Receive Foreign Currency Through Transferwise

If you’re a freelancer with a client abroad, you will need to have an online payment account. I prefer Transferwise as it transfers money quickly from my Transferwise balance and into my local bank account. By quick I mean the money reflects in local currency within 1-2 hours. I have been using Transferwise since 2017 and that’s where my client sends my monthly compensation.

If you have just signed up for a Transferwise personal account and are wondering how to receive your first USD/GBP/EUR/AUD/SGD/NZD, here is a step-by-step guide in opening a balance in foreign currency.

Important: Make sure that you have verified your account first in order to start receiving money. You will need to have your primary ID cards with you and would need to take a selfie holding your ID. To learn more about verification, follow these instructions from Transferwise’s page.

Note: For USD balance, you need to get verified and add at least USD 20.00 to your balance to get your USD bank details.

Log into your Transferwise account in the app or on the website. In the homepage, Click Open A Balance.

A pop-up page will open and you need to choose which currency you want to open a balance for. For example, I want to open a NZD balance.

Some foreign currencies require bank details: USD, GBP, EUR, SGD, AUD, NZD.

Once you have opened your balance, you may now get your bank details.

Click on the Get bank details button and Transferwise shall generate the necessary details like account number, address, etc. according to the currency’s requirements.

Click on the blue dropdown arrow to reveal your bank details. You can give these details to your client or include it in the payment details in your invoice.

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