Wise (formerly TransferWise): Who Qualifies and What You Get
Learn how to use Wise to send international money transfers with low fees if you are sending money to family or workers abroad.
Wise is a service designed to help you move money between different countries more affordably than traditional banking methods. It is built to help users manage international payments without the high costs often associated with standard bank transfers.
Who it's for
This service is specifically designed for people who need to move funds across borders. This includes migrant workers who are sending money home to support their families in different countries. It serves anyone who needs a way to send or receive payments in different currencies as a global worker.
What you get
The main benefit is access to low-fee international money transfers. By using this service, you can move money between different countries more efficiently than you might be able to through a traditional financial institution. This makes it a practical tool for those who need to bridge the gap between their local income and their financial responsibilities abroad.
What it costs you
While the service aims to be more affordable than traditional options, it is not entirely free. You will be charged a small percentage fee for each transaction you make. This fee is calculated based on the amount of money you are sending.
The catch to know
The most important thing to prepare for is the identity verification process. Because this involves moving money internationally, the service requires you to provide official documents to prove your identity. You will need to have these documents ready to complete the setup and ensure your account is verified.
How to apply
- Go to the official website to begin.
- Create your personal account by following the registration prompts.
- Complete the required identity verification by providing your official documents.
- Once verified, you can set up your transfer and follow the on-screen instructions to send your money.