Wise Multicurrency Account Review: Our Take on This Financial Solution

Wise, a virtual money service provider available globally, grants residents of various countries the option to open multicurrency, non resident accounts, business accounts, and hold 10 different local account details including IBAN, UK sort code and account number, US account details, Turkish account details, and Australian account details. Additionally, Wise facilitates low-cost international money transfer, allowing you to send and receive funds across borders quickly and easily.

How to Open Wise Multicurrency Account

You can open Wise Multicurrency account in a few minutes by signing up for an account using the Wise website or Wise app. This can be done using your email address, Facebook account, Google, or Apple account to sign up. After that, you need to verify your account using a government ID.

Create Wise account

How Wise Multicurrency Account Works

Unlike traditional banks offering a number of services like loans, savings, and interest accounts, Wise focuses on a specific niche: international money transfers and multi-currency accounts. Their user-friendly online platform and mobile app empower you to manage your account and send money anytime, anywhere. While banks are known for hidden fees and complex exchange rates, one of Wise’s defining strengths is its transparent fee structure with no hidden fees or markup.

Whether you’re a freelancer working with clients in different countries, a frequent traveller, a business owner dealing in international transactions, or simply someone needing to send and receive money across borders, Wise offers both personal and business accounts.

Wise is a member of the Amazon payment service provider program, which means that any ecommerce business selling on Amazon can now officially use Wise to receive their sales earnings in multiple currencies. You can also connect your Wise business account to eBay and Stripe.

Wise’s multi-currency account can only be funded by bank transfers because they don’t accept cash or cheques. When making outgoing transfers or payments, you’re not limited to your account balance. It allows funding transfers with credit cards, Apple Pay, Google Pay, debit cards, and even country-specific options like Sofort and iDeal. Additionally, as shown on the table below, you can share your account details in over 10 local accounts to receive payments from around the world without the need for currency conversion.

Key Features of Wise Account

Multicurrency Account

One of the key features of Wise is multicurrency accounts, which enables you to hold and manage over 50 currencies in a single account. This means you can send money, pay bills and invoices directly from your Wise personal or business account in various currencies without the need for currency conversions before payments. You can also receive funds using 10 account details like a local.

Wise Money Transfer

International money transfer to over 80 countriesis one of its popular features because of lower fees and faster transfer times. Unlike traditional banks, Wise operates independently of the SWIFT network, instead it uses its local bank accounts that eliminates the need for intermediaries. These fees can be as low as 0.35% of the transfer amount, depending on the currencies involved and transfers can be completed within 24 hours or even instantly.

With Wise, individuals can easily send money to loved ones overseas, freelancers can receive payments quickly in their local currency, and businesses can make and receive international payments efficiently. It’s important to know that You can use their money transfer services also without the multi currency account.

Wise Card

The account comes with both virtual cards and physical debit cards, allowing you to spend abroad with the real exchange rate and no transaction fees. You’ll have access to over 50 currencies, hold and convert them at competitive rates, and even connect your card to Apple Pay and Google Pay for contactless payments. Wise is one of European fintechs that offer virtual cards in Europe for non residents. The Wise virtual card can be used to spend online and in stores while abroad or while in your country. Notably, you can manually freeze it after each purchase.

You are allowed to create 3 virtual cards before your physical card arrives. Widely accepted wherever Visa and Mastercard are, Wise Card grants you 2 free ATM withdrawals per month up to £200 and a transparent conversion fee between 0.35% and 1%.

Wise also offers prepaid travel cards. A travel money card, or a currency card, is a type of card which allows you to keep and spend multiple currencies, and use the card while travelling the world. You can pre-load your travel card with up to 40+ currencies and easily convert them on the fly using the free Wise app. This eliminates the need to pre-convert your cash. When you use your card in stores, coffee shops, online, or at ATMs, and Wise handles the currency conversion automatically for a small fee.

Wise Account Fees

To open a Wise Business account, you’ll need to pay a small one-time setup fee and then complete the verification process. The fee amount varies depending on your location. For example, in the EEA and the UK, the setup fee is 45 GBP (50 EUR). There are no account opening or monthly fees for Wise personal accounts. However, expect these general fees.

You can expect the following fees when converting the following currencies using Wise.

Wise Supported Countries

You can use Wise in most countries around the world, including countries in Europe, US (except Nevada and Hawaii), Canada, Singapore, Japan, Australia, and New Zealand. However, you cannot open a Wise account in the following countries: Afghanistan, Belarus, Burundi, Central African Republic, Chad, Congo, Democratic Republic of the Congo, Cuba, Crimea, Eritrea, Iran, Iraq, North Korea, Libya, Myanmar, Somalia, South Sudan, Russia, Sudan, Syria, Yemen, and Venezuela.

Wise allows you to send money internationally to more than 80 countries, including the following: Argentina, Australia, Bangladesh, Benin, Brazil, Bulgaria, Burkina Faso, Canada, Chile, China, Colombia, Costa Rica, Croatia, Czech Republic, Denmark, Egypt, Europe, Georgia, Ghana, Guinea-Bissau, Hong Kong, Hungary, India, Indonesia, Israel, Ivory Coast, Japan, Kenya, Malaysia, Mali, Mexico, Morocco, Nepal, New Zealand, Niger, Nigeria, Norway, Pakistan, Philippines, Poland, Romania, Russia, Senegal, Singapore, South Africa, South Korea, Sri Lanka, Sweden, Switzerland, Liechtenstein, Thailand, Togo, Turkey, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States of America, Uruguay, Vietnam and Zambia.

Wise Supported Currencies

The Wise Multicurrency Account supports a wide range of currencies, including the following:

Is Wise Safe and Legit?

Yes, Wise is a safe and legit e-money service provider to use for multicurrency transactions and international money transfers. Wise is authorized and regulated by the UK Financial Conduct Authority and regulated by Monetary Authority of Singapore. It also uses 2-factor authentication to protect customer’s account.

You can also use a Wise virtual card which provides an extra later of security. You can even freeze the card after every purchase. Also, for the physical card, you can freeze it using Wise app when it gets lost or stolen.

Your money is also safe, according to Wise:

We’re required to keep your money safe and protected, and we do this differently to conventional banks. Unlike banks, we do not lend out customer money. Instead of protecting your money in a financial protection scheme (like FSCS), we safeguard your money. Read more.

Alternatives to Wise Multicurrency Account

You can use the following if Wise services and features don’t address your specific needs:

• Payoneer
• Monese
• N26
• Revolut

Wise Multicurrency Account and International Transfer: Our Verdict

If you’re seeking international transfers or a multi-currency account, Wise offers a better range and lower costs than many banks. It provides competitive exchange rates, which are transparent and generally lower than those offered by traditional banks. Furthermore, Wise charges lower transfer fees, making it a cost-effective option. Our verdict on money transfer is based on our experience sending money to our team members and freelancers around the world using Wise. Transfer times with Wise are typically swift, with transactions often processed within hours or even minutes.

Additionally, Wise allows you to hold and manage different currencies in one account, facilitating easy conversion between them. You can also access your funds with a linked debit card., physical or virtual,for spending abroad or online. If you are a frequent traveller or have an international business, Wise multicurrency account is very smart option available for you. Generally, Wise is a very cost effective smart banking solution. You can easily open an account with several local bank details and transact like a local around the globe. Its exchange rates are at mid-market rates with no hidden fees. In terms of security and regulation, Wise is a regulated financial institution with robust security measures in place.

However, there are some drawbacks to consider. Wise account is an electronic money account, therefore it does not offer all the services of a traditional bank, such as loans, mortgage, or physical branches. Additionally, its customer support options may be more limited compared to traditional banks. Finally, minimum transfer amounts may apply depending on the currency and destination, which could pose a limitation for some users.

Go to Wise website