Buy Bitcoin with Wise – Where & How To Buy Crypto With Wise

Fortunately, that is changing as more and more money transfer platforms allow for easier and better Bitcoin purchases. These institutions becoming increasingly Bitcoin-friendly is an excellent sign for the crypto market. Today, we’ll be looking at a digital payment provider at the forefront of this change in mentality, Transferwise. So just how does it work? Read on and find out!

Wise doesn’t allow sending money to any crypto related business.
“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 Paxful or Localbitcoins). 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).

Can I buy crypto with Wise?


Let’s have a quick look at the 3 best options to buy crypto with Wise and then we will have a more thorough look at these and some of its competitors as well.

Binance

High volume exchange
Low fees
A wide array of crypto pairs

Paxful

Top-notch Security
Simple user interface (UI)
Wide variety of sellers

LocalBitcoins

Available all around the world
A diverse selection of buyers and sellers
Many payment methods

How to Buy Bitcoin with Wise?


1. Open an Account with Wise


Institutional Investors are also welcomed to Wise if they are into blockchain technology.

2. Choose a Bitcoin Platform


But always make sure the platform lists Wise as the payment option. Fortunately, most do.

3. Type the Amount of Bitcoin to Buy


4. Select a Bitcoin Dealer


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?

Regulated & high liquidity
Buy Bitcoin with Wise – Where & How To Buy Crypto With Wise

eToro

👛 Ease of Use – Easy
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP + more

eToro is a social trading platform for cryptocurrencies, commodities, CFDs, currencies, indexes, and stocks. It started back in 2008 and entered the crypto market in 2013.
More info +
Regulated & high liquidity
uphold exchanges

Uphold

👛 Ease of Use – Easy
👛 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.
More info +

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 crypto directly with other Binance users.

Pros

  • Among the most trustworthy crypto exchanges
  • High volume exchange
  • Very low fees
  • A wide array of crypto pairs

Cons

  • Not many payment options
  • Lack of riskier small-cap gems
  • The exchange is centralized

Visit Binance Now

Paxful


Paxful Website Homepage

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

Visit Paxful Now


LocalBitcoins Website Homepage

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.

Visit LocalBitcoin Now


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

Visit Kucoin Now

HodlHodl


Pros

  • Completely decentralized
  • Anonymous
  • It does not require identity verification
  • Accepts Fiat payments

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, Uruguay, Vietnam, and Zambia.

Conclusion


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:

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Crypto arbitration still works like a charm, if you do it right! Check out Bitsgap, leading crypto arbitrage bot to learn the best way of doing it.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Küster

Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

3 Comments
  1. 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.

  2. 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…

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