Top-notch education is a prize that attracts students from all over the world. But being an international student comes with challenges that only they can relate to. Making international transactions in your study-abroad country can be hectic and expensive. You will part with ATM, bank, and other hidden charges associated with international transfers.
There are options if you are looking for money-handling solutions that make life easier while helping you manage your finances better. Say hello to the Wise account, a financial tool designed specifically for international students like yourself to manage your international transactions efficiently. It’s considered as one of the best ways to send money. With a Wise account, you have the power to pay, send and receive money worldwide through their secure, multi-currency app with some of the lowest fees in the market.
The whole process of opening an account may seem intimidating, but you do not have to worry. Here is a step-by-step guide on how to open a Wise Account for international students.
Is Wise cheaper to use than PayPal?
Yes, Wise is cheaper to use than PayPal. The difference in costs between Wise and PayPal is that PayPal has higher transfer costs and also charges the recipient for receiving the funds sent. With transfer costs as high as 5% of the transfer value for PayPal and about 0.41% for Wise, it becomes cheaper to use Wise to transfer funds.
Another reason Wise is cheaper than PayPal is that, while Wise offers currency conversions at par with the mid-market rate, PayPal adds a markup of about 3.5 – 4% on top of the mid-market rate.
Is Wise Safe?
Yes, Wise is a safe platform for your international financial solutions. To begin with, opening and operating a Wise account requires some form of verification or authentication. For example, it requires two-factor authentication every time you log in or make a transfer. It is done either through a text message to your registered phone number, face recognition, or a fingerprint.
It is also licensed and regulated in different countries around the world. For example, in the UK, Wise is regulated by the Financial Conduct Authority (FCA) and His Majesty’s Revenue and Customs (HMRC). In the United States, the regulatory body is FinCEN.
Wise also uses HTTPS encryption to protect any data, including transactions on the platform. It ensures that all data coming in or out of the platform is encrypted and kept secure from malicious people or other accounts that could intercept and use it for unintended purposes.
A Step-by-Step Guide on How to Open a Wise Account for International Students
Opening a Wise account is not rocket science. It takes a few steps to have your account up and running. If you are an international student ready to open your Wise account, here is a step-by-step guide to help you set up your account and start making transactions on the Wise platform.
Step 1: Go to the Wise website and Register
Head to the Wise Registration Page where you will provide basic personal information, such as your email address and phone number. Alternatively, you could use your Facebook, Google, or Apple account to register.
You will receive an email or phone message with a code to verify your contact information and officially activate your account. In some instances, they can require a photo ID, proof of address, or a picture of you holding your ID. This verification process could take up to 2 business days.
Once you have verified your information, your registration will be complete, and you will receive a membership number and can now proceed to create your wise account.
Alternatively, you could download the Wise app from Apple App Store for iOS or the Google Play Store for Android and follow the instructions to register.
Step 2: Create an Account
At this stage, you will provide basic details like your legal name, date of birth, country, and address. Once you are satisfied that the details are correct, you will confirm to create your Wise account.
You will then choose a currency for your account. Remember, you can add up to fifty different currencies supported on the platform, like Euro, USD, KES, AUD, etc.
Step 3: Connect Your Bank Account
Once your account is active, you can link your bank accounts with Wise to start sending or receiving money. Wise will also begin to track the transactions for you in real-time. All you have to do is provide them with the bank details, such as your account name, Swift Code, IBAN, routing number, and bank account number. The requirements depend on your location and the bank’s location.
Your account will now be ready to receive finances. There is an option to top up your account using your credit, debit card, or Apple pay. This option is available in the United States, Europe, Australia, Japan, New Zealand, and Singapore.
Step 4: Check Fees Upfront
The beauty of this stage is that you can have an idea of what it will cost to send the money. The wise calculator displays all the fees charged upfront depending on the currency. Here is an example.
You can also see when the money is likely to arrive in the recipient’s account.
Step 5: Send Money
Before sending the money, pick the recipient, in this case, yourself. You can send money directly from your linked bank account to your wise account. As an international student, you can easily send money from your home country’s bank account to your Wise account by providing the required bank and verification details.
Input the correct recipient details and fund the payment, either using bank transfer or card details. Once you confirm the details, your money will be on the move.
According to Wise, more than 50% of transfers on the platform arrive instantly, with more than 90% reaching the beneficiary account in 24 hours or less.
If you’re looking for a reliable way to manage your finances abroad as an international student, opening a Wise account is worth considering. The step-by-step process above will have you set up your account in minutes. It is fast, secure, and has low fees and competitive exchange rates to save you time and money in the long run.
