Last Updated on April 17, 2023 by Mavia
If you’re expecting money from abroad, receiving it can be a challenging process. Traditional banks often charge high fees and offer unfavorable exchange rates, making the process expensive and time-consuming. Fortunately, there are alternatives like Wise, a global money transfer service that allows you to receive money quickly, securely, and at a low cost. In this article, we’ll explore how Wise works and how you can use it to receive money from abroad.
How Does Wise Work for Receiving Money
Wise allows you to receive money from over 80 countries around the world. To receive money, you’ll need to create a Wise account and provide the sender with your account details. Your account details will include your name, email, and local bank account details, including the routing number, account number, and bank name. Once the sender initiates the transfer, the money will be sent to Wise, and then to your local bank account. The transfer usually takes a few hours or a day, depending on the sender’s bank and the destination country.
Why Use Wise to Receive Money from Abroad
Here are some reasons why Wise is an excellent choice for receiving money from abroad:
Wise charges a transparent fee that’s usually much lower than what traditional banks charge. This makes it a cost-effective option for receiving money, especially for large transfers.
Competitive Exchange Rates
Wise uses the mid-market exchange rate, which is the rate you see on Google or Yahoo Finance. This means you get a fair exchange rate without any hidden markups or fees.
Fast and Secure
Wise uses the latest encryption and security technologies to protect your money and personal information. Your transfer is also fast, usually arriving within a few hours or a day, depending on the sender’s bank and the destination.
Easy to Use
Wise is easy to use, even for first-time users. The platform is user-friendly, and the process is straightforward, making it easy to receive money quickly and efficiently.
Excellent Customer Support
Wise has a dedicated customer support team that’s available 24/7 to help you with any questions or issues you may have. You can contact them via email, phone, or live chat, and they’ll respond promptly.
How to Receive Money with Wise
To receive money with Wise, follow these simple steps:
- Create a Wise account: Visit the Wise website and create an account. You’ll need to provide your personal information, including your name, address, and email.
- Provide your account details: Once your account is verified, provide the sender with your account details, including your name, email, and local bank account details.
- Wait for the transfer: Once the sender initiates the transfer, wait for the money to arrive in your local bank account. The transfer usually takes a few hours or a day, depending on the sender’s bank and the destination.
- Check your account: Once the money arrives in your account, check your account balance to ensure the money is there. If you have any issues, contact Wise’s customer support team for assistance.
Receiving money from abroad can be a complicated process, but with Wise, it doesn’t have to be. With low fees, competitive exchange rates, and excellent customer support, Wise is an excellent choice for anyone looking to receive money from overseas. By following these simple steps and using Wise’s platform, you can receive money quickly, securely, and at a low cost.