Wise formerly known as TransferWise is a UK based fintech that makes transferring money and making payment in different currencies cheaper, faster and without hidden fees.
For example if you transfer exactly $100 USD balance from your account to me, I’ll get exactly $100, there’s no fees for transferring between account. That’s why it’s also the preferred payment method of my freelancing services.
In contrast, PayPal may charge you a fees on your side, then charge another layer of fees when I receive your money, and worst of all because my PayPal primary currency isn’t USD, it will charge me another fees for conversion, and finally one more fees for withdrawal, that same $100 would end up to be only around $90.
Wise account setup & funding
First of all, you will have to register a Wise account, you can use my referral link and get some fees reduction for overseas transfer (transfer between account using balance is still free.)
Sign Up Here: https://wise.com/invite/u/chengy18
*If you already registered an account but have not use any referral link you can still claim the fees reduction bonus by entering my referral link here (https://wise.com/invite/use-invite-link)
Next, to send money with your account balance and enjoy no fees transfer you will first have to add funds into your account, for example if you want to pay me with $30 USD you will have to add them to your account first.
If this is the first time you’re funding your account, you may be asked to provide verifications, from my experience they are pretty fast in processing that.
Send money with account balance
Now as I mentioned earlier, if you are sending money from your Wise account balance to another Wise user, the transaction would be completely free and no fees.
Transaction that have fees are usually transferring out from Wise via wire transfer, ACH transfer, bank transfer, etc.
Now here are the steps to send from your account balance to another Wise user:
Now here’s what get tricky, when you input the amount you want to send, it will first show a fees, but don’t worry this is because we haven’t let Wise know we are transferring to another Wise user, in next step we’ll do that.
Now once you typed in the other Wise user email address, a new option will show up and says the user is “On Wise” just click that option to proceed
In final steps on the review page, please make sure the fees are shown as 0, and it is sending to a Wise account and the transfer will arrives in seconds.
If everything is correct then you can press send and the payment will arrive immediately!