Wise to Cash: Understanding the Withdrawal Process and Associated Fees

With the growing popularity of digital wallets and international money transfers, TransferWise (now known as Wise) has emerged as a preferred choice for both individuals and businesses. However, many users often wonder if it's possible to withdraw money from their Wise account as cash. The answer is yes, but the process can vary depending on your preferred method. This article aims to clarify the different ways to withdraw cash from a Wise account and the associated fees involved.

Methods of Withdrawing Cash from a Wise Account

Wise, formerly known as TransferWise, offers several methods to convert your digital balance into cash. These methods include:

1. Transfer to a Bank Account

The most common method is to transfer the funds from your Wise account directly to a bank account. Once the funds are in your bank account, you can easily withdraw cash from an ATM or a bank branch. This method is straightforward and often favored for its simplicity.

2. Wise Debit Card

Holding a Wise debit card is another option. This card acts like any other debit card, allowing you to withdraw cash directly from ATMs or make purchases with it. However, it's essential to be aware of any ATM withdrawal fees, which can vary from one region to another.

3. Third-Party Services

In some regions, third-party services allow you to convert your Wise balance into cash. While this method is less common, it can be beneficial if you're frequently traveling or living in an area with limited Wise debit card services.

Understanding Withdrawal Fees

The process of withdrawing cash from a Wise account can come with fees, and these fees can vary depending on where your card was issued. Below is a detailed breakdown of the fees:

Europe or UK

With a Wise card issued in Europe or the UK, you can withdraw money for free twice a month as long as the total does not exceed ￡200 or €200. Beyond these limits, a fixed fee of ￡0.50 or €0.50 applies per transaction. If your withdrawal exceeds ￡200 or €200 in a single month, an additional fee of ￡1.75 or €1.75 on top of the fixed fee will be charged.

Australia, New Zealand, or Singapore

For Wise cards issued in these regions, you can also withdraw money for free twice a month, provided it doesn't exceed $350 AUD/NZD/SGD. After that, a fixed fee of $1.50 AUD/NZD/SGD applies per transaction. If your withdrawal exceeds $350 AUD/NZD/SGD in a single month, an additional fee of $1.75 is added on top of the fixed fee.

Japan

In Japan, the rules are slightly different. You can withdraw money for free twice a month, as long as it doesn't exceed 30,000 JPY. Beyond this limit, a fixed fee of 70 JPY per transaction applies. An additional fee of 1.75 will be charged if you exceed 30,000 JPY in a single month.

US

For Wise cards issued in the US, you can withdraw money for free twice a month, provided it doesn't exceed $100. After that, a fixed fee of $1.50 per transaction applies. If your withdrawal exceeds $100 in a single month, an additional fee of $2 is added on top of the fixed fee.

Malaysia

With a Wise card issued in Malaysia, you can withdraw money for free twice a month, provided it doesn't exceed RM1,000. Beyond this limit, a fixed fee of RM5 applies per transaction. An additional fee of 1.75 will be charged if you exceed RM1,000 in a single month.

Canada

For Wise cards issued in Canada, free ATM withdrawals are available twice a month, provided the total amount is equivalent to C$350. Beyond this limit, a fixed fee of C$1.50 per transaction applies. If your withdrawal exceeds C$350 in a single month, an additional fee of C$1.75 is added on top of the fixed fee.

Brazil

In Brazil, you can freely withdraw cash up to BRL1,400 twice a month. Any amount beyond BRL1,400 incurs a fixed fee of BRL6.50 per transaction. If you exceed BRL1,400 in a month, an additional fee of BRL1.75 on top of the fixed fee will be charged.

Conclusion

It is indeed possible to withdraw cash from your Wise account using one of the three methods outlined above. However, understanding the fees for each region can help manage your finances more effectively. Always check Wise's current policies and fees as they can change over time and may vary by country. By keeping an eye on your account and fees, you can ensure a smooth and cost-effective withdrawal process.