Wise is the most important fintech tool for international freelancers. Complete guide to setting up, receiving payments, converting currencies, and using it strategically.
Wise (formerly TransferWise) was built to solve international money movement at fair prices. For freelancers with international clients, it is indispensable.
Create a Wise account (personal or business). Verify your identity. Request local account details in the currencies your clients pay in.
You will receive:
- US account: routing number + account number (receives ACH and domestic wires)
- UK account: sort code + account number (receives GBP transfers)
- EU account: IBAN (receives SEPA transfers)
- Other currencies: varies by region
Clients pay these accounts as if paying a local account. No international wire fees on their end.
Once money arrives in your Wise account, you can:
- Hold it in the original currency
- Convert to another currency at the mid-market rate + small fee (0.4-1.5%)
- Send it to your local bank account
- Spend it with your Wise debit card
Do not convert immediately. If you have USD arriving and EUR expenses, hold USD until you need EUR. Watch the rate and convert when favorable. The difference between best and worst rates in a month can be 3-5%.
Business account: Separate business finances, invoicing tool included, multiple team members, better for accounting. Annual fee for local account details in business version.
Personal account: Simpler. Good for straightforward freelancers. Local account details now available in personal accounts too.
Free to start. No bank connection needed. 150+ currencies, tax estimates for 20 countries.
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