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Transferwise Tutorial

TransferWise registration tutorial, can be used for PayPal withdrawal (detailed version)


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Founded in 2011, TransferWise is headquartered in London, United Kingdom, and is a platform that provides international transfers and remittances. The TransferWise background provides virtual bank card accounts in 5 currencies, which are: British pound, Euro, US dollar, Australian dollar, and New Zealand dollar. You can use these virtual bank cards for normal payment, transfer and other operations. If you have used Payoneer before, then this virtual bank card should not be unfamiliar.

For more information on transferwise, check Wikipedia:

Introduction to transferwise

We summarize the role of these five virtual bank accounts, such as:

1. Used to receive remittances from some advertising alliances, such as CJ advertising alliances. You can also use this bank account for payment collection (foreign trade collection, etc.) and transfers, which are used like ordinary bank cards.

2. By binding the virtual bank card account to the PayPal background, and then withdraw the funds in the PayPal account, such as US dollars. Chinese PayPal withdrawal to transferwise USD bank account requires a handling fee of USD 35. The basic operation is to transfer PayPal => to a transferwise bank card account, and then transfer from transferwise => to a personal bank card. The withdrawal fee for the entire process is $ 35 charged by PayPal + transferwise 1.18% of the currency conversion fee (USD to RMB) . This process takes up personal foreign exchange quota.

TransferWise supports and manages more than 40 currencies, and can transfer money to more than 50 countries and regions. For details, please check the official website. The following details how to register TransferWise.

TransferWise registration tutorial

First visit the official website: TransferWise official website direct ( registration through this link can transfer 500 pounds for free, direct official website registration does not have this discount )

Then select Register in the upper right corner to register:

Click on the upper right corner to start registering TransferWise

Register here according to your personal situation. Since I am an individual, I choose Personal to register here:

Select the type of registration, and then enter your email and password

Then enter your email and password, and click SignUp to complete the login. After logging in for the first time, it will jump to the payment interface as follows:

After registration, it will jump to the background by default

Don’t worry about it in this step, just click the x in the upper right corner to close the interface, and then you will jump to the TransferWise background. And TransferWise will send an email verification to your registered mailbox, so before you start to improve the information, it is recommended to perform the following email verification and log in to the mailbox background:

Log in to the background to verify your email

Just complete the email verification.

Remarks: Recently, a large number of netizens have reported that after verifying the mailbox, they cannot log in again after logging in again. Prompt: Please refresh the page and try anain . Solution 1: Hang vpn over the wall, because Google’s human-machine verification js is loaded when tw logs in. If there is no VPN, Express is recommended. Solution 2: Or log in directly by recovering the password.

Transferwise login is an error

Add identity information

Select the user icon in the upper right corner of the background:

Click the identity icon in the upper right corner to enter identity verification

Then select View personal profile to complete the information:

Create identity information

Then select Create profile to create personal information:

Fill in the name, date of birth, telephone and other information

Remarks: This information can be filled in truthfully. After filling in, save it.

Perfect authentication

In order to guarantee receipt and payment, identity information must also be verified. Similarly, select the user icon in the upper right, and then select Verfication:

Select Verfication to enter the authentication page

The default identity verification method is to upload a passport. If you have a passport, it is recommended that you choose to upload a passport for verification. Passport verification is very efficient (if you do not have a passport, it does not matter, the following will attach the ID verification method):

The default is passport verification

As above, then click Start ID check to start verification:

Prepare to upload passport

Then click start to proceed to the next step.

Choose a country and start uploading your passport

Then the country chooses China, and then goes to the next step

Upload passport

Directly upload the passport certificate, after the upload is successful, it is as follows:

After the upload is successful, the background will prompt 2-3 working days for verification

After uploading, it says that verification takes 2-3 working days. However, after receiving the verified email about 4-5 minutes, the processing efficiency is still very high.

If you do n’t have a passport, you can also choose an ID card for verification. ID verification address: https://transferwise.com/user/verify/other. After the interview, select the type of Select document (s) type: Proof of Identity. You need to submit photos of the front and back of the ID card. The efficiency of ID card verification is relatively slow. It may take one or two working days. If you have a passport, it is recommended that you first use your passport for verification. 2019-7-11 Remarks update: Recently, ID card verification has become stricter. If you do not pass it within a few days after submission, it is recommended to contact customer service: https://transferwise.com/contact?lang=en.

Open USD account

Select Balances on the left:

Choose balances on the left

Start adding foreign currency accounts

Then select get started to enter the next step. If you have already filled in your mobile phone number before, you will be asked to perform a two-step security verification to verify your mobile phone number:

You will be asked to verify your mobile phone number before adding, and activate two-step verification

Then click Send Verification Code. Sometimes the verification code may be sent slowly. If you haven’t received the verification code after a long time, you can send it back to the page:

Enter confirmation code

Then I will be asked to choose the currency type. Since I mainly receive US dollars, I choose US Dollar here:

Select USD account, open USD account

Then choose to activate. At the beginning of activation, you may be prompted that We’re sorry, Cards aren’t available for you yet. As follows:

Prompt cannot generate physical card

This error is directly ignored and does not support Chinese users to obtain physical cards. However, it does not affect the generation of a virtual account, and then it will send an email to inform you that the card is successfully opened, and continue directly to the next step:

Completed generating virtual account of USD

Then click Show me my USD bank details above to view the specific information of the virtual US card:

Display USD virtual account information

After opening a US virtual bank card account, you can use this account to collect payments, for example, bind the account to the PayPal background, and then transfer money from PayPal to the virtual account.

Bind domestic bank card for cash withdrawal

The virtual bank card provided by TransferWise supports remittance to more than 50 countries and regions, including China, so you can transfer the amount in the TransferWise bank account to your personal bank card. TransferWise supports transfer by name, except to transfer to your own Bank cards also support transfer to someone else’s bank card. Therefore, as long as you bind your bank card to the background of TransferWise, you can withdraw cash happily.

The following describes how TransferWise binds personal bank cards. Select Recipients on the right side of the background:

Select the recipes option in the background

Then select Add your bank account to start adding bank card information:

Start adding bank card

Then enter the name. The name is filled in with pinyin. For example, if your name is Wang Xiaoming, then enter XiaoMing Wang in the text box. Remember to capitalize the first letter, and then spell it in reverse order, with the last name last.

Enter personal bank card information

I tried to add a China Merchants Bank Card, and an error was reported when confirming the binding. The prompt failed: Sorry, TransferWise can’t pay out to that UnionPay card … More detailed errors are as follows:

The investment card cannot be added, indicating that the addition failed

It doesn’t matter, some of the bank cards TransferWise can’t be bound, such as China Merchants Bank, Agricultural Bank of China bank cards, it is recommended that you replace other bank cards, such as Industrial and Commercial Bank of China, China Everbright Bank, Bank of China, etc. After binding successfully:

Add another card and add it successfully

After the binding is successful, you can start the withdrawal operation.

The basic registration tutorial of this article is introduced here, so that you can transfer the funds in the TransferWise virtual bank account, such as US dollars, euros, pounds, etc., to your domestic bank card, about TransferWise transfers, collections, and how to withdraw the PayPal amount Reference: TranserWise withdrawal of PayPal USD to domestic bank card tutorial.