Wise, formerly known as TransferWise, has gained significant popularity as a remittance tool in recent years, revolutionizing the way people send money internationally. By utilizing local transfers instead of traditional bank transfers, Wise drastically reduces both the cost and time associated with sending money abroad. Additionally, Wise offers users real market exchange rates, avoiding the 3% markup often added by banks. But is Wise truly as convenient as it seems? How do you use Wise to remit money to China? This article will dive into the key services, account setup process, fees, and other essential information. If you’re looking for a fast and affordable way to send money to China, keep reading!

What is Wise? Is Wise a bank?

Wise is not a bank but a fintech company founded in 2011 in the UK. It is authorized by the UK's Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI). Initially known as TransferWise, the company rebranded to Wise in 2021 and went public on the London Stock Exchange.

Wise offers international money transfer services to people in over 80 countries, supporting 40+ currencies. One of the company's standout features is the use of mid-market exchange rates with no hidden markups.

Key Services

• International Money Transfers: Send 40+ currencies to over 80 countries with fees starting at just 0.41%, depending on the currency and destination.
• Wise Account: Available in select countries (including the UK, US, EU, Australia, and Singapore), the Wise account allows users to hold over 40 currencies and even get personal bank details for up to 8 major currencies.
• Wise Card: Available to residents of select countries, this debit card is linked to a Wise account and can be used for purchases and withdrawals globally via Visa or Mastercard networks.
• Interest Feature: Earn 4.13% interest on your USD balance.

Who Should Use Wise?

Wise offers an efficient and low-cost way to manage foreign currency, making it ideal for both personal and business users. There are no monthly fees for Wise accounts, and you only pay for the services you use (such as transfers or currency withdrawals). If you frequently travel or shop on international websites, the Wise account and card can save you significantly by eliminating foreign transaction fees. In contrast, traditional cards often charge higher exchange rates and fees.

Information Needed for Opening a Wise Account

To open a Wise account, you’ll need to provide the following information:

• Full name (as it appears on your passport)
• Date of birth
• Phone number
• Residential address
• Valid passport (for ID verification)

How to Open a Wise Account

Here are the steps to set up your Wise account:

1. Visit the Wise website or download the Wise mobile app. Click on “Sign Up” and register using your email, Facebook, Apple, or Google ID.
2. Select either a personal or business account, enter your country of residence, and verify your phone number.
3. Create a password and complete the account registration. You’ll receive an activation link via email.
4. Once logged in, go to “Your Profile” to complete your personal details.
5. For your first transfer, you’ll need to verify your identity by uploading your ID and taking a selfie for confirmation.
6. Wise will review your application within 2–3 business days. Once approved, you can begin sending money.

Wise Fees Breakdown

Wise’s fee structure is transparent and straightforward. The exchange rates are real-time mid-market rates, with no hidden markups. The fees are typically calculated as a fixed amount plus a small percentage based on the currency and destination.

For example:

• Bank Debit (ACH): $0.94 + 1.22% (Transfer $1,000 to China = $13.03 fee)
• Wire Transfer: $4.46 + 1.02% (Transfer $1,000 to China = $14.54 fee)
• Wise Balance: $0.60 + 0.98% (Transfer $1,000 to China = $10.32 fee)

On average, Wise fees are around 1%, while traditional banks and remittance services can charge 2–3% just through exchange rate markups.

How Long Does Wise Take to Transfer Money?

Wise transfers are faster than traditional bank transfers because Wise uses its own network of local bank accounts instead of SWIFT. About half of Wise transfers are completed instantly, and most transfers arrive within 24 hours. Additionally, Wise supports transfers to Alipay and WeChat accounts in China, offering added convenience. Traditional banks can take 2–4 business days to process, and often only support bank account transfers.

Which Currencies Does Wise Support for CNY Remittances?

Wise allows you to send Chinese Yuan (CNY) to China from over 20 currencies, including EUR, USD, AUD, and many more. You can even send from currencies like the Turkish Lira, Brazilian Real, or Indonesian Rupiah. With Wise, you can send money back home from nearly anywhere in the world.

Conclusion
Wise stands out for its commitment to providing low-cost, transparent, and fair international payments. By using innovative technology, Wise helps consumers save time and money on remittances. Managing multiple currencies becomes a breeze with a single Wise account, allowing you to send, spend, and manage your funds across borders. Whether traveling or sending money back home, Wise ensures your transfers are fast, secure, and inexpensive.

Looking for a reliable way to send money to China? Wise is your answer.

Open an account immediately