Wise

Wise, the international account for sending, spending and managing money

Wise is an electronic money institution authorised by the UK Financial Conduct Authority (Firm Reference 900507) that operates an international account designed for individuals and businesses. Its offering is built around a current account that allows you to send, receive, convert and hold money in different currencies, with a multi-currency debit card accepted in over 150 countries and at two million ATMs.

International transfers and currencies

The money transfer service supports international transfers and large amount transfers. The company states that over 70% of transfers arrive in under 20 seconds and that transfers over 20,000 GBP or equivalent receive a fee discount. The platform allows you to operate with more than 40 currencies and offers local account details for various currencies, including the pound sterling, the euro, the US dollar, the Australian dollar, the Canadian dollar, the Swiss franc, the Chinese yuan, the Czech koruna, the Danish krone, the Hong Kong dollar, the Hungarian forint, the Israeli shekel, the Japanese yen, the Norwegian krone, the New Zealand dollar, the Philippine peso, the Polish zloty, the Swedish krona, the Singapore dollar, the Ugandan shilling and the South African rand, with formats that include Swift/BIC, IBAN, bank code, account number and sort code depending on the country.

Debit card and balance returns

The account includes a multi-currency debit card and the possibility of earning returns on your everyday balance by opting in to Wise Assets. The variable rate indicated at the time of the analysis was 3.32%, offered by Wise Assets UK, with the warning that the value may decrease if governments default or if interest rates go negative, and that past performance does not guarantee future results.

Wise Business and Wise Platform

For businesses, Wise Business is presented as an international account that allows you to pay, get paid and manage money in over 40 currencies, with a business card, team finance management and connection to accounting software. Wise Platform is aimed at banks, financial institutions and large enterprises that can plug into the Wise network; among the sectors cited are banks and financial institutions, education platforms, marketplaces, spend management, travel platforms and workforce platforms.

Target audiences

The personal account is aimed at expats and relocators, global travellers, frequent senders, families who want debit cards for their kids and savvy savers looking for returns on their balance. The company states that 18.9 million customers, businesses and banks use Wise every day and that hundreds of thousands of new customers join every week.

Security and protection of funds

Wise states that customer funds are held in a safeguarded, separate account, and that the platform includes biometrics, 2-step authentication and encryption. The company states that it runs 7 million checks every day to spot and stop fraud. The mobile app has 60 million downloads and customer support is available 24/7/365.

Presence and structure

Wise Payments Limited is the provider of the services, authorised by the UK Financial Conduct Authority for the issuing of electronic money. Investment services are provided by the respective Wise Assets entity in your location. The company maintains an international presence reflected in its ability to operate with over 150 countries and 40 currencies.