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If you’re registered in the EU, the limit is two people in a group. Currently, no matter where you are registered you can only be part of two groups. If you have more questions, check out our smart Wise Help Centre or read some Wise reviews on Trustpilot to find out more.

• If you need to send, receive, hold or exchange international payments, you may be better off with a Wise Account.
• I am the creator of Project Financially Free and I started this journey to both educate myself and share my insights on personal finance.
• Your Wise account refers to all the money you hold with Wise.
• In the UK, you can have up to five people in a group.
• If you’re using the Wise debit card, you’ll have a specific limit as to how much you can withdraw each month before incurring costs (which will vary depending on where you’re based).

And you can easily divide expenses with both Wise users and those who haven’t yet joined. Existing Wise members will receive a convenient in-app payment request notification to settle their share. For friends and family not on Wise, a simple payment link is generated for them to pay you back from their preferred bank account. When you transfer with Wise, you can receive to local bank accounts — no need for a Wise account.

Move large amounts at the mid-market exchange rate

If you’re using the Wise debit card, you’ll have a specific limit as to how much you can withdraw each month before incurring costs (which will vary depending on where you’re based). There’s also a handful of conversion, account funding and ATM fees to consider, too. Let’s say you’re a company with one customer in the UK and one in the US. You can open both USD and GBP account details in your Wise account to get paid in both currencies.

Set up your payment

Here’s how to open a currency account in the Wise account, to get you started. Wise works really well for international money transfers and foreign exchange conversions. In fact, Wise moves more internationally than Western Union!

Add the currencies you need

We’ll charge a fixed fee and a conversion fee when you send to a different currency. Sending and receiving money between Wise Accounts in the same currency is free. Request and receive money directly with Wise, and get paid easily with account details in top currencies. To receive money, just share your unique account details with the sender. They’ll be able to deposit money into your account directly. And while international payments with old school banks can be slow and expensive, Wise transfers are fast, with no surprise fees and no hassle.

Over 60% of Wise transfers arrive instantly, with 90%+ getting where they need to be in 24 hours or less¹. Savings on this transfer, and eligible transfers for the rest of the month. We never used the card to directly withdraw any cash as there was really no need to do so. Everywhere we went – from basic Taco places (Taco El Pastor was great!) to the fanciest bars – the card worked seamlessly. Alternatively, Wise has an ‘auto convert’ feature that allows you to exchange balances on the go. Fees apply, of course, but they’re highly competitive.

Where can you purchase a Travelex card in the US?

All you have to do is share your USD account details with your US customer and your GBP account details with your UK customers — now they can send you money in those currencies. You can spend money in different currencies around the world with the Wise card and get low conversion fees — check this on our pricing page. For the most up-to-date pricing and fee information, please read our Terms of Use for your region. You can send money that’s in your Wise account to a bank account outside of Wise whenever you like.

All investment services are provided by the respective Wise Assets entity in your location. Wise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference , for the issuing of electronic money. Every transfer you make is protected with HTTPS encryption and 2-step verification. And we run millions of checks each day to protect every transaction from fraud. Send money now, or schedule transfers whenever suits you for less.

Does it take long to make Wise transfers?

There are a number of regulators in the UK and if you’re finding things to be a bit confusing, you can check out our article on how the PRA and the FCA function in the UK. Wise is regulated as an Electronic Money institution (EMI) by the UK Financial Conduct Authority. But what does Wise actually do, and how can it benefit you personally? Below, I’ll take you through what you need to know about the platform before Emerging market index signing up, and I’ll answer some of the more burning questions new users ask online.

If you provide your recipient’s email address, we’ll also give your recipient a heads up to let them know your money is on the way. If you’re based in the US and add USD, EUR, AUD, NZD, GBP, HUF, RON, CAD, TRY and/or SGD you can also get details to get paid like a local in these currencies. Create your Wise account easily online or in the Wise app with just an email address, or your Google, Facebook or Apple account. We’ll convert to the right currency wherever you spend or withdraw cash, only ever at the mid-market rate. Yes, based on the fact that is well regulated in all its major jurisdictions, I believe Wise is secure and safe. Apart from being directly regulated, Wise works with banks that are regulated in their respective countries, which ensures that your odds of losing your money are low.

Read some of the stories of how Wise helps people manage their money in our Lives Without Borders series. This first top up can be in any currency you’d like to have available, but the minimum amount should be 20 GBP or equivalent in another currency. The full balance will be available for you to spend afterwards. Next you’ll be asked to verify your identity by uploading an image of your ID documents, and a selfie². This can be done easily online or right from your smartphone, with on screen prompts to guide you every step of the way. To keep customers and their money safe, and to comply with financial regulations in the US and around the world, Wise must verify customers’ identity.

• We recently used our Wise debit card on a trip to Las Vegas and were able to seamlessly use it at payment terminals.
• Yes, based on the fact that is well regulated in all its major jurisdictions, I believe Wise is secure and safe.
• Read some of the stories of how Wise helps people manage their money in our Lives Without Borders series.
• With Wise, you can hold money in 40+ currencies, and convert between them at the mid-market rate whenever you need.
• Depending on the country you’re sending from, you might have other payment options.

How much can I send abroad?

Managing day-to-day expenses with a partner, family, or housemates is easy with ‘Spend with others’, our feature for shared finances and group spending. We believe your large transfer deserves dedicated support, too, and have an expert team on hand who are more than happy to assist or answer any questions. This means you lose less of your money in fees or hidden markups. Inside the rise of the $5 billion money-transfer fintech Wise, which has been profitable for years and is exploring an IPO. Taavet, who was the first employee at Skype, lived in London but got paid in euros. Kristo worked for Deloitte, also lived in London, and got paid in pounds.

With Wise, you can hold money in 40+ currencies, and convert between them at the mid-market rate whenever you need. It’s free to sign up, and there are no monthly fees. The more people send money on Wise, the better it is for everyone. And you can earn real money when you refer friends who become Wise users. When 3 of your friends make their first transfer of more than £200, we’ll pay you up to £75 as a referral bonus.