How to Add a Bank Account to Wise

Wise, previously known as TransferWise, is a financial technology company focused on global money transfers. It offers an alternative to traditional banks by providing lower fees and competitive exchange rates for international transactions. Adding a bank account to your Wise profile allows you to send or receive funds efficiently. This article guides users through the process of linking their bank account to your Wise profile.

Information Needed to Add a Bank Account

To add a bank account to Wise, gather specific details. You will need the bank’s full name and address, along with the account holder’s name as it appears on the bank account, which must precisely match the name on your Wise profile. Identifying the account type, such as checking or savings, is also necessary. For accounts within the United States, the nine-digit routing number is required, which directs funds to the correct financial institution.

International accounts typically require a SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication/Bank Identifier Code) for global transfers, or an IBAN (International Bank Account Number) for European accounts, which uniquely identifies a bank account across borders. Some regions may also require specific local bank codes, such as a BSB for Australia or a Sort Code for the UK, which serve similar purposes in their respective banking systems. Having these accurate details readily available helps prevent delays or issues during the account linking process.

Step-by-Step Process for Adding a Bank Account

After gathering all the necessary bank details, log into your Wise account through the desktop website. This functionality might not be available on the mobile app for initial setup. Locate your profile icon or initials in the top corner and select “Settings,” then proceed to “Connected accounts” or “Payment methods.”

Within the “Connected accounts” section, select the option to “Connect your bank account” and follow the on-screen prompts. You will then be guided to choose the currency of your account and carefully input the previously collected bank details, including the account number, routing number, or relevant international codes like SWIFT/BIC or IBAN. It is important to review all entered information for accuracy before confirming and saving the account. This action integrates your bank account with your Wise profile, preparing it for verification.

Verifying Your Bank Account

After adding your bank account details, Wise requires a verification process to ensure security and comply with financial regulations. This step helps combat money laundering and protect user funds. One common verification method involves micro-deposits, where Wise sends small, random amounts (typically between $0.01 and $0.99) to your linked bank account. You will then need to log into your bank account, find these specific amounts, and enter them back into the Wise platform to confirm ownership.

Alternatively, Wise may offer instant account verification, especially for U.S. accounts, by connecting through services like Plaid, which allows you to securely log in with your online banking username and password directly through Wise. This method can often expedite the verification process. In some instances, uploading a bank statement or other official documents showing your name and address may be required, particularly if the initial verification methods are unsuccessful or for higher transfer limits. This verification can take anywhere from a few hours to a few business days, depending on the method and whether additional information is requested.

Using Your Connected Bank Account

Once your bank account has been successfully added and verified, you can use this connected account to fund transfers when sending money to recipients globally. It also allows you to receive money directly into your linked bank account from your Wise balance or from others sending funds to you through the platform.

This integration enables you to add money to your multi-currency balances within Wise, facilitating currency exchange and management. For users who have ordered a Wise debit card, the linked bank account can serve as a primary source for spending in different currencies worldwide. The verified connection ensures secure and efficient financial transactions.