Can You Buy Crypto on Wise Bank (TransferWise)?

Are you wondering if you can buy Bitcoin or other cryptocurrencies using Wise Bank (formerly TransferWise)? Well, the answer is both simple and a bit tricky. In a quick response, you can’t buy crypto directly on Wise for any Personal or Business account, but don’t worry—it’s not as disappointing as it sounds.

Can You Buy Crypto on Wise Bank?

Wise Bank, as fantastic as it is for international transfers and managing multiple currencies, hasn’t yet joined the direct-crypto bandwagon. Unlike some other digital banks, Wise doesn’t offer cryptocurrency investment options directly through its platform. And for this reason, it can be because they haven’t secured the required licenses to provide crypto investment services. No BTC, ETH, or Doge transactions within your Wise account.

While Wise won’t let you purchase cryptocurrencies through their online banking app, they haven’t completely left you high and dry. You can use your Wise account to buy crypto through external crypto exchanges.

How to Buy Crypto with Wise (TransferWise)

Even though Wise doesn’t deal in Bitcoin, you can still use your Wise account as a payment method on exchanges like Binance or KuCoin. Here’s a walkthrough on how to do that:

1. Set Up a Wise Account: First, sign up for a Wise account if you haven’t already. They’ll ask for ID verification (a selfie might be required) and you’ll need to top up your account with some fiat currency.
2. Choose a Crypto Exchange: Find a crypto exchange that supports Wise as a payment method. This could be a well-known exchange like Binance or a peer-to-peer platform (P2P). Just make sure you check the fees and security features before using any exchange for purchase.
3. Link Your Wise Account: Once you’ve chosen a reliable exchanger platform, connect your Wise account as a payment method. It’s a pretty smooth process—simply follow the on-screen instructions to complete the linking process.

With Wise successfully connected with the exchange service, you can now buy any cryptocurrency including Bitcoin, Ethereum, Solana, or any meme coin that catches your fancy. Remember to keep an eye on fees and choose a reputable seller on P2P exchanges.

Not only can you use Wise to buy crypto, but you can also send crypto to wallets via this currency platform. You’ll need to log in, enter the crypto wallet address, and confirm the transaction. Easy peasy!

But Wait, Wise Doesn’t Love All Crypto…

Wise has some restrictions when it comes to cryptocurrency. For example, the company can’t accept payments from Binance or certain unregulated platforms. And forget about sending them any crypto directly—Wise doesn’t deal in actual crypto transactions.

Key Restrictions:

• No Payments from Binance: Wise doesn’t support receiving money directly from Binance, so you’ll have to use a different method if you’re dealing with this exchange.
• No Crypto Deposits: You can’t deposit crypto directly into Wise. You can only use it as a payment method through exchanges that accept Wise as a payment method.
• No Third-Party Transfers: Wise is picky about the source of funds. If you’re sending money for crypto purchases, it must come from an account in your real name and details.

Tips for Using Wise to Buy Crypto Safely

While Wise is a trusted and regulated service, the cryptocurrency world can be full of pitfalls. Here are a few tips to keep you on the right track:

1. Pick a Reputable Exchange: Not all exchanges are created equal. Choose one that’s well-reviewed, regulated, and has a history of good customer service. Binance, KuCoin, and other well-known platforms are the ones you don’t need to worry about using.
2. Watch Out for Fees: Even though it offers low fees for transfers, the first thing you always need to check is what the exchange will charge for converting fiat to crypto. Some services can let you pay a hefty sum that can eat into your crypto investment.
3. Monitor the Market: Cryptocurrency prices fluctuate like crazy. So do some research and avoid impulsive buys based on short-term trends. Wise helps you save on exchange fees, but it is not responsible for the consequences of market drama.
4. Use Secure Networks: When linking your Wise account to an exchange, do it using a secure internet connection. Avoid public Wi-Fi or anything that could compromise the safety of your transactions.

Is Wise Secure for Crypto Transactions?

You bet! Wise is regulated by the Financial Conduct Authority (FCA) in the UK, and their platform is subject to EU financial regulations. This means they’ve got your back in terms of security when transferring funds to and from crypto exchanges. Just remember to only use reputable, regulated exchanges when buying your digital coins.

In the end, Wise might not be the coolest kid on the crypto block, but it’s definitely a reliable sidekick for getting the job done. Happy crypto hunting!