Is Wise a virtual bank? Wise multicurrency account is a virtual bank account that’s available for residents from almost all countries in the world. Wise virtual bank account gives you the option to open a European bank account for non residents and hold European Bank Account details, as well as a UK based virtual bank account, US American bank account, Turkish account, Australian bank account as well as a couple of others with a total of 10 different national account details.
Wise Multicurrency Account
- You can open the Wise multi-currency account, formerly known as the Transferwise borderless account, for free in a few minutes.
- You can use your account to receive, send and spend money. It comes with a debit card and virtual credit cards which you can use to spend money around the world.
- You can hold over 50 currencies and convert them in real-time from one currency to another using real exchange rates.
Wise for e-Commerce Businesses. Wise is now a member of the Amazon payment service provider program, which means that any 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.
How to Open Wise Multicurrency Account
You can open Wise Multicurrency account in a few minutes. You can sign up for an account using the Wise website or Wise app. You can use an email address, Facebook account, Google, or Apple account to sign up. After that, you need to verify your account using a government ID.
Making transfers and payments
- You can only add money to your Wise multi-currency account using a bank transfer. You can use the money on your account balance to make transfers, exchange currencies and make payments.
- You can fund your outgoing transfers or payments using your account balance but you can also use credit cards, Apple Pay, Google Pay, or debit cards, as well as country specific top-up options such as Sofort and iDeal. Wise does not accept cash or cheque.
- You can share your account details in more than 10 local accounts to receive payments around the world. You can also order your debit card which you can be used to spend around the world.
Wise also provides one of the fastest and cheapest money transfer service for both individuals and businesses around the world. You can use their money transfer services also without the Multi Currency Account. For more information on the international money transfer part, please read: Complete Review of Wise International Money Transfer.
How Wise Multicurrency Account Works
Wise Multicurrency account allows one to receive payments in foreign currencies. It is ideal for freelancers working with clients in different countries, frequent travellers and frequent eCommerce shoppers. It gives one control over how and when they convert payments from one currency to another.
Wise is also a member of the Amazon payment service provider program. If you trade online on Amazon, you can now use Wise eCommerce to receive your sales earnings in multiple currencies. You can also connect your Wise business account to eBay and Stripe.
Currently, you can use the account to receive British pounds, Australian dollars, Euros, Hungarian forints, New Zealand Dollars, Singapore dollars, US dollars, Turkish Lira and Romanian leu.
Other Benefits of a Wise Account
- If you move or live abroad, you can use the multi-currency account to receive salary or pension, spend in local currency and send money between countries.
- You can also use it to shop overseas in online stores. You can pay in local currency, convert currencies in real exchange and pay online and get instant notifications.
- If you are a frequent traveller, it comes with a Wise travel card that you can use to spend in multiple currencies and use it to withdraw from ATMs worldwide.
- Receive money from across the world. You can get a UK account number, Euro IBAN, SEPA, SWIFT/BIC, ACH, and US routing number which you can use to receive money across the world.
With Wise you can get local bank details for the following currencies
| Currency | Account details |
|---|---|
| British Pound | Get account number and sort code |
| Euro | Get SWIFT/BIC and IBAN details |
| US Dollar | Get routing number and account number |
| Australian Dollar | Get BSB code and account number |
| New Zealand Dollar | Get your own account number |
| Hungarian Forint | Get your account number |
| Romanian Leu | Get SWIFT/BIC and IBAN details |
| Singapore Dollar | Get your account number |
| Turkish | Get your TRY details. Bank name and IBAN |
| Canadian | Institution number, Transit number, and Account number |
Features of Wise Multicurrency Account
Wise Virtual Card
Does Wise have a virtual card? You can create Wise virtual cards and avoid carrying cards around. You can use Wise virtual card to spend online and in stores while abroad or while in your country. Wise virtual card is not like a physical card. It is safe and you can manually freeze it after each purchase. You can use Wise Virtual card to hold over 50 currencies.
You can make contactless payments by shopping using Apple Pay or Google Pay. You can also convert currencies using real exchange rates using Wise App.
To get Wise virtual card, you must first offer the physical card. However, you don’t need to wait for the physical one to arrive before you can start spending using the virtual card. You can create up to 3 virtual cards at a time. Wise virtual card is recommended for:
- Frequent travellers
- Ecommerce shoppers who want extra security
- People working and spending online
You can create a free virtual card if you have a personal or business account except for customers in the US and Japan.
Wise Debit Card Review
Wise multi-currency account comes with a debit card acceptable where Visa and MasterCard are accepted. You can use it to spend anywhere at real exchange rates and no transaction fees. You will get 2 free ATM withdrawals for up to £200 every month. To convert money into different currencies, you need to pay a conversion fee of between 0.35% and 1%.
On November 30th, Wise launched the Wise card in Canada to enable Canadian users to spend and shop online in USD and foreign currencies with low fees without the exchange rate mark-ups that Canadian banks charge. The Wise card will be free for the next three weeks and will be CAD$10 afterwards. Get your Wise debit card in Canada.
Travel Money Card
You can get a travel card from Wise. You can use the currency card to convert local currency to another currency when you travel abroad. It offers the best rates and you can use the card to spend in over 50 currencies. You can also use it to send money. It does not have hidden fees and uses the real exchange rates.
You can order the card online and get it within 2 weeks. Once you receive it, activate 50 currencies and then top up your account. With that, you can start spending on your holidays abroad like a local.
You can use the travel money card to:
- Withdraw money from ATMs all over the world
- Pay for flights and accommodation
- Spend in shops and restaurants
Wise Multicurrency Account Fees
You will be charged the following Wise Multicurrency fees when you use Wise multi-currency account:
| Product/Service | Wise Fees |
|---|---|
| Order a Wise debit card | 5 GBP (or equivalent) |
| Replacement card | 3 GBP |
| Spend in currencies in your account | Free |
| Convert a currency using your card | Calculate |
| First 2 ATM withdrawals up to £200 / month | Free |
| ATM withdrawals over £200 / month | 1.75% |
| Over 2 ATM withdrawals / month | 50p / withdrawal |
| Hold 50+ currency balances | Free |
| Hold more than €15,000 in EUR balance | 0.40% annually |
| Wise Business Account set up and verification | 16–30 GBP |
| Receive money in EUR, GBP, AUD, NZD, RON, HUF & SGD | Free |
| Receive USD using ACH or bank debit | Free |
| Receive USD wire transfers | 7.50 USD |
| Direct debit | Free |
Some countries may cost more for Wise verification process. The verification process will start immediately after you have paid the fee. You can only pay the fee using your credit or debit card or from your Wise balance. If it happens that your business cannot be verified, Wise will refund the fee back to you.
You can expect the following fees when converting the following currencies.
- USD to EUR 0.45%
- USD to GBP 0.45%
- USD to CAD 0.53%
- USD to INR 0.60%
- USD to BRL 1.28%
- USD to MXN 0.61%
- EUR to GBP 0.41%
- EUR to INR 0.56%
- EUR to USD 0.41%
- GBP to AUD 0.35%
- GBP to EUR 0.35%
- GBP to USD 0.35%
Wise Multicurrency Account Supported Currencies
Wise Multicurrency Account supports the following currencies:
- UAE dirham
- Argentine peso
- Australian dollar
- Bangladeshi taka
- Bulgarian lev
- Botswana pula
- Canadian dollar
- Swiss franc
- Chilean peso
- Chinese yuan
- Costa Rican colón
- Czech koruna
- Danish krone
- Egyptian pound
- Euro
- British pound
- Georgian lari
- Ghanaian cedi
- Hong Kong dollar
- Croatian kuna
- Hungarian forint
- Indonesian rupiah
- Israeli shekel
- Indian rupee
- Japanese yen
- Kenyan shilling
- South Korean won
- Sri Lankan rupee
- Moroccan dirham
- Mexican peso
- Malaysian ringgit
- Nigerian naira
- Norwegian krone
- Nepalese rupee
- New Zealand dollar
- Peruvian sol
- Philippine peso
- Pakistani rupee
- Polish złoty
- Romanian lei
- Russian ruble
- Swedish krona
- Singapore dollar
- Thai baht
- Turkish lira
- Tanzanian shilling
- Ukrainian hryvnia
- Ugandan shilling
- US dollar
- Uruguayan peso
- Vietnamese dong
- West African franc
Wise Multicurrency Supported Countries
Wise multicurrency account is available in most countries in Europe, US (except Nevada and Hawaii), Canada, Singapore, Japan, Australia and New Zealand.
You can use Wise multicurrency account to send money to the following countries:
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.
Is Wise Safe?
Yes, Wise is a safe company to use for multicurrency transactions. 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.
Wise Customer Support
Wise has 24/7 customer support and you can reach them through a live chat or phone.
Alternatives to Wise Multicurrency Account
You can use the following online banks as an alternative to Wise multicurrency account.
Discover more
If you are a frequent traveller or have an international business, Wise multicurrency account is very smart option available for you. It’s a very cost effective smart banking solution. You can easily open an account with your details and transact like a local around the globe. Wise offers excellent exchange rates at mid-market rates with no hidden fees. Check it out for yourself.