Guide To TransferWise: Change Bank Account Information

5

Min Read

Tom Smery

As a freelancer or business owner, getting paid successfully for your services from any location is vital to keep your business running smoothly. Luckily, there are services like TransferWise or Wise which can link to payment processors in order to receive funds from various countries for free.

If you need to add new details for your bank account on TransferWise then read this article. We'll go over how to change your bank account details and show you a simple bank account you can set up right away without any hassles. Let's dive into how to change bank details on your Wise account.

Note: If you need a new business bank account without any hidden fees or daily minimum balance requirements, then Bonsai Cash is your answer. Bonsai Cash is a freelancer bank account which allows you to instantaneously create as many sub-accounts as you want to better organize your finances. Open a new bank account today here.

How do I change my bank information on Wise?

We'll go over the steps to manage your bank account details.

Click on "edit a Bank Account"

  1. Log into Wise-Pay.
  2. Tap Settings.
  3. Click Saved Bank Accounts.
  4. Update the bank account details
  5. Click "I accept the terms for saving my bank account details for later use"
  6. Click "I agree" to the Terms.
  7. Click Save.

How do I get bank account details?

If you need to change details for your bank accounts in Wise, you'll need to follow these steps.

  1. Go to Home 
  2. Choose Open a currency account from the menu
  3. Choose one of the currencies that has account details
  4. Once you have the currency account opened, click on Get account details (this lists the account number and routing number)
  5. If it’s the first time you’re getting account details, you might need to complete some requirements first

You'll have your own account details once you've completed all of the requirements, which you can share with anyone who wants to send you money — friends, companies, or customers.

How To Change Your Primary Account

In order to change your primary account, you'll need to:

  1. Go to "Recipients"
  2. Locate the new primary account you want to change it to.
  3. Select "Mark as primary account"
  4. Save your new settings

This will automatically add this new account to receive payments. We highly recommend you add 2-step authorization in your settings to beef up your security.

How To Remove A Bank Account On TransferWise

Here are the steps to remove a payment method or bank account from TransferWise.

Remove a Bank Account

  1. Log into Wise-Pay.
  2. Tap Settings.
  3. Click Saved Bank Accounts.
  4. Click on the Red Cross.
  5. Click OK at 'You are about to remove this bank account. Are you sure?

Can You Use Wise As A Bank Account?

No, Wise is a non-bank payment provider.

All this means is your Wise account is an electronic money account, and NOT a business checking account. A Wise account is much different than a bank account.

An electronic money account is simply an electronic store of monetary value on a technical device or online. It is widely used for making payments to entities other than the e-money issuer. Apps such as PayPal or Venmo are considered 'electronic money accounts'. Some other online banks like Chime does not offer business accounts.

If you are in the market for a new account for your operations, you can read our review of the best business checking accounts here.

In the next section, we'll show you how to get set up for a business bank account instantly.

Need A Business Bank Account? Try Bonsai Cash

Bonsai Cash is a business bank account with no hidden fees or minimum daily requirements. Setting up a new account is easy to do and does not require an application (so a business account is guaranteed). Our business account does not use a ChexSystem to determine if you are eligible for a new account.

You'll be able to receive payments for services, automatically save money for vacations, taxes, retirement and separate your business finances from your personal expenses. You can link Bonsai Payments to help you receive funds much faster.

After you open an account, you'll receive a virtual card that you can make all your web purchases on. You could also ask for a physical debit card to be shipped to your address once you are ready.

Our envelopes feature allows you to create business bank sub accounts to automatically store a percentage of the money or payment you receive to a specific envelope. Like other banks, Bonsai cash has daily transaction limits. For ATM withdrawals, it’s $300 and for card transactions, it’s $2000. For transfers to external banks, it’s $3,000. That’s a total daily limit of $5,300.

Pros

  • Easy to create an account and manage finances
  • Free to use
  • Envelopes for sub-accounts and efficient money management
  • Both virtual and physical cards

Cons

  • Location must be in the States. Not yet available internationally

Note: Bonsai Cash is a business checking account for self-employed workers without any hidden fees or daily balance requirements. It is a guaranteed bank account so you won't have to worry if you have bad credit. Setting up a new business account with Bonsai Cash is a breeze. Open a new account today.

Tom Smery
Tom Smery is a certified CPA for over a decade. In his free time, he writes articles to pass on his expert knowledge on taxes and accounting. Thomas has a wide range of deep knowledge on 1099 taxes, and finance topics. You can find him fishing when he is not preparing taxes for his clients or writing about accounting.

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