Can You Use Wise to Transfer to a Bank Account

Wise allows you to transfer money to a bank account in over 10 currencies, including USD, EUR, and CAD.

You can transfer funds to a bank account in the same currency as your Wise account, which can save you money on conversion fees.

Wise transfers are typically settled in 1-3 business days, depending on the recipient's bank's processing time.

Money transfers to a bank account are free in many cases, but you'll need to check the Wise website for specific fees and exchange rates.

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You can use Wise to send money to a business or charity, and the process is quite straightforward. Select Business or Charity to confirm you're paying an organization rather than an individual.

To send money to a business, follow the prompts to add the organization's bank details, or choose an existing recipient if you've sent to this account before. You can also make a regular Wise transfer and pay with your preferred bank account or card.

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If you're sending money to Korea, you don't need to have a Wise account yourself, but the person receiving the money should have a Wise account. You'll need to ask for their Wise account details and send money to the Wise account from your own account.

You can also use SentBe, a Korean FinTech company, to send money from Korea to your Wise account. To do this, enter your international account numbers provided in the Wise currency account of your choice, and send money from your Korean bank account to your Wise account.

Wise allows you to send money to Korea by converting from one of the available currencies into Korean won. You can also use Wise to send money to your own Wise account from an overseas bank account, and then convert to Korean won.

If you're an expat living in Korea or traveling to Korea, you can use Wise to manage your international banking needs. You can receive money into your USD account on Wise and use the app to convert that into Korean won to spend in Korea.

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You can choose bank transfer as a payment option, which will bring up Wise's bank account details and a reference that you'll need to pay with bank transfer through your bank.

Wise allows you to transfer your funds to a local bank account before they get whisked overseas, making the whole procedure as fast and smooth as possible.

To send money to someone else's Wise account, you'll need to ask for their Wise account details, which include their bank account number, Sort Code, IBAN, SWIFT, or BIC numbers, that you can find in the Wise app.

The cost structure for Wise is a fixed fee plus a percentage of the total amount, which is very reasonable for most major currencies.

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Sending to a business is a straightforward process with Wise. You'll need to select Business or Charity to confirm you're paying an organization rather than an individual.

To add an organization's bank details, follow the prompts or choose an existing recipient if you've sent to this account before. This will save you time and effort.

You can still make a regular Wise transfer and pay with your preferred bank account or card. Just click Send and enter the amount you want to pay, or the amount you want the recipient to get.

Confirm the type of payment as a transfer to a business.

If you're making a bank transfer from a UK bank, you may see an option called Log in and approve. This is a faster and easier way of making an online bank transfer.

To use this option, you'll need to enter your online banking details, pick which account you'd like to pay from, and click approve. That's it – Wise will do the rest.

You'll need to double-check that the name on your bank account matches the name on your Wise account. If the names don't match, Wise won't be able to process your transfer.

To avoid delays, make sure you enter the exact amount you're sending with Wise. Paying more or less could delay your transfer.

Here are some important details to include with your bank transfer:

Fees for Wise Money Transfer are variable and depend on the amount being sent, the currencies used, and the payment method chosen. You'll always see the fees clearly displayed on the simulation page when sending money.

Wise provides its users with the commercial exchange rate, not the tourist exchange rate, which can be almost 10 times lower than traditional banks. This means you'll get a better deal with Wise.

In comparison, PayPal Japan charges a fixed rate of 0.0087 JPY to USD, as shown in the following table:

JPY Amount10,000Rate (JPY->USD)0.0087USD Amount 87.94Rates on November 7, 2019

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Wise offers transparent fees, so you'll always know what you're paying for.

There's no fee for making a payment from your Wise balance if you're withdrawing or transferring money in the same currency. However, if you're transferring money in a different currency, the variable fee is low, around 0.41% of the transfer amount.

The fixed fee for transferring money in a different currency can vary by currency, but it's typically around 0.37 USD for a transfer from USD to GBP or 0.28 USD for a transfer from USD to EUR.

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The total fee for transferring money in a different currency can range from 5.05 USD for a transfer of 1,000 USD to GBP to 4.96 USD for a transfer of 1,000 USD to EUR.

Wise also offers a multi-currency account with no monthly fee, and fees are built into the features. The currency conversion rate is typically between 0.35% and 2% depending on the currency.

If you withdraw up to €200 every month from an ATM, you won't be charged a fee. However, there's a fixed fee of €0.60 to transfer money from your account to another account with the same currency.

Here's a breakdown of the fees for making a payment from your Wise balance:

The limit on Wise transfers varies depending on the currencies involved and the payment method used.

There are limits to how much you can send with Wise.

You can check out the limits for each currency in the Wise Currencies pages.

The platform will notify you if you try and send above the limit.

Wise gives you an estimate of when the money will arrive in the destination bank account—approximately 2-4 days, usually.

In our test transfers, the funds have arrived in just 1-2 days, and often on the same day.

With Wise, you can get an international bank account without the fees, which comes with a debit card (Mastercard).

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For larger transfers, Wise is definitely worth checking out. They've recently lifted their 1-million-yen cap on single transfers, so you can now send up to 150 million yen at a time.

Western Union also offers competitive rates for larger transfers, but it's worth noting that Wise generally appears to be the best-value option.

If you're not registered as a long-term resident of Japan, OFX is another option to consider for higher value transfers, as their rates are competitive.

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Regular transfers from Japan can be a real headache. Filling out forms at the bank or making an hour-long phone call is just the beginning, and you'll still be charged up to ¥4,000 just for the transfer.

The exchange rates at legacy banks like SMBC, MUFG, or Mizuho are also pretty bad. You'll get shafted with horrible exchange rates unless you're willing to jump through hoops.

To avoid this, consider using a service like GoRemit. However, be prepared for a bit of a process to sign up, and registering a beneficiary can take several weeks. Your transfer limit will also be pre-determined by GoRemit, which might be a case-by-case decision.

Here's a rough idea of what you can expect to pay with PayPal Japan:

JPY Amount10,000Rate (JPY->USD)

0.0087USD Amount87.94

Rates on November 7, 2019

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You can transfer money from your Wise account to a Korean bank account using the Wise app. Select the Korean won currency account in the app and click on ‘Send’.

The fee for making a bank transfer is ₩1,450.

You can also share a payment link and send it to the recipient, making the transfer process even easier.

To make a bank transfer, you'll need to enter the details of the recipient, including their bank account and name.

You can send money to someone else using Wise, and it's a straightforward process. Select the balance you want to send from on the left-hand menu if you're using the Wise website or on the top of the screen in the app.

For small to medium amounts, Wise is often the best-value and most convenient option. They generally offer competitive rates, especially for amounts into the hundreds of thousands of yen.

You can send amounts of any size, but for larger amounts, GoRemit might start to make sense. This is especially true for amounts over ¥200,000.

If you're sending money to someone with their own Wise Account, you can make a Wise to Wise payment which arrives instantly. This is a convenient option with no fee if you're sending in the same currency.

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You can transfer money from your Wise account to a Korean bank account in the Wise app, selecting the Korean won currency account and clicking on 'Send'. There's a fee of ₩1,450 to make a bank transfer.

To send money to a business, select Business or Charity in the Wise app and follow the prompts to add the organization's bank details. You can also pay with your preferred bank account or card.

Some people outside of Korea can send money to people in Korea who have a Wise account, without having to pay any fees to transfer the money. They just need to ask for the recipient's Wise account details and send money to the Wise account from their own account.

You can transfer your own money from your Wise account to a Korean bank account or convert it into Korean won to spend in Korea. To do this, add money to your Wise account in your own currency, convert it into Korean won, and then spend the money using your Wise card or withdraw cash from an ATM.

You can open a currency account in Wise for various currencies, including USD, GBP, AUD, EUR, and KRW, and make transfers or receive deposits in those currencies. This allows you to manage your international banking needs in one app.

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Wise is a reliable option for transferring money to a bank account. It's regulated by HMRC and the FCA, giving you peace of mind.

One of the biggest advantages of Wise is that it's incredibly easy to use. The website and app have a user-friendly navigation that's free of bugs.

Low fees are another major perk. Wise fees are significantly cheaper than traditional banks, making it a cost-effective option.

You can transfer money to over 80 different countries, and Wise supports more than 50 different currencies. This makes it a great choice for people who need to send money abroad.

Here are some of the key pros of using Wise: