International Money Transfer | Send Money Abroad with Wise (ex-TransferWise) (2024)

FAQs

How long does Transferwise take to send money internationally? ›

And that's why, in part, once you send an international wire transfer, it can take up to 5 business days, or in some cases even longer, for the funds to be available in the recipient's account. Once an international wire transfer is initiated, funds are deducted from the sender's account.

When you use your Wise account to send a payment you'll need to use your regular bank account to send the money in INR to Wise. Wise will then convert your funds with the mid-market exchange rate and deposit the agreed amount with the sender, in your preferred currency.

Like your bank, Wise is a regulated financial institution. To comply with local regulations (the USA Patriot Act) and our banking partner agreements, we need to verify the identity of any of our customers who want to order a debit card in the US.

On many popular routes, Wise can send your money within one day, as a same day transfer, or even an instant money transfer. Sometimes, different payment methods or routine checks may affect the transfer delivery time. We'll always keep you updated, and you can track each step in your account.

From time to time, we need to run security checks on all of our customers and their payments. This is because we're a regulated financial institution, and are required to review transfers by law. We might need to verify things like your ID, address, or where you got the money from, when you make a transfer.

If you're considering using Wise for a payment or to hold a balance, it's natural to wonder if it's a legit service. The good news is that Wise is safe to use, whether you want to send or receive a payment, spend internationally, convert currencies or hold a balance.

The minimum you can send is 5,000 INR per transfer. The maximum you can send is 750,000 per transfer per day. You can transfer up to 225,000 USD, approximately 18,700,000 INR per financial year.

Every currency and payment method can take a different amount of time to land in your account. For example, if you're receiving EUR, and the sender sent it by bank account — it can take 1–2 working days before the money settles. But if they sent it to you by Swift outside of SEPA — it can take up to 5 working days.

To get a Wise account you'll need to be 18 or older, and have a valid ID document and proof of address. If you're opening a Wise US account you'll be asked to enter your SSN as verification, as well as upload an image of your ID and address documents.

Does Wise report to the IRS? ›

If you earned 10 or more USD in the 2023 calendar year across your interest-earning balances we'll provide you with a 1099-INT to comply with standard IRS tax procedures. To download your 1099: Select your profile icon (top left in the app or top right on the website) Select Statements and Reports.

You can send USD to any bank account in the US that accepts ACH payments or wire payments. You can also send USD to bank accounts outside the US using the Swift payment network. These payments can take up to 5 working days to arrive and may be more expensive than transfers inside the US.

Yes, there are limits for how much you can send with us. They depend on which currencies you send to and from, and how you pay. You can check the limits for each currency in the Currencies articles. We'll also let you know if you try to send too much at one time.

For most people, there are no limits on how much you can receive and hold right now.

We'll always charge a conversion fee if you send money to a different currency. To check how much the fee is, use our pricing page. Just type in the amount you want to send, and choose the currency you're sending from and to. We'll show you the exact fee you'll need to pay.

Whatever currency you're sending, converting your money can always take up to 2 working days.

While domestic wire transfers can be completed within one business day, international transfers typically take one to five business days, and they can take longer depending on a variety of factors. In rare cases, a perfectly executed transfer can reach the recipient within a single business day.

One of the main reasons for delays to international wire transfers are the fraud prevention processes and procedures put in place by banks. The SWIFT network requires transfers to pass through up to three correspondent banks before arriving at their destination.

A SWIFT payment generally takes 1-4 working days.

The time taken varies based on the destination, time zones, and different banking procedures. SWIFT transfers aren't instant. Before your funds are credited to the recipient, they will undergo anti-fraud and anti-money laundering checks, which take time.