TransferWise Brokers 2023 - Which Brokers Accept TransferWise?
Wise, previously TransferWise, is a multi-currency electronic transfer solution that can be used to deposit funds to online trading accounts. The London-based company makes it quick and easy to send funds internationally and convert currencies at the click of a button.
This review lists the best brokers that accept TransferWise deposits, along with typical processing times, minimum and maximum payment limits, plus any fees. Our traders also explain how to deposit to TransferWise brokers.
OANDA offers 70 forex pairs with two competitive pricing models and a substantial welcome deposit bonus
OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
Moomoo is an app-based stock broker that offers trading in US, Hong Kong and Chinese shares. Clients can get started with a sign-up bonus and $0 minimum deposit.
One of the largest discount brokers in the US, with a fixed trading commission and access to a large array of trading products and securities.
What Is TransferWise?
Wise is a financial technology company that provides money transfer services to customers, including online traders. The firm was launched in 2011 with a mission to make international payments fair, low-cost, and easy. Today, the payment solution has over 15 million registered customers, with over $9 billion transacted each month.
Wise is a good payment method for retail investors looking to make deposits to live trading accounts. It is a safe and secure payment gateway, with regulation from FinCEN in the US and the FCA in the UK. Traders can also hold and convert money in 49 currencies and the gateway is available in over 77 countries.
How It Works
The company’s technology links together local institutions across the globe to create an intuitive, connected payment system. Put simply, all supported countries have a virtual hub, in which payments, including deposits to broker-dealer accounts, are verified and executed.
Payments will be sent in local currency to a TransferWise hub in your jurisdiction. The recipient Wise hub will then execute the converted payment in the alternative currency, without actually transferring funds cross-border.
For example, if you are a US trader but want to deposit funds to UK TransferWise brokers, your payment would be made to the Wise hub in the US and the UK hub will pay the UK brokerage the equivalent funds in GBP.
The company makes a small profit through fees on these transactions, which are calculated upfront before any transfers are requested. Importantly, TransferWise uses an exchange rate based on the current market rate, unlike many banks that add a surcharge.
Deposits to live trading accounts through Wise can be instant. For example, if you are depositing to TransferWise brokers with a UK-registered bank account in GBP, you can expect almost instant funding.
However, funds can only be transferred via normal banking hours. The time taken for transactions to be complete will also depend on various factors, including if a currency conversion is required and the location of the recipient’s bank.
Brokers that accept TransferWise deposits may also require additional security checks which can cause delays. Moomoo, for instance, processes Wise deposits within one working day, with an expected receipt time of up to three working days for funds to be available.
Deposits and withdrawals to and from Wise brokers are usually low-cost.
New customers will need to register for an account with the brand, though this is free. There is a transfer fee and an exchange rate charge applied by Wise, but the firm promises that it is up to “8x cheaper than making payments via bank wire transfer”.
Wise uses the live exchange rate rather than adding a commission fee. This means there are no hidden charges or subscription fees. Relevant charges are displayed before all payments are submitted.
Some TransferWise brokers also do not charge additional transfer fees. Saxobank, for example, refunds all intermediary fees associated with depositing via Wise.
Charges to be aware of when trading with Wise include:
- Holding money in a Wise account – no fee
- Sending money (e.g. depositing to a live trading account) – from 0.41%
- Receiving USD bank wire transfers (e.g. a withdrawal from a live trading account) – $4.14
- Receiving non-bank wire transfers (AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, and USD) – no fee
There is also a useful fee calculator available on the Wise website so you can understand applicable charges before requesting a money transfer to your brokerage account. Equally, the best brokers that accept TransferWise deposits are upfront about payment fees.
Traders can feel assured that Wise is a reputable payment gateway. The top TransferWise brokers also operate with top-tier regulatory oversight, comply with data privacy rules, and provide full transaction encryption.
Safety features that Wise integrates include two-factor authentication (2FA) for account changes and transaction approvals, data protection systems, and a dedicated global anti-fraud team. Client funds are also held separately from business money in segregated accounts with trusted financial institutions.
Additionally, the payments company is regulated across the world with oversight from the US Financial Crimes Enforcement Network (FinCEN) and the UK Financial Conduct Authority (FCA), among others.
Pros Of TransferWise Brokers
- The transparent pricing model means day traders are aware of the costs involved in depositing to trading accounts
- A Wise bank card can be obtained, which can be used to withdraw money from ATMs in more than 175 countries worldwide
- Wise offers a free iOS and Android mobile app available in 15 languages. The mobile application is a convenient way to make payments to brokers that accept Wise deposits and withdrawals
- Traders can access additional investment opportunities via the Wise Assets Program. Customers can invest money directly from a Wise account in the iShares World Equity Index Fund
Cons Of TransferWise Brokers
- Wise is not commonly accepted at trading brokers compared to PayPal, Neteller or Skrill
- New customers must sign up for a Wise account before they can use the payment gateway to make trading deposits
- Once a Wise transfer is completed, the company cannot reverse or recall a payment. You will need to contact your broker to request a refund if a deposit has been made in error
How To Make TransferWise Deposits & Withdrawals
The first requirement is to find brokers that accept TransferWise deposits. Day traders will then need to register for a Wise account and add funds:
- Sign up for a new account by clicking on the ‘Register’ icon at Wise.com or the Wise app
- Complete the online application form
- Confirm your identity with a government-issued ID such as a passport or driving license
- Add funds to your Wise account from an existing credit/debit card, Apple Pay, Google Pay, or bank wire transfer
Making A Deposit
The payment process may vary slightly between TransferWise brokers, but the typical steps you will need to follow are:
- Log in to your Wise account via the website or app
- Select ‘Send Money’ on the Wise website or ‘Send’ on the app to create a new payment request
- Add the amount you want to deposit to the trading account (e.g. $500)
- Confirm the payment is a ‘personal transfer’
- Confirm your personal details
- Add the recipient’s bank details (the broker’s)
- Review the payment details and insert a reference (e.g. your brokerage account number)
- Review the associated fees displayed on the screen
- Confirm the payment and click ‘Submit’
Note, processing times will vary between brokers that accept Wise deposits. Some brokers will also request proof of payment or a transaction receipt.
Is TransferWise A Good Choice For Traders?
Wise is a globally recognized, legitimate transfer solution. The payment gateway is also a relatively low-cost deposit and withdrawal method for day traders. The option to hold, send and receive money across many international currencies makes it a top contender. Brokers that accept TransferWise deposits also typically process payments quickly.
To make a trading deposit, sign up with one of the best TransferWise brokers.
Can I Use TransferWise To Deposit To A Trading Account?
Yes, TransferWise is a safe and secure payment gateway to initiate deposits to live trading accounts. Customers can load a Wise account with credit/debit cards, bank wire transfers, or mobile solutions such as Apple Pay. Day traders can then send money from the Wise website or mobile app to their brokerage account.
What Are The Top Brokers That Accept TransferWise Deposits?
Several global brokers accept Wise deposits and withdrawals, including Oanda, Saxobank, and Moomoo. Use our ranking of the top TransferWise brokers to find a suitable trading firm.
Is It Cheap To Deposit To Wise Brokers?
The majority of brokers that accept Wise deposits do not charge an additional fee. However, traders will be liable for currency conversion charges (if applicable) and a fee to send or receive funds from a Wise account. Although not the cheapest solution, Wise does process currency conversions at the current market price.
How Fast Are Deposits Processed To TransferWise Brokers?
Processing timelines to Wise brokers vary depending on the transfer currency and the recipient’s location. With that said, the top brokers that accept TransferWise deposits complete all transactions within three working days, though some transfers are instant if a local currency is used.
Note, payments can be processed during standard banking hours only.