Description:

"Wise transfer function" refers to the process and system Wise (formerly TransferWise) uses for international money transfers. Its core function is to provide a low-cost, fast, and transparent alternative to traditional bank transfers by using the real mid-market exchange rate and a unique local payment network.
How the Wise Transfer Function Works
Instead of using the traditional, slow, and expensive SWIFT network, Wise leverages a network of local bank accounts around the world.
You pay Wise locally: When you initiate a transfer, you send money via a local transfer (e.g., an ACH payment in the US or a domestic bank transfer in the UK) to Wise's local bank account in your country.
Wise pays out locally: Once your money is received, Wise's system in the recipient's country automatically pays the equivalent amount from their own local bank account to your recipient's bank account in their local currency.
This means the money technically doesn't cross international borders, allowing Wise to avoid the intermediary bank fees and delays associated with standard international wires.