How does Wise work: Step-by-step guide 2025
If you are interested in international money transfers with Wise but have questions about how to use it, this guide is for you. We’ll walk through the features of a Wise account, Wise fees and exchange rates, and a complete step by step on how to send money with Wise, locally and overseas.
Wise Key Points
- Create a free Wise account online or in the Wise app
- Send payments to 140+ countries around the world
- Send directly to the recipient’s bank account (they don’t need their own Wise account)
- Fund Wise international payments using your online banking, pay by card, POLi or use a balance you hold in your Wise account
- Wise currency exchange uses the mid-market exchange rate with a small transparent fee
- Hold 40+ currencies in the Wise multi-currency account, with account details for 8+ currencies to receive payments easily
- Get a Wise international debit card for easy spending and withdrawals all over the globe
- Business and personal account options available
What is Wise?
Wise specialises in international payments and flexible multi-currency accounts for individual and business customers.
You can use Wise to send a one off or recurring payment to 140 countries with the mid-market exchange rate and low, transparent fees – or choose to open a Wise multi-currency account to hold and exchange 40+ currencies all in the same place. Wise accounts offer a broad range of features to suit anyone living an international lifestyle – including an international debit card and account details to get paid conveniently in 8+ currencies. (Wise review)
Which services does Wise offer in New Zealand?
Customers in New Zealand can open a Wise account online or in the Wise app. Here’s a rundown of the Wise services you can access in New Zealand:
- Multi-currency accounts to hold and exchange 40+ currencies, with account details to receive payments in 8+ currencies
- International debit cards for convenient spending and cash withdrawals in 150+ countries
- International money transfers to 140+ countries, which use the mid-market rate and low fees from 0.23%
- Local money transfers in NZD to banks in New Zealand, with low fees and fast delivery
- Business multi-currency accounts, debit and expense cards and payment services
How does Wise work?
You can open a Wise account online or in the Wise app, to get started sending payments overseas, and managing your money conveniently across currencies in the Wise multi-currency account. We’ll cover all you need to know about how to open a Wise personal or business account, including the verification steps required to keep your account safe, a little later.
Once you’ve registered your Wise account you can send money internationally and pay using your online banking service, POLi, a credit or debit card, or any balance you hold in your Wise account. Transfers are set up online or in the Wise app – and can arrive very quickly. In fact, 60%+ of transfers are instant (completed under 20 seconds), and 80%+ are delivered in less than 1hour*.
Your funds will be deposited right into your recipient’s bank account for convenience. The individual or business you’re sending to won’t need to open a Wise account to get their money, and they’ll be notified when the funds are available for spending. Easy.
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
How does Wise make money?
Wise has a reputation for low cost international payments with transparent fees which beat the banks. But Wise is a business – so you might be wondering how exactly the company makes money from the services they provide.
Transparency is a core principle of the way Wise works – so you’ll always be able to see the fees you pay for any service you use, before you confirm the transaction. Wise makes money through charging a fee which varies by currency and payment method, and which is shown clearly before you confirm your payment. Overall the costs can often be lower and less complicated than using a bank.
Wise achieves this by taking a different approach to international transfers compared to banks. While banks tend to rely on the 50+ year old SWIFT network to move money around the world, Wise built its own payment network and has accounts all over the world. This cuts out many of the inefficiencies of SWIFT and means that Wise payments are cheaper and more transparent compared to many bank transfers – and usually much faster too. Wise then passes on these savings to the customer – while still making money itself.
How to use Wise
Let’s take a look at how you can make the most of all the services and account features Wise offers – we’ll cover these in more detail in a full step by step guide in just a moment:
- Send Wise payments to 140 countries
- Hold 40+ currencies in your multi-currency account
- Convert currencies using the mid-market exchange rate
- Get a Wise international debit card for spending and withdrawals in 150+ countries
- Get paid with account details in 8+ different currencies
- Open a business account to send, spend and exchange 40+ currencies
How to open a Wise account: step by step
You can open your Wise account online or through the Wise desktop app. The process is pretty simple and can be done without leaving home.
Here’s how to open a Wise account step by step:
- Open the Wise desktop site or download the Wise app
- Confirm you want a personal Wise account
- Register with your email address, or an Apple, Google or FaceBook account
- Follow the prompts to enter your personal details
- Upload your ID documents for verification
- Once your account is verified you can order a debit card, send payments, and receive money to your Wise account
What documents do I need to get verified on Wise?
To keep customers and their money safe, Wise has to complete a verification step when you open an account or set up an international payment. This is to comply with legislation around the world and prevent frNZDulent or illegal account use – banks need to do this when customers set up accounts too.
However, while you might have to visit a branch to verify your bank account, the good news is that you’ll be able to complete the Wise account verification process entirely online or in the Wise app. Usually you’ll need to upload images of your ID and proof of address, and/or a selfie of you holding your ID. You’ll be guided through the process and can always save your progress and come back to it if you need to.
A valid ID can usually be:
- Passport
- National ID card
- New Zealand driver’s licence
- New Zealand firearms licence (if it includes a photo)
Valid proof of address documents include:
- Utility bills: gas, electric, or landline phone (no mobile phone bills)
- A bank or credit card statement (photo/scan of a physical letter or PDF of statement)
- Vehicle registration or tax
- Photo driving licence showing your address and expiry date
- Any other government or financial institution-issued document
If you ever need any support while you’re completing the verification step, the Wise customer service team is on hand to advise you – by phone, online or in the Wise app.
How to open a Wise business account
Opening a Wise Business account is a straightforward process, but there are a few more documents, and a bit more information needed to get started. This is part of the verification process, and a legal requirement. You’ll be guided through everything step by step using onscreen prompts, and if you need extra help, you can also reach out to Wise customer support.
Here’s how to open a Wise account step by step:
- Open the Wise desktop site or download the Wise app
- Confirm you want a Wise Business account
- Register with your email address, or an Apple, Google or FaceBook account
- Enter your personal details, and the business information requested on screen
- Upload your personal and business documents for verification
- Pay the one time fee to access full business account features
- Once your account is verified you can start to transact
How do I verify my business on Wise?
Verifying your business account on Wise is entirely done online or in the Wise app. You’ll usually be asked to upload images of some key documents which can be used to verify both you and your business.
In most cases, as well as your business documentation which can vary based on entity type, customers looking to open a Wise business multi-currency account will need to provide the names, dates of birth, and countries of residence for any directors and shareholders who own 25% or more of the business.
If you’re not the director or a shareholder of the company, we’ll ask you to provide an authorisation letter, or a board resolution from the company, confirming that you’re authorised to use and communicate with Wise on behalf of the business.
The exact paperwork and information required will vary based on the type of business you’re running – you’ll be able to follow the on-screen instructions to check what’s relevant for you.
How to transfer money with Wise
Wise offers local transfers in NZD, as well as international payments to 140+ countries, in 50+ currencies. You can set up your payment online or in the Wise app, for deposit to your recipient’s normal bank account.
Here’s how to transfer money with Wise, step by step:
- Log into your account and tap Send money
- Enter how much you want to transfer, or how much you need the recipient to get
- Confirm if the payment is personal or paying for goods or services
- Enter the recipient’s details – bank account number or email
- Fund your payment using a supported payment method like a bank transfer or card
- Confirm and your money will be on the move
What details do you need from your recipient?
Your recipient does not need to have a Wise account to be able to receive transfers sent with Wise. The funds will be sent directly to the recipient’s bank account. All you need from the recipient is their normal banking details. This can vary a little depending on the country the account is held in, but you’ll normally need:
- Recipient’s full name
- Recipient’s bank account number or IBAN
- Recipient’s bank name
- Any country specific information – such as a sort code for the UK or a routing number for the US
Transfer limits and payment methods supported by Wise
You can send a Wise payment funded in ANZD, and pay using any of the following methods:
- Bank transfer
- Debit or credit card
- POLi
- Send money from your Wise balance
Wise payment limits depend on where you’re sending money to, and the way you choose to pay.
Usually you can send up to 2.2 million NZD by bank transfer, although your bank might not let you send so much in one go. You can also send up to 5000 NZD by POLi, but your own bank limits might apply.
You can send up to 10,000 NZD by card.
How to send money Wise to Wise
You can send a Wise transfer to a bank account – or you can choose to send a payment to another Wise account. That’s perfect if you’re sending a payment to a friend, splitting a bill or simply looking for the easiest possible way to make a transfer – without needing to know the recipient’s full bank details.
You can send money from your Wise account to another Wise account simply by using the recipient’s phone number – which makes it super easy to send to anyone already in your contacts:
- Open the Wise app
- Check you’ve opened a balance in the currency you want to send or receive
- Tap Recipients in your Wise app
- Select Find friends on Wise
- Choose the option to Sync contacts
- Select the contact you want to send to, and set up the transfer as usual
If you don’t have your recipient in your contact you can still send a payment – entering their email address is usually the easiest way. If they’re already on Wise you’ll be able to make the transfer directly, and if not, they’ll get a message prompting them to set up a Wise account so you can pay them.
How long does a Wise to Wise transfer take?
Wise to Wise transfers usually arrive within seconds. The money is moved from your account when you initiate the transfer and deposited in the recipient’s account pretty much instantly in most cases. You’ll be able to view and track the payment in your Wise app if you need to do so.
Is Wise to Wise transfer free?
Wise to Wise transfers are free of charge when there’s no currency exchange involved. If you’re converting currencies, you’ll be able to make your payment with the mid-market exchange rate and just Wise’s low, transparent conversion fee to pay.
How to cancel a Wise transfer
If you’ve set up a Wise transfer, but Wise has not yet paid the money out to the recipient you may be able to cancel the payment. You can do this yourself in the Wise app if you’ve started a transfer and not paid, or if you’ve paid but the funds have not reached Wise yet. In this case, your payment will still show as pending in the Wise app.
Here’s how you cancel a Wise transfer, if the payment shows as pending on Wise:
- Log into Wise and go to Home to see your activity list
- Find the pending transfer you want to cancel
- Click Cancel transfer
- If you haven’t paid yet, click I didn’t pay, and then Cancel transfer
- If you’ve already paid, click I paid, and enter your bank account details if needed
If Wise is in the process of transferring your money at the time you want to cancel, you’ll need to reach out to customer services to ask if the payment can be stopped. Once Wise has processed the transfer and sent it on to the recipient, the payment can not be cancelled and you’ll need to ask the recipient to send the money back.
How to deposit money in my Wise account
When you open your Wise multi-currency account you’ll be able to open currency balances in a selection of different global currencies. That makes it easy to add money to your Wise account using your local or SWIFT account details, or through the Wise app. First let’s look at how you deposit funds in Wise via the app:
- Select the currency account you’d like to add money to
- Click Add
- Enter the amount you want to add and the currency you’d like to pay with
- Select how you’d like to pay, and click Continue to payment
- Depending on how you’d like to pay, you’ll be guided through the payment steps
Alternatively you can use your local or SWIFT account details for any of the 8+ eligible currencies, to make a transfer right from your bank account into Wise. Just log into your online banking network and follow the steps to make a payment like you normally would. Don’t forget though, banks tend to be a very expensive way to convert currencies – so you’ll only want to use your online banking to top up Wise in the same currency as your account. Once you have a Wise balance you’ll be able to convert it instantly in the app with Wise’s great rates and low fees.
It’s usually free to receive a payment to Wise using local account details, but small fees apply if you send your money to Wise using SWIFT.
How to receive money with Wise
Wise accounts come with 9 different sets of local account details which you can use to get paid in AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, and USD. All you’ll need to do is to give the sender the bank details shown in your Wise account, and have them use these to arrange the transfer. There are also ways to receive payments in additional currencies through SWIFT, although it’s important to note that small fees apply for receiving SWIFT payments. Getting paid with your local account details has no Wise fee.
As an example, here’s how to receive money in NZD to your Wise account:
- Log into your Wise account
- Tap Open, and select NZD to open a NZD currency balance
- Choose between inside New Zealand for domestic, and outside New Zealand for international transfers
- You’ll see your NZD account details, and can use the ‘copy account details’ function to give to the sender
What details do I need to give to the sender
Your sender will be able to confirm the details they need based on the way they’re setting up the transfer. However, usually, you’ll need to give them:
- Your full name as shown on your account
- Your account number or IBAN
If you’re having your money sent to a Wise currency balance other than NZD you might need to give slightly different details in addition – like a routing number and local bank address for USD transfers. All the details you need are available in the Wise app or by logging into your Wise account on the desktop site.
Do you need a Wise account to receive a money transfer from Wise?
No. It’s not necessary to have a Wise account to receive a money transfer sent with Wise. The recipient can simply receive the money directly into their local bank account in their home currency.
Wise fees
When you send a payment with Wise, your money is converted with the mid-market exchange rate, and the fees you’ll pay are split out for transparency. The overall cost will depend on the currency involved and how you choose to pay.
To show how this works, let’s look at a couple of examples, sending NZD to AUD and USD with Wise.
| Payment | Wise total fee | Recipient gets |
|---|---|---|
| 1,000 NZD to AUD | 3.57 NZD (0.36%) | 924.69 |
| 1,000 NZD to USD | 4.46 NZD (0.45%) | 602.50 |
*Fees and charges correct at time of writing, 10th June 2025. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
The costs of a transfer with Wise can vary based on a few different factors. To see how much your specific transfer costs, you can get an instant no obligation quote on the Wise pricing page. This will allow you to compare other providers and your bank, so you can pick the service that’s right for you.
Wise exchange rates
Wise uses the mid-market exchange rate to convert funds from one currency to another. That’s the same rate that you’ll find with a Google search or a currency converter tool, with no markup or margin added.
How to get a Wise debit card
Once you have a Wise multi-currency account you’ll be able to order a Wise debit card to make it easier to spend and withdraw money all over the world. Here’s what you’ll need to do:
- Log into the Wise app or desktop site
- Select Cards on the website or Android phones, or Account if you’re using an Apple device
- Follow the prompts to order your card, and pay a one time 14 NZD fee
- Your Wise debit card will be with you in 7 – 10 days. You can also choose express delivery for an extra charge to get your card within just a day or two
Once you’ve successfully ordered your Wise debit card you’ll be able to view your card details, and use your virtual Wise card for spending online. That means you’ll be able to get started before your physical card even arrives through the letterbox. Once your physical card does arrive you’ll need to activate it by making a chip and PIN purchase, or a withdrawal using your PIN at a regular ATM.
Wise digital card
As soon as you’ve ordered a Wise physical debit card, you can also create a Wise digital card in the Wise app, to get started straight away. Add your digital card to a mobile wallet for in person spending, or use it when shopping online. Just tap the Cards tab in the Wise app to create your first digital card instantly.
How to withdraw money from Wise
Once you have a Wise balance you can withdraw your funds by either using your Wise card at an ATM, or by withdrawing your funds back to your bank account. If you’re withdrawing to your bank account there may be a small fee, depending on the currencies involved. For ATM withdrawals, there’s no Wise fee to take out up to 350 NZD a month, in up to 2 separate withdrawals*. After that there’s a fee of 1.5 NZD + 1.75% on withdrawals, until the monthly allowance resets.
*Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks
How does Wise know which currency to use?
If you’re spending with your Wise card and hold the currency you need as a balance, the amount you pay will be automatically deducted from that currency balance. There’s no fee to spend as long as you hold enough of that balance to cover the transaction.
If you don’t have the balance you need, or if you don’t have enough in that currency to cover the cost of the purchase, the card will manage the conversion for you, using the balance you have which attracts the lowest possible fee.
How to use the Wise app
The Wise mobile app is available for both Apple and Android phones. The Wise app is safe to use, with 2 factor authentication processes, and robust security. With the Wise app you’ll also be able to freeze and unfreeze your Wise card in just a tap, and check your balance in a glance. Instant transaction notifications will keep you up to date – and give peace of mind as you’ll be able to see everything that’s happening with your account in real time right from your phone.
How long does an international money transfer take with Wise?
When you send money with Wise 60%+ of transfers are instant (completed under 20 seconds), and 80%+ are delivered in less than 1hour*.
Ultimately the time it takes for any transfer to arrive does vary, depending on the way you pay, the value of the transfer and its destination. However, Wise payments can be faster than transfers which use the SWIFT network. While some SWIFT transfers may arrive in a day or so, they can sometimes take 3 – 5 days.
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
Who owns Wise?
Wise is a publicly traded company, listed on the London Stock Exchange.
Is Wise safe?
Yes. Wise is safe to use.
Wise keeps customers and their money safe with manual and automatic processes like account verification, fraud detection and prevention protocols, and secure log in requirements. You can view your account and transactions in the app at any time, and freeze your card if you’re ever concerned. Plus there’s 24/7 customer support if you need it.
How to contact Wise customer service
Wise does not have a physical office where you can talk to a customer service team member face to face. However, there are plenty of different ways you can contact Wise customer service:
- In app support: log into your account to start a live chat or get the right phone number to call for your specific problem
- Facebook: Wise Facebook
- Twitter: @Wise
- Instagram: @Wiseaccount
Conclusion
Wise is on a mission to make international transactions easier, cheaper and more transparent. Today millions of customers trust Wise to help them save money through Wise low cost international transfers and multi-currency accounts for individuals and businesses.
Using Wise is simple, and you’ll be able to access your account and all Wise services right from your laptop or smartphone. From setting up your account and getting verified, to sending your first payment, switching between currencies or withdrawing funds back to your normal bank, you can manage your money easily and cheaply, without even needing to leave home. Check out Wise low cost international payments and multi-currency accounts today to see just how much time and money you can save.
How does Wise work FAQ
Do I need a bank account for Wise?
Wise accounts come with account details for 8+ currencies which means it’s easy to manage your money across currencies – even if you don’t have a bank account in the currency you need.
Use your Wise account details to get paid into your Wise account, to send transfers around the world or spend and withdraw with your Wise international debit card.
Can you deposit cash into a Wise account?
You can not deposit cash into a Wise account – you’ll need to add funds using a linked bank account or card, or have someone send you money using your Wise account details which are available in 8+ different currencies.
What is the maximum you can send on Wise?
Wise maximum sending limits are set by currency – usually you can send the equivalent of up to around 2.2 million NZD. Log into Wise to check the sending limits for the currencies you need.
How long does it take to transfer with Wise?
When you send money with Wise 60%+ of transfers are instant (completed under 20 seconds), and 80%+ are delivered in less than 1hour. Banks, on the other hand, can take 3 – 5 days to move money internationally.
Is it safe to keep money in your Wise account?
Wise keeps customers and their money safe with manual and automatic processes like account verification, fraud detection and prevention protocols, and secure log in requirements. You can view your account and transactions in the app at any time, and freeze your card if you’re ever concerned. Plus there’s 24/7 customer support if you need it.
How can I open a Wise account?
You can open your Wise account online or in the Wise app, by entering your personal and contact information and getting verified using your local ID and address documents.
Does Wise use the mid-market exchange rate?
Yes. Wise uses the mid-market exchange rate for currency exchange when you convert, send or spend from your account.
Can I use Wise to receive money?
Yes. You can use Wise to receive money by giving your local or SWIFT account details to the person sending you a payment. Your money is received into your account in the currency you’ve selected. There’s no Wise fee to receive a payment using local details, although with SWIFT a small fee will apply.
What documents do I need to verify my account in Wise?
You need to verify your Wise account with a government issued proof of ID like your passport, and proof of your address – such as a bank statement or utility bill. You’re indeed through the verification process by online instructions and can get help from the Wise team whenever you need it., sample markdown.
