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The bottom line: The Wise multi-currency account is a good account if you travel or send/receive money in various currencies. The account supports 40 currencies, and transferring money internationally is usually cheaper than with similar companies.
Pros and cons
| Pros | Cons |
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Wise review
2% (plus 1.50 USD) fee when withdrawing more than 100 USD from an ATM, 2% fee for account funding transactions
None
$0
- Hold up to 40 currencies in the account
- Send money to 160 countries
- No monthly service fees
- No overdraft fees
- No minimum opening deposit
- 24/7 live customer support
- Create and name "jars" to save for separate goals
- Make 2 ATM transactions per month anywhere in the world for free when withdrawals are of 100 USD or less (although the ATM provider may charge a fee)
- No physical branches
- No option to overdraw
- No interest earned on savings jars
- $1.50 ATM fee after your first 2 free monthly transactions
- Wise, formerly TransferWise
- Deposit Australian dollars, British pounds, Canadian dollars, Euros, Hungarian forints, New Zealand dollars, Romanian leu (only for residents in the European Economic Area and Switzerland), Singapore dollars, Turkish Lira, and US dollars; when the money is in your account, you can convert it into another currency
- Send money to 160 countries, hold 40 currencies in your account
- Use the debit card in more than 200 countries
- 2% (plus 1.50 USD) fee when withdrawing more than 100 USD from an ATM
- 2% fee for account funding transactions
- $9 USD to get a Wise debit card
- Easily compare foreign transaction and conversion fees to other companies on the Wise website
- Money is safeguarded
The Wise multi-currency account is a great option if you live abroad or travel frequently, because its foreign transaction and conversion fees are lower than what many companies charge. It's also convenient if you work for a company that pays you in a different currency than you use, or if you send or receive money from people who live in other countries.
See Insider's picks for the best checking accounts>>
How Wise works
Wise, formerly TransferWise, has a multi-currency account for travelers and people who send or receive money in more than one currency.
If you're American, you might think of the Wise multi-currency account as a hybrid checking/savings account. It has checking capabilities, such as using a debit card and receiving direct deposits. You can also create and name jars within the account to save for separate goals, such as "Emergency Fund" or "Trip to Italy."
You may hold up to 40 currencies in one account and send money to 160 countries
Right now, you can only receive Australian dollars, British pounds, Canadian dollars, Euros, Hungarian forints, New Zealand dollars, Romanian leu (only for residents of the European Economic Area and Switzerland), Singapore dollars, Turkish Lira, and US dollars. When the money arrives in your account, you can convert it to any of the 40 currencies supported by Wise.
On the Wise website, see how much you'll pay in fees to send money to another person. The total amount depends on the currencies and payment methods (for example, a direct deposit vs. wire transfer). You'll also see the Wise fee, which includes both foreign transaction and conversion fees. Wise tells you when the money will arrive in the other account and lets you compare fees to other currency transfer services so you can see whether you're getting the best deal.
Wise has 24/7 customer support. You can fill out a form and wait for answer, use live chat, or talk on the phone.
The Wise mobile app has 4.7 out of 5 stars in the Apple store and 4.5 out of 5 stars in the Google Play store.
Your money is as safe with Wise as it would be with any traditional bank. You can read more about how Wise safeguards your account here.
Is Wise trustworthy?
The Better Business Bureau gives Wise an F in trustworthiness. The BBB evaluates trustworthiness by looking at companies' responses to customer complaints, honesty in advertising, and transparency about business practices. Wise has an F rating because it has a high number of customer complaints on the bureau's website and hasn't responded to several of them.
Wise used to partner with MS Bank. In March 2021, MS Bank accused Wise of using clients' accounts to illegally transfer money to other countries. Wise has denied these claims and said they are false.
How Wise compares
We've compared the Wise multi-currency account to two similar accounts with Commonwealth Bank and Payoneer.
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| Fee for incoming paymentNone (except $4.14 for USD wire transfer) | Fee for incoming paymentUp to 11 AUD | Fee for incoming payment0% to 3% |
| Wise Wise multi-currency account | Open account | Open account |
Payoneer is intended only for business payments, while Wise and Commonwealth Bank have both personal and business accounts.
Wise's only fee for incoming payments is a $4.14 charge if you receive a wire transfer for US dollars. Commonwealth charges fees for incoming payments, and Payoneer has various rules about what you'll pay depending on who pays you, and how.
