We have put together frequently asked questions about getting started
or continuing doing your business during the coronavirus crisis.
Learn more

How do I use TransferWise?

Last updated: March 28, 2018

To create a business account with TransferWise, you need to go to their website and sign up. You’ll need to create your personal account first, and then your business account. Business customers need to be verified by TransferWise, so expect to upload identification and some business documentation. You can see more information in their support centre. Verification is typically completed within 4 working days, and once it’s done you can start making transfers immediately.

If you're sending money with TransferWise, you're making a local transfer from your account to their account and then they handle the conversion. You don't need to mention to your bank that your transfer is international, otherwise they might convert the money, charge you for the pleasure, and cause problems for your TransferWise transfer. For example, if you wish to transfer money from euros to US dollars, you’ll send euros to TransferWise from your euro bank account, to their euro bank account, and then TransferWise make the conversion into US dollars.

They then pay out the dollars locally in the US, with no fee for your recipient.

It’s also worth considering opening a TransferWise borderless account - where you can hold over 40 currencies, convert money within your account, and get local account details for British pounds, euros, US dollars and Australian dollars.

Did this answer your question?

Related articles