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To transfer your Wise balance to a bank account, you'll need to have a linked bank account in your Wise account. This allows you to send money directly from your Wise balance to your bank account.
First, ensure you have a bank account linked in your Wise account. You can do this by going to the 'Balance' tab and selecting 'Transfer' to link a new bank account.
Once your bank account is linked, you can initiate a transfer by selecting the amount you want to transfer and confirming the transaction.
Withdrawing from Wise
You can withdraw money from your Wise balance to a bank account in just a few steps. To start, you'll need to log into the Wise app and select the balance you want to withdraw from.
You can withdraw money from a Wise balance to a bank account in the same currency as the balance, or in a different supported currency. To do this, select Send and enter or choose the bank account you want to withdraw to, and then enter the value you want to withdraw.
The fees for withdrawing money from Wise to a bank account vary depending on the currency and amount being withdrawn. For example, if you're withdrawing USD to a USD account, the fee is 6.44 USD, regardless of the withdrawal amount. However, if you're converting your balance to another currency, you'll see the exchange rate and fee that'll apply to the withdrawal, and how much you'll get in the end.
Here are the Wise fees to withdraw USD to a USD account, using a wire transfer:
You'll also need to confirm the account you want to withdraw to, and enter the details of the account, including the name the account is held under, the account number, bank name, and any other relevant information.
Enter Withdrawal Details
If you're converting your balance to another currency, you'll instantly see the exchange rate and fee that'll apply to the withdrawal, and how much you'll get in the end.
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You can select a recipient account from those you've previously withdrawn or sent money to, or tap add a new recipient to enter a new bank account.
Enter the value you want to withdraw, confirm the currency, and check any fees that apply to your withdrawal. You'll also get a delivery estimate so you'll know when to expect the money to arrive.
You can save accounts under a nickname to make it easier to find them next time, too.
Moving Money from Venmo to Wise
To move money from Venmo to Wise, you'll need to follow the prompts to enter the details of the account you want to receive the money to. This can vary a little depending on the currency, but you'll likely need to provide the name the account is held under, the account number, and the bank name.
If you're withdrawing to the account for the first time, you'll need to enter all the required details. This might include the routing number for USD transfers. I've found that it's essential to double-check all the information before proceeding.
To confirm the account you want to withdraw to, you'll need to add the details of the account you want to receive the money to. You can choose yourself as an existing recipient if you've withdrawn funds to that account before.
Here's a list of the required details:
- The name the account is held under
- The account number
- Bank name
- Other relevant information (such as routing number for USD transfers)
Account Setup and Payment
To set up a payment and transfer your Wise balance to a bank account, you'll need to choose bank transfer at the payment step, which will bring up Wise's bank account details and a reference.
To pay with your Wise balance, follow these steps: set up a transfer from the Home tab by clicking on Send, then choose Your Wise balance at the payment step. You may need to enter your Wise password or use fingerprint or facial recognition to finish sending money.
To confirm the account you want to withdraw to, add the details of the account you want to receive money to, or choose yourself as an existing recipient if you've withdrawn funds to that account before. The required information will vary depending on the currency, but will likely include the name the account is held under, the account number, bank name, and other relevant information like a routing number for USD transfers.
Account Setup
To set up your transfer on Wise, simply choose how much you're sending and enter your recipient's bank details.
You can set up a transfer and pay with your balance by following these steps: From the Home tab, click on Send. Then, set up a transfer by going through the standard transfer steps. At the payment step, choose the Your Wise balance. You may need to enter your Wise password, or use fingerprint or facial recognition, to finish sending money.
Sending an international bank account money transfer is often one of the most convenient ways for your recipient to get their money. Once you initiate the transfer, your recipient doesn't need to do anything at all - the funds will be automatically deposited into their bank account as soon as they're processed.
To facilitate a bank account money transfer, you'll need your recipient's personal contact and bank account details. The exact bank details required varies a bit based on the country you're sending money to, but you'll be guided through the Wise bank account money transfer process step by step as you arrange your payment.
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Here's a quick rundown of the steps you'll need to follow:
- From the Home tab, click on Send.
- Set up a transfer by going through the standard transfer steps.
- At the payment step, choose the Your Wise balance.
- You may need to enter your Wise password, or use fingerprint or facial recognition, to finish sending money.
Confirm Withdrawal Destination
Confirming the withdrawal destination is a crucial step in the process. You'll need to add the details of the account you want to receive money to, or choose yourself as an existing recipient if you've withdrawn funds to that account before.
To add a new account, follow the prompts to enter all the required details. This can vary a little depending on the currency, but will likely include the name the account is held under, the account number, bank name, and other relevant information.
For USD transfers, you may need to include a routing number. Make sure to double-check the information to ensure it's accurate.
Here's a list of the details you'll typically need to provide:
- The name the account is held under
- The account number
- Bank name
- Other relevant information (such as routing number for USD transfers)
Once you've entered the details, review them carefully to ensure everything is correct before proceeding.
Payment Balance and Fees
When you want to transfer your Wise balance to a bank account, you need to know about the fees involved. There are no fees for making a payment from your Wise balance in the same currency, but fees do apply when transferring to a different currency.
The fees for transferring to a different currency can be found using the Wise fees and pricing calculator, but here are some examples: for a transfer from USD to GBP, the total fee is 5.05 USD, and for a transfer from USD to EUR, the total fee is 4.96 USD.
If you're transferring a same currency balance, the fixed fee is 0.39 USD, and there's no variable fee.
Payment Balance Fees
If you're using Wise to make a payment, you'll want to know about their payment balance fees. For same currency balance transfers, there's no variable fee, but a fixed fee applies. This fee is low and varies by currency.
You can calculate the total fee using Wise's fees and pricing calculator. The fixed fee for same currency balance transfers is 0.39 USD for a transfer from USD to USD.
For different currency balance transfers, the variable fee is low and varies by currency, ranging from 0.41% to 0.67%. The fixed fee also varies by currency and payment type.
Here's a breakdown of the fees for different payment types:
Keep in mind that these fees are subject to change, and you should always check Wise's fees and pricing for the most up-to-date information.
How Long?
A money transfer to a bank account can take anywhere from one day to a few days, depending on the currency and verification changes. Sometimes transfer times can differ based on currencies or verification changes.
On many popular routes, Wise can send your money within one day, as a same day transfer. This is a significant improvement over traditional transfer methods.
Transfer times can be unpredictable, but Wise will always keep you updated on the status of your transfer. You can track each step in your account to stay informed.
A money transfer to a bank account (USD-PHP) should arrive by Thursday, February 20. This is just an estimate, and actual transfer times may vary.
Payment Methods and Options
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To transfer your Wise balance to a bank account, you have a few payment methods to choose from. You can choose bank transfer at the payment step, which will bring up Wise's bank account details and a reference.
To pay with bank transfer, make a note of the bank account details and reference, as you'll need them to complete the transfer through your bank. You can also set up a transfer and choose to pay with your Wise balance, which will guide you through the standard transfer steps.
To withdraw money from your Wise balance to a bank account, you can follow these steps:
Before confirming the payment, you may need to add the details of the account you want to receive money to, or choose yourself as an existing recipient if you've withdrawn funds to that account before. This can include entering the name the account is held under, account number, bank name, and other relevant information.
Withdrawal Options
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You can withdraw money from Wise to a bank account in over 50 supported currencies.
To withdraw money from Wise, you can choose bank transfer at the payment step and make a note of Wise's bank account details and reference, which you'll need to pay with bank transfer through your bank.
You can withdraw some or all of your money to a bank account, either sending funds without switching currencies or converting a balance in your Wise account to the currency you need as part of the withdrawal.
To set up a transfer and choose to pay with your balance, click on Send from the Home tab, set up a transfer by going through the standard transfer steps, choose the Your Wise balance at the payment step, and enter your Wise password or use fingerprint or facial recognition to finish sending money.
You can withdraw money from Wise to a bank account in the same currency of the balance or in a different supported currency.
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Here are the steps to withdraw money from Wise to a bank account:
- Log into the Wise app and select the balance you want to withdraw from
- Select Send and enter or choose the bank account you want to withdraw to
- Enter the value you want to withdraw, confirm the currency, and check any fees that apply to your withdrawal
- Confirm the payment to transfer your balance to your bank account
When converting your balance to another currency, you'll instantly see the exchange rate and fee that'll apply to the withdrawal, and how much you'll get in the end.
You can save accounts under a nickname to make it easier to find them next time, and you'll also get a delivery estimate so you'll know when to expect the money to arrive.
Here are some restrictions to keep in mind:
- For Brazilian customers with a BRL balance, you can't send money from your Wise BRL balance to bank accounts owned by other people or businesses.
- However, you can still send to your own accounts.
International Fees, Limits, and Rates
International fees can be a major headache, but Wise makes it easy to understand what you'll be charged. There's no fee for making a same-currency balance withdrawal or transfer, but a low fee applies for different currency transfers, ranging from 0.41% to 0.67%.
The fixed fee for same-currency balance withdrawals and transfers is also low, ranging from 0.39 USD to 0.73 USD. However, the total fee varies by currency and payment value, so it's best to use Wise's fees and pricing calculator to get an exact quote.
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Wise has a withdrawal limit, which can be as high as 6 million USD, and you'll always be shown the limits that apply when setting up your withdrawal. This is a big plus for those who need to make large international payments.
Here's a breakdown of the fees for withdrawing USD to a bank account in USD and EUR:
For different currency withdrawals, you'll see the exchange rate being used, the currency conversion fee, and how much you'll receive in your bank account. The currency conversion fee is low, ranging from 0.41% to 0.67%, and uses the mid-market exchange rate.
To give you a better idea, here are the Wise fees for withdrawing USD to a EUR bank account:
Remember to always check the fees and limits before making a withdrawal, and use Wise's fees and pricing calculator to get an exact quote.
Sources
- https://www.exiap.com/guides/how-to-withdraw-money-from-wise
- https://wise.com/help/articles/2559761/how-to-pay-by-bank-transfer
- https://wise.com/us/blog/how-to-withdraw-money-from-wise
- https://wise.com/help/articles/2596987/how-can-i-send-money-from-a-balance
- https://wise.com/us/send-money/send-money-to-bank-account
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