How does Wise work: Step-by-step guide 2024
Wise was launched as TransferWise in the UK in 2011, with the aim of making it cheaper, faster and more convenient to send money internationally. In 2021, TransferWise was renamed Wise - and today over 12 million people around the world trust Wise to send international money transfers.
If you’re considering making an international money transfer with Wise but have questions about how to use it, this guide is for you.
We’ll walk through all the services and features Wise offers in India - and cover step by step how to send money internationally from India with Wise.
Key points: Using Wise in India
Sign up to Wise online or in the Wise app for free
Send payments to 40+ countries around the world
Send directly to the recipient's bank account (they don't need to have a Wise account to receive your payment)
Fund your Wise international transfer using your local bank account
Wise currency exchange uses mid-market exchange rate with a low transparent fee
Does Wise work in India?
You can use Wise money transfers to send money internationally from India, and also receive money from abroad into your local bank account in India with mid-market exchange rate and low fees.
Send money from India: Send money abroad with Wise to 40+ countries, in INR if you’re an Indian tax resident.
Receive money in India: Receive international payments from abroad in supported currencies sent through Wise.
What is Wise money transfer?
Wise is a financial technology company which specialises in international payments and low cost currency exchange.
You can use Wise to send a one off or recurring payment to 40+ countries with the mid-market exchange rate and low, transparent fees.
Wise payments are arranged online or in the Wise app, and deposited right into your recipient’s local bank account for convenience.
How does Wise work?
You can sign up to Wise online or in the Wise app for free, to get started sending payments overseas from India or receiving money from other countries. We’ll cover all you need to know about how to use Wise in India, in this guide.
Once you’ve opened your account, you can send money internationally and pay using your local online banking service. Transfers are set up online or in the Wise app - and can move fast. In fact, 50%+ of Wise transfers are instant, and 90%+ arrive within 24 hours.
Your funds will be deposited right into your recipient’s bank account for convenience. The individual or business you’re sending to won’t need to open a Wise account to get their money, and they’ll be notified when the funds are available in their account. Easy.
How to use Wise in India
Let’s take a look at how you can make the most of all the services and account features Wise offers - we’ll cover these in more detail in a full step by step guide in just a moment:
Open your account online or in the Wise app
Send payments to 40+ countries
Get the mid-market exchange rate for currency conversion
Receive payments from others with Wise international transfers - deposited right into your Indian bank account
Sending transfers from INR with Wise
Wise makes it easy to send money internationally from India. However, it’s important to note that there are some restrictions to keep in mind when sending INR. You can send money from INR if:
You’re an Indian tax resident
Your ID is verified
The address on your account in India matches the address on your ID document
You’ve added an Indian phone number to your account
How to transfer money with Wise
With Wise, you can to send payments to 40+ countries around the world from India.
When you need to switch between currencies you’ll get the mid-market exchange rate with no markups and low, transparent fees which allows you to save money on transfer fees.
Here’s how to transfer money overseas with Wise:
Log into Wise online or in the Wise app
Select Send Money
Enter the currencies you want to send to and from
Confirm either the send amount, or the amount you want the recipient to get in the end
Check over the fees and exchange rate, and confirm
Follow the prompts to fund the payment and your money is on its way
Once your money is moving you’ll get an email notification, and you’ll also be able to track your payment in the Wise app or on the desktop site if you’d like to. Your recipient will be notified about the payment by email once it arrives.
What details do you need from your recipient?
The good news is that your recipient doesn’t need to have a Wise account to receive a transfer sent through Wise.
The money will be sent directly to their local bank account, making it a straightforward process.
However, the exact information you’ll need might vary depending on the country you’re sending money to. In most cases, you will need the following details:
| Information needed to send a payment: |
|---|
The recipient’s full name as shown on their bank account The recipient’s bank account number or IBAN The name of the recipient’s bank Country specific information, like a sort code (for the UK), routing number (for the US), etc. |
How do I receive money with Wise from abroad?
Expecting a payment which is being processed through Wise?
Your sender will be able to confirm the details they need based on the way they’re setting up the transfer. However, usually, you’ll need to give them:
Your full name as shown on your bank account
Your bank code and bank name
Your bank account number
Do I need a Wise Account to receive money sent with Wise?
No, you don't need to have a Wise Account to be able to receive a payment sent with Wise.
You can simply give the sender your bank account details from your local bank in India, and your payments will be deposited into your bank account.
How long does an international money transfer take with Wise?
Wise international transfers are fast. In fact, 50%+ of Wise transfers are instant, and the vast majority of payments arrive within 24 hours.
In contrast, sending money overseas with your bank can take 3 - 5 days depending on the destination country - and even longer if the currencies involved are less commonly used.
How to sign up to Wise in India
Wise has been created to offer an intuitive user experience with customers able to open a personal account on both the Wise Apple and Android apps, and the Wise desktop site. Here’s how:
Download the Wise app or head to the Wise desktop site
Register with your email, Facebook, Apple or Google ID
Complete the verification step
You’re ready to set up your first transfer
How do I get verified on Wise?
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 usually need is:
Your PAN card
Your passport or driving license
You’ll be guided through the process and can always save your progress and come back to it if you need to.
If you ever need any support while you’re completing the verification step, the Wise customer service team is on hand to advise you - by phone, online or in the Wise app.
How are Wise transfer fees are calculated?
Wise has a reputation for low cost international payments with transparent fees which beat the banks. But Wise is a business - so you might be wondering how exactly the company makes money from the services they provide.
Transparency is a core principle of the way Wise works - so you’ll always be able to see the fees you pay for any service you use, before you confirm the transaction. Wise makes money through charging a couple of fees when you send money:
Fixed fee: covering the fixed costs associated with the transaction. For major currencies this can be in the region of 370 - 420 INR
Variable fee: covering the cost of the currency exchange. For major currencies this can be around 1.33% of the transfer value
Wise achieves these low fees by taking a different approach to international transfers compared to banks. While banks tend to rely on the SWIFT network to move money around the world, Wise built its own payment network and has accounts all over the world.
This cuts out many of the inefficiencies of SWIFT and means that Wise payments can be cheaper and more transparent compared to many bank transfers - and usually much faster too. Wise then passes on these savings to the customer as low transfer fees.
You can more about them here: Wise transfer fees
You can also get a Wise promo code for a free transfer.
Wise transfer limits
Wise sets transfer limits for how much you can send. The limits depend on the currencies involved and how you pay. These limits vary, but Wise will always let you know if you try to send too much at any one time.
| Transfer limit for INR | Details |
|---|---|
| Minimum transfer | 5,000 INR per transfer |
| Educational transfers | Up to the equivalent of 9,900 USD per transfer |
| General transfers | Up to 375,000 INR per transfer |
| Daily maximum transfer | 750,000 INR per day |
| Annual transfer limit | Up to 225,00 USD (approximately 18,700,000 INR) per financial year |
Information correct at the time of writing - 24th October 2024.
Wise transfer limits for transfers to India
There are also limits for how much money you can send to India, which will depend on the currency, recipient type and payment method used. For business transfers, it’s recommended to wait until the day after your transfer has completed before setting up another one.
| Transfer limit | Details |
|---|---|
| Private individuals | Up to 100 million INR per transfer |
| IMPS recipients | Up to 500,000 INR |
| UPI recipients | Up to 200,000 INR |
| Business recipients | Up to 1.5 million INR per working day |
Information correct at the time of writing - 24th October 2024.
Wise payment methods
Wise offers multiple ways to pay for international money transfers, so you can choose the most convenient option for you. Funding and payout methods can vary depending on the country, although bank transfer tends to be the most popular method and is usually the least expensive.
Funding methods
Bank transfer: In India, you can only pay for transfers and INR from your personal bank account via a bank transfer using NEFT or RTGS payment networks. The name on your bank account has to match exactly with the name you registered at Wise.
Payout methods
Bank account deposit: Recipients can receive money directly into the bank account. After they receive the transfer, they can then send it to another account or withdraw cash with their linked bank card.
How to cancel a Wise transfer
If you’ve initiated a transfer with Wise but need to cancel it, you might be able to do so, depending on which stage of processing the transfer has reached. You can cancel your Wise transfer if:
You’ve set up a transfer but not paid yet
Your money transfer is still on its way to Wise
Your money is still being processed by Wise - in this case you’ll need to ask Wise directly to cancel your transfer
However, once the payment has been made and the funds have been sent to the recipient, the transfer can no longer be canceled, as Wise can no longer retrieve the funds.
Steps to cancel a Wise transfer:
Log in on the Wise mobile app or website wise.com
Go to the "Transactions" tab to find the transfer you want to cancel and its status
Select the transfer you want to cancel and choose “Cancel transfer”
If you’ve already paid, click “I’ve now paid.” You might need to re-enter your bank account details
You’ll then receive an email from Wise to confirm that your transfer has been canceled
If you can’t see the “Cancel transfer” button, this likely means that your money is being processed, and you’ll need to get in touch with Wise so that they can cancel it
Do you need a Wise Account to receive a money transfer sent with Wise?
You don’t need a Wise account to receive a money transfer sent with Wise.
You can simply receive the money directly into your local bank account in India. All you need to do is give your bank account details to the sender for a simple and hassle-free transfer.
How to receive money from Wise to Indian bank account
If you’re receiving money from Wise, the funds will be deposited directly into your Indian bank account without needing a Wise account. Here’s how it works:
The sender initiates the transfer and provides your bank account details, including your full name, bank name, and account number.
Wise processes the payment and converts it to the currency of your bank account (INR, for example).
The money is deposited directly into your bank account within 1-2 business days, without any additional steps on your part.
Who owns Wise?
Wise is a publicly traded company, listed on the London Stock Exchange.
Is Wise regulated in India?
Yes. In India, Wise works with local bank partners to deliver services, with the approval of the Reserve Bank of India. And as an international company, Wise is also overseen and authorised by other regulators around the world, so you’ll know your money is safe no matter what currency you send with Wise.
Is Wise safe to use?
Wise keeps customers and their money safe with manual and automatic processes like account verification, fraud detection and prevention protocols, and secure log in requirements. Here is an overview:
- Funds are stored in dedicated bank accounts and secure liquid assets that are held separately from Wise’s own finances, so your money is always protected.
- Wise uses 2-step verification for extra security to keep your account and money safe.
- Wise has a dedicated fraud prevention team to monitor and protect your data and transfers for secure transactions at every step.
You can learn more about it here: Is Wise safe to send money with?
How to use the Wise mobile app
The Wise mobile app is available for both Apple and Android phones.
The Wise app is safe to use, with 2 factor authentication processes, and robust security.
With the Wise app you’ll also be able to see everything that’s happening with your account and transfer in real time right from your phone. Here is a quick summary:
Send money abroad: Conveniently transfer money internationally from your phone or desktop, whether you're at home or on the go.
Track your transfers: Stay updated in real time with the status of your transfers and receive notifications as your money moves.
Save recipient details: Set up new transfers quickly by using previously saved details for your regular recipients.
Cancel transfers: Easily cancel a transfer if needed, directly from the app.
Set up 2-step verification: The Wise app is designed with your security in mind, ensuring no unauthorized access to your account. All data and transactions are encrypted to keep your money safe at all times.
Invite friends to Wise: Click on your unique invite link and send to friends.
Send verification documents: Get verified easily and upload a copy of your ID, address or any other document that’s been requested.
How to contact Wise customer service in India
Wise does not have a physical office in India where you can receive support. However, their customer service team is available in English 24/7, so you can get help whenever you need it.
The easiest way to contact Wise customer service is by logging into your account and choosing a contact method based on the issue you’re trying to resolve. In app chat services are also available in a wide range of languages.
If you have an ongoing issue, Wise might have already emailed you. Look for messages in your registered email account, as they often include steps to resolve the problem yourself.
| Wise contact for customer support |
|---|
Support Centre (chat and email): Available 24/7 via the Wise website and mobile app Phone: Access phone support after logging into your account Website: https://wise.com/help/ |
Conclusion: Using Wise money transfer in India
Wise emerged over a decade ago with some pretty revolutionary ideas about how to make international transactions easier, cheaper and more transparent. Today 12+ million customers trust Wise to help them save money through Wise low cost international transfers.
Using Wise is simple, and you’ll be able to access your account and all Wise services right from your laptop or smartphone. From setting up your account and getting verified, to sending your first payment, you can manage your money easily and cheaply, without even needing to leave home.
Check out Wise low cost international payments today to see just how much time and money you can save.
How Wise works in India FAQs
When you use Wise to send a payment, you’ll need to use your local Indian 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.
You can not use cash to make a Wise transfer - you’ll need to use a linked bank account.
Wise maximum sending limits are set by currency. Log into Wise to check the sending limits for the currencies you need.
50% of Wise transfers are instant, and 90%+ arrive within 24 hours.
Banks, on the other hand, can take 3 - 5 days to move money internationally.