Summary: While Wise remains a popular option for international money transfers, it makes sense to explore better alternatives such as BookMyForex, which provides the best rates and a streamlined booking experience. Continue reading to learn more about Wise’s International Money Transfers.
Wise, once called TransferWise, started in the UK in 2011 to help people send money abroad in an easy and affordable manner. Today, more than 12 million people worldwide rely on Wise for their international transfers. If you’re in India and thinking about using Wise to send money globally, then this blog is for you. Even though Wise proclaims to offer the best exchange rates for your cross-border transactions, there are certain other aspects related to their services that an individual must be aware of. Let us provide you with all relevant details as well as a comprehensive overview of Wise’s international money transfer services.
How Do I Get Verified on Wise?
To ensure the safety of customers and their funds, Wise follows a verification procedure when you open an account or set up an international payment. This is to comply with regulations worldwide to prevent fraudulent or unlawful use of accounts – similar to what banks do when customers open accounts.
The good news is, unlike visiting a bank branch for verification, with Wise, you can complete the verification process entirely online or through the Wise app. Typically, you’ll need:
1. Your PAN card
2. Your passport or driving license
If you require assistance during verification, the Wise customer service team is there to help you through phone or online chat.
Sending Funds Overseas from India via Wise: Step-by-Step Guide
After setting up your Wise account, you gain access to send payments to over 40 countries worldwide. The platform claims to offer the real mid-market exchange rate without any markups, however, note that the transfer fees charged by the platform are quite high. Here’s how to transfer money internationally using Wise:
1. Sign in to your Wise account either online or through the Wise app.
2. Click on the “Send Money” tab.
3. Input the currencies you’re sending from and to.
4. Confirm either the amount you’re sending or the amount you want the recipient to receive.
5. Review the fees and exchange rate, then confirm.
6. Make the payment to complete the transaction.
Once your transfer is initiated, you’ll receive an email notification, and you can also track the progress of your payment in the Wise app or on the website. Your recipient will also receive an email notification once the payment reaches them.
Transfer Speed for Sending Money Abroad with Wise
Sending money abroad via Wise typically takes two business days, although delays beyond this can happen. The speed at which the transfer arrives depends on the recipient’s bank processing time. The speed of Wise’s money transfers also depends on the fees you’re willing to pay and the method of your transfer.
1. You can use a credit or debit card for making payments, and your money can reach your recipient’s bank account instantly in this case. However, remember that your credit card might impose an extra cash advance fee, increasing the overall cost of the transfer.
2. Opting for swift transfers through Wise is the economical way to transfer money abroad, but it’s typically the slowest. It typically takes two days for Wise to receive your funds, followed by an additional two days to transfer the money to your recipient’s bank account.
Fees and Charges for International Money Transfers via Wise
Wise relies on charging high fees to generate profits since it operates on the mid-market rate. The platform applies a fixed fee along with a variable fee, which is typically a percentage of the converted amount.
1. Fixed fee: This fee covers the fixed expenses related to the transaction. For popular currencies, it typically ranges from 60 INR to 75 INR.
2. Variable fee: This fee accounts for the currency exchange cost. For major currencies, it’s approximately 1.78% of the transfer amount.
Note that the variable fee is influenced by the following factors:
1. Amount: The fees increase with the amount you send.
2. Payment method: The fee also depends on how you choose to pay.
Countries Where You Can Transfer Money with Wise
Resident Indians can send outward remittances up to a maximum value of 250,000 USD per financial year with Wise. The platform allows you to send money to over 40 countries including the United States, United Kingdom, Canada, Australia, Singapore, and many European countries.
How Do I Receive Money with Wise?
If you wish to receive a payment through Wise, the sender will usually require the following details, though they may vary depending on how they’re setting up the transfer:
1. Your complete name and address
2. Your swift code and bank name
3. Your bank account number and routing number
4. Your bank address, plus other additional details
Who Should Use Wise?
Wise extends convenience with its user-friendly interface, allowing for quick sign-up and transfer initiation within minutes via the website. With good exchange rates that may be better than traditional banks, Wise ensures affordability for international transfers. Since the platform provides access to the mid-market rate, hence anyone looking for competitive rates can use Wise for sending money abroad.
The platform also offers multiple payment options including debit card, credit card, and bank account transfers. However, it’s important to note that Wise only facilitates bank account transfers, not cash pickups, and operates on a two-step process. The transfer process involves sending the money to Wise initially, followed by Wise depositing the funds into your recipient’s bank account, which may occasionally prolong transfer times.
Best Alternative of Wise: BookMyForex
While using Wise may seem economical at first glance, it can be misleading because, even though they don’t add markups to their exchange rate, they still tend to charge high fees for transfers. Wise imposes two kinds of fees: fixed fees and variable fees, and these fees increase with the amount you send. Additionally, the time taken for the transfer is also quite long, as it can take up to 4 days for the money to reach the recipient. Lastly, money can only be transferred to about 40 countries from India.
When you think of a quick, secure, and affordable way to transfer money abroad, think of BookMyForex – a MakeMyTrip group company and India’s most trusted forex platform. With the best rates and zero transfer charges, BookMyForex lets you send money to 150+ countries within just 12-48 hours.
Comparison of Wise with Top Service Providers for Outward Remittance
| Features | BookMyForex | Wise | SBI Bank | Axis Bank | HDFC Bank |
|---|---|---|---|---|---|
| Exchange Rates | Live and Transparent Rates, Rates Get Updated Every 3 Seconds | Mid-Market Rates | 2-3% Markup over Base Rates | Up to 3% Markup over Base Rates | 2-3% Markup over Base Rates |
| Transfer Charges | ZERO Use promo code: ZEROBANKFEE | Fixed fee: Typically ranges from 60 INR to 75 INR Variable fee: Approximately 1.78% of the transfer amount | Service Charges: INR 299-550, Bank Charges: INR 1000-1500 | Rs 1000+GST and Rs 500 Swift Charges | Up to USD 500 or Equivalent - Rs. 500+Gst, above USD 500 or Equivalent - Rs. 1000+Gst |
| Transfer Speed | 12- 48 Business Hours | Up to 4 days | Up to 72 Business Hours | Up to 24-72 Business Hours | Upto 72 Business Hours |
| Hassle-Free Booking Option | 24*7 Online Booking Option Available | Online Booking Option Available | Both In-Branch & Online Booking Options Available | Both In-Branch and Online Booking Options Available | Online Booking Is Available, but Not for All Remittance Purposes |
| Customer Service Support | On-Call and Online Customer Assistance | On-Call and Online Chat Assistance | Lack of Dedicated Staff to Assist Customers | Both On-Call and Online Customer Support Available | On-Call Customer Support Available |
Conclusion
Even though Wise appears to be a convenient and suitable option for international transfers, there are better alternatives like BookMyForex, offering more affordable and faster service. With the best exchange rates and a hassle-free online booking option, BookMyForex is the most trusted platform in India for international money transfers.
Disclaimer:
This blog serves as a general source of information and should not be considered professional advice from BookMyForex or its affiliates. Readers are encouraged to check the respective platform for specific details.
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