Are you searching for how to open a Wise account the easy way? Worry no more because, in this article, I will work you through the step-by-step process to open a wise account to send and receive money anywhere in the world.
Wise is a financial platform that allows you to perform and manage money internationally. It was formally called formerly known as TransferWise. Wise enables you to hold and convert over 50+ currencies, to over 80+ countries at a lower cost and with greater ease than traditional banks all by sending and receiving money with the use of virtual credit and debit cards.
It’s more convenient, saves time, and means we can manage our day-to-day life on the move. However, opening a bank account online can still seem pretty tricky. This article will work you through the step-by-step process of how to do this easily.
Are you ready to establish a Wise Account to send money or keep a foreign currency balance? Here’s what you should do.
How to Open a Wise Account: Step-by-Step Instructions
To keep a foreign currency balance or make a one-time payment, you must first create an account with Wise and you need the following document to be able to create a Wise account.
Quick online registration
Wise may be registered online or by using the Wise app. Find the Register button, click it, and then enter your email address. You may even join up using a Google, Facebook, or Apple account to make things even easier.
- Your passport (just the picture page)
- Your national identification card (both sides)
- Both sides of your driver’s license
Set up your payment
Once your Wise account has been authenticated, you can set up your payment online or in the Wise app by inputting either the amount you wish to send or the amount your receiver should receive. You’ll receive a quick price and projected delivery time, allowing you to weigh your alternatives and make your payment.
A quick note on account verification
Wise must verify clients’ identities to keep consumers and their money safe, as well as to comply with banking rules in the United States and across the world.
When a verification step is necessary, you will be requested to provide the information or proof needed to complete your transaction.
Do you need to send money abroad? Choose Wise!
It’s simple to establish a Wise Account online or in the
Wise app to send money to more than 80 countries at a mid-market exchange rate and with low, transparent fees.
And, unlike traditional banks, which may be slow and expensive, Wise transactions are quick, with no hidden costs or trouble. Over 50% of Wise transfers come promptly, with 90% or more arriving in 24 hours or less.
How to Open a Currency Account in the Wise Account (Balance)
Wise allows you to do more than just send online payments. You may also create currency accounts, known as balances at Wise, to receive payments from 30+ countries via local transfers, store 50+ currencies, and move between them with a few clicks. To get you started, here’s how to set up a currency account in the Wise account.
Sign up in minutes
With simply an email address, or your Google, Facebook, or Apple account, you can quickly create a Wise account online or in the Wise app.
Do your identity verification
You will then be prompted to verify your identity by submitting an image of your ID papers as well as a selfie2. This is simple to perform online or from your smartphone, with on-screen tutorials guiding you every step of the way.
If you don’t have what you need, simply save your progress and return to it later — and the Wise support staff is available if you have any questions or encounter any difficulties along the road.
Access the balance you need
You may set up your currency balance once your account has been validated. Sign in to your account and then click Create a Balance. Find and pick the currency in which you want to save your money.
How to Receive Funds into Your Wise Account: Obtaining Account Information
If you live in the United States and have a balance in USD, EUR, AUD, NZD, GBP, HUF, RON, CAD, TYR, or SGD, you may obtain information on how to get paid in these currencies like a native.
To obtain local information, you must:
- Launch Wise and sign in to your account.
- Locate the required balance and click on Get account details.
- You will be requested to replenish your account. This first top-up can be in whatever currency you like, but the minimum amount should be 20 GBP or equal in another currency. After that, you will have access to the whole balance.
- Deposit funds using your bank account, Apple Pay, or a credit or debit card.
- In addition to filling up your account, Wise will need to authenticate your identity. This implies they may request extra information or documentation from you3.
- You’ll be able to view your local information once you’ve been properly authenticated!
Simply share your unique account details with the sender to get money. They will be able to put funds immediately into your account.
You may access the shareable information at any time. All you have to do is select the currency in which you want to be paid, then click Receive and View and Share Account Details.
Except for inbound USD transfers, which incur a set charge of 4.14 USD, receiving money into your Wise accounts is free.
Wise Money can help you manage your money across borders.
If you need to transmit, receive, retain, or exchange overseas money, a Wise Account may be a better option.
Wise allows you to safely store and switch between 50+ currencies in the Wise app. You’ll also receive local account information for up to ten currencies, allowing you to accept local payments from over 30 countries.
It is simple to open a Wise account to make payments or a Wise currency balance to keep and be paid in foreign currencies. You can register, get verified, and get all the services you need to manage your money between currencies for less with only your laptop or smart device.
Is Wise Safe?
Wise was founded to make international payments cheaper and easier. Wise allows you to send money to over 80 countries, save a balance in over 50 currencies, and spend with a connected Wise card anywhere in the globe.
But, is it safe to utilize Wise money transfer? Is it safe to have a balance in a Wise account? Join us as we go through how Wise keeps its clients’ money safe.
How truly Safe is Wise?
Is Wise, previously (TransferWise), a legitimate company? If you’re thinking about using Wise to make a payment or keep a balance, you’re probably wondering if it’s a legitimate service.
The good news is that Wise is risk-free to use, whether you want to transfer or receive money, spend abroad, exchange currencies, or keep a balance.
In the United States, this implies Wise is FinCEN registered and permitted to operate as a money transmitter in the majority of states.
In jurisdictions where Wise does not have its license, it offers services securely through a collaboration with Community Federal Savings Bank1.
Global rules include a wide range of processes designed to keep consumer accounts secure. Licensed providers, for example, must maintain a high level of capital, secure customer cash, and conduct frequent external process audits.
They must also thoroughly check all consumers to guarantee that accounts are not being used for illicit purposes.
Wise, as a financial service provider, is subject to international standards meant to protect clients and their money. Wise has also invested in high levels of digital security, including manual and automatic fraud protection measures, as a service designed for online and in-app use.
Wise was designed with security in mind, and there are several security safeguards included in the Wise desktop site and app.
To open an account, you must first complete a verification step and create a safe password. Accounts come with two-factor authentication and a variety of simple methods to keep track of your transactions once you’re up and running.
Wise executes regular vulnerability assessments and internal and external audits in the background to detect, halt, and stay ahead of any possible fraud or illegal activity.
Wise App Safety
Transacting on the Wise app is simple, and you can be certain that your account is secure. In addition to all of the background security precautions in place for all Wise digital services, you can use your Wise app to receive quick transaction notifications, examine your balances in just a few clicks, freeze and unfreeze your card, and contact Wise support.
Is it safe to send money through Wise?
Yes, it is safe to send money using Wise.
Wise transfers may be sent to over 80 countries and in over 50 currencies. To make a Wise payment, you must first create an account and be validated for security. Once your Wise account is activated, you may make a safe payment online or using the Wise app.
For your peace of mind, all transactions require two-factor verification, and you will be able to trace your payment as it is completed. Most Wise payments are immediate or come in just a few seconds — and 90% arrive within 24 hours2, so your receiver won’t have to wait for their money.
If you need assistance, simply log into your account and utilize the chat option; alternatively, you may phone or email. Before you make a Wise payment, read what other customers have to say about the service. Wise, for example, has a 4.4 out of 5 Excellent review rating on Trustpilot, based on over 187,000 reviews.