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What is Wise and How Does It Work: A Complete Guide
Wise (formerly known as TransferWise) is one of the world's most popular international payment platforms. In this article, we explore how it works and why belo is your best ally if you receive money through Wise.
What is Wise?
Wise is an international payment platform that allows you to send or receive funds in different currencies. It emerged in 2011 as a solution to the high bank fees and lack of transparency that existed when making transactions between accounts in different countries.
Wise became especially popular among freelancers and remote workers, since it offers local accounts in different currencies to receive international payments, as if you had a bank account in that country
How Wise works
Instead of making conventional international transfers, Wise uses local bank accounts in each country. For example, if you want to convert euros to dollars, the money in euros is sent to a bank account within the eurozone, and then Wise transfers the dollars from a local account in the U.S. to the recipient.
This service works 100% online. To use it, you only need to sign up and create an account (free) on its website or app.
It is important to keep in mind that Wise products and services vary depending on the country of residence. It is not the same for all territories:
How does Wise work in Argentina?
As of 2023, Wise limited the range of features for new users residing in Argentina. As of today, you can only send foreign currency.
If you have had a Wise account since before and need to withdraw the balance you have on the platform, you can do it with the belo app The money will be credited directly to your belo wallet, where you can use it in Argentina.
From there, you can transfer it to your bank account or your preferred payment platform. However, it is not necessary to withdraw the money, since from the belo app itself you can pay, transfer, save, and convert to pesos whenever you need to.
How does Wise work in Mexico?
As of today, Wise Mexico works to send money to more than 160 countries and more than 40 currencies.
Do you need to withdraw money from Wise Mexico? Do it with belo!
How does Wise work in Colombia?
As of today, the services available for Wise Colombia include:
Multi-currency account: you can manage, convert, and hold more than 40 currencies (COP, USD, EUR, etc.) in a single account to handle payments, send, and receive money.
International transfers: you can send money from your account to more than 140 countries
Do you need to withdraw money from Wise Colombia? Do it with belo!
How does Wise work in Chile?
As of today, the services available for Wise Chile include:
Multi-currency account: you can manage, convert, and hold more than 40 currencies; including the Chilean peso.
Receive money from abroad
International transfers: you can send foreign currency to more than 80 countries. While sending money in Chilean pesos is not possible, you can use the balance in your multi-currency account or send from USD or EUR accounts via SWIFT.
Do you need to withdraw money from Wise Chile? Do it with belo!
How to create a Wise account
To sign up for Wise, you only need to be over 18 years old, have an email address, a cell phone, and your identification details. Below, the step-by-step guide to create your own account:
Go to the Wise website or download the app
Sign up and fill out the form with your personal details: your email and a password
Select between a personal account and a business account
Verify your phone number via SMS
Choose the type of currency you want to activate (USD, EUR. GBP)
Upload a photo of your ID to verify your identity and you're all set!
belo: the best solution for withdrawing money from Wise
Do you use Wise to receive money from abroad but don't know how to withdraw it? With the belo app, you can do it quickly, simply, and without complications, no matter where you are.
At belo, we are committed to making it easier for freelancers and remote workers to get paid internationally and use their money to pay, save, or transfer flexibly. Download the app and start moving your money without borders.
