Wise, also known as TransferWise, is a financial technology company that offers online banking and international money transfer services. Customers can open a Wise account to send and receive money internationally at lower fees than traditional banks.
Wise offers several account options, including a borderless account, which functions like a traditional bank account and allows customers to hold and manage money in multiple currencies, and a multi-currency account, which allows customers to hold and manage money in multiple currencies but does not offer all the features of a traditional bank account.
To open an account with Wise (previously known as TransferWise), follow these steps:-
1. Go to the Wise website (https://www.wise.com/) and click on the “Sign up” button in the top right corner.
2. Select whether you want to open a personal account or a business account.
3. Enter your personal details, such as your name, email address, and phone number.
4. Create a password for your account. Make sure to choose a strong and unique password that you will remember.
5. Accept the terms and conditions and click on the “Create account” button.
6. Verify your email address by clicking on the link in the verification email that Wise will send you.
7. After verifying your email, you will be prompted to set up your Wise account. This includes adding a payment method (such as a bank account or debit card), choosing the currency you want to use, and setting up any beneficiaries (the people or businesses you want to send money to).
8. Once you have completed the setup process, you can start using your Wise account to send and receive money internationally. To send money, simply enter the recipient’s details and the amount you want to send. Wise will show you the fees and exchange rate for the transaction, and you can confirm and complete the transfer.
9. You can also use your Wise account to manage your money and track your transactions. The dashboard provides an overview of your account activity, including any transfers you have made, the fees you have paid, and the exchange rates you have received.
Overall, opening a Wise account is a straightforward process that should only take a few minutes. With Wise, you can easily and affordably send and receive money internationally, without the high fees and poor exchange rates charged by traditional banks.