Wise, formerly known as TransferWise, is a popular financial technology company that offers a fast and affordable way to send and receive money internationally. One of the key features of Wise is its multi-currency account, which allows users to hold, receive, and convert money in multiple currencies. Many users wonder how to cash in funds from Wise, especially if they want to use their money offline, withdraw it to a bank account, or convert it to local currency. The process is straightforward, but there are several methods depending on your location and the type of account you have.
Understanding Wise Cash-In Options
Before diving into the steps, it’s important to understand what cash in means in the context of Wise. While Wise is a digital platform and does not handle physical cash, cashing in usually refers to:
- Withdrawing money from your Wise account to a local bank
- Transferring money to another Wise user or a third party
- Converting foreign currency to your local currency within the Wise platform
- Spending funds using the Wise debit card
Each option serves different needs. Let’s go through the various ways to access your funds from Wise efficiently and safely.
Withdrawing Money to a Bank Account
Step-by-Step Guide to Bank Withdrawal
This is the most common method to cash in your Wise balance.
- Log in to your Wise account via app or web browser.
- Click on the currency balance you wish to withdraw from.
- Select Send or Withdraw.
- Enter the amount you want to transfer.
- Choose the destination bank account. You can add a new one if needed.
- Review the transfer details, including fees and estimated arrival time.
- Click Confirm to complete the process.
The funds will usually reach your bank account within 02 business days, depending on the currency and recipient bank.
Using the Wise Debit Card to Access Funds
If you have a Wise debit card, you can use it to access your funds directly without transferring to a bank account.
Main Uses of the Wise Card
- Withdraw cash from ATMs worldwide (fees may apply after a certain limit)
- Spend money online or in-store in multiple currencies
- Avoid currency conversion fees when spending in the same currency as your balance
To cash in through an ATM:
- Locate an ATM that supports your card network (usually Mastercard).
- Insert the Wise card and enter your PIN.
- Select the currency and amount to withdraw.
- Take your cash and receipt.
Note: Wise allows free withdrawals up to a limit per month. Beyond that, small fees are charged. Make sure your card is activated and has sufficient balance.
Transferring Funds to Others
Another option to utilize your funds is by sending money to others, either within Wise or to an external account. This is useful when you need to pay someone or move money across borders.
Sending to Another Wise User
- Go to the Send section in your Wise account.
- Enter the recipient’s email or phone number linked to their Wise account.
- Choose the amount and currency.
- Review the details and confirm the transfer.
This is usually instant and fee-free for same-currency transfers.
Sending to an External Bank or Mobile Wallet
You can also send funds to a local or international bank account or a mobile wallet supported in the recipient’s country.
- Enter the recipient’s banking details
- Confirm the amount and conversion rate
- Track the transfer from your Wise dashboard
Currency Conversion Within Wise
Wise offers the ability to hold and convert over 50 currencies at real exchange rates. This is useful if you want to prepare for a trip or avoid fees when withdrawing in another country.
Steps to Convert Currency
- Log in to your Wise account.
- Click on the currency balance you want to convert from.
- Select Convert and choose the currency you want to convert to.
- Enter the amount and check the live exchange rate.
- Confirm the conversion.
The converted amount will instantly reflect in your new currency balance, ready for withdrawal or spending.
Receiving Cash from Someone Else
Although Wise doesn’t support cash deposits directly, you can receive funds from others who use traditional banking or remittance services. Once the money arrives in your Wise account, you can then follow the withdrawal methods above.
How to Receive Money
- Share your Wise account details, such as your account number and sort code or IBAN
- For international transfers, provide the SWIFT/BIC code and currency-specific details
- The sender can transfer money using their bank or another remittance platform
Once the funds are received, you can spend, convert, or withdraw as needed.
What to Know About Fees and Limits
Wise is known for transparency in fees, but there are still certain charges you should be aware of when cashing in.
Common Fees
- ATM withdrawal fees after free limit
- Small percentage fee on currency conversion
- Bank transfer fee depending on currency and destination
Withdrawal and Spending Limits
Your limits may vary depending on account verification and your country of residence. These can usually be checked in your account settings under card or account limits. To increase limits, you may need to verify your identity or provide additional documentation.
Cash-In Tips for Wise Users
- Always check exchange rates before converting or withdrawing
- Link a verified bank account for faster transfers
- Use the Wise app for real-time notifications and control
- Activate the Wise card for easier access to physical cash
- If traveling, convert and hold currencies in advance to lock in better rates
Cashing in through Wise is flexible, secure, and easy to manage. Whether you choose to withdraw to your bank, use the Wise card at ATMs, convert currencies internally, or transfer to another person, the platform offers complete control over your funds. While it doesn’t handle physical cash deposits or withdrawals, its digital-first approach helps users across the globe move money smartly and affordably. Staying informed about your options, understanding the associated fees, and using the right method based on your needs will help you make the most of your Wise account.