How to withdraw money from Wise to bank account - 2024

If someone has sent you a payment to your Wise account, you might prefer to move it to your UK current or savings account - or to another bank account you hold elsewhere in the world. You’re able to receive payments to Wise with local bank details in up to 10 currencies, hold a balance in 40+ currencies, and withdraw to your own account or send to others globally.

This guide walks through how to withdraw money from Wise to a bank account step by step, plus we’ll have a quick look at fees, limits and alternative options, like taking your balance out in cash from an ATM with a handy Wise card.

How to withdraw money from Wise account

You can use a Wise account to hold money in any of 40+ supported currencies with no ongoing fees or charges to worry about. You’ll then be able to send, spend, convert or withdraw your funds whenever you’re ready to do so.

If you hold a Wise balance and want to withdraw it you have 2 primary options:

• Withdraw the money from a Wise balance to a bank account

• Use a Wise card to withdraw cash locally or globally

This guide walks through both of them, including how to get started, and any fees or limits that apply.

How to withdraw money from Wise to bank account

Here’s a quick step by step looking at how to withdraw money from Wise to a bank account in your name:

1. Log into your Wise account online or in the Wise app and tap on the currency balance you want to withdraw from

Withdrawing money from Wise to a bank account is easy to do from your phone or laptop - just log in to view and select the currency balance you want to withdraw.

2. Tap Send  and enter the details of the withdrawal - how much you want to withdraw and in which currency

Look for the upwards arrow icon which is the Send option, and enter the details of how much you want to withdraw, as well as the currency the money should be received in, when prompted.

3. Follow the prompts to enter the bank details you’re withdrawing to, or select the account from the list shown if you’ve withdrawn to the account before

If it’s the first time you’ve made a withdrawal to this account you’ll need to add some details - we’ll look at what’s needed in a moment. Once you’ve withdrawn to an account once, you’ll see that option in your recipient list when you set up a withdrawal from Wise. You can even give an account a nickname so it’s easy to identify, and you’ll not need to add the details every time you make a withdrawal. Just tap your account name in the recipient list, and follow the prompts.

4. Tap Send money and your withdrawal will be processed

Check everything over, tap Send money and you’re done. You’ll get a notification that your money is on the way and you can track the transfer if you need to, in the app.

Details needed to withdraw from Wise to a bank account

The first time you withdraw to a specific account you’ll be prompted to enter all the details needed to process your withdrawal safely and without unnecessary delays. The exact details you need to enter do depend a little based on the currency of the account you’re withdrawing to. If you’re making a withdrawal to your UK account, you’ll need to enter:

• The name the account is held in

• The bank account number and sort code

• The name and address of the bank

Read a full Wise review here

Fees to withdraw money from Wise to bank account

The fees to withdraw money from Wise to a bank account can vary depending on the currencies involved. If you’re withdrawing with no currency conversion - so GBP to GBP for example - you’ll only pay the withdrawal fee. To give an example of the cost of this, withdrawing 1,000 GBP to a UK based GBP account has a 0.32 GBP fee.

If you’re withdrawing to an account and need currency conversion - so you hold a balance in GBP and want to withdraw it to an account you hold in the US, which is USD denominated, for example - you’ll pay a small fee for currency conversion. Here are a few examples of the costs of withdrawing with currency conversion, using different currencies and transfer values:

• Fees correct at time of wwriting - 5th December 2023

Limits to withdraw money from Wise to bank account

Wise withdrawal limits do vary a bit depending on the currency you hold in your Wise account and the currency you’re withdrawing to. If you’re sending from a GBP Wise account balance you could withdraw up to 5 million GBP at a time, and you’ll be notified of any limits which may apply to your transfer when you start to set it up.

Can I withdraw cash from the Wise account?

If withdrawing cash is more convenient for you, you can also get a Wise card and withdraw money at an ATM in the UK or globally. There’s a one time order fee of 7 GBP when you first get your card, but then no monthly or annual fees to worry about.

Every month you can make 2 withdrawals up to a total value of 200 GBP with no Wise fee, and then a low withdrawal charge of 0.5 GBP + 1.75% applies.

How to withdraw cash from Wise account

You can withdraw cash from your Wise account conveniently by ordering a Wise card and using it to make ATM withdrawals at home or abroad. Your Wise card can be used to make POS payments and to shop online, too, and you’ll also be able to generate a virtual card which has different card details and can be used for online shopping with extra security.

Here’s a quick walkthrough of how to order and activate your Wise card:

1. Log into the Wise app or on the Wise desktop site

2. Tap the Cards tab and follow the prompts to order your Wise card

3. Confirm your personal details, and complete any required verification step

4. Pay the one time order fee of 7 GBP

5. Your Wise card will arrive in the post in 2 - 6 days

6. Once your Wise card arrives you can activate the contactless feature by making a chip and PIN payment or cash withdrawal

   Once you’ve got your Wise card you can use it like any other debit card, to make withdrawals at an ATM on your card’s network:

7. Find a convenient ATM which supports the network your Wise card is issued on (Visa or MasterCard)

8. Insert your card and select the option to make a withdrawal

9. Enter the amount you want to withdraw

10. Enter your PIN for security (you can find this in the Wise app if you can’t remember it)

11. Your money will be dispensed and your card will be returned

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Wise card ATM cash withdrawal fees 

When you use a Wise card at an ATM, you’ll be able to make some no fee withdrawals every month, with a charge applied after this fee free allowance is exhausted. Here are the details:

There are also some limits applied to the Wise card for security reasons. For cash withdrawals that means you can take out up to 4,000 GBP a month. If you’d prefer a lower limit you can easily adjust this limit in the Wise app.

Receiving money from Wise

You don’t need to have a Wise account to receive money through Wise money transfer. Instead, you can simply give the person sending you money your bank account details, and the money will be deposited directly to your bank account.

If you’d prefer, Wise accounts also offer local bank account details for up to 10 currencies, which you can give to anyone who needs to send you money, to have your money deposited to Wise instead.

Conclusion: How to withdraw money from Wise

You can withdraw a Wise balance to an account in your own name, or you can get a Wise card to make cash withdrawals if you’d prefer to use cash. There are low fees for Wise withdrawals to a bank, plus any currency conversion costs if you need to switch currencies to complete the withdrawal. If you have a Wise card you can make some fee free monthly ATM withdrawals, with a low charge applied after that. Withdrawing money from Wise is pretty easy to do - use this guide to get started and you’ll be on your way in no time.

FAQs

1. How do I withdraw money from my Wise account?

You can withdraw a Wise balance to a bank account in your own name, online or in the Wise app. You can also send money from Wise to someone else’s bank account if you’d prefer, or get a Wise card to make cash withdrawals globally.

2. Can you withdraw money from Wise?

Yes. If someone sent you money to Wise and you want to withdraw it to a bank account in your name you can do this easily online or in the Wise app. You can also make cash withdrawals if you order a Wise debit card online, for a one time 7 GBP fee, with no ongoing costs.