Wise international money transfers

Wise key details

Wondering whether Wise could be a good option for your next overseas money transfer? Here are some of the key details you’ll need to know:

• No minimum transfer amount: Whether you're sending something small for a birthday or putting a downpayment on a sailing boat off the coast of Greece, Wise has got you covered.
• Maximum transfer limit: We’ve been advised by Wise that the transfer limit will differ depending on the currency you're transferring your Australian dollars to. But if you're converting an international currency to AUD, the limit is $1,500,000 AUD.

• Transfer fees: If you’re transferring less than $10,000 you’ll pay 0.7% per transfer (with a $2 AUD minimum fee). For transfers above $10,000, the fee is 0.5%.

• Speed of transfer: 90% of payments are processed between 0 and 1 days via Wise, but you should allow up to 3 business days for the transfer to arrive at your nominated recipient.
• Transfer method: Wise is a fully online business, which excepts payments via bank transfer, POLi and Apple Pay through the app. It doesn’t accept or send out cash or cheques.

• Account verification: Your identity must be verified with Wise, so you’ll need to make sure your account details in your profile match your bank account and ID documents.  

• Transaction types: You can send money to an overseas business or personal account using Wise.

• Customer support: Wise provides online, email and phone customer support.

Wise also offers a widely accepted debit card in both physical and digital forms. These cards cost a one-time $10 fee and allow you to take out $350 AUD from ATMs each month, fee free. You can carry multiple currencies on the same card and set your order of preferences, freezing and unfreezing your card instantly. You can send and receive money, set up direct debits, and organise automatic conversions.

FAQs about Wise

It can be hard to get your head around IMT and understand the difference between Wise's services and other IMT providers. But don't fear, we've got you covered! Here are the answers to all your budding questions about transferring money overseas with Wise.

Can anyone use Wise to send money overseas?

Yes, Wise was developed for everyday people who need to transfer money internationally either occasionally or every week.

In fact, the company was set up by two friends who lived in separate countries (London and Estonia). Each had financial commitments in the other country, so they devised a way to send money to each other that bypassed bank fees and lousy exchange rates. 

How is Wise different from other IMT providers? 

Wise lets you send money overseas at a lower cost. Instead of burying hidden fees in the exchange rate, Wise uses the mid-market rate (also known as interbank rate), which is the midpoint between the buy and sell rate on the global currency markets. It then charges you a small (and fully transparent) fee. 

How does sending money with Wise work? 

The way Wise operates is by having bank accounts in different countries around the world. So say you want to transfer money to France from Australia.

For example, your money would first go to Wise's Australian bank account and is then paid to your recipient in Euros from Wise's French bank account. The money never actually crosses any borders, which means low-cost transfers for you.

Is using Wise safe?

All transactions are protected using industry standards HTTPS encryption. It's also registered with and authorised by the UK Financial Conduct Authority (FCU).

Can I cancel a transfer with Wise?

Yes, but only if you cancel the transfer before the transfer is complete. Just simply go to the page of the relevant payment and press the cancel payment button.

Why use Wise for IMT?

Now that you've read all about Wise, you're probably wondering what sets it apart from other banks and IMT providers out there. Some reasons to consider using Wise to transfer funds overseas are:

Wise is cheap: Its unique money transfer strategy means that money never actually crosses any borders, meaning low-cost transfers for you.

Wise is safe and secure: Wise is encrypted with security and operates in a regulated industry. 

There really is no minimum: Some IMT companies require you to transfer a minimum amount of dollars, but not Wise. This is particularly handy if you're looking to trade smaller amounts across to another country.

Wise is easy: Gone are the days when you had to visit financial experts to transfer money overseas. With Wise, you can send funds overseas quite simply on your lunch break using the app and track your transfers on the go. 

How do you make an international money transfer with Wise?

Transferring money internationally isn’t a daunting process with Wise. In fact, you’ll be surprised by how simple it is. First, you’ll need to set up a Wise account, then to transfer money, there are 4 steps:   

• Step 1: Specify how much and where you want the payment sent.
• Step 2: Upload your money to Wise via debit card or EFT.
• Step 3: Wise pays your recipient from its local bank account in their country.
• Step 4: You get notified of the completed transfer.