How do I use TransferWise?

Last updated: November 11, 2020

To create a business account with TransferWise, you need to go to their website and sign up for a business account. Business customers need to be verified by TransferWise, so expect to upload identification, some business documentation and personal details. You can see more information from 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 makes 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 multi-currency account - where you can hold over 50 currencies, convert money within your account, and get local account details for British pounds, euros, US dollars, Australian dollars, New Zealand dollars, Hungarian Forint and Singapore dollars.

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