The Complete Guide to Wise: Transform Your International Money Management
Cross-border money management has been costly, complex, and inconveniently without very much information visible to the user. Banks have charged a lot of fees, concealed their profit margin in the exchange rates, and customers have been left to wonder where their money has actually gone. Wise (formerly TransferWise) has changed the game for millions of international finance users in a way that its pricing is transparent, exchange rates are real, and the features are almost the same as those of the traditional banks but without the hidden costs.
If you are a freelancer receiving global payments, an expat managing finances across countries, a business owner paying international suppliers, or a frequent traveler, then understanding Wise may result in saving you thousands annually. This extensive guide is your way through a variety of topics such as account types, fees, cards, investments, and money-saving strategies.
What Makes Wise Different
Wise has more than 11.4 million customers around the globe and handles over £30 billion on a quarterly basis. Banks intentionally make it difficult to follow the exchange rate they use, so customers get a worse rate than the one they see on Google or XE.com. Wise, instead, goes for the extreme transparency: you always get the real mid-market exchange rate (the one you see on Google or XE.com), and the fees are there for everybody to see in advance.
The breakthrough is quite simple but very effective: money hardly goes across borders. Wise keeps local bank accounts all over the world. When it is told that the money moves from the US to the UK, the dollars go into Wise's US account, and the pounds from Wise's UK account come to the recipient. This way there are no international wire fees that are usually very expensive, and thus transfers become up to 7 times cheaper than if done through banks.
Would you like to have an international bank without any trouble? Sign up with Wise now and start your saving journey.
Multi-Currency Account: Your Global Financial Hub
Wise multi-currency account allows users to keep, handle, and make transactions in more than 40 different currencies at the same time. This is not only about exchanging currencies but rather it is about full financial management for any globe citizen of the 21st century.
Managing Multiple Currencies
You can keep more than 40 different currencies such as USD, EUR, GBP, AUD, CAD, JPY, NZD, BRL, INR, TRY, and MYR. Each balance will be shown to you in your dashboard, so you will have a complete overview of your finances across the globe.
No monthly fees. No minimum balance. No storage fees. You may convert your money from one currency to another immediately by using mid-market rates and a very transparent conversion fee (usually 0.33%-2%) will be charged. For instance, the USD-EUR or GBP-USD transactions are charged with fees lower than 0.5%.
Local Bank Account Details: Receive Like a Local
Have local bank account details in 10 of the major currencies:
- USD: Routing number, account number, SWIFT/BIC
- EUR: IBAN and SWIFT/BIC
- GBP: Sort code, account number, IBAN
- AUD, NZD, CAD, SGD, HUF, RON, TRY: Local account details
By doing so, these accounts are the same as domestic ones. Customers, employers, or payment platforms can pay you as a local resident, thus no international fees and the processing time will be faster. Companies can receive Amazon payments in 9 different currencies, get EUR from European clients, or GBP from UK customers—all in just one account.
Wise Cards: Spend Globally, Save Locally
The Wise debit card (Mastercard or Visa, according to the region) is an amazing tool to international spending. Unlike bank cards that charge a foreign transaction fee of 3-5% and give you a poor exchange rate, Wise draws the required amount from your balances and does the conversion at the mid-market rate, charging a very small fee.
Physical and Virtual Cards
Physical Card: A single charge ($9-$21 equivalent) for a debit card that can be used at millions of locations worldwide and ATMs.
Virtual Cards: Up to 3 virtual cards can be created for online purchases or subscriptions. Security-wise they are the best because you can freeze or delete it immediately without your main card being affected.
Business Digital Cards: Generate virtual cards for employees with the ability to set up the limits for them in order to control the spending.
Smart Spending
When purchasing in foreign currency:
- It is done straight away if you have that currency (no conversion fee)
- If it is necessary, the required amount is taken from your balance with the lowest conversion fee and then converted
- Conversion fees: 0.33%-2% depending on currency pair
- No extra charges on foreign transactions
ATM Withdrawals: The first two withdrawals in a month (up to $100 equivalent) are for free. Subsequently: 2% fee plus $0.50 per withdrawal—still far less than bank cards.
You may set your limits in the app: single transaction, daily, monthly, online restrictions. Apple Pay, Google Pay, Samsung Pay are some of the e-wallets where you can add your card. You can stop it immediately if lost or stolen.
Transparent Fee Structure
Currency Conversion
There are two types of fees:
- Fixed fee: A very small flat amount ($0.50-$1.50)
- Variable fee: The percentage (0.33%-2%)
The pairs of currencies have the lowest fees:
- USD to EUR: ~0.41%
- GBP to EUR: ~0.33%
- USD to GBP: ~0.40%
Before you make your decision, use the real-time calculator to see the exact costs.
International Transfers
The costs will be:
- Transfer amount
- The currencies involved
- Payment method (bank transfer being the cheapest, credit cards 0.3-3% extra)
- The country of destination
It always shows the total cost upfront: all the fees, the exchange rate, and the recipient's exact amount.
Receiving Money
Most major currencies with local account details are done Free:
- USD wire: $6.11 | USD ACH: Free
- EUR, GBP, AUD, NZD, CAD, SGD, HUF, RON, TRY: Free with local details
Account Maintenance
- No monthly fees
- No annual fees
- No minimum balance
- No inactivity fees
- Free personal account opening
Business accounts come with one-time registration fees (£45 UK, €45 Eurozone, $99 Singapore).
Growing Your Money: Interest and Investments
Wise Interest
Take advantage of attractive interest rates on USD, EUR, GBP by means of government-backed assets. The money does not have to be locked—in fact, you can spend, send, or convert anytime while still earning profits.
Features:
- Interest is calculated daily
- There is no minimum balance requirement
- The product is available in the UK, EEA, and US (except Nevada, Alaska, New York), Australia, New Zealand, Singapore, Japan
- Rates are variable and reflect the central bank rates
- Returns are paid monthly
The offering is done through the BlackRock-managed funds that invest in high-quality, short-term government securities.
Wise Stocks
In certain areas (UK, Singapore, parts of EEA), one can invest their balances in global stock index funds.
Investment Details:
- iShares World Equity Index Fund (follows MSCI World Index)
- Exposure to Apple, Microsoft, Tesla, the major companies
- Spread across the developed economies
- Can be changed to cash at any time
- Wise service fee + BlackRock management fee
Risk: The loss of the invested amount is possible. The product is intended for investors who are OK with fluctuations and seek higher potential returns.
Would you like to get returns while still being able to keep your flexibility? Sign up for Wise here and thus have access to Interest and Stocks.
Business Accounts: Designed for International Trade
Wise Business has everything that personal accounts have plus additional features for companies, freelancers, and sole traders.
The Most Important Business Features
Multi-Currency Management: More than 40 currencies with local details for 10. Great for:
- Invoicing international clients
- Receiving marketplace payments (Amazon, eBay, Etsy)
- Paying overseas suppliers/contractors
- Managing international payroll
Batch Payments: You are allowed to make up to 1,000 payments at the same time through CSV—thus it is very helpful for contractor payroll, supplier payments, and affiliate distributions. Start managing your business finances globally with Wise Business features.
Accounting Integration: There is a very good connection between Xero, QuickBooks, and FreeAgent which is used for automated transaction recording and reconciliation.
Team Management: Different access levels for users of one account:
- Admin- Total control
- Finance team- Payment authority
- Accountant- View-only access
- Custom- Specific functions
Each member of the team may have their card with an individual spending limit.
API Access: Large enterprises that require customized solutions for automated processing and mass payouts may benefit from this feature.
Business Expenses
- One-time registration fee (depending on the location)
- Additional physical cards: ~$4-$6 each
- Volume discounts on larger transfers (applied automatically)
- No monthly maintenance fees
Global Availability
Account Holding Eligibility
It is available in more than 160 countries and regions including:
Europe: All EEA, UK, Switzerland Americas: US, Canada, Brazil, Argentina Asia-Pacific: Australia, New Zealand, Singapore, Japan, Malaysia, Hong Kong (business only), India (personal only) Middle East: Bahrain, Israel (personal only), UAE
Restrictions:
- US Nevada residents: Cannot hold money
- Brazil: BRL only for residents
- Hong Kong: Business accounts only
- India: Personal accounts only
- Bahrain, Israel, Malaysia: Personal accounts only
Card Availability
Physical/virtual cards available in: EEA, Switzerland, UK, US, Canada, Australia, New Zealand, Singapore, Japan, Malaysia, Brazil, Philippines.
Join the waitlist if your country isn't listed for notification when cards arrive.
Sending Destinations
Send to 160+ countries in 50+ currencies. Check Wise website for current supported destinations.
Getting Started: Step-by-Step Setup
Quick Registration
- Sign Up: Website or app using email, Google, Facebook, or Apple ID
- Personal Info: Name, date of birth, address, phone number
- Verification: Upload government ID and proof of address
- Enhanced Verification: For USD/EUR details, photo with ID or separate selfie
- Initial Deposit: Small amount (typically $20 equivalent) to activate
Verification: 1-2 business days, many get basic access immediately.
Getting Account Details
- Click on "Add currency"
- Selecting currency (USD, EUR, GBP, etc.)
- Fill in the requirements
- Get local bank account details immediately
- Give them to the payers
The first time maybe a deposit is required. For the following currencies, it is free.
How to Order Your Card
- Go to the "Cards" section
- Click on "Order card"
- Make the one-time payment
- Confirm your delivery address
- Receive in 2-6 business days (most areas)
By activating through your app, you may start using it right away.
Maximizing Your Account: Pro Strategies
Save on Conversions
- Timing: Doing less but bigger conversions will give you better economies of scale
- Rate Alerts: Put notifications on for when the rate you want is reached
- Direct Deposits: Let your salary be deposited straight into Wise if you want to avoid funding fees
Business Optimization
- Invoice in Local Currencies: Take implementation of local account details further by thus enabling your clients to pay you without any international fee
- Batch Processing: Do your regular payments at the same time
- Accounting Integration: Start using it from the beginning in order to automate your bookkeeping
Travel Smart
- Pre-load Currencies: Convert at a rate that is good for you before you leave
- Use Local Currency: Always pay in the local currency; do not accept conversions from the merchant
- ATM Strategy: Get larger amounts of money but do so less frequently in order to lower your fees
Investment Strategy
- Interest for Liquidity: Use interest for money that you will need access to
- Stocks for Growth: Take stocks as an option for the money you will not be requiring in the near future
- Currency Diversification: Be in possession of a number of strong currencies which will serve as a hedge
The Security and Regulation
Wise is secured and preserved by relevant authorities worldwide:
- UK: Regulated by FCA
- US: State-licensed, community Federal Savings Bank is a partner
- EU: Authorized by the National Bank of Belgium
- Australia: Licensed by ASIC
Safety:
- Money of consumers is kept in separate accounts
- US: Up to $250,000 FDIC insurance (Interest account)
- UK: Up to £85,000 FSCS protection eligibility
Security Enhancements:
- Double-factor authentication
- Biometric login
- Real-time alerts
- Advanced fraud detection
- Encrypted transmission
- Regular security audits
More than 14.8 million people have placed their confidence in Wise and billions are being transacted on a quarterly basis.
Wise vs Traditional Banks
Cost Comparison
Banks:
- 3-5% hidden exchange rate markup
- $25-$50 transfer fees
- Foreign transaction fees
- Monthly maintenance fees
Wise:
- Mid-market rate (no markup)
- 0.59% average fees globally
- No foreign transaction fees
- No monthly fees
Savings: Up to 7x cheaper. Example: $10,000 USD to EUR costs ~$41 with Wise vs ~$286 with banks.
Speed
Banks: 2-5 business days
Wise: 70% of transactions take less than 20 seconds and 95% are done within 24 hours
Transparency
Banks: Hidden fees, unclear rates
Wise: Fees are visible in advance, rates are live, no surprises
Is Wise Right for You?
Perfect Users
- Digital nomads and expats
- Freelancers with international clients
- E-commerce businesses selling globally
- Frequent travelers
- Anyone making regular international transfers
- Small businesses having overseas suppliers/contractors
May Not Be Suitable Condition If
- Require traditional banking (loans, mortgages, overdrafts)
- Rarely perform international transactions
- Need in-person banking support
- Require comprehensive wealth management
Restrictions
- Not a full-service bank
- Support is mainly via email/chat
- Some features are location-locked
- Limited investment options available
- No cash deposits
Real Success Stories
Freelance Designer: Keeps on getting paid by the US/European client in USD/EUR without losing anything on conversion part.
E-commerce Entrepreneur: Has full control over China supplier payments in CNY, gets marketplace income in different currencies, pays contractors all over the world—one account, complete transparency.
Expat Teacher: Salary comes in JPY, money is sent to the home in USD, and Asia trip is made without foreign transaction fees.
Tech Startup: Through Wise Business and integrated accounting, Remote team in 15 countries paid on time, thousands saved monthly.
The Bottom Line
For international finance management—occasional or regular—Wise offers compelling advantages:
✓ Transparent Pricing ✓ Real Exchange Rates ✓ 40+ Currency Flexibility ✓ Local Account Details in 10 Currencies ✓ Smart Global Spending Card ✓ Professional Business Features ✓ Growth Through Interest & Stocks ✓ Huge Savings (Up to 7x vs Banks)
Although Wise is not a perfect one— as it is missing fully-fledged banking services and in-person support— however it is a great solution for dealing with international finances. Its strong points are transparency, low costs, extensive currency support, and user-friendly technology which have become must-haves for players in the global economy.
It is free to open, there are no ongoing fees, and you can start with a small amount just to test the service. In a world that is getting more and more interconnected, dealing with money that crosses borders should be easy, transparent, and cheap. Wise ticks all the boxes.
Open your Wise account now and feel the difference that transparent and affordable global banking makes.
Disclaimer: This article is intended for the general public and provides information about Wise services. The fees, features, and availability of the services may be different depending on the location and are subject to change. Always refer to the official Wise website for the most up-to-date and accurate information that is specific to your case. Wise is not a bank and therefore does not provide banking services like loans or credit facilities. Investment products involve risks and the invested capital is not guaranteed.
