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💡 For USD payments from international clients without losing 5-7% to exchange rates, Wise uses the real mid-market rate — 16+ million users globally.
Quick answer
To withdraw funds from Wise to Stanbic Bank, log into Wise, select “Send Money,” enter the amount, choose your Stanbic account, and confirm the transaction.
Why this matters for Nigerian freelancers in 2026
In 2026, the gig economy in Nigeria continues to expand, with freelancers generating an average income of about $1,200 monthly. For many, receiving payments in foreign currencies can incur hefty fees, which is where Wise shines. According to a recent report, using Wise can save Nigerian freelancers up to 30% on transfer fees compared to traditional banks. This translates to an annual savings of $1,800 for freelancers handling multiple transactions. Moreover, Wise’s transparent fee structure and real-time exchange rates mean that freelancers can keep more of their hard-earned money, which is crucial in a competitive marketplace.
Step-by-step: Withdrawing Funds from Wise to Stanbic Bank
- Log into your Wise account: Use your credentials to access your account.
- Select “Send Money”: Click on the “Send Money” option on your dashboard.
- Enter the amount to withdraw: Specify how much you want to transfer to your Stanbic Bank account.
- Select your Stanbic account: Choose your linked Stanbic Bank account as the recipient of the funds.
- Review the transaction: Confirm the fees and expected delivery time before finalizing.
- Complete the transfer: Click “Send” to initiate the transfer, and wait for a notification regarding the status.
How does Wise compare to other payment methods?
| Feature | Wise | Traditional Banks | Paystack |
|---|---|---|---|
| Transfer Fees | Low, transparent | High, often hidden | Moderate |
| Exchange Rates | Real mid-market rates | Markup on exchange rates | Fixed rates |
| Transfer Speed | Hours | 1-5 business days | Instant to 24 hours |
| User Experience | Intuitive, user-friendly interface | Complex, often requires in-person visits | Simple, digital-first approach |
Real example: A freelancer’s experience
Consider Chika, a freelance graphic designer based in Lagos. In early 2026, she completed a project for an international client and received $500 via Wise. Chika followed the withdrawal steps to her Stanbic Bank account. Within hours, the funds were available, allowing her to pay her bills promptly. By using Wise, Chika saved approximately $15 in fees compared to using her local bank. This efficiency not only helped her manage her cash flow but also reinforced her decision to rely more on Wise for future transactions.
Common mistakes to avoid
- Not verifying your identity: Ensure you complete this step to avoid delays.
- Ignoring transaction fees:Always review fees before confirming your transfer.
- Failing to link accounts properly: Double-check your bank details to prevent failed transactions.
- Neglecting to track your transfer:Monitoring your transaction status is crucial for timely access to funds.
Frequently asked questions
- How long does it take to withdraw from Wise to Stanbic Bank?
Withdrawals typically take a few hours but can vary based on processing times. - What fees should I expect when using Wise?
Wise charges low, transparent fees based on the amount and currency, often much lower than banks. - Can I receive payments in currencies other than Naira?
Yes, Wise allows you to hold multiple currencies and convert them to Naira when withdrawing. - Is Wise safe for Nigerian freelancers?
Wise is regulated and uses bank-level security measures to protect your funds. - What should I do if my transfer is delayed?
Check your Wise account for updates and contact customer support if necessary. By following these guidelines, Nigerian freelancers can maximize their earnings and navigate the financial landscape of 2026 with confidence. Happy freelancing!