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$1
Min. Transfer Amount
$1,000,000
Max. Transfer Amount
3 - 5 days
Transfer Speed
Product Name | Wise International Money Transfers Business |
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Min. Transfer Amount | $1 |
Max. Transfer Amount | $1,000,000 |
Transfer Methods | Online |
Transfer Options | Regular payments, One off payments |
Transfer Speed Minimum transfer time | 3 - 5 days |
Customer Service | Phone, Chat, Email |
Available Currencies | AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW |
Exchange Rate Updates | Real time |
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TransferWise didn’t build its business through large spreads on exchange rates. Instead, it offers the mid-market exchange rate to all of its customers — personal or business. That means your money’s exchanged at the rate most banks and other transfer services use when they trade among themselves.
With some currencies, you’re guaranteed a rate that stays in place until a specified time. With other currencies, you set a rate limit as a safeguard against downward rate fluctuations.
TransferWise offers businesses the same type of one-off transfers it offers individual customers: transfers that come with a variable percentage that depends on where you’re sending your money. Typical costs to be aware of when using TransferWise for business include:
It is free to receive money in EUR, USD, GBP, AUD and NZD to your TransferWise multicurrency account.
Compare conversion rates and fees for sending money using TransferWise. Personal and business rates are the same, though business accounts enjoy higher maximum transfer amounts.
Borderless accounts is where TransferWise breaks off from competitors. This service allows you to establish and use local bank accounts in up to 15 countries to pay or get paid as a “local.” This lets you protect your international profits when sending and receiving money. TransferWise plans to accept more currencies and countries in the future.
Borderless accounts can change the way you do international business. But they’re not yet available in Georgia, Hawaii, Illinois, Louisiana, Nevada, New Mexico, New York, Oklahoma, South Carolina, Vermont or Virginia. And the currencies and countries it supports are a bit limited until it expands.
While fees are lower than you’ll find with most banks and competitors, you might pay a fee to add money to your account with a credit card.
To conduct your international business through TransferWise, you’ll first need to:
To make an international transfer with TransferWise, you will need:
Step 1. Go to TransferWise’s main page.
Step 2. Select currencies and amounts.
Enter the currency you’re sending money from and the currency you’re sending it to. TransferWise will instantly convert the amount you enter into the currency you are transferring to.
Step 3. Sign up for an account.
Log in with an email and password or connect with Facebook or Google+. You can complete your account information if you frequently transfer money internationally.
Step 4. Click “Get Started” to confirm your transfer.
Confirm the amounts, currencies and fees. This fee is already subtracted from the amount that the recipient will receive. Under the transfer free, you can see the current exchange rate between the two currencies you are exchanging.
Step 5. Choose the business option to send money from your business account.
Step 5. Enter your business details.
Enter your business name, type, role, phone number and address in the spaces provided. Then enter your name, birth date, phone number and home address in the spaces provided. Click “Continue” to move to the next step.
Step 6. Choose who you are sending money to.
You can send money to another account you own with just an IBAN. For an account owned by another person, charity or business abroad, enter their email, full name, address and IBAN. Then click “Continue.”
Step 7. Confirm the details of your transfer. Confirm the recipient details, amounts, and fee, then click “Confirm.”
Step 8. Enter your payment information.
Choose your payment method: debit card, credit card or bank account. You’ll see any fees and estimated date of arrival for each payment method. Then enter your card information or proceed to the next step for a bank account transfer.
Step 9. Contact your bank to initiate a bank transfer.
If you are transferring from a bank account, you will need to confirm with your bank to begin the transaction. After clicking “Bank transfer,” you will see information for TransferWise’s local account — the sort code, reference number, account number and address — that your bank will need to complete the transfer. Either contact your bank with this information immediately and click “I’ve sent the money to TransferWise,” or click “I’ll do it later.”
TransferWise offers both business and and e-commerce accounts. Read our reviews on each to learn how to get started.
The dependable TransferWise provides borderless businesses with an easy way to settle up with suppliers, contractors, employees and more through “local” accounts at some of the strongest rates you’ll find. If you’re unsure if it’s right for your needs, compare your other business transfer options.