logo
Sign In
Language
Currency
Sign In

How to withdraw money using WISE?

WISE, formerly known as TransferWise, has become an indispensable tool for tutors and freelancers worldwide who need to manage international payments efficiently.

As a tutor, you can leverage WISE to transfer funds from your tutoring platform’s wallet directly to your local bank account. One of the key advantages of using WISE is its support for multiple currencies, allowing you to receive payments in your local currency rather than being limited to US Dollars.

Here’s a brief overview of the WISE withdrawal process:

  1. Navigate to your wallet on the Repetry
  2. Click the ‘Withdraw money’ button
  3. Select WISE as your preferred withdrawal method
  4. Enter your WISE-associated email address
  5. Specify the withdrawal amount and receiving currency
  6. Follow the link in the WISE notification email to add or confirm your bank details

WISE stands out for its commitment to transparency in currency exchange. Unlike many traditional financial institutions, WISE uses the mid-market exchange rate – the same rate banks use when trading amongst themselves. This rate is updated in real-time from Reuters, ensuring you get the most accurate and fair conversion for your money.

Supported currencies

  • WISE supports a wide range of currencies, but there are some exceptions
  • Currently unsupported currencies include INR, CNY, UAH, and several others
  • Always check the most recent list of supported currencies before initiating a withdrawal

Withdrawal limits and fees

  • Minimum withdrawal: $10
  • Maximum withdrawal: $3000 per transaction
  • Transaction fee: Generally 0.6% of the total withdrawal amount (fees can vary based on individual circumstances)

To calculate the exact fees for your specific withdrawal:

  • Visit the WISE pricing calculator on their website
  • Select ‘Multi-currency account’ and ‘Send money’ options
  • Choose your target currency (keeping ‘You send’ as USD)
  • Enter your planned withdrawal amount

One of the most appealing features of WISE for tutors is its speed. Most transfers are completed within a few hours, ensuring you have quick access to your earnings.