Can I Buy Tether (USDT) on Wise?

No, you can't buy Tether (USDT) directly through Wise, but you can use Wise to transfer money to a crypto exchange that supports USDT purchases. Wise allows you to send funds in fiat currencies like USD, EUR, or GBP. Once your money is on the exchange, you can easily convert it to Tether and other stablecoins.

How to Buy USDT with Wise

Wise customers can buy USDT through regulated exchanges that accept Wise transfers or card payments. Platforms like Bybit, which operates in over 160 countries, offer access to more than 1,400 crypto assets, including stablecoins like USDT, USDC, and DAI. Here’s a quick guide:

1. Sign Up for Bybit: Head to Bybit, create an account, and complete the verification process.
2. Deposit Funds via Wise: In Bybit’s 'Assets' section, select your deposit method, then use Wise to transfer funds in USD, EUR, GBP, or another supported currency.
3. Select Your Stablecoin: Once your deposit is processed, search for Tether (USDT) or choose from over 1,400 cryptocurrencies available on Bybit.
4. Complete the Purchase: Enter the amount of USDT you want to buy, review the transaction, and finalize the purchase.

Wise to USDT Fees

When buying USDT with Wise, fees can vary depending on the payment method. Using a Wise debit card will hit you with a 2.99% fee, which is set by VISA, not the exchange. To save on costs, stick with bank transfers through Wise, which are typically free.

Exchange fees differ too. Bybit is on the low end, charging a competitive 0.1% trading fee with no deposit fees for bank transfers or IBAN payments. Other platforms like Crypto.com might charge up to 2%, which adds up if you’re trading frequently.

Always check the platform’s fee structure before making a move to avoid any surprises.

Will Wise Support Tether (USDT) Transfers?

Currently, Wise doesn’t support Tether (USDT) or any cryptocurrencies. Regulatory complexities across the USA, UK, and Europe make it tough for Wise to adopt crypto without major operational overhauls. Each region has its own fragmented rules, which adds significant compliance barriers.

However, Wise could follow in PayPal’s footsteps by launching its own native stablecoin, similar to PYUSD. This could allow for faster, more efficient transfers within the app. But for now, there’s no indication Wise plans to move in this direction.

Bottom Line

In conclusion, while Wise doesn't allow direct purchases of USDT, it's a reliable option for transferring funds to crypto exchanges that do. Using Wise bank transfers helps minimize fees, offering an efficient way to convert fiat into Tether. 

Although Wise hasn't yet ventured into the crypto and stablecoin space, the improving regulatory environment could pave the way for native integration within their platform in the future.