Wise
Wise offers low-cost international transfers at mid-market rates with no hidden fees. Multi-currency account in 40+ currencies, debit card, and 3.4% APY.
Updated on
What is Wise?
Wise (formerly TransferWise) is a British financial technology company specializing in international money transfers and multi-currency accounts. Founded in January 2011 by Kristo Käärmann and Taavet Hinrikus in London, the company was born from the founders' personal frustration with high bank fees and poor exchange rates when transferring money between Estonia and the UK.
The company rebranded from TransferWise to Wise in February 2021 to reflect its expanded product offering beyond just money transfers. Wise went public on the London Stock Exchange in July 2021 under the ticker symbol WISE. As of 2024, Wise serves over 14.8 million customers, with businesses moving approximately $16 billion every month through the platform.
Wise operates as a licensed payment service provider (not a traditional bank) with regulatory licenses across multiple jurisdictions including the UK, US, Australia, and the European Economic Area. The company's mission is to make international money transfers cheap, fair, and transparent by using the mid-market exchange rate with no hidden fees.
Main Services & Features
International Money Transfers
- Send money to 140+ countries
- Uses the mid-market exchange rate (the rate you see on Google)
- 70% of transfers arrive in under 20 seconds
- 95% of transfers arrive within 24 hours
- Transparent, upfront fees with no hidden markups
- Volume discounts available for high-value transfers (20,000+ GBP equivalent monthly)
Multi-Currency Account (Wise Account)
- Hold and manage money in 40+ currencies
- Receive payments like a local with account details in 23+ currencies
- Get local bank details (routing numbers, IBANs, sort codes) in multiple regions
- Free to receive domestic payments in most currencies
- USD wire payments: $6.11 fee
- Free transfers between Wise users in the same currency
Local Account Details Available:
- USD (Routing number, Account number, Swift/BIC)
- GBP (Sort code, Account number, IBAN)
- EUR (IBAN, Swift/BIC)
- AUD (BSB code, Account number)
- CAD (Institution number, Account number)
- And 18+ additional currencies including AED, SGD, JPY, NZD, CHF
Wise Debit Card
- Spend in 150+ countries worldwide
- Free to spend in currencies you hold
- Low conversion fee when spending in currencies you don't hold
- Contactless payments and mobile wallet support (Apple Pay, Google Pay)
- 2 free ATM withdrawals per month (up to $100 USD or £200 GBP)
- Additional withdrawals: $1.50 + 2% (US) or £0.50 + 1.75% (UK)
- No foreign transaction fees
- Instant transaction notifications via app
Interest Feature (US)
- 3.4% APY on USD balances
- Passthrough FDIC insurance up to $250,000
- Program Bank: JPMorgan Chase Bank, N.A.
- Opt-in feature for eligible customers
Wise Business Account
- All personal account features plus business tools
- Batch payments: Send up to 1,000 invoices in multiple currencies with one click
- Team access with customizable permissions
- Business debit cards with pre-set spending limits
- Accounting integrations: QuickBooks, Xero, Oracle NetSuite
- Receive payments in 9+ currencies with local account details
- Interest feature: 3.92% APY on USD business balances
Wise Platform (B2B/API)
- White-label and co-branded payment solutions for banks and enterprises
- API integration for cross-border payments
- Swift message connectivity available
- Partners include: Monzo, Morgan Stanley, Bank Mandiri, Bolt, GoCardless
- 60+ banks and large businesses integrated globally
- Direct participation in 7 domestic payment networks
Pricing
Wise is transparent about its fee structure with no hidden charges.
Account Fees:
| Feature | Personal | Business (US) |
|---|---|---|
| Account Opening | Free | $31 one-time setup fee |
| Monthly Fee | Free | Free |
| Holding Currencies | Free (40+) | Free (40+) |
| Receiving Domestic Payments | Free | Free |
| USD Wire Receiving | $6.11 | $6.11 |
| Debit Card | Small one-time fee | Small one-time fee |
Transfer Fees:
Transfer fees vary by currency pair and payment method. Examples (USD to common destinations):
- Fee structure: Variable percentage + fixed fee
- Typical range: 0.33% - 2% depending on currency route
- Payment method affects cost: ACH (cheapest) → Wire → Card (most expensive)
- Volume discounts: Up to 0.17% discount for monthly transfers over 20,000 GBP equivalent
ATM Withdrawal Fees:
| Tier | Personal (US) |
|---|---|
| First 2 withdrawals (up to $100) | Free |
| Amount over $100 | 2% |
| 3rd+ withdrawal | $1.50 + 2% |
Key Pricing Principle: Wise uses the mid-market exchange rate with no markup. All fees are shown upfront before you confirm any transaction.
New bank reviews, side-by-side comparisons, and practical money tips. No spam, unsubscribe anytime.
Key Capabilities
Speed & Reliability:
- 74% of payments delivered in under 20 seconds
- 96% of payments delivered within 24 hours
- Direct connections to 7 central bank payment systems
- Real-time tracking of all transfers
Currency Support:
- Send to: 140+ countries
- Hold balances: 40+ currencies
- Local account details: 23+ currencies
- Convert between currencies at mid-market rate
Technology:
- Mobile apps for iOS and Android
- Desktop web interface
- API access for businesses and developers
- Accounting software integrations
- Real-time notifications and alerts
Global Reach:
- Regulated in 17+ jurisdictions
- 70+ licenses worldwide
- Operations in 70+ countries
- 1,000+ fraud and compliance experts
Security & Compliance
- Federally regulated with 65+ licenses worldwide
- UK: Authorized by FCA as Electronic Money Institution (EMI)
- US: Registered with FinCEN, licensed as money transmitter in 48+ states
- Australia: ASIC regulated with AFSL license, APRA authorized ADI
- EEA: Authorized as EMI by National Bank of Belgium
- Customer funds held in safeguarded, separate accounts
- Two-factor authentication (2FA)
- Advanced encryption for data protection
- 7 million fraud checks run daily
- SOC 2 Type II certified
Who Should Use Wise?
Ideal for:
- Expats and international workers needing to send money home
- Freelancers receiving payments from international clients
- Digital nomads and frequent travelers
- Small to medium businesses with international suppliers or customers
- E-commerce sellers on platforms like Amazon, eBay, Etsy
- Anyone receiving salary or payments in foreign currencies
- Companies needing batch payroll for global contractors
- Banks and fintechs seeking white-label payment infrastructure
Not ideal for:
- Users needing traditional banking services (loans, overdrafts, credit)
- Cash-heavy businesses requiring branch access
- Those who prefer in-person banking relationships
- Users primarily dealing in single domestic currency
Considerations
- Wise is not a bank – it's a licensed payment service provider
- No loan or credit products available
- Customer support primarily digital (phone/email requires login)
- Some services vary by country
- Business cards available in fewer countries than accounts (primarily EEA, UK, US)
- June 2024: Some customers affected by data breach at partner bank Evolve Bank & Trust
- Interest feature requires opt-in and has specific eligibility requirements
- ATM fees apply after free monthly allowance
Tags:
About the author
Founder of Sirket.io & Editor at BankList.co
Can Ozer is the founder of Sirket.io with over 6 years of experience in international taxation. He has helped many entrepreneurs with offshore company formation, business bank account opening, and payment infrastructure applications across multiple jurisdictions. At BankList.co, he reviews and curates banks and financial services to help founders choose the right financial partner.
Similar to Wise
Slash Global USD
