How does Wise (formerly TransferWise) work? Guide for using Wise in New Zealand

Wise has become increasingly popular among Kiwis for international money transfers and multi-currency management. This guide will walk you through how to use Wise in New Zealand, from setting up your account to making the most of its features.

What is Wise? (Formerly TransferWise)

Wise is a financial technology company that offers international money transfers, multi-currency accounts, and debit cards. It's known for providing mid-market exchange rates and transparent, low fees, making it an attractive option for New Zealanders dealing with foreign currencies.

📃 In this article, we'll cover:
Guide to Wise money transfers with Fees and Limits Wise account in New Zealand Using the Wise debit card in NZ Wise Business Account for NZ How Wise Business differs from the personal account

Wise (TransferWise) money transfers

You can send a Wise international transfer to bank accounts in any of 140+ supported countries. When you set up a Wise payment online or in the Wise app you’ll be able to either specify the amount you want to send - or the amount you need the recipient to get in their local currency. This can be handy when you have to send a specific amount to pay a bill for example.

Most of all, Wise stands out on price. Wise money transfers use the mid-market exchange rate, with no markup or hidden fees. You’ll just pay a low, variable charge based on where you’re sending money to and how you prefer to pay, which is clearly detailed for transparency. There are no intermediary fees to pay

Sending money with Wise step-by-step

Here’s a quick overview of how to send money with Wise:

1. Register a Wise account - you can sign up to Wise online or in the Wise app
2. Enter the transfer amount and currency - you can either add the amount you want to send or the amount the recipient needs to get
3. Confirm if you’re making a personal or business transfer
4. Enter your details and verify your identity - you’ll need to add your name and address for example.
5. Add your recipient’s bank details - exactly what’s needed may vary depending on where you’re sending to, but you’ll be guided through the process by onscreen prompts. (Don’t have your recipient’s banking information? You can also send to an email address - more on that later.)
6. Choose your preferred payment method, check everything over and confirm

Create a Wise account

You’ll see a full summary of the costs involved in making your transfer, plus the estimated delivery time, before you confirm your payment. You can even compare the costs of your specific transfer with Wise against some other popular providers, on the Wise website.

Wise payments to an email address

If you don’t have the bank details for the person you’re sending money to, Wise can still help. Simply enter the recipient’s email address and Wise will do the rest. If the person you’re sending to is already on Wise, the system will retrieve their account information to process the payment. And if not, Wise will generate an email to the recipient asking for the details required to get the money to them safely.

Wise fees and charges for transferring money

The amount you pay for your Wise transfer can vary based on 3 things:

• The amount of money you’re sending
• The way you want to pay
• The exchange rate

Wise always uses the mid-market exchange rate - the one you’ll usually see on Google - with all other costs split out and clearly shown. The cost of your Wise transfer can include a percentage fee based on the currency, from 0.25%, and a fixed fee which varies according to the way you want to pay. Use the pricing calculator below to model your example transfer:

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

Transfer limits for sending money

Wise transfer limits vary based on the currency you’re sending. Check the limits for specific currencies from our help centre.

Guide to NZD transfers on Wise 👉

Using the Wise account in New Zealand

You can register for a Wise account to manage your money across currencies, with just your laptop or smart device. Here are some of the key features you get with the Wise account:

• Hold and exchange 40+ currencies with the mid-market exchange rate
• Get local account details for 8+ currencies to get paid fee free
• Send money to 140+ countries for low, transparent fees from 0.25%.
• Spend with a linked Wise card in 150+ countries (more on the Wise card later)
• Manage your account online or in the Wise app for convenience
• No maintenance charges or minimum balance requirement

Personal customers in New Zealand can open a Wise account for free, and get a Wise card for a low fee of 14 NZD. Once your Wise account is up and running you can add a currency for NZD and 8+ other currencies, with account details you can use to get paid by local transfer from abroad.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Opening Multi-currency Accounts

One of the key features of having a Wise account is the ability to hold 40+ currencies in your account. This makes it convenient if you are looking to travel or create international transfers to your recipients. You can convert money between any of these currencies in your account, with the mid-market exchange rate.

To add money to your account, just click on Open in your Wise app or the website and choose which currency you’d like to hold money in.

How to top-up your Wise account

Here are the basic steps if you want to add NZD to your Wise account:

1. Log into Wise
2. Tap your NZD currency
3. Tap the + Add button
4. Enter the amount you want to add in NZD, and confirm the currency you want to pay with.
5. Tap Continue
6. Choose your preferred payment method - bank transfer, cards, or POLi for example
7. Check everything over and confirm.

Receiving money to your Wise account

If you need to receive money to your Wise account you can do so with your local account details for up to 8+ currencies.

1. Log into the Wise app
2. Tap the currency you want to receive money in
3. Select Get account details
4. You’ll be shown your local account details which you can share with the person sending you money

The first time you add a currency, you may need to take a couple of extra steps, including uploading some verification documents and adding a small amount of money to activate your account. Any money you add to your account can then be used to fund a payment, or spent with your Wise card.

How to use the Wise debit card in New Zealand

Once you have a Wise account you can also pay a 14 NZD one-time fee to get a linked Wise debit card.

Your Wise card works with your Wise account, with no fee to spend any currency you hold in your account, and low conversion costs from 0.25% when you don’t have the currency you need. that can be far cheaper than the foreign transaction fee commonly applied by many other providers, especially when you consider that the currency exchange on Wise is always at the mid-market rate.

Wise cards can be used for spending in 150+ countries, you’ll be able to make 2 withdrawals up to the equivalent of 350 NZD a month fee free when you travel, with low fees after that.

Check out our review of Wise card benefits in NZ 👉

Manage your Wise card in the Wise app, with options to freeze and unfreeze your card for security, and get a virtual card. Plus instant transaction notifications and updates.

That can make the Wise card a perfect partner when you’re away from home - safer than carrying cash, and cheaper than relying on your bank for currency conversion and card payments.

Order your Wise card today 💳

How to get a Wise card

You can easily order your Wise card in the Wise app:

• Log into the Wise app
• Tap the Cards tab
• Confirm your personal details and complete any required verification step
• Pay the one time 14 NZD fee; and optionally

Your card will be delivered in the post in 7-10 days. You can optionally get express delivery in 1-2 days for an additional fee.
Once you have your physical Wise card you’ll need to activate it by making a chip and PIN payment - you’re then free to use it as a contactless card for convenience.

Using Wise for your NZ business

If you’re a freelancer working with clients overseas, an entrepreneur with international customers, or a business owner paying suppliers, staff or contractors in a foreign currency, you could benefit from Wise Business.

Open a Wise Business account online and get account details in 8+ currencies with a one-time fee of NZD 40 to get all the available features for business customers. You get all the perks that a personal customer does - including holding and exchanging 40+ currencies with the mid-market rate, and transparent fees - plus some extra business friendly bonuses to help you save even more time and money.

Get a Wise Business account

How Wise Business differs from the personal account

Wise Business has extra benefits which can support business owners - and cut costs at the same time.

You’ll be able to make batch payments to up to 1,000 people at once - perfect for running international payroll for example. With a Wise debit and expense cards for you and your team, you can reconcile your Wise account with cloud based accounting software. Plus, you can always add your admin staff or accountants to Wise with Wise Business’ multi-user access features, to give your team the tools they need to do their jobs efficiently.

How to open a Wise Business account

Opening a Wise Business account can be done online or in the Wise app, with no need to stand in line at a bank branch to get started. The exact process you follow may vary slightly depending on the type of business you own, but you’ll be guided through the steps in the Wise app - and you can always save and return to your application later if you need to.

In general all you’ll need to do is enter some information about yourself and your business, and complete a verification step - needed to keep your account safe. In most cases that’ll mean providing the following:

• Proof of your identity - like a passport or driving licence
• Proof of address - like a bank statement or utility bill in your name.
• Business documentation which can vary based on entity type
• The names, date of birth, and country of residence for any directors and shareholders who own 25% or more of the business

Learn more about how to open a Wise Business account here.

Summary

Wise is a safe and trusted provider offering currency account services, international payments and currency conversion with the mid-market rate in New Zealand. You can use Wise for yourself or your business, to send payments, spend with a linked Wise card, receive money like a local in 8+ currencies, and exchange currencies in just a few taps.

Use this full Wise NZ guide to get you started, and see if Wise can help you save time and money the next time you travel or transact internationally.

Wise offers New Zealanders a powerful set of tools for managing money internationally. Whether you're a frequent traveler, an online shopper, a freelancer working with overseas clients, or a business dealing in multiple currencies, Wise can potentially help you save foreign exchange and international transactions.