Wise exotic currencies

What currencies does Wise support? A Comprehensive Guide to Wise Currency Services

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In an increasingly globalized world, transferring money internationally has become a necessity for individuals and businesses alike. Wise (formerly TransferWise) has revolutionized the way we send and receive money across borders, offering transparency, low fees, and real exchange rates. But what currencies does Wise support? Can it handle exotic currencies? What are the limitations? This comprehensive guide answers all these questions and more. Learn about Wise’s supported currencies, how it handles conversions, and how it stands out from traditional financial institutions. Sign up with Wise today and enjoy your first transfer free through this exclusive invite link.

Table of Contents

  1. What is Wise?
  2. What Currencies Does Wise Support?
  3. Major Currencies Supported by Wise
  4. Exotic Currencies Supported by Wise
  5. Currency Restrictions and Limitations
  6. Wise Multi-Currency Account
  7. How Wise Ensures Transparency in Currency Conversion
  8. Comparing Wise’s Exchange Rates with Banks
  9. FAQs About Wise Currency Services
  10. How to Get Started with Wise
  11. Conclusion

1. What is Wise?

Wise is an international money transfer service that simplifies sending, receiving, and managing money across borders. Unlike traditional banks, Wise uses the mid-market exchange rate and charges a minimal, upfront fee. Founded in 2011, Wise has grown into a trusted platform with millions of users globally. Its unique selling point is transparency, ensuring no hidden fees or inflated exchange rates.

If you frequently deal with international payments, whether for personal or business purposes, Wise is a game-changer. Its multi-currency account and support for a wide range of currencies make it an indispensable tool for global transactions.

2. What Currencies Does Wise Support?

Wise supports over 50 currencies, including major global currencies, regional currencies, and some exotic ones. This broad range makes it a versatile platform for users in different parts of the world. Whether you’re transferring money to Europe, Asia, Africa, or the Americas, Wise likely supports your desired currency.

Some of the supported currencies include:

  • USD (United States Dollar)
  • EUR (Euro)
  • GBP (British Pound Sterling)
  • AUD (Australian Dollar)
  • CAD (Canadian Dollar)
  • INR (Indian Rupee)
  • JPY (Japanese Yen)
  • SGD (Singapore Dollar)
  • AED (United Arab Emirates Dirham)
  • ZAR (South African Rand)

Let’s dive deeper into major and exotic currencies supported by Wise.

3. Major Currencies Supported by Wise

Major currencies are those widely used in global trade and finance. Wise ensures seamless transfers in these currencies, offering competitive exchange rates and low fees. Some of the most commonly used major currencies on Wise include:

  • USD (United States Dollar): The most traded currency in the world.
  • EUR (Euro): The official currency of 19 EU countries.
  • GBP (British Pound): A popular choice for trade and finance.
  • AUD (Australian Dollar): Widely used in the Asia-Pacific region.
  • CAD (Canadian Dollar): A stable currency in global markets.
  • JPY (Japanese Yen): The third most traded currency globally.
  • CHF (Swiss Franc): Known for its stability.

If you’re dealing with major currencies, Wise offers a seamless experience with quick transfers and real-time exchange rates.

4. Exotic Currencies Supported by Wise

Exotic currencies are less commonly traded and often associated with emerging markets. Wise’s support for these currencies sets it apart from competitors. Examples include:

  • ARS (Argentine Peso): Available for receiving money in Argentina.
  • VND (Vietnamese Dong): Frequently used for transfers to Vietnam.
  • KES (Kenyan Shilling): Supports transfers to Kenya.
  • TRY (Turkish Lira): Popular for payments in Turkey.
  • UAH (Ukrainian Hryvnia): Supports transfers to Ukraine.

While Wise handles many exotic currencies, some restrictions or higher fees may apply due to local regulations or operational costs. Always check Wise’s website for the latest updates on supported currencies and their conditions.

5. Currency Restrictions and Limitations

Despite its extensive currency support, Wise has certain restrictions. These are typically due to:

  • Regulatory Issues: Some countries impose strict controls on their currencies, limiting international transfers.
  • Operational Constraints: Wise’s infrastructure may not cover all regions.

For example:

  • You can send money to China in USD but not in CNY (Chinese Yuan).
  • Transfers involving ARS (Argentine Peso) or TRY (Turkish Lira) may have daily or monthly limits.

Check Wise’s website for specific restrictions and ensure you’re aware of any limitations before initiating a transfer.

6. Wise Multi-Currency Account

Wise’s multi-currency account is a powerful tool for managing money in multiple currencies. With this account, you can:

  • Hold over 50 currencies.
  • Convert between currencies at real exchange rates.
  • Get local bank details for USD, EUR, GBP, AUD, and more.

This account is ideal for freelancers, digital nomads, and businesses operating globally. For instance, a freelancer can invoice clients in different currencies and avoid hefty conversion fees.

7. How Wise Ensures Transparency in Currency Conversion

Wise uses the mid-market exchange rate—the fairest rate available. Unlike banks, which often inflate rates for profit, Wise ensures you get the same rate you’ll find on Google or Reuters. Here’s how it works:

  1. Real-Time Rates: Wise updates its rates in real-time.
  2. Upfront Fees: You’ll see exactly what you’ll pay before confirming a transfer.
  3. No Hidden Charges: The amount you send is the amount the recipient receives, minus the stated fee.

This level of transparency builds trust and saves users money.

8. Comparing Wise’s Exchange Rates with Banks

Traditional banks often mark up exchange rates by 3-5% to cover their costs. Wise eliminates this markup, charging a small, upfront fee instead. For example:

  • Sending $1,000 to Europe:
    • Bank: $1,030 (including hidden markup).
    • Wise: $1,005 (including upfront fee).

Over time, these savings can add up, especially for frequent transfers.

9. FAQs About Wise Currency Services

Q: Does Wise support cryptocurrency? A: No, Wise currently does not support cryptocurrency transfers.

Q: Can I hold multiple currencies in my account? A: Yes, Wise’s multi-currency account allows you to hold over 50 currencies.

Q: Are there any hidden fees with Wise? A: No, Wise is fully transparent about its fees.

Q: How long do transfers take? A: Most transfers are completed within 1-2 business days, depending on the currencies involved.

10. How to Get Started with Wise

Getting started with Wise is simple:

  1. Sign Up: Create an account using this invite link to get your first transfer free.
  2. Verify Your Identity: Upload required documents for verification.
  3. Initiate a Transfer: Enter the recipient’s details, the amount, and the currency.
  4. Pay: Fund your transfer using a bank transfer, debit card, or credit card.

Wise will handle the rest, ensuring your money reaches its destination quickly and securely.

11. Conclusion

Wise is a game-changer for international money transfers. Its support for over 50 currencies, transparency, and competitive rates make it a top choice for individuals and businesses alike. Whether you’re dealing with major global currencies or exotic ones, Wise ensures a seamless, cost-effective experience.

Ready to experience the difference? Sign up now and enjoy your first transfer free with this exclusive invite link.