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How to use Wise app
Wise (formerly Transferwise) is a global payments infrastructure that features multiple accounts in various currencies, a currency converter, a physical Visa debit card, and a function to send money abroad.
This app has become very popular among online English teachers in recent years and is an accepted payment platform for a large majority of online English teaching companies.
From an online teacher’s perspective, it allows you to easily get paid by your company in whatever currency they prefer. From there, you can keep the money in your account and spend it using Wise’s debit card, or send it to your home bank account. Wise also allows you to convert the currency you’re sending, should you need to do that.
While Wise's fees have been increasing somewhat in recent years, they are still very affordable, and Wise remains our favorite among the popular global payments platforms.
Wise App Fees
(Transferwise Fees)
Let’s take an overall look at the fees associated with using Wise. If you came here looking for Transferwise fees, Transferwise is now known as Wise, so you are in the right place.
This is a general overview, and we will delve into more detail with specific functions later in the article.
Unlike most banks, there are no subscription or monthly fees associated with using Wise.
(All prices listed here are in USD.)
Functions that don’t require fees:
Registering for the app
Receiving local payments (non-Swift transfers)
Creating accounts in 10 different currencies
Receiving Swift payments in 15 different currencies
Holding money in your account (40+ currencies)
Withdrawing $100 per month in two or less transaction
Functions that require fees:
Getting the Wise debit card ($9)
Sending money (starting at 0.33%)
Withdrawing more than $100 from ATMs (2% + $1.50 withdrawal fee)
Funding your accounts (2%)
Converting currency (Starts at 0.33%, varies by currency)
Receiving USD wire payments ($6.11)
Receiving CAD SWIFT payments ($10)
Sign up with our link and get a fee-free transfer of up to £500 ($630+ USD).
Wise Money Transfer Fees
To understand Wise’s money transfer fees, we will have to dig a little deeper into each specific transfer function that is available.
Transferring money between accounts
Since each specific bank account in your Wise profile would be a different currency, you would need to convert currency to move money between your own accounts.
In this case, you would incur a currency conversion fee of a minimum of 0.33%, with the fee varying by the currencies used.
Transferring money between your Wise account and your “regular” bank account
In this case, if you’re transferring money in the same currency, you can withdraw up to $100 per month for free, in two or less transactions.
If you exceed this limit, you will need to pay the Wise fee for sending money, which starts at 0.33% and varies by the currency you are sending. Keep in mind that this is only if you are not converting the currency you are sending.
If you are converting the currency, you will incur an additional fee of 0.33%, depending on the currency.
Sign up with our link and get a fee-free transfer of up to £500 ($630+ USD).
Wise International Transfer Fees
A lot of people are using Wise to be able to send and receive money internationally, especially online English teachers. It’s a great way to receive payment from your employers, which are typically based overseas.
Let’s take a closer look at the Wise fees associated with international transfers.
Sending Money Internationally
When sending money internationally, you need only incur Wise’s “sending money” fee which starts at 0.33%, and varies depending on the currency you are sending. Keep in mind that this is if you are not converting the currency you are sending.
Receiving money internationally
It is free to receive money internationally in 15 major currencies using Wise, however you may incur a “correspondent bank fee”.
To help understand correspondent bank fees we’ll summarize Wise’s explanation:
When somebody sends money to a bank account outside of its originating currency — like sending USD outside of the US, GBP outside of the UK, or EUR outside of Europe — Wise usually moves it via the Swift network.
If you receive less money than was sent to you, a correspondent fee may have been charged. Correspondent fees are fees charged by correspondent banks in the Swift network.
Sending money via Swift is a bit like traveling from one airport to another — it’s not always possible to take a direct flight, so you may need to travel from city to city via several connecting flights. Swift works the same way.
The money will travel from one country to another, and — if the receiver’s bank and the sender’s bank don’t have a direct relationship, the transaction can go through a correspondent bank. They’ll often charge their own fee, and these will impact the amount the recipient gets.
As you can see, this can work in reverse, as well. If you send money internationally, there’s a chance your recipient will receive less than you’ve sent if the transaction had to go through a correspondent bank in the Swift network.
If you are going to be receiving money internationally, be sure you have an account on the Wise platform that is in the currency you are receiving. Otherwise you may have to convert the currency as it arrives, incurring a fee. Like we mentioned before, you can open accounts in 10 different currencies for free.
Sign up with our link and get a fee-free transfer of up to £500 ($630+ USD).
Wise card fees
The Wise Visa debit card is a great new feature of the platform which allows you to use your Wise balances to make point of sale and online purchases, and withdraw cash from ATMs.
While there are no subscription fees to have a Wise debit card, there are few fees associated with the card, including:
A $9 fee to get the physical card
A 2% fee on the total amount, plus a $1.50 withdrawal fee to withdraw money from an ATM (only if you exceed $100 per month)
There may also be fees charged by the ATM’s owner when withdrawing money using the Wise debit card, so this is something to be aware of.
Wise vs Payoneer
Another popular financial platform option for online English teachers is Payoneer.
Here’s a quick comparison on a few key fees associated with both accounts:
Converting Currency
Wise:
Starts at 0.33%, varies by currency
Payoneer:
0.5% converting currencies between Payoneer accounts
Withdrawing in non-local currency: Up to 3% of the transaction amount
RECEIVING Funds
Wise:
Local payments (non-SWIFT): Free
SWIFT payments: Free in 15 currencies
USD wire payments: $6.11
CAD SWIFT payments: $10
Payoneer:
From another Payoneer customer: Free
Receiving accounts: Free for EUR, GBP, and more (fees may apply for payments below a minimum amount), up to 1% fee for USD (varies based on eligibility)
WITHDRAWals (in the SAME CURRENCY)
Wise:
Up to $100/month (in two or fewer transactions): Free
More than $100/month: 0.33% and varies by the currency you are sending.
Payoneer:
Up to 50,000 USD/GBP/EUR per month: 1.50 USD/EUR/GBP
Over 50,000 USD/GBP/EUR per month: 0.5% of total withdrawal amount
DEBIT CARD
Wise:
Physical card issuance: $9
ATM withdrawals over $100/month: 2% + $1.50 per withdrawal
Payoneer:
Standard card delivery: Free
Annual fee for the first card: $29.95
ATM withdrawals: $3.15 USD / €2.50 EUR / £1.95 GBP
Balance inquiry: $1.00 USD / €0.87 EUR / £0.65 GBP
Subscription FEES
Wise:
No subscription or monthly fees
Payoneer:
Annual account fee: $29.95 (Free if you receive more than $2,000 per year into your Payoneer account)
Wise vs PayPal
Wise often gets compared to another popular payment platform, PayPal. Here is a summary of each platform’s fees.
Subscription or Set Up Fees
Wise: Free
PayPal: Free
Receiving Money
Domestic
Wise: Free, if no currency conversion is involved.
PayPal: Free, if no currency conversion is involved.
International
Wise: Free to receive in 15 major currencies, though certain transactions may incur a “correspondent bank fee.”
PayPal: Fixed fees based on the currency (e.g., $0.30 USD, €0.35 EUR) plus a 3% to 4% currency conversion spread.
Withdrawing Money to Local Account
Wise: Free up to $100 per month for same-currency transfers; otherwise, a fee that starts at 0.33%, depending on the currency.
PayPal: Standard (3-5 business days) withdrawal to a local bank is free (no currency conversion involved). Instant withdrawal incurs a 1.75% fee of the amount transferred.
Sending Money
Domestic
Wise: Starts at 0.33%, depending on the currency.
PayPal: Free using PayPal balance or bank account; 2.90% + a fixed fee if using a card.
International
Wise: Starts at 0.33%, depending on the currency.
PayPal: 5% fee (minimum $0.99, maximum $4.99) using PayPal balance or bank account; 5% if using a card.
Converting Currency
Wise: Starts at 0.33%, varies by currency.
PayPal: 3% to 4% currency conversion spread.
Wise: a practical tool for online English teachers
Wise offers a practical solution for online English teachers managing finances across multiple currencies. Its features include currency conversion, international transfers, and a Visa debit card, making it useful for receiving payments from overseas employers. With a user-friendly interface and transparent fee structure, Wise is a reliable platform for international payments.
Whether you're getting paid, sending money abroad, or optimizing your spending, Wise provides the necessary tools for online English teachers in a global financial landscape.
Sign up with our link and get a fee-free transfer of up to £500 ($630+ USD).