sent during business hours and depending on bank processing times.

Faster methods, like instant payments via compatible systems, may incur additional costs. Wise notifies users of expected delivery times during setup, keeping transactions predictable and transparent. The combination of speed and reliability fits the needs of freelancers, businesses, and individuals managing global payments.

Advantages Of Getting Paid On Wise

Getting paid on Wise offers several benefits that make it a standout choice for managing international payments.

• Low Fees: Wise charges significantly lower fees compared to traditional banks and payment platforms. For instance, transferring $1,000 from USD to EUR might cost approximately $5.01, including a small percentage and fixed fee, saving a considerable amount on transactions.
• Real Exchange Rates: Wise uses the mid-market exchange rate without hidden markups. Unlike other platforms that include additional costs in conversion rates, Wise ensures you receive the full value during currency exchange.
• Multi-Currency Support: Users can receive payments in over 50 currencies. For example, USD, EUR, and GBP payments are credited directly to corresponding currency balances, while conversions for unsupported currencies happen seamlessly at the real exchange rate.
• Speedy Transfers: Local payments often settle within seconds, and international transactions typically complete within 1-2 business days. Notifications about expected delivery times provide clarity, ensuring timely access to funds.
• Transparency: All costs, including fees and exchange rates, are disclosed upfront. Wise’s platform eliminates the uncertainty of hidden charges, keeping the payment process clear and predictable.
• Professional Tools: Features like Wise Business simplify invoicing for freelancers and businesses. Including local bank details on invoices reduces barriers during cross-border transactions and fosters trust with international clients.
• Global Accessibility: Wise supports users in over 170 countries, making it accessible to individuals and businesses dealing with clients worldwide. The ability to hold, send, and convert funds enhances global financial flexibility.

These advantages streamline the process of receiving payments globally while minimizing costs and inefficiencies.

Conclusion

Wise has transformed the way we handle international payments by offering a simple, affordable, and transparent solution. Whether you’re a freelancer, a business owner, or someone receiving money from abroad, Wise makes the process seamless and cost-effective. Its real exchange rates, minimal fees, and multi-currency support set it apart from traditional banking options. With Wise, getting paid globally no longer feels like a hassle—it’s straightforward, reliable, and designed to meet modern financial needs.

Frequently Asked Questions

What is Wise, and how does it simplify international payments?

Wise, formerly TransferWise, is a platform that enables low-cost international payments. It uses real exchange rates, without hidden fees, and supports over 50 currencies. By bypassing traditional bank processes and using local systems, Wise ensures faster transactions and transparency.

How do I create a Wise account?

Setting up a Wise account is easy via their website or mobile app. You’ll need to provide personal details, upload a government-issued ID for verification, and wait 2-3 business days for approval. Once verified, you can start receiving payments seamlessly.

What currencies can I receive payments in with Wise?

Wise supports over 50 currencies, allowing you to accept payments globally. If you don’t have a balance in a specific currency, Wise converts it using real exchange rates with minimal fees.

How does Wise handle fees for currency conversion?

Wise charges low fees based on the transfer amount and payment method, typically around 0.35%-1% plus a small fixed fee. It uses the mid-market exchange rate, ensuring no hidden markups.

How long do Wise transfers take?

Local transactions often process instantly, while international transfers typically settle within 1-2 business days. Wise notifies you of estimated delivery times during setup for better transparency.

Can Wise be used by businesses?

Yes, Wise Business offers features like professional invoicing with local account details. This simplifies international transactions and strengthens trust with global clients, making it ideal for businesses.

How does Wise ensure fair exchange rates?

Wise uses the mid-market exchange rate, which is the fairest rate without hidden markups or extra charges. This ensures you get the best value for your transactions.

Is Wise available worldwide?

Wise operates in over 170 countries, making it highly accessible for individuals and businesses globally. It’s an excellent solution for anyone dealing with cross-border payments.

Are Wise’s fees disclosed upfront?

Yes, Wise’s fee structure is fully transparent. Users are informed of all costs during setup, eliminating uncertainties and hidden charges, ensuring a clear and reliable experience.

Why should I use Wise instead of a traditional bank?

Wise offers significantly lower fees, faster processing times, real exchange rates without markups, and multi-currency support. It’s a cost-effective and efficient alternative to traditional banks for international payments.