How to receive money from overseas using Wise: Complete Guide 2024

Wise launched in the UK in 2011, and has been on a mission to make it easier, faster and cheaper to send and receive international payments, and access international account services – no matter where in the world you are. Today, Wise offers personal and business multi-currency accounts (previously known as a Borderless account) to customers in a broad range of countries.

Wondering how to get paid with Wise? This guide is for you. We’ll walk through how Wise international payments work, using Wise to receive international payments to your normal bank account, and how to use the Wise app to receive money to a dedicated Wise multi-currency account, too.

What is Wise?

Wise is a financial technology company which specialises in international payments and multi-currency accounts for individual and business customers.

You can use Wise to send a one off or recurring payment to 160+ 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 local bank details to get paid conveniently from 30+ countries.

How to Use Wise

There’s a lot you can do with a Wise Account. This guide will focus on how to use Wise to receive international payments. But first, a quick step by step to setting up a Wise account.

Here’s how to open a Wise Account:

1. Download the Wise app or head to the Wise desktop site

2. Tap register

3. Create an account using your email, Apple ID, Google ID or Facebook details

4. Add your personal information, following the onscreen prompts

5. Get verified

6. Top up your account, order an international debit card or set up your first transfer

7. You’re ready to go

Once you have your Wise account all set up and verified you’ll be able to arrange international payments, or add and convert funds in your Wise multi-currency account. Wise multi-currency accounts also allow customers to send and receive international payments, and spend using a linked Wise debit card.

Here’s a rundown of the key features you’ll get with Wise:

• Send money transfers from your Wise account or another bank account using the Wise app, to 160+ countries

• Order a Wise debit card, make in-store and online purchases in 150+ countries

• Receive money into your Wise account, by sharing your local account details with the sender and get paid like a local in 10 currencies

• Hold and exchange 40+ currencies in your Wise account using mid-market exchange rates

• Open a business account to send, receive and exchange 40+ currencies

We’ll cover how to receive money with Wise in full detail, in just a moment.

How to receive money from overseas with Wise (formerly known as TransferWise)

Step 1: Set up a Wise account

You need to be a Wise customer to use their services. Wise accounts can be created online.

• You will need to provide your name, address, contact details and email.

• Verify your identity. This means providing proof of ID and proof of address, both of which can be uploaded through their website. For Quebec residents, you’ll always need to provide a copy of a valid government-issued photo, like a passport, driver’s licence or national identity card.

• Proof of ID is provided by a recognised photo ID like a driver’s license, national ID card or passport.

• Proof of address is provided by official correspondence from a reputable organization.

• Wise may require certain other types of verification, for example for a business account.

Step 2: Use your Wise account (Borderless Account) to receive money

Once your account with Wise has been set up, you are ready to receive money. Here’s how to do it:

• Login and go to the balances section of the Wise account (Borderless).

• Tap the + symbol, and then tap the option to open a Balance

• Select the currency you want to receive payment in

• Click on the currency and confirm if you’re expecting a local or international transfer.

• You’ll be shown your account details and can give them to the person that is paying you.

Now, let’s look at each step in more detail:

How to set up a Wise account to receive money [for personal customers]

You can set up a Wise account to receive money transfers in 10 currencies including CAD, USD, EUR and GBP. With your Wise account, you can get local account details for these currencies, and receive transfers with those details.

Here’s how to get your Wise local account details, to receive money to your Wise account:

1. Log into your account on the Wise app or desktop site

2. Within your Wise account, tap open a balance, and select the currency you need

3. Tap Get account details, then copy the account information for the currency you’re receiving

4. Send these account details to the person making the payment, to receive funds into Wise.

How does a Wise account work?

Once you’ve opened your Wise account you can hold a balance in any of 40+ currencies, and exchange currencies between them with the mid-market exchange rate and low, transparent fees whenever you need to.

You can also send fast and efficient payments to 160+ countries from your account, and spend internationally from your Wise balance with a linked Wise card.

Wise accounts come with local bank details for up to 10 currencies, so you can get paid conveniently from 30+ countries.

Do I need a Wise account to receive a money transfer?

You don’t need a Wise account to receive money from Wise. You can simply have your Wise payment sent to your normal bank account in the currency of your choice. Or, if you’d prefer, you can open a Wise account yourself, to get paid like a local in up to 10 currencies.

How do I get verified?

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 fraudulent 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. All you’ll need to do is upload images of:

• Proof of your identity – like a photo of your passport or driving license

• Proof of your address – such as a recent utility bill or bank statement in your name

Quebec residents will always need to provide a copy of a valid government-issued photo, like a passport, driver’s licence or national identity card.

What details does the sender need?

To receive a payment to a Wise account, you’ll need to give the sender your Wise local currency account details, including:

• Your name as it appears on your Wise account

• Your Wise bank account number and details, for the currency you’re receiving

• Depending on the specific payment you may also need to give extra information, like a reason for the payment

How to set up Wise account to receive money [for business]

Wise business accounts come with pretty much all the benefits of a Wise personal account, and a few extras too – like batch payments and cloud accounting integrations.

You’ll be able to get local bank details for up to 10 currencies with your Wise business account, to get paid by local transfer from 30+ currencies easily. Just give the sender your Wise account details for the currency you’ll receive, which you can find on the Wise app, and wait for the payment to be deposited.

The process to get your account details is the same as for a personal Wise account. All you need to do is:

1. Log into your business account on the Wise app or desktop site

2. Within your Wise account, tap open a balance, and select the currency you need

3. Tap Get account details, then copy the account information for the currency you’re receiving

4. Send these account details to the person making the payment, to receive funds into Wise

How does my business get verified?

For a Wise business account you’ll normally need your own proof of ID and address, plus:

• Business documentation which can vary based on entity type

• Names, date of birth, and country of residence for all stakeholders

How do I deposit money into my Wise account?

Add money to your Wise multi-currency account in Canadian dollars – or any of the other 20+ currencies supported for top ups, to make payments and spend with your Wise debit card anywhere in the world.

You’ll be able to select your preferred payment method, including using a bank transfer or adding funds with your debit or credit card. The fees for different payment methods vary, so you can pick the one which suits you best.

Here’s how to deposit money to your Wise account:

1. Open the Wise app or website

2. Choose the currency you want to add

3. Enter the amount you want to top up

4. Select your preferred payment method

5. Check, confirm and make the payment

How much does it cost to receive money to your Wise account?

Wise fees are easy to understand. If someone is sending you a payment to your Wise account you can give them your local Wise bank details for any of the 10 supported currencies and receive payments for fee-free. However, some payment methods have a fixed fee. These include receiving CAD SWIFT payments for 10 CAD and 4.14 USD for receiving USD wire payments.

If you’re topping up your Wise account yourself you can also do so using a bank transfer or card. Some currencies and payment methods do have a small top up fee – especially if you’re looking to get the top up processed as fast as possible. However, you can see all your options on the Wise app or desktop site, using the calculator tools available there.

Learn more here: Wise transfer fees

Will you have to pay any fees as the receiver?

You don’t pay any fee to receive funds in 10 currencies to your Wise account, using the local bank details that come with your account. If someone sends you a CAD SWIFT payment, there’s a charge for 10 CAD as well as a 4.14 USD charge for receiving a USD wire payment.

What currencies can you receive to Wise for free?

Use your Wise account to receive the following currencies using local bank account details fee-free:

• Canadian Dollars (CAD)*

• US Dollars (USD)*

• Euros (EUR)

• British Pounds (GBP)

• Australian Dollars (AUD)

• New Zealand Dollars (NZD)

• Singapore Dollars (SGD)

• Romanian Lei (RON)

• Hungarian Forint (HUF)

• Turkish Lira (TRY)

In these currencies, you can send your Wise account bank details to the person sending you the money. They can then pay the currency into your account using their preferred transfer method, and without any currency conversion fees.

*One important note – there’s a 10 CAD charge for receiving CAD via SWIFT and 4.14 USD fixed fee for receiving USD via wire transfer.

Advantages and disadvantages of receiving and sending money with Wise

Wise account details

You can get local account details in 10 currencies with Wise account. Here is a detailed list of currencies and account details you can get for free with your personal Wise account:

Additional information for receiving money with Wise

There are a lot of numbers and information you hear about when it comes to international money transfers. Here are a few things you may be asked for if you’re receiving a payment with Wise.

Wise IBAN number

IBAN is an account format used by European banks. Canadian banks do not use this format and an IBAN is not required to send money to a Canadian bank account via Wise. Other parties with an IBAN field on their overseas payment form can simply leave this field blank. If you’re receiving money from Europe using Wise, you may need an IBAN. Wise will provide this for you.

Wise routing number

Depending on the currency you’re receiving to your Wise account, the sender may request a National Clearing Code, Routing Number, BSB Number or Sort Code. In this case you can simply get the Wise account details for the currency you’re receiving from the app – following the steps set out above – and you’ll find all you need.

Currency exchange rates for Wise

• Rates for transferring funds internationally through Wise are available through their currency converter.

• If currency exchange is required, the rate your sender will get does vary from moment to moment.

• The up-to-date, dynamic rate is shown when you are booking your transfer.

2. How to receive money to your bank account

You do not need a Wise account to receive a money transfer sent with Wise. If you’d rather, you can simply receive the money directly to your normal bank account.

If you’re expecting to get a Wise payment to your regular bank account, just give your bank details to the person sending the money and wait for the money to arrive in your bank account. More than 50% of Wise transfers are instant – and the vast majority arrive in 24 hours*.

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

What details do I need to give the sender?

To receive a payment to be sent through Wise, you’ll need to give the sender your account details, including:

• Your name as it appears on your bank account

• Your bank account number

• Your routing number

• Depending on the specific payment you may also need to give your address, or a reason for the payment

If you received money into your Wise account, and are looking to withdraw that money, check out these guides: How to withdraw money from Wise to bank account or How to withdraw money from Wise card.

How much does it cost to receive money into my bank account?

Your own bank may charge a receiving fee when you get a payment deposited into your bank account. To check if this will apply, you’ll need to take a look at your specific account’s terms and conditions document.

Advantages and disadvantages of receiving money to your bank account

Pros:

• Wise uses the mid-market exchange rate to convert currencies, which may mean the sender pays less, and you get more in the end

• Wise payments are deposited quickly – or even instantly

• Wise payments can be sent to 160+ countries, in 40+ currencies

Cons:

• Your own bank may charge a receiving fee

• The sender will pay a Wise fee which varies based on the way they pay and the value of the transfer

If you are trying to decide between transferring your money with Wise or making a bank transfer, this comparison guide can be helpful: Wise transfer vs international bank transfer.

Conclusion: Is Wise good for receiving money?

Wise is a great choice if you need to receive money internationally. Whether you’re dealing with personal or business finances across borders, Wise’s multi-currency account lets you send and receive payments in over 160 countries.

You can easily set up a Wise account, either online or on your phone via the app, allowing you to hold 40 currencies and send and receive global payments effortlessly like a regular transfer. Just share your Wise account details with the person or business who wants to pay you.

Although there are some fees to receive certain transactions, like CAD SWIFT and USD wire payments, Wise uses the mid-market exchange rate and has low, transparent fees, making it a reliable and budget-friendly option to receive international money transfers.

FAQ: How do I receive money internationally from Wise?

How much does it cost to open a Wise account?

There’s no fee to open a Wise personal account. If you’re opening a Wise business account you’ll pay a one time low fee to get full account features. Wise personal and business accounts have no ongoing fees and no minimum balance requirements.

How long does it take to receive money with Wise?

Wise transfers are often fast. 50% arrive instantly or within a few seconds, and 90% are there in 24 hours*. Ultimately how long your Wise payment takes will depend on the transfer currency and value, and how the person sending it chooses to pay.

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

Can I receive money on Wise without verification?

When you open a Wise account, you’ll need to verify your identity for safety and security reasons. You will also need to complete a verification step to set up an international payment. However, verification is usually only necessary for sending money, and will depend on how much you are sending and where you are sending it from. Learn more here: Is Wise safe to use?