Opening a Wise Account: Complete Setup and Verification Guide

If you're exploring alternatives to traditional money transfer services, you've probably heard about Wise (formerly TransferWise). The platform has been gaining popularity, especially among freelancers and remote workers who need to receive international payments efficiently. Today, I'll walk you through the entire process—from creating your account to getting it fully verified and activated.

Why People Are Switching to Wise

Many users are moving from other payment platforms to Wise because of its competitive exchange rates. The difference might seem small at first, but when you're transferring money regularly, those savings add up quickly. Plus, the transparency around fees makes it easier to know exactly what you're paying for.

If you're receiving payments from international clients or marketplaces like Upwork, having a reliable and cost-effective way to handle multiple currencies becomes essential. 👉 Get fee-free transfers on your first transaction up to £500 with Wise—a practical way to test the platform without risking much.

Creating Your Wise Account

The signup process is straightforward. Head to the Wise website and you'll need just three things: your email address, a password, and your country. You'll also choose between a Personal or Business account—for most individual users, Personal is the right choice.

Once you're in, navigate to your settings and fill in your personal information. This includes your full name, date of birth, phone number, and address. Here's an important tip: make sure all these details match your official documents exactly. Whether you're using a national ID card, passport, or driver's license, consistency is key for smooth verification later.

Don't skip the phone number verification step. You'll need this for login security codes, and it only takes a minute.

Understanding the Activation Requirement

Here's where things get interesting. Your account exists, but to unlock Wise's full features—particularly those virtual bank account details you need for receiving payments—you'll need to activate it with an initial deposit of at least $20.

Unfortunately, most local Bangladeshi cards won't work for this due to banking regulations around money transfer services. But don't worry, there are workarounds. You can use a Payoneer card or similar international payment card. Some users have reported better success loading in GBP or EUR rather than USD if they encounter any issues.

The other option? Have another active Wise user send you $20. Once that transfer completes, your account activates automatically.

The Verification Process

As soon as your first transaction goes through—whether you're loading money yourself or receiving it—Wise will ask you to verify your identity. You'll need to submit a scan or clear photo of one of these documents:

• National ID card

• Passport

• Driver's license

The review process is surprisingly quick. Many users report approval within minutes. In some cases, Wise might also request a "held ID" photo—basically a selfie of you holding the document you submitted. This extra step usually processes just as fast.

If you're setting up a second account or receiving money from another Wise user before loading your own funds, the verification requirements might vary slightly. Some users only need to submit their passport scan without the held ID photo.

Getting Your Virtual Bank Details

Once you've deposited that initial $20 and passed verification, you're ready to roll. You can now access virtual bank account details in multiple currencies. The beauty of Wise is that this one-time $20 activation unlocks all currency options—you can open new currency balances whenever you need them through the "Open a balance" feature.

These virtual accounts work like real bank accounts for receiving payments. When clients or platforms ask for your bank details, you provide these Wise account numbers, and funds arrive in that currency. 👉 Start managing multiple currencies effortlessly with Wise's borderless account.

A Privacy Setting Worth Knowing

By default, other Wise users can't find you easily to send money. If you want to make it simpler for people to transfer funds to you, go to Settings and look for "Contacts on TransferWise." Enable both the email and phone options.

With these turned on, anyone using the Wise app who has your registered email or phone number in their contacts can find and pay you directly. It's convenient for regular transactions, but if privacy is your priority, you can leave these disabled.

Working Around the $20 Loading Challenge

Since local cards typically don't work, your best bet is connecting with the Wise community. Try using a Payoneer card first—just remember to load in GBP or EUR if USD gives you trouble. All currency loads count equally toward activation, and once activated, you get access to all currency accounts regardless of which one you loaded first.

Alternatively, join Wise community groups on social media where users help each other with initial activations. Many experienced users are willing to send the $20 to help newcomers get started, especially if you can return the favor once your account is active.

Ready to Get Started?

Setting up Wise might seem like a few extra steps compared to simpler payment platforms, but the benefits—better rates, multiple currency accounts, and transparent fees—make it worthwhile for anyone dealing with international money regularly. The initial $20 deposit and verification process protect everyone in the ecosystem, and once you're through it, the platform runs smoothly.

Whether you're a freelancer receiving payments from abroad or someone who frequently sends money internationally, having a verified Wise account opens up more flexible and affordable options for managing your money across borders.