How to convert currency on Wise (Transferwise)

In this article I’m going to show you how to do a currency conversion on Wise (Transferwise).

 

Why convert currency?

There are many reasons to convert money between currencies on Wise.

Some of them include:

• You need to pay someone in a currency which you do not currently hold.
• You want to withdraw some money to your bank account, and you need a specific currency to be able to do that.
• A sudden change in currency rates, where you would benefit to trade out of one currency and into another.

Whatever the reason might be, read on to learn how you can convert your money between currencies (USD, EUR, GBP) on Wise.

 

What about fees?

A little while ago we wrote an article where we compared the currency conversion rates between Paypal and Payoneer, and we also included Wise in the comparison.

Here is the article – https://onmoneyline.com/payoneer-versus-paypal-currency-conversion-fee/

Hint: Wise came out as the best 😉

 

How to do a currency conversion?

Converting a currency on Wise is a very easy and quick process (see the video below where I do it live).

Here are the steps:

1) First login to your Wise account. Then in the top menu, click on the currency you want to convert from.

2) Click on “Convert“

3) Choose the “Amount” you want to convert and the target currency.

4) When you’re all done, click on “Continue“

5) If everything looks okay, click on “Convert“, and you’re done.

As you can see, Wise is very transparent throughout the entire process. You can clearly see the fee you will pay (lowest in the industry), which currencies you’re converting from and into, and the current live rate between those two currencies.

 

Here is a video I made talking about this:

 

Summary

Wise is a great company which claims to have the lowest fees in the industry across the board. Guess what? They really do. When it comes to currency conversion they have the lowest fee, and the conversion rate they give you is fair and correct. They don’t short you on the rate at all. As you can see, the entire process is quick, straightforward and transparent. A close second would be Payoneer.

Some other currencies you can convert to and from on Wise are:

1. United States Dollar
2. Australian Dollar
3. British Pount
4. New Zealand Dollar
5. United Arab Emirates dirham
6. Argentine Peso
7. Bangladeshi taka
8. Bulgarian lev
9. Botswana pula
10. Canadian Dollar
11. Swiss franc
12. Chilean peso
13. Chinese yuan
14. Costa Rican colon
15. Czech koruna
16. Danish krone
17. Egyptian pound
18. Georgian lari
19. Ghanian cedi
20. And many more…