Can You Transfer Money From Wise to a Bank Account?

Transferring money from Wise to a bank account is a straightforward process, enabling both domestic and international transfers. Wise, a financial technology company, specializes in facilitating these money transfers, often at competitive rates and with transparent fee structures. This service allows users to move money from their Wise balance directly into a designated bank account. This article outlines the necessary preparations, steps to initiate a transfer, and details regarding costs and delivery timelines.

Information Required for Bank Transfers

Before initiating a money transfer through Wise, gather all necessary recipient bank details. Accurate information ensures funds reach the correct account without delays. For domestic transfers within the United States, you will need the recipient’s full name, their bank’s name, account number, and the routing or ABA number. The routing number identifies the recipient’s specific bank for transaction processing.

For international transfers, additional details are required. This includes the recipient’s full name and address, their bank’s name, and the SWIFT or BIC code, a unique bank identifier. European transfers often require an IBAN, a standardized international bank account identifier. You can usually find this information on the recipient’s bank statement, through their online banking portal, or by directly contacting the recipient.

Initiating a Bank Transfer from Wise

Once you have gathered all necessary bank account information, initiating a transfer from Wise involves steps within the platform. Begin by logging into your Wise account. From your dashboard, select “Send money” or “Withdraw” to start the transfer.

You will then be prompted to specify the amount you wish to send and select the currency. If sending money to a new recipient, add their bank details using the information collected previously. This involves inputting the recipient’s name, bank name, account number, and any relevant routing, SWIFT, or IBAN codes. Wise guides you through these fields, ensuring all required data is entered accurately.

After entering the recipient’s banking information, review a summary of the transfer, including the amount, recipient’s details, and applicable fees. This step is important for verifying accuracy before finalizing the transaction. Upon confirming all details are correct, authorize the payment, initiating the transfer from your Wise balance to the designated bank account. The platform may require a final confirmation, such as entering a password, to complete the process.

Understanding Transfer Costs and Delivery Times

Wise operates with a transparent fee structure for money transfers, typically including a small, fixed fee combined with a variable percentage of the amount converted. This fee is clearly displayed upfront, allowing you to see the total cost before confirming your transaction. Wise also uses the mid-market exchange rate for currency conversions, the rate seen on independent financial market sources, without hidden markups. This approach differs from many traditional banking institutions that may embed additional costs within less favorable exchange rates.

The delivery time for a Wise transfer to a bank account can vary, though many transfers are processed quickly. Over 60% of Wise payments are delivered instantly or within seconds, with over 80% arriving in less than an hour. Factors influencing transfer speed include the destination country, specific currencies involved, and the recipient’s bank processing times. How you fund the transfer, such as using a debit card versus a direct bank transfer, can also affect delivery speed. Wise provides an estimated delivery time when you set up the transfer, offering a clear expectation of when funds should arrive.