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Wise, formerly known as TransferWise, offers a low-cost way for you to send money from and to almost 160 countries. And this with some of the best exchange rates available. Wise was founded in 2011 by Taavet Hinrikus and Kristo Käärmann to resolve payment issues that people and businesses in different regions face.
Yes, it’s perfectly safe to use. The Financial Transactions Reports Analysis Centre of Canada (FINTRAC) regulates Wise in Canada.
Unfortunately, Wise does not accept this type of payment or transfer method. You can only transfer money using a bank or wire transfer. Or you can use a Wise Borderless card if situated outside of Canada.
It can take up to two business days to reflect a transfer in the receiver's bank account. However, the transfer speed is determined by several circumstances, including the country to which you are transferring or receiving money.
Making a transfer is easy. To begin, simply sign up with your name and email address. Wise will then ask for your address, contact information, and proof of identification. Once your identity is verified, you can facilitate the transfer.
Yes, whether you're sending to your account or the account of your recipient, you'll need a bank account. Your recipient, on the other hand, does not require a Wise account. All they need is a bank account.