Wise built its own payment network to avoid SWIFT, with local bank accounts around the world. It’s refreshingly simple really — when you arrange a Wise payment from the US, you make a local transfer (like an ACH for example) to the Wise USD account. Wise international payments work differently to wires sent through your normal bank.

“If you think your virtual card has been compromised, you can instantly replace your card details—this means it’s a safe and simple way to spend no matter where you are in the world,” Dakin says. Account details will be different depending on the currency. You’ll have an IBAN for your EUR balance, a sort code and account number for GBP, a routing and account number for USD, and so on.

Bank of Hawaii international wire transfer: Fees, limits, and rates

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2. For example, if you’re sending USD 1,000 from a Wise USD account to a Wise euro account, you’ll see the Wise fee and the fee for your preferred payment method (wire transfer, ACH, debit/credit card).
3. With Wise, you’re sending money locally from your bank to the Wise bank in your country, so it costs the same as a domestic transfer normally does.
4. Keep in mind that you can select default and maximum limits in the Wise app, as well as turn off certain types of payments.
5. If you’re used to sending international wires through your normal bank, the prospect of switching to a new provider can be a bit daunting.
6. First, your Wise account is an international account that lets you hold and convert money in over 40 currencies.

You can get a Wise account for business or pleasure, and the Wise debit card works anywhere that accepts Mastercard. In any of these situations, you may have higher fees, but they’ll still be lower than traditional banks in the United States (typically 2-5%). OFX enables someone to send money to people in 190 countries, while Wise is limited to fewer than 100 countries. Perhaps the biggest difference between the two is that OFX does not charge transfer fees and Wise does charge them.

Plus, Wise is protected with bank-level security and financially regulated in each country it operates in. You can send money from the U.S. to another country using a bank account (ACH), wire transfer, debit or credit card, international SWIFT network, Apple Pay or Google Pay. Pay by credit or debit card or make a local bank transfer to TransferWise’s bank account in your country. You don’t have to link your bank account to TransferWise (unless you’re sending from Canada or the US). We only use the mid-market exchange rate, and show our fees upfront.

How to deposit money into Wise

We’re committed to keeping your personal data safe, and we’re transparent in how we collect, process, and store it. We use 2-factor How to buy flow authentication to protect your account and transactions. Some transfer types have different fees which are usually tiny.

Can I have multiple account details?

“This means you can share these account details with anyone to get paid like a local, in the local currency,” Dakin says. Wise, formerly known as TransferWise, is a UK-based financial services company specialising in foreign exchange. It was founded in 2011 and, as of 2024, provides its global users with three main products—the Wise Personal Account (also known as the Wise Account), Wise Business, and Wise Platform.

If you have a balance on your Wise account, you can send the amount to another bank account you have. Also, I believe that we would have lost more than one international customer for not being able to offer them a convenient and simple payment method for our tours. At the same time, our blog, Capture the Atlas, began to grow, and soon the first payments from international companies arrived, paying us for advertising services.

In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. You’ll need to compare the bank’s rate against the rate you find for your currency pair on Google, and do the math yourself to see exactly what’s being charged. That’s an extra headache and it can mean you’re paying more than you alpari forex broker review expect for your international bank wire.

We hold all the payments we receive in our Wise account balances so when we need to make a payment, we only pay the lower fixed and variable Wise fees. Remember, you can hold over 40 currencies in your multi-currency account at no extra cost. When using your Wise debit card, there is no fee to spend in currencies in your account. If you go over two ATM withdrawals in a month, you’ll pay USD 1.50 for each One Good Trade additional withdrawal. Before you confirm any transaction, you will see how much of your money will go to the recipient, and when. For example, if you’re sending USD 1,000 from a Wise USD account to a Wise euro account, you’ll see the Wise fee and the fee for your preferred payment method (wire transfer, ACH, debit/credit card).

Wise transfers work differently, which can mean you get lower overall fees and a faster delivery time. However, whether Wise or an international bank transfer is right for you will depend a lot on the transfer you’re making and your personal preference. Use our calculator on the TransferWise homepage to tell us how much money you want to send, and where you want to send it. You’ll see our fees and exchange rate upfront, even without logging in.

Low cost international payments with Wise can be set up online or on the move using the Wise app, and can often arrive in double quick time, too. Read our Barclaycard Avios Plus credit card review, covering rewards, fees, interest rates, eligibility and how to apply. Read our Barclaycard Avios credit card review, covering rewards, fees, interest rates, eligibility and how to apply. We analyze seven providers in the international money transfer industry that work in the U.S. For more details, see our Ratings Methodology for Domestic and International Money Transfer Providers. Quick delivery is possible for transfers using a debit or credit card.