Sending money abroad is easier than ever with digital platforms like Wise (formerly TransferWise). Whether supporting loved ones, handling business payments, or paying for overseas services, Wise offers a straightforward, transparent way to transfer money across borders. However, to ensure your transactions are as efficient and cost-effective as possible, it's essential to understand the process and best practices.

In this blog, we'll explain how to send money abroad efficiently using Wise and provide tips on avoiding delays, tracking your transfers, and introduce you to Vance, a better alternative that may best suit your needs.

Step-by-Step Guide to Sending Money with Wise

1. Setting Up Your Account

• Sign Up or Log In: If you’re new to Wise, sign up using your email address or log in if you already have an account.
• Verify Your Account: Wise might ask you to verify your identity using a government-issued ID or other documents for security and regulatory purposes.

2. Starting Your Transfer

• Select ‘Send Money’: Click 'Send Money' on the homepage after logging in.
• Enter the Amount: Specify how much money you want to send and select the currencies. Wise will automatically calculate the converted amount and show you the fees upfront.

3. Adding Recipient Details

• Choose Recipient: You can select a saved recipient or add new recipient details. This includes the recipient’s full name, bank details (account number, IBAN, SWIFT/BIC), and address if required.
• Recipient’s Email (Optional): You can also send money to the recipient’s email address, where they can choose how to receive the funds.

4. Choose Your Transfer Type

• Payment Methods: Wise offers several payment methods, including:some text
  1. Bank Transfer: Pay via a bank transfer. This option usually has lower fees.
  2. Debit/Credit Card: This method is faster but may incur higher fees.
  3. Other Local Payment Methods: Other methods like Apple Pay may be available depending on your location.
• Transfer Speed: Wise typically offers one speed, but depending on the currency and amount, it might provide options like low-cost or fast transfers. The delivery time will be displayed.

5. Review and Confirm Your Transfer

• Review the Details: Double-check all the information, including recipient details, the amount, and fees. Wise will also display the expected arrival time.
• Confirm the Transfer: If everything looks correct, confirm the transfer. Wise will process it and notify you when it’s completed.

6. Track Your Transfer

• Real-Time Tracking: After sending the money, you can track the transfer’s progress in real-time via the Wise app or website. Wise will update you via email or push notifications until the money reaches your recipient.

Tips for Quick and Secure Transfers

1. Use Verified Payment Methods

Verified payment methods, like linked bank accounts, help speed up the process and minimise errors. Wise also lets you save your payment details for future use, making subsequent transfers quicker.

2. Choose Faster Transfer Options

If time is of the essence, opt for Wise's Fast Transfer. This option delivers your money within minutes, albeit slightly cheaper.

3. Have Your Documents Ready

Wise might request additional documents for larger transfers, such as a government-issued ID or proof of address. Having these on hand ensures a smooth transaction process.

4. Track Your Transfer

After sending money, you can track the transfer via the Wise app or website. This feature keeps you informed about your transaction's status until it’s completed.

Vance offers a similarly robust tracking feature for users who prioritise staying updated, with the added benefit of real-time notifications and more detailed transaction histories.

Make Secure Transfers to India with Vance

Experience lightning-fast money transfers from the UK and UAE to India with Vance. Get real-time Google rates on all your money transfers with no hidden fees - no surprises, just the best deals on every transfer.

Stay ahead with our exclusive rate alerts, tracking the Pound to Rupee so you can send money at your desired rate. Join a savvy community of over 100,000 NRIs who’ve collectively saved more than ₹50 Cr in transfer fees.

In Conclusion

By following these steps and best practices, sending money abroad with Wise becomes straightforward and efficient. Understanding the process, choosing the right options, and keeping track of your transfers will ensure a seamless experience. If you're looking for an alternative with similar benefits, Vance is another excellent choice, offering competitive rates and a user-friendly experience.

Sources

Wise: https://wise.com

‍Wise Pricing: https://wise.com/in/send-money/

Wise Guide: https://wise.com/help/articles/2977959/how-do-i-send-money-with-wise

Disclaimer 

This content is for general informational purposes only and should not be taken as financial, legal, or professional advice from Vance or its affiliates. While we strive for accuracy, the information may change over time. Vance makes no representations, warranties, or guarantees, whether express or implied, regarding the information's accuracy, completeness, or reliability. The comparison is based on publicly available data and is intended to assist users in making informed decisions. It is not a substitute for professional advice or consultation with financial experts. Please review your region's terms of use and product availability or visit the service provider's website for the latest pricing and service information.

FAQs

Q1. What steps should you follow to send money abroad using Wise?

Set up an account, select your currencies, enter recipient details, choose the delivery method, and confirm the transfer.

Q2. How can you ensure your Wise transfer is processed quickly?

Use the Fast Transfer option and verified payment methods for quicker processing.

Q3. What are the best practices for avoiding delays with Wise transfers?

 Ensure all recipient and transfer details are correct and any required documents are ready.

Q4. How can you track your transfer with Wise?

Track your transfer using the Wise app or website by entering your reference number.

Q5. What should you do if your Wise transfer is delayed or not received?

Contact Wise’s customer support with your reference number for assistance.

Q6. How do you choose the best currency exchange option with Wise?

Compare exchange rates shown by Wise and select the option that offers the best value for your transfer.

Q7. What are the most common mistakes to avoid when using Wise for international transfers?

Double-check recipient details, understand fees, and ensure you use the correct transfer option for your needs.