Wise is extremely popular fintech platform with over 16 million users that can use Wise to buy and sell almost anything except crypto. At least, that is the official stance of Wise – no crypto purchases allowed. But, there is always a workaround and you can buy crypto with Wise and even use Wise to Binance transfers. We will show you how to do it in this guide.
“You can’t send money to a cryptocurrency platform.
You can receive money to your Wise account from a platform that deals with cryptocurrencies — as long as the platform is regulated and/or supervised in the EU or UK.”
This means you can cash out from any of the exchanges like Kraken, eToro, Uphold or Coinbase. But you can’t currently buy directly from the crypto exchanges only (Kraken or Coinbase); but you can deposit into multi-asset brokerages eToro or Uphold from Wise. The account, however, needs to be in your name on the brokerage platform.
There is another workaround; by trying to use one of the P2P platforms listed below (most popular are Noones P2P or Kucoin P2P). Depending on what the sender puts into the payment description, the payment might not go through. So, make sure to put something non-crypto related as a payment reference in your Wise app (for example gaming codes). This way, you can navigate the Wise to Binance or Wise to crypto process more effectively.
The most secure to keep your cryptos is by using cold storage wallet.
What you'll learn 👉
Can I buy crypto with Wise?
Let’s have a quick look at the 3 best options to buy digital currency with Wise and then we will have a more thorough look at these and some of its competitors.
Noones
No fees for buyers, 1% fee for sellers
More than 400 payment methods
Safe escrow service with fast customer support
Kucoin P2P
No transaction limits
No minimum deposit
Safe and fast transactions
Binance P2P
Low fees (0% for takers and 0%-0.35% for makers)
More than 700 payment methods
How to Buy Bitcoin with Wise?
1. Open an Account with Wise
First of all, you have to open a Transferwise account, but if you already have one, skip this step.
To sign up, you can use your email address, Facebook, or Gmail. Once you do, Transferwise will have to verify that you’re an actual person.
Institutional Investors are also welcomed to Wise if they are into blockchain technology.
2. Choose a Bitcoin Platform
To buy Bitcoin with Wise, you can use eToro, Uphold or a P2P platform to buy it at a predetermined price or use a crypto exchange.
But always make sure the platform lists Wise as the payment option. Fortunately, most do.
3. Type the Amount of Bitcoin to Buy
Next, type in how much Bitcoin you want to buy. On a P2P platform, you will see all Bitcoin seller listings with different prices, fees, and conditions. While on a crypto exchange, all Bitcoin will be priced at market value and sold on the spot.
4. Select a Bitcoin Dealer
If on a P2P platform, the next step is to choose a Bitcoin seller you best see fit. Remember to always check the terms and conditions.
Sellers usually mention the payment options in their listing, so check if he accepts Wise payments.
5. Ask for the Dealer’s IBAN
Now that you’ve made sure the sellers accept Wise, ask for his IBAN so you can transfer the amount to their bank account.
6. Go to Transferwise Website or Application
Now go back to your Wise account and set up your payment by entering the amount and the seller’s IBAN
7. Send the Amount
First, enter the seller’s details. So their name, address, bank account details, how they want to pick their money, and other information. And choose how to fund the purchase, be it credit, debit card, or bank transfer.
Where to Buy Bitcoin with Transferwise?
Kucoin P2P
KuCoin P2P Fiat Trade provides fiat-to-crypto conversion service under peer-to-peer trading with zero transaction fees, fast settlement, secure transactions, professional and reliable merchants, and multiple payment methods globally and regionally. Kucoin supports the purchase of crypto with 50+ fiat through P2P, credit cards, etc.
KuCoin’s P2P marketplace allows users to purchase and sell cryptos, including BTC, ETH, LTC, and more. Just like other P2P exchanges, KuCoin P2P also accepts a wide variety of payment methods. Using fiat currencies like USD, EUR, GBP CAD, IDR, AUD, etc., customers can acquire crypto on the platform from other users. There are a bunch of payment options to choose from, including PayPal and Payoneer, as well as bank transfer and other options.
In order to use Kucoin P2P marketplace, you need to bind a phone number and do a KYC process.
Pros ✅
- No fees
- Exchange crypto with fiat, credit/debit card, or digital asset
- A lot of listed coins
- Beginner-friendly
Cons ❌
- The exchange is centralized.
- Not regulated
Binance P2P
Binance is one of the biggest crypto exchanges on the market. Made for experienced traders and rookies alike. In 2021, they launched their own P2P marketplace where you can trade digital assets directly with other Binance users.
Crypto Investors can access more than 166 cryptocurrencies, both for small and big caps. Binance also offers a wide array of trading tools and exchange pairs available.
Binance users can deposit over 50 FIAT currencies such as USD, EUR, JPY, KRW, GBP, AUD, RUB, and many more.
Pros ✅
- Among the most trustworthy crypto exchanges
- High volume exchange
- Very low fees
- A wide array of crypto pairs
Cons ❌
- Binance is not regulated, consequently its P2P marketplace is neither
- Lack of riskier small-cap gems
- The exchange is centralized
eToro
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP + more
eToro is a versatile trading platform that provides users with access to a range of financial instruments, including stocks, ETFs, cryptocurrencies, and CFDs. The platform charges a transparent 1% fee for cryptocurrency transactions, with no fees for ETFs and stocks, although ETFs may have their own internal costs. Forex and CFD fees are competitive, and eToro offers free stock and ETF trading.
Uphold
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, GBP, EUR + more
Launched in 2015 in New York, Uphold represents an exchange platform that supports crypto, precious metal, US equities, Forex trading, and commodity trading.
Uphold has gained popularity through its Anything-to-Anything feature that enables users to trade different types of assets. There are more than 50 cryptos supported, including majors, alt-coins, stablecoins, and emerging tokens.
Paxful
Paxful is a P2P (person-to-person) exchange that offers over 300 payment methods. So, if you are using a specific payment method, you should definitely look into Paxful.
The platform is used to buy and offer Bitcoin at a specific price not bound to market fluctuations.
Pros ✅
- Top-notch Security
- A lot of payment methods
- Simple user interface (UI)
- Wide variety of sellers
Cons ❌
- Sometimes fees are very high
- If you’re not careful, you risk getting scammed
LocalBitcoins
LocalBitcoins is a P2P bitcoin trading platform where buyers of sellers can list their Bitcoin offerings.
Like Paxful, on LocalBitcoins, vendors can create offers in all digital currencies and enjoy the benefits of a P2P exchange.
Pros ✅
- Available all around the world
- A diverse selection of buyers and sellers
- Has many payment methods
- Buyers receive bitcoins fast
- All transactions are private
Cons ❌
- There isn’t much diversity as the only Bitcoin is offered
- Both sellers and buyers have a chance of being scammed.
HodlHodl
Hodl Hodl is a P2P decentralized exchange that allows users to buy Bitcoin without ever holding a user’s funds. By doing so increases security and reduces trading time.
Pros ✅
- Completely decentralized
- Anonymous
- It does not require identity verification
- Accepts Fiat payment method
Cons ❌
- It’s only been on the market since 2016
Currencies Supported For Sending And Receiving Money
Clients can use the following FIAT currencies for sending and receiving money on Wise:
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD
Countries You Can Send Money To With Transferwise
TransferWise customers can send and receive money to bank accounts in the following countries: Argentina, Australia, Bangladesh, Benin, Brazil, Bulgaria, Burkina Faso, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Egypt, Europe, Georgia, Ghana, Guinea-Bissau, Hong Kong, Hungary, India, Indonesia, Israel, Ivory Coast, Japan, Kenya, Liechtenstein, Malaysia, Mali, Mexico, Morocco, Nepal, New Zealand, Niger, Nigeria, Norway, Pakistan, Peru, Philippines, Poland, Romania, Russia, Senegal, Singapore, South Africa, South Korea, Sri Lanka, Sweden, Switzerland, Thailand, Togo, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States (Bank of America), Uruguay, Vietnam, and Zambia.
Conclusion
Bitcoin is the future, we’ve heard that, and we know that. And Transferwise is leading the competition. With Wise you can use any digital payment provider and can easily buy Bitcoin, paving the way for a more accessible crypto market.
If you invest with Transferwise, please remember to always trade responsibly. And don’t invest more than what you are willing to lose. Now, good luck!
In case you are looking for different ways to buy Bitcoin, read the guide below:
- How to buy Bitcoin anonymously
- How to buy Bitcoin with credit card
- How to buy Bitcoin with gift card
- How to buy Bitcoin with prepaid cards
- How to buy Bitcoin with iTunes gift card
- How to buy bitcoin with VISA Gift Card?
- How to buy bitcoin & crypto with Google Pay
- How to buy bitcoin with Apple Pay
- How To Buy Bitcoin With N26
Well,
I have opened an account with Wise and they have stated in no uncertain terms they DO NOT allow any transfers to any crypto exchange.
They will however accept money from an exchange
So now what?
Any other advice? A work around??
Paxful will work 100% since you will not send money to an exchange but to a regular person which Wise allows.
Hi Sassandra, Wise say that if you want to receive any money from an exchange that the Exchange has to be regulated.
The P2P approach may be a work around going by the excerpt from the Wise docs: This is the part of the doc where they say what you can’t send money to: “Companies involved in the exchange or trading of cryptocurrencies, or any other virtual currencies.
Including payments for the purpose of purchasing cryptocurrencies”
If the P2P service is offering an intermediary for the funds like I think LocalCoinSwap does then I wonder if that will show as the receiver rather than the seller…
Can you create one of these on how to receive crypto to Wise?