Wise Payroll Setup (former TransferWise)

Setting up your Wise Payroll

This article is intended to allow you to process payroll seamlessly with the members of your organization using Hubstaff’s Wise integration (former TransferWise).

Successful Wise payments can be viewed via the Payments > Past page from the sidebar menu.

If you are a team member (User) within your organization, and you need help setting up your Wise account to receive payments, please see our guide here.

This feature is available on Premium plans or higher.
For more information about how to pay your team, click here.

Table of Contents

Setting up Wise for your Organization

Step 1

Select the Payments tab, Payroll, and then Add integration. If you already have another payroll account connected, you can click on Manage integrations located in the top right corner of the page.

Alternatively, you can navigate to Integrations > Add integration.

Step 2

Select Wise from the Payment processors list.

Step 3

Make sure you meet the requirements for the setup and that you are logged in with your Wise account, then select Connect.

Required steps before setup

  1. Ensure Wise account is set up as a business account.
  2. Create your borderless account with the same currency as your organization’s currency.
  3. Fund account (since it cannot pull from a bank account or card).
  4. Note: the screenshot below shows USD, because the organization’s balance was in USD, you may see another currency (see p. 2).
  5. Login to your account and click to activate the email transfer feature.
  6. Our integration with Wise currently does not support ACH transfers using USD so make sure you have funds in your borderless account.

Step 4

It will then ask you to Allow Hubstaff to get your information on Wise.

Step 5

After choosing the Wise account, you can configure which users you’d like to add to your Wise payroll.

Accepts: Bank transfer for deposits into Wise balance. Borderless account funds are required to make transfers.

To see what transfer fees you can expect to have while using the Wise integration, please click here to visit the official pricing page.

You will need to have at least one account on your Wise in order to set up this payment account.

Adding Member to Payroll

Step 1

Navigate to Payments > Payroll.

Step 2

Click on the Add member to payroll.

Step 3

Enter the following information:

  1. Pay Period (Weekly, Bi-Weekly, Twice a month, Monthly)
  2. Pay Type – can be set to Hourly, or Fixed payments
  3. Require timesheet approval – works with the Timesheet Approval feature
  4. Pay Rate – the rate you’ll pay your employee
  5. Bill Rate – the rate you can bill your client
  6. Wise e-mail address
  7. Wise name
  8. Wise Currency
  9. Hit Save to complete the setup.

After saving, your employee’s payroll account should be set up:

Certain currencies might not support email transfers. Users can’t make transfers to an email address or a primary account when sending from BRL, or if you are sending to PEN, BDT, COP, CNY, INR, UAH, or USD to a bank account outside the US.

Some business transfers are restricted by Wise. Click here to learn more.

The Wise API only supports email transfers. Bank transfers are not supported.

If you choose Bi-weekly payments, you will have the option to choose between two start on dates (pay periods).

Accepting Wise Transfers as a Member

There are two approaches to how to accept incoming transfers.

The First Approach: Via Wise’s Bank Details to Wise balance

We advocate for using this approach.

These are the steps that this method implies:

  1. Get the bank details from Wise.
  2. Accept the money using the bank details provided by Wise and eventually get it on your Wise balance.
  3. Convert it to the local currency (from one Wise balance to another) if needed.
  4. Send funds to your local bank (if needed) or just spend the money using a Wise card (if you have one).

Example:
Your organization has USD set as its currency. The owner sends a transfer in USD, and you get the email to accept it. The procedure is straightforward: please, fill the form with the bank details you get from Wise. After that, the money will land up on your Wise USD balance. If needed, you may convert it to the currency of your choice, e.g., PHP, and send a transfer to your local bank where you have your account in PHP.

Please click here to learn more about how to prepare your Wise account for payroll. Each member needs to create a Wise borderless balance with an associated bank detail as shown below to receive funds in the same currency. To get bank details for your borderless account balance, click on the currency on your Wise sidebar then click on the Get bank details button.

If your organization sends USD to you, you have to fill the form to accept USD overseas every time due to legal restrictions.

The Second Approach: Accepting a Transfer to Your Local Bank Directly

In some cases, getting the bank details for accepting the money in your organization’s currency won’t be available in your jurisdiction, e.g., USD bank details are only available in these countries. Or, maybe, your preference is to get the money directly to your local bank account.

Step 1

Click on your avatar located in the bottom left corner of your dashboard, then select Payment accounts from the pop-up menu. There, if you don’t have a Wise account yet, please, add it as shown in this article.

If you have it, click Edit, and make sure that you have your local bank’s currency selected under Wise Currency.

Step 2

Once done, you will need to accept the incoming transfers directly to your local bank. If you mark your account as primary and add the local bank details to it, you won’t need to fill the acceptance form every time.

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