How to Open a Wise Account [Step-by-Step Guide]
Tired of high fees, clunky interfaces, and international transfers that take forever? Whether you're a freelancer working with global clients, a traveler managing multiple currencies, or just someone looking for a smarter way to move funds, Wise might be the solution you’re looking for.
In this step-by-step guide, we will walk you through how to open a Wise account, link your bank, and start sending money across borders without the usual drawbacks. Let’s get started!
What Do You Need to Open a Wise Account?
Wise (formerly TransferWise) is a global, UK-based FinTech platform that offers low-cost international money transfers. A smart alternative to old-school banks, it allows users to send, spend, and hold money, as well as accept payments. The service is notable for using real exchange rates and no hidden markups.
The numbers speak for themselves: Wise lets you hold and exchange 40+ currencies, send money in 50+ currencies, and spend in 160+ countries, all at lower rates compared to traditional banks.
If you are wondering how to create a Wise account, you’ve come to the right place! The procedure is usually quick and hassle-free, but there are several things you should keep in mind. When opening an account, you’ll be required to provide a few essential documents and personal details:
- Email Address.
You’ll need a valid email to sign up and receive notifications.
- Phone Number.
Your mobile number will be used for verification and two-factor authentication.
- Government-Issued ID.
Wise may ask for a passport, national ID card, or driver’s license to verify your identity.
- Bank Account or Card Details.
To send and receive money, you’ll need to link a bank account or a debit/credit card.
- Wise App or Access to Website.
You can create a Wise account online via the platform’s mobile app (iOS or Android) or its official website.
How to Open a Wise Account
A normal Wise account opening process looks something like this:
- Go to the Wise app or official website.
Open wise.com or get the app from Google Play or App Store.
- Use the register button.
Sign up and choose between a Personal or Business account option. You can also register with your Google, Apple, or Facebook profile.
- Enter your email and choose a password.
Use a valid email address and create a secure password for your account.
- Pick your location and currency.
Wise personalizes your account based on your country and currency of choice.
- Confirm your identity.
To comply with financial regulations and combat scammers, the platform will require you to verify your identity by uploading a government-issued ID, such as a passport, ID card, or driver’s license.
- Add a bank account or card.
Link your preferred payment method.
- Set up two-factor authentication.
Secure your account with SMS-based login confirmation.
- Start your payments.
Once your profile has been verified, you can send, receive, hold, and exchange money. To initiate a transfer, please enter the recipient’s details and the amount you wish to send. You'll also be provided with an estimated delivery time.
Did you know that Wise reached a new peak in 2024 with an operating profit of £501.9 million — an exceptionally sharp increase compared to the previous year?
Setting Up a Wise Currency Balance
Online payments are not the only thing you can do after creating a Wise account. You can also open currency accounts, called balances, to get paid using local transfers, hold funds in different currencies, and switch between them with a few clicks. Here is how to set up a currency balance:
- Register a new balance.
The process is quite similar to how you would open a Wise account. You’ll need to verify your identity by confirming the operation via email or your Google, Facebook, or Apple profile.
- Complete user identity verification.
You’ll be asked to upload a photo of your ID document and a selfie. If you don’t have the necessary documents or photos on hand, you can save your progress and complete the verification later.
- Activate your balance.
Once you’ve completed the verification, you can set up your new balance. Tap ‘Open a Balance’ and select the currency from the list.
- Submit any required verification documents.
Wise may ask you to provide additional ID or documents, depending on the currency and location.
- Get your account details.
After your balance is opened, you will get local bank details (e.g., IBAN, routing number) for that currency. This way, you can receive transactions as a local.
Receiving Money into Your Wise Account
US-based users who open a balance in USD, EUR, NZD, AUD, HUF, RON, GBP, CAD, SGD, and TRY can also receive local payment details for each currency. To access them, you need to:
- Sign in to your Wise account.
- Pick the balance and click ‘Get account details.’
- Top up your account with at least 20 GBP or the equivalent in your chosen currency. You can add money through your bank account, card, or Apple Pay.
- The platform will also need to verify your identity, which may require additional information or documents.
- Once verified, you can access your local details at any time by selecting the respective currency.
To receive funds, just share your bank details corresponding to the currency the sender uses. Receiving money is free except for incoming USD and CAD payments, which incur fixed fees of 6.11 USD and 10 CAD, respectively.
For more insights into sending, receiving, and exchanging currencies, check out the Wise pricing and fee calculator.
Bottom Line
While international payments with traditional banks tend to be slow and expensive, Wise transfers are fast and relatively cheap. The company prioritizes speed across its services, which includes how quickly you can make a Wise account and start managing your money.
With customer numbers expected to reach 17.7 million by the end of 2025, it is the ideal time to benefit from Wise's global service. We hope this guide will help you open Wise bank account without any additional hassle.
