How To Make Money Online With Wise

Introduction.

One way that people are making money is by using tools like Wise (formerly TransferWise). Wise is known for its international money transfer services, but did you know it can help you make money, too?

Using Wise to earn online can be a smart choice, especially for anyone dealing with international clients, remote work, or side gigs.

Wise is designed to handle global transactions with lower fees than traditional banks, which is a huge plus if you’re getting paid from different countries.

And if you know how to make the most of Wise’s services, you can save a lot on fees and even make your payments work harder for you.

In this post, I’ll cover different ways to earn online with Wise, share the pros and cons, answer some frequently asked questions, and help you decide if Wise is the right tool to add to your online income journey.

How Do I Make Money Online Using Wise?

Wise is popular for its currency exchange and money transfer services, but it also offers options that can help you make the most of your online income. Here are some of the top ways to start:

1. Freelancing with International Clients.

If you’re freelancing or doing contract work, Wise can be a lifesaver. Many freelancers work with clients worldwide, and getting paid in different currencies can be tricky (and expensive).

Wise lets you receive payments in various currencies and withdraw them directly to your bank account without high conversion fees. This means you get to keep more of your earnings.

2. Selling Products or Services Internationally.

For small business owners, entrepreneurs, or creators selling products or services abroad, Wise offers low fees and better exchange rates.

Whether you’re selling art, consulting services, or digital products, Wise makes it easier to receive payments in different currencies.

3. Using the Wise Multi-Currency Account.

Wise’s multi-currency account lets you hold over 50 currencies, which can be especially useful if you’re dealing with clients or customers across borders.

You can easily convert your earnings when the exchange rate is favourable, helping you maximize what you earn from each payment.

4. Affiliate Marketing with Wise.

Wise has an affiliate program where you can earn a commission by referring others. You get paid for every user who signs up and transfers funds through your referral link. This can be a great passive income stream if you have a blog, website, or social media following.

5. Wise Business Account.

If you’re running a small business or a side hustle, Wise offers business accounts tailored for global transactions.

The account supports multiple currencies, easy invoicing, and low fees, helping you keep more of what you earn.

Pros and Cons of Using Wise to Make Money Online

Pros

• Low Fees: Wise has transparent, competitive fees, often lower than traditional banks. You save more of what you earn.
• Favorable Exchange Rates: Wise uses the mid-market rate (the actual exchange rate), so you avoid markups.
• Multi-Currency Account: This account makes it easy to handle multiple currencies and can save you on conversion fees.
• Ease of Use: Wise’s interface is user-friendly, and transferring money is quick and straightforward.
• Security: Wise is regulated in multiple countries and takes security seriously, so you can feel safe using it for your income.

Cons

• No Cash Deposits: Wise doesn’t accept cash, which could be a drawback if your business deals with a lot of in-person transactions.
• No Credit Options: Wise doesn’t provide loans or credit options, so it’s more limited compared to traditional banks.
• Not Ideal for Domestic Transfers: If all your transactions are within one country, there may be better options than Wise for money management.

FAQs

1. How do I open a Wise account?

To open a Wise account, simply go to the Wise website or app, click on “Sign Up,” and follow the instructions. You’ll need to provide some identification, especially if you’re opening a business account.

2. How does Wise compare to PayPal for receiving payments?

Both Wise and PayPal are popular options, but Wise often has lower fees, especially for international payments.

PayPal tends to charge higher currency conversion fees, making Wise a better choice if you’re earning in foreign currencies.

3. Can I withdraw money from Wise to my local bank?

Yes, you can withdraw money from Wise to most local banks. Wise supports bank transfers to numerous countries, and the fees are typically low.

4. Is Wise safe to use?

Wise is regulated by financial authorities in the countries it operates in, including the Financial Conduct Authority (FCA) in the UK and the Financial Crimes Enforcement Network (FinCEN) in the US. It’s a well-established and trusted platform.

5. Can I use Wise for regular domestic payments?

You can, but Wise is mainly designed for international payments. For domestic transfers, it may not be the most cost-effective option.

6. How do I make money with the Wise affiliate program?

Sign up for the Wise affiliate program on their website. You’ll receive a unique link to share on your blog, website, or social media. For every person who signs up and makes a transfer through your link, you earn a commission.

Conclusion

Wise isn’t just a money transfer service—it’s a powerful tool for anyone looking to make money online, especially when international clients or transactions are involved.

With its low fees, favorable exchange rates, and multi-currency account, Wise can help you make the most of your online income and grow your business or side hustle.

Ready to give Wise a try for your online earnings? Or are you already using Wise and have tips to share?