How do I avoid fees on Wise?

Navigating Wise: How to Receive Money Fee-Free

Wise (formerly TransferWise) has become a popular choice for international money transfers due to its transparency and often lower fees compared to traditional banks. While Wise does charge fees for sending money, receiving money is often free – provided you follow a few simple steps. This article will guide you through ensuring you receive your funds without any hidden charges.

The key to receiving money fee-free on Wise is to ensure the sender uses your Wise account details correctly. This is crucial because Wise’s system optimizes the transfer based on the recipient’s account information. If the sender uses an alternative method, such as a regular bank transfer to your personal account, additional fees can be incurred by intermediary banks or by Wise itself for processing the payment into your account.

Here’s a breakdown of how to avoid fees when receiving money on Wise:

• Provide your full Wise account details: This includes your full name as it appears on your Wise account, your Wise account number (if applicable for your currency), and your routing/SWIFT code. These details are readily available within your Wise account dashboard. Double-check that the sender has copied them accurately. A single typo can lead to delays and potentially fees.

• Clearly communicate your preferred method: While Wise usually automatically selects the most efficient method, it’s always best to inform the sender that you’re expecting the money via your Wise account. This avoids any confusion about the intended transfer route.

• Be aware of potential exceptions: While receiving money is generally free, there might be rare instances where a small fee is applied. This can be due to unusual circumstances with the sending bank or if the sender chooses a less optimal transfer method despite having your correct Wise details. In such cases, Wise will clearly outline the fee beforehand. Check your Wise account for any notifications regarding incoming transfers.

• Verify the sender’s details: Before sharing your Wise account details, confirm the sender’s identity and the amount they are sending to ensure there are no discrepancies. This proactive measure safeguards against potential scams or accidental errors.

By following these simple guidelines, you can significantly increase your chances of receiving money on Wise completely fee-free. Remember, transparency and clear communication between sender and receiver are key to a smooth and cost-effective international money transfer experience. If you still encounter unexpected fees, contact Wise’s customer support for clarification and assistance.