How do live rate transfers work?

There are 2 types of exchange rates you can get on your transfer: a live rate, and a guaranteed rate.

A live rate means that your transfer will be converted using the rate that's live at the time your money gets to Wise. It means that when you set up your transfer, you won't know exactly how much your recipient will get, because the rate will change in the time it takes your money to reach Wise from your bank account.

How do I know if I've got a live rate for my transfer?

Most of the time, your transfer will have a guaranteed rate. But sometimes, Wise can't offer you a guaranteed rate. This can happen if the exchange rate is really volatile.

You can tell if your transfer is using the live rate, because when you set it up you'll see a message saying the exchange rate isn't guaranteed.

What if I need to send an exact amount while the exchange rate isn't guaranteed?

If there's no guaranteed rate, you won't be able to send an exact amount using the "Recipient gets" box. This is because the exchange rate will change between when you send us the money and when the recipient gets it, so we won't know how much to charge you.

You can still send your recipient an exact amount if you need to. Here's how:

1. Open a balance in the currency you have, and the currency you want your recipient to get

2. Add money to your balance in the currency you have

3. Convert that money to the currency you want your recipient to get

4. Send the money straight from that currency to your recipient

What if I don’t pay by bank transfer?

Some payment methods, for example ACH Direct Debit in the US, work differently. If you pay for a transfer or a balance top up with one of these methods, your rate is locked in when you successfully paid, or when you authorised the payment to Wise.

In most cases, these payments are very fast, so this won't affect your rate.