For those planning an extended stay abroad, like for work or study, these early expenses can really add up, and not being able to handle transactions directly from China can feel limiting.

If you’ve ever worried about not getting everything sorted before you leave China, you’re not alone. Being abroad without clear access to funds or support can be frustrating. That’s why it’s so important to find cost-effective, timely options for international transfers and overseas withdrawals. A good approach is to research your bank’s policies and fees well ahead of time, as some banks offer better rates or faster processing for international transactions, helping you avoid unnecessary fees or delays.

Today, I discovered an amazing tool for international payments and transfers called Wise.

What is the Wise？Is Wise a bank？

No, it’s not a bank. Wise, formerly known as TransferWise, is a global financial technology company founded in 2011 by Estonian entrepreneurs Taavet Hinrikus and Kristo Käärmann. The company offers international money transfer services, enabling users to send and receive funds across borders with lower fees and transparent exchange rates compared to traditional banks. 

Key Features of Wise:

• Transparent Fees: Wise provides upfront information about all fees involved in a transaction, ensuring no hidden charges.
• Real Exchange Rates: The platform uses the real mid-market exchange rate without any markup, offering fair currency conversions. 
• Multi-Currency Accounts: Users can hold and manage balances in over 50 currencies, facilitating easy international transactions. 
• Wise Debit Card: Available in certain regions, the Wise debit card allows users to spend directly from their multi-currency accounts, making it convenient for international travel and online shopping. 

As of 2024, Wise serves millions of customers worldwide, including individuals and businesses, processing billions in cross-border transactions annually. The company is publicly listed on the London Stock Exchange under the ticker symbol WISE.

By signing up through the special link above, you can enjoy ZERO fees on a transfer up to $600.

Who is Wise suitable for, and when to use it?

One of Wise’s standout features is that it allows you to open and manage multiple foreign currency accounts simultaneously, which is incredibly convenient for people working or traveling internationally. Recently, Wise even introduced options to earn interest on your savings and invest in stocks, with annual returns currently around 3-5% for GBP and EUR. You can use Wise accounts for receiving, sending, and paying funds across borders with ease. It supports not only popular currencies like USD, GBP, EUR, and AUD but also provides over 50 currencies that you can switch between directly on the platform.

Everything with Wise is digital, so you can handle all verification and transactions online—no need to visit a bank or office in person. This fully online process makes it especially helpful for anyone abroad who needs a quick, reliable way to manage international finances without the hassle of extra fees or complicated steps.

Usage scenario

Here are some practical ways you can use Wise:

1. Investing in U.S. Stocks with Ease: If you’re actively investing in U.S. stocks, Wise is a smart way to hold your funds in USD without constantly wiring money back to a Chinese bank account. This not only saves on transfer fees but also simplifies tax considerations.
2. Traveling or Moving Abroad Without a Local Bank Account Yet: Heading overseas but don’t have a foreign bank account set up yet? Wise is perfect for storing funds temporarily. Traditional banks in China often require you to visit a branch in person to make overseas transfers, which can be a hassle if you’re about to travel. By depositing funds into Wise beforehand, you can access your money right when you need it abroad.
3. Receiving Foreign Salaries or Affiliate Marketing Income: Whether you’re freelancing, working remotely, or earning through affiliate marketing in different currencies, Wise is a lifesaver. Its multi-currency accounts let you receive, hold, and manage funds in a range of currencies all in one place, eliminating the need for multiple foreign accounts.
4. Convenient Access to Multiple Currencies: Wise supports over 50 currencies that you can convert as needed, and in certain regions, you can even get a Wise card to spend or withdraw directly. This flexibility is invaluable for those who travel frequently or want to manage money across different countries seamlessly.
5. Earn Interest on Savings: Wise recently added options for earning a bit of interest on your savings or even investing in stocks. Currently, annual returns for GBP and EUR are around 3-5%, which is a great perk if you’re looking to hold funds in these currencies.

Overall, Wise makes international money management straightforward and cost-effective, especially for anyone juggling multiple currencies or working across borders. It’s designed to be flexible and fully online, making it an ideal choice for modern global citizens.

How to register?

Here’s a step-by-step guide:

1. Visit the Wise Website: Go to the Wise official website.
2. Click Register: In the top right corner, click the “Register” button.
3. Fill in Registration Details:
   • Email: Enter your email address.
   • Password: Set a secure password.
   • Country of Residence: Select “Country.” (you can change it after you sign up)
4. Create Your Personal Profile:
   • Name: Enter your full name (in English).
   • Date of Birth: Provide your date of birth.
   • Phone Number: Enter your phone number.
   • Address: Enter your residential address (in English).
5. Save Your Information: Once all details are filled in, click the “Save” button.
6. Email Verification: Go to your email inbox, find the verification email from Wise, and click the link to complete the email verification.
7. Account Setup: After verifying your email, log into your Wise account and complete any other required setup steps.

If you sign up using an invitation link, you may be eligible for a fee waiver on your first transfer up to $600. Once your registration is complete, you can start using Wise, including its multi-currency accounts and international transfer services.

The Wise Account Interface

How to add funds to Wise account?

To add funds to your Wise account, follow these steps:

1. Log In: Access your Wise account via the website or mobile app.
2. Select the Currency Balance: On the home screen, choose the currency balance you wish to add money to.
3. Click ‘Add’: Within the selected balance, click the ‘Add’ button.
4. Enter Amount and Currency: Specify the amount and the currency you want to add.
5. Choose Payment Method: Select your preferred payment option, such as bank transfer, debit card, or credit card.
6. Complete the Payment: Follow the on-screen instructions to finalize the transaction.

Please note that Wise does not accept cash deposits. All transactions must be conducted electronically.

Here’s a summary I put together:

The fastest and simplest method – Credit or Debit Card: For example, when adding 1,000 GBP, there may be a fee of around 3 GBP, but you can earn card rewards. When you select this option, the system will automatically direct you to the card payment page. Just enter your card details, and the transfer will be completed instantly.

Low-cost transfer – Bank Transfer: This usually refers to transferring money from a local bank account, which is a cost-effective method.

Advanced transfer via SWIFT – International Bank Transfer: If the sending bank is located outside of the country (for example, using a non-UK bank for transfers), you will need to choose this option for cross-border transactions. Wise does not charge a fee for this method; after selecting it, the system will provide you with a transfer account number that you can use to complete the transfer at your bank.

What to Do When Adding Funds is Difficult Due to Local Regulations?

In some regions, such as China, strict banking regulations make adding funds challenging. What are the alternatives?

One option for adding funds to Wise in regions with stricter banking regulations, like China, is to use a virtual credit card that supports Wise transactions. A good choice is the Feiyang virtual credit card. While the site is in Chinese, you can easily apply using Google Translate. It’s a reliable option for funding your Wise account.

Keep in mind, though, that there’s a $10 fee per card, and each transfer incurs a 2% fee, whether you choose the standard or VIP card. This can add up, so it’s worth considering how frequently you’ll be making transfers. For regular users, it might be a convenient workaround, but if you’re only transferring occasionally, you might want to explore other low-fee options as well.

Sign up Feiyang virtual credit card for adding funds to Wise

Remember, This card only supports USDT deposits.

★★★★★Important★★★★★

1. Card Management

2. Transaction Records

When you successfully transfer money from the Feiyang virtual card to Wise, a bank SMS code will be sent. At this point, go back to the Feiyang card interface and click on “Transaction Records,” where you’ll find a 6-digit SMS verification code.

☀☀☀☀☀☀☀☀☀☀☀☀☀☀☀☀☀☀☀☀☀☀

You can top up this virtual card with USDT through the OKX platform.

Here’s a quick rundown on adding funds to your Wise foreign currency account to make the most of it.

First, load funds in GBP whenever possible, as it tends to give the best exchange rates based on experience.

Second, choose the currency for your Wise account based on how you plan to use it. For example, if you’re going to pay a U.S. credit card, add funds directly to your Wise USD account. If you need other currencies, fund those accounts accordingly to avoid extra conversions.

Third, remember that Wise card transactions are considered international, meaning there’s a 1.5% foreign transaction fee. To offset this, it’s best to use a credit card with solid rewards for international spending.

A practical tip: if you’re making multiple payments in different currencies, consider planning ahead and funding your accounts in each needed currency. This way, you’re not only saving on fees but also taking advantage of favorable exchange rates when they’re available.