Withdraw Wise To Fidelity Bank

In this article, we will guide you through the process of withdrawing funds from Wise (formerly TransferWise) to Fidelity Bank for Naija. As a freelancer earning in foreign currencies, knowing how to efficiently transfer your funds is crucial. We will provide you with step-by-step instructions to make the process seamless.

Understanding Wise and Fidelity Bank

Wise is a popular international money transfer service that allows you to send and receive money across borders at lower fees compared to traditional banks. Fidelity Bank, on the other hand, is one of Nigeria's leading financial institutions, providing various banking services including personal and business accounts.

Before proceeding, ensure you have:

• A verified Wise account
• A Fidelity Bank account
• Your National Identification Number (NIN) for potential verification requirements

Step 1: Setting Up Your Wise Account

If you haven’t already set up your Wise account, follow these steps:

1. Visit the Wise website or download the Wise app.
2. Click on “Sign Up” and enter your email address.
3. Follow the prompts to create a secure password.
4. Verify your identity by providing the required documents (e.g., NIN, ID, proof of address).

Once your account is set up and verified, you are ready to receive funds.

Step 2: Receiving Funds into Your Wise Account

When a client pays you, ensure they send the money to your Wise account. You can provide them with your Wise account details, which may include your Wise bank details or email. Here’s how to find your account details:

1. Log into your Wise account.
2. Navigate to the “Balances” section.
3. Select “Add a currency” and choose the currency you want to receive (e.g., USD, EUR).
4. Wise will provide you with the local bank details for that currency.

Double-check that your client has sent the payment to the correct account details to avoid any delays.

Step 3: Converting Currency within Wise

After receiving funds in Wise, you might want to convert them to Naira (NGN) before transferring to your Fidelity Bank account. Here’s how to do it:

1. Log into your Wise account.
2. Go to the “Balances” section.
3. Select the currency you want to convert.
4. Click on “Convert” and enter the amount you wish to convert.
5. Choose Naira (NGN) as the target currency and confirm the conversion.

This step is crucial as it ensures you are withdrawing funds in the local currency, making it easier for you when it reaches your Fidelity Bank account.

Step 4: Withdrawing Funds to Fidelity Bank

Now that you have Naira in your Wise account, you can withdraw the funds to your Fidelity Bank account. Follow these steps:

1. Log into your Wise account.
2. Select “Send Money” from the dashboard.
3. Choose “Bank Transfer” as the transfer method.
4. Enter the amount you want to withdraw.
5. In the “Recipient” section, select “Add a new bank account.”
6. Fill in your Fidelity Bank account details:
• Account Name
• Account Number
• Bank Name (Fidelity Bank)
• Bank Code (use the appropriate code for Fidelity Bank)
7. Review all details and click “Confirm” to initiate the transfer.

Wise typically takes 1-3 business days to process the withdrawal, but you may receive it sooner. Ensure you check your Fidelity Bank account for the incoming funds.

Step 5: Confirming Receipt of Funds

Once you’ve initiated the transfer from Wise to Fidelity Bank, it's essential to confirm that the funds have been received. Here’s how to do that:

1. Log into your Fidelity Bank online banking or mobile app.
2. Check your account balance and transaction history.
3. Look for the transaction corresponding to the Wise transfer.

If the funds do not appear within the expected timeframe, contact Fidelity Bank customer service for assistance. They can help you trace the transaction if necessary.

Conclusion

Withdrawing funds from Wise to Fidelity Bank is a straightforward process if you follow the steps outlined above. As a freelancer, mastering this process will ensure you receive your earnings promptly and efficiently. Always keep your Wise and Fidelity Bank accounts updated and maintain your NIN handy for verification purposes. Happy freelancing!

Payment Optimization for Nigerian Freelancers

Choosing the right payment method can save you significant money over time. Here's how to optimize your international payment workflow:

Fee Comparison Table

Common Payment Mistakes to Avoid

1. Using only one payment method: Always have a backup. If Payoneer has issues, you need Wise or Grey ready to go.
2. Not comparing exchange rates: Rates vary daily between services. Check before large withdrawals.
3. Withdrawing small amounts: Batch your withdrawals to minimize per-transaction fees.
4. Ignoring verification: Complete identity verification on all platforms before your first payment arrives.