How to Receive Money on Transferwise: A Step-by-Step Guide
Transferwise is a popular international money transfer service that allows users to send and receive money at a lower cost compared to traditional banks. If you are new to Transferwise or looking to receive money through the platform, here is a step-by-step guide on how to do it.
1. Sign up for a Transferwise account
To receive money on Transferwise, you first need to create an account. Visit the Transferwise website and click on the “Sign up” button. Fill in the required details, such as your name, email address, and phone number. You may also need to provide additional information to verify your identity, depending on your country of residence.
2. Add a bank account
After signing up, you will need to add a bank account to your Transferwise account. This will be the account where you want to receive the money. Select your country from the drop-down menu, choose your bank, and enter the necessary account details, such as your account number and sort code (or IBAN and BIC/SWIFT code for international accounts).
3. Generate a Transferwise account number
Once your bank account is added, Transferwise will generate a unique account number for you. This account number is used by the sender to initiate the transfer. You can find your Transferwise account number by logging in to your account and navigating to the “Send money” section.
4. Share your Transferwise account number with the sender
Provide the sender with your Transferwise account number and any other necessary information, such as the currency you want to receive the money in. The sender can then log in to their Transferwise account, select the recipient, and enter your account details to initiate the transfer.
5. Monitor your Transferwise account
After the sender has initiated the transfer, you can monitor the progress by logging in to your Transferwise account. Once the transfer is complete, the money will be credited to your bank account within a few minutes to a few days, depending on the currency and the sender’s location.
6. Keep track of your transaction fees
Transferwise offers competitive fees compared to traditional banks. However, it is essential to keep track of any fees associated with receiving money on the platform. You can find information about fees in the “Fees” section of your Transferwise account.
By following these simple steps, you can easily receive money on Transferwise. The platform’s user-friendly interface and low fees make it an attractive option for international money transfers.
