How To Open A Wise Account: A Guide On Wise Money Transfer

Wise stopped accepting Nigerian-issued debit cards on their platform in late 2021, making the process a bit difficult. However, there is still a way to go about it as a Nigerian. Below is the step to step procedure to open a wise account and a guide on wise money transfer.

About Wise

Wise is an electronic bank account that supports over 50 currencies worldwide. It is one of the best multi-currency bank accounts in the international sphere. Wise offers a cheap fast way to send money abroad. However, this seems to be true when compared with other multi-currency electronic platforms like PayPal.

How To Open A Wise Account

Opening an account with Wise is fast and straightforward.

You need the following to open a wise account:

1. A valid phone number and email address
2. A valid Government-issued identity card (NIN, Int’l passport, driver’s license).
3. A valid proof of address, such as a utility bill
4. Initial Deposit of €20.

The steps are as follows:

Step 1: Register for the Wise App

You can register with Wise online, or download the app. When you go online or download the app, go to the “Register” button, click on it, and input your email address. To ease the process, you can sign up with your Google account or Apple account.

Step 2: Verify Your Account

Unlike most financial apps, Wise does not verify a new user until you have made a meaningful deposit. To get a verification link from Wise, you must enable your account to receive funds via email.

Go to the Wise app or website. Scroll to ‘Account’ or ‘Manage.’ There some

options will be displayed. Enable “Receiving by email or phone.”

Since Wise doesn’t accept Nigerian debit cards, the two ways to make the initial deposit is to get someone to transfer from a wise account to yours or you go through a cryptocurrency marketplace.

One of the best cryptocurrency marketplaces to use is Binance. You can use USDT to buy €20 through the P2P option. After the payment, Wise will send you a verification link via email.

Go to your email, click on the link and complete the verification you’re your valid government-issued id card.

Step 3: Get Your Account Details

As states earlier, you must make the deposit before you can get your account details. After successfully making the deposit and confirming it. Simply go to euro account balance, click ‘Account details,’ and your account details will be displayed.

A Guide On Wise Money Transfer

Below are the steps to carry out a Wise money transfer

Step 1: Sign up with Wise.

If you already have a Wise account, simply go to “Home,” click on “Send money,” and set up a transfer.

However, if you don’t have a Wise account, you will have to open one. The steps to open a Wise account are clearly explained above.

Step 2: Fill in the amount you want to transfer

Wise charges for transfer; so the amount you will send will be different from what the recipient will receive. For your recipient to get an exact amount, type in the amount in the “Recipient gets box.” Wise will automatically notify you of the amount you need to transfer.

Step 3:  State the nature of the transfer

State the type of transfer you are initiating. If you are transferring from a personal bank account, then it’s a Personal transfer.

Step 4: Fill in your details

Wise will ask for your personal details, such as your address. They do this in compliance with financial regulations. Be rest assured that your personal details will never be shared.

Step 5: Include the details of the recipient

If you have the recipient’s bank details, you can add them, and the money will be transferred immediately to the bank account.

You can just include your email address if you don’t have their bank details. If the recipient has a Wise account, Wise will locate the account and send the money. However, if the person is not on Wise, Wise will send him or her an email asking for their bank details.

Step 6:  Review the details

Review the details to ensure everything is correct. You can add a reference to the transfer if you want to.

Step 7:  Choose your transfer type and mode of payment

There are different transfer mode and each has its fee. Choose the one you preferred and Wise will let you know how much you will pay.

Oftentimes, it is cheap to pay from your bank account. This means you will have to access your personal bank account online or physically and send the money to Wise.

After Wise has received your money, it will be confirmed via email, or in the app.

And Wise will inform you and the recipient when the money is on its way.

Benefits of a Wise Account

• Wise enables you to send money to about 80 countries.
• With Wise, you can get a foreign bank account number in 10 different currencies for receiving payment. It is helpful for freelancers who work with clients from different parts of the world.
• It does not charge you for receiving or sending payment to other Wise users.
• Charges low transfer fees which are about €0.28.

Wise offers debit card services to certain users from selected countries.