There are many ways you can send money to Focus School's bank account. We have anyway selected Wise on this website as a recommended method. This is to present a detailed example of one system, rather than spending time explaining multiple different systems.
Introduction
Wise, formerly known as TransferWise, is a renowned financial technology company offering a broad range of services, including currency exchange and international money transfers. Unlike traditional banking systems, Wise provides a faster, cheaper, and more transparent solution for sending money abroad.
Here's how it works. Instead of transferring the sender's money directly to the recipient in the foreign country, Wise uses two local transfers. First, the sender's money goes to Wise's bank account in the sender's country. Then, Wise pays the recipient from Wise's bank account in the recipient's country. This process helps to cut out hefty international transfer fees and unfavorable exchange rates from banks.
Another benefit of Wise is its transparency. The platform discloses upfront the exact fees you will pay and the exchange rate you will receive. There are no hidden costs. Moreover, Wise uses the mid-market rate — the "real" exchange rate you see on independent sources like Google or Reuters — which tends to be much more favorable to customers than the rates provided by most banks.
Wise can be used by individuals and businesses alike. It's perfect for anyone looking to send money abroad, whether it's for personal reasons (like supporting family members in other countries) or for business transactions (like paying suppliers or employees overseas).
While Wise offers an impressive range of features, setting up an account and making your first transfer might seem daunting. But don't worry – this guide is designed to help you navigate through the process smoothly and securely.
Setting Up Your Wise Account: A Step-by-Step Guide
Visit the Wise website: Start by navigating to www.wise.com on your preferred web browser. You can also download the Wise app on your smartphone for on-the-go access.
Create a new account: Click on the 'Register' or 'Get Started' button on the homepage.
Choose account type: You can opt for either a Personal account or a Business account, depending on your needs.
Enter your details: Fill in your personal information, including your full name, date of birth, email address, and phone number. Be sure to provide a valid phone number as it will be used for verification purposes.
Secure your account: Create a strong password that's hard for others to guess. It's also a good idea to enable two-factor authentication (2FA) for an additional layer of security.
Verify your email: Check your email for a message from Wise and click the link to confirm your email address. This helps to ensure your account's security.
Provide identification: Depending on your region, you might need to provide additional information to verify your identity. This could include a scan of your passport, driver's license, or national ID card. You might also be asked for proof of address, like a utility bill or bank statement.
Confirm your phone number: Wise will send a code via SMS to the number you provided. Enter this code to verify your phone number.
After you've completed these steps, your Wise account is set up and ready to use! But before you make your first transfer, you'll need to link your credit card to your Wise account, which we will cover in the next section.
Linking Your Credit Card to Your Wise Account
Once your Wise account is set up, it's time to link your credit card to it. This is the source of the funds you'll be transferring. You can do this also as part of the first transfer. Here's how to do it:
Log in to your Wise account: Sign in to your account either via the Wise website or the mobile app.
Go to the 'Balances' section: Navigate to the 'Balances' section of your account. You can find it on the dashboard or in the menu, depending on your device.
Open a new balance: Click on 'Open a balance' in the currency that matches your credit card. For example, if your credit card is in USD, open a USD balance.
Select 'Add' or 'Top Up': Once your balance is open, click on 'Add' or 'Top Up'. A new window will pop up.
Choose 'Credit/Debit Card': From the list of payment methods, select 'Credit/Debit Card'.
Enter your card details: Fill in your card number, expiration date, CVV, and cardholder's name. Make sure that all the details are accurate to avoid any issues.
Confirm your details: After entering your card information, confirm your billing address. This should match the address associated with your credit card.
Authenticate the card: Depending on your bank, you might need to go through an additional authentication step. This could be a password, a text message with a code, or fingerprint recognition on your banking app.
And there you go! Your credit card is now linked to your Wise account. You're all set to make your first international money transfer, which we'll cover in the next section.
Transferring Money to an Overseas Bank Account using Wise
With your Wise account set up and your credit card linked, you're ready to send money internationally. Here's a step-by-step guide to transferring funds to an overseas bank account using Wise:
Log in to your Wise account: Start by signing in to your Wise account either through the Wise website or the mobile app.
Start a new transfer: Click on the 'Send Money' button on your dashboard to start a new transfer.
Enter the transfer amount: Type in how much money you want to send. You can enter the amount in either your currency or the recipient's currency, and Wise will automatically calculate the conversion for you.
Choose the recipient's currency: Select the currency of the country where you're sending the money.
Add recipient's bank details: You'll need to provide the recipient's bank details. This includes their full name (as it appears on their bank account), their bank name, account number, and, in some cases, a SWIFT/BIC code or IBAN.
Confirm the transfer details: Review all the details you've entered, including the transfer amount, the exchange rate, and the recipient's bank details, to make sure everything is correct.
Choose payment method: Select 'Credit/Debit Card' as your payment method (assuming you've already linked your card).
Authorize the payment: Depending on your bank, you might need to authorize the payment. This could involve entering a password or a code sent to your mobile device.
Confirm the transfer: Once everything looks good, confirm the transfer. Wise will then provide a summary of your transfer, including when the money is expected to arrive in the recipient's account.
And that's it! You've successfully made an international money transfer using Wise. Remember, transfer times can vary depending on the countries and currencies involved, but Wise usually completes transfers within 1-2 business days.
Safety Measures to Consider While Using Wise
Using online platforms for money transfers is incredibly convenient, but it also necessitates taking certain precautions to ensure your financial safety. Here are some safety measures you should consider when using Wise:
Keep your account secure: Use a strong, unique password for your Wise account, and consider enabling two-factor authentication for additional security.
Verify recipient details: Be certain that you're sending money to the intended recipient. Once the money is sent, it can be difficult to retrieve, so double-check all the bank details.
Beware of phishing scams: Be alert to emails or messages asking for your Wise account details or directing you to a different website. Always ensure that you're on the official Wise site (www.wise.com) and never share your password.
Monitor your account activity: Regularly check your account for any suspicious activity. If you notice anything odd, contact Wise's support team immediately.
Use secure network connections: When making transfers, ensure you're connected to a secure and private network. Avoid using public Wi-Fi networks to prevent potential cyberattacks.
Protect your devices: Keep your devices protected by using updated antivirus software and keeping your operating system and apps up-to-date.
Remember, Wise is a licensed financial institution, regulated by authorities in all the countries where it operates. It uses industry-standard encryption to protect your data. But keeping your account secure is also your responsibility.
Tips for Optimizing Your Wise Experience
Wise is a powerful tool for transferring money internationally. Here are a few tips that can help you make the most of your Wise experience:
Set up rate alerts: If you frequently send money in a particular currency, you can set up rate alerts on Wise. This allows you to get notifications when the exchange rate is favorable, helping you save money on transfers.
Use the Wise Multi-currency Account: If you often deal with multiple currencies, consider using the Wise Multi-currency Account. This feature allows you to hold and manage money in over 50 currencies, and convert them whenever you want.
Understand the fees: Wise prides itself on transparency. Make sure you understand the fees associated with your transfer before you make it. You can always see the breakdown of fees on the transfer summary page.
Plan your transfers: While Wise often completes transfers within 1-2 business days, the exact timing can vary. Plan your transfers in advance to ensure that your funds arrive when needed.
Use Wise for more than just transfers: Wise offers a range of other services, including international direct debits and invoicing in different currencies for businesses. Explore these features to see if they can benefit you.
Contact customer support when needed: If you ever run into issues or have questions, don't hesitate to reach out to Wise's customer support. They're available via email, phone, and live chat to assist you.
By taking advantage of these tips, you can optimize your Wise experience and make your international money transfers more efficient and cost-effective.
After you have sent the money
Make sure you also let the Focus leadership team know that you have sent money. Announce that in the Whatsapp group, you have invited or send an email to Mr. Jackson: bayigajackson393@gmail.com
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