Wise - Global Account & Debit Card in 2025

What Is Wise?

Wise (formerly TransferWise) is a global financial platform built for fast, fair, and low-cost international money movement. With over 16 million users worldwide, it combines multi-currency accounts, real exchange rates, and a travel-ready debit card. Whether you’re an expat, freelancer, or frequent traveller, Wise makes cross-border payments simple and transparent.

Wise Benefits

Wise is popular because it eliminates hidden fees and makes global banking accessible. Here are some of its standout benefits:

• Multi-Currency IBAN: hold, convert, and manage balances in 50+ currencies with one account.
• Real Exchange Rates: transfers use the mid-market rate — no hidden markup or inflated fees.
• Debit Card: spend online, abroad, or withdraw cash at ATMs with a Wise Visa or Mastercard.
• Instant Transfers: send money internationally in seconds to many destinations.
• Perfect for Freelancers & Expats: receive payments globally with local account details in USD, EUR, GBP, and more.

With its combination of transparency and speed, Wise is often cheaper and faster than traditional banks or PayPal.

Key Features of Wise

Wise offers a comprehensive suite of financial tools designed for the modern global economy:

Multi-Currency Account

The Wise multi-currency account lets you hold and manage money in over 50 currencies at once. You get local account details for major currencies, including USD, EUR, GBP, AUD, and CAD, making it easy to receive payments like a local in these countries. This feature is particularly valuable for freelancers, remote workers, and international businesses.

Wise Debit Card

The Wise debit card works in over 175 countries and automatically converts your money at the real exchange rate. You can spend directly from any currency balance in your account, and Wise will use the cheapest conversion route. The card supports contactless payments, online purchases, and ATM withdrawals worldwide.

Business Solutions

Wise for Business provides additional features for companies, including batch payments, API integration and multi-user access controls. Businesses can pay suppliers internationally, receive payments from customers globally, and manage expenses across multiple currencies.

Wise Fees & Pricing

Wise's transparent fee structure is one of its biggest advantages over traditional banks:

• Transfer Fees: typically 0.35-2% depending on payment method and currency corridor
• Currency Conversion: uses real mid-market exchange rate with no markup
• Account Maintenance: free to open and maintain your multi-currency account
• Debit Card: one-time fee of $9-10 USD depending on your region
• ATM Withdrawals: free up to $200 USD equivalent per month, then 1.75% fee

Compared to traditional banks that often charge 3-5% in hidden exchange rate markups, Wise can save you a significant amount of money on international transfers and currency conversions.

Security & Regulation

Wise prioritises security and regulatory compliance across all its operations:

• Regulatory Licenses: authorised and regulated by financial authorities in each country of operation
• Safeguarding: customer funds are held in segregated accounts with top-tier banks
• Two-Factor Authentication: mandatory 2FA for account access and transactions
• Fraud Protection: advanced monitoring systems detect and prevent suspicious activities
• Data Encryption: bank-level encryption protects all personal and financial information

In the UK, Wise is authorised by the Financial Conduct Authority (FCA). In the EU, it operates under Electronic Money Institution licenses. In the US, Wise is regulated as a money transmitter in all 50 states.

Who Should Use Wise?

Wise is ideal for various user groups who need international financial services:

Freelancers & Remote Workers

If you work with international clients, Wise allows you to receive payments in multiple currencies without expensive conversion fees. You can provide local bank details in USD, EUR, GBP, and other major currencies, making it easier for clients to pay you. The multi-currency account means you can hold earnings in different currencies and convert them when exchange rates are favourable.

Expats & International Students

Living abroad often means managing finances across multiple countries. Wise simplifies this by allowing you to hold money in your home currency and local currency simultaneously. You can receive salary or support from home, pay local bills, and avoid expensive bank transfer fees. The Wise debit card works globally, eliminating the need for multiple bank accounts.

Small Business Owners

Businesses that work with international suppliers or customers benefit from Wise's transparent pricing and fast transfers. The business account includes features like batch payments, API integration, and multi-user access. You can pay suppliers in their local currency, receive payments from customers worldwide, and manage all transactions from one dashboard.

Frequent Travelers

The Wise debit card is perfect for travellers who want to avoid tourist exchange rates and ATM fees. You can load multiple currencies before your trip and spend at the real exchange rate wherever you go. The card works in over 175 countries and automatically uses the cheapest currency conversion route.

Wise vs Competitors Comparison

Tips for Using Wise Effectively

Maximise your Wise experience with these practical tips:

• Hold Multiple Currencies: Keep balances in currencies you frequently use to avoid repeated conversion fees
• Use Auto-Conversion: Set up automatic conversions when exchange rates reach your target levels
• Batch Payments: If you're a business, use batch payment features to save time on multiple transfers
• Monitor Exchange Rates: Wise shows historical rates so you can time your conversions for better value
• Set Up Direct Debits: Use local account details to receive regular payments without international fees
• Track ATM Withdrawals: Stay within the free monthly allowance to avoid 1.75% fees
• Enable 2FA: Always use two-factor authentication for maximum account security
• Use the Mobile App: Manage transfers, check rates, and track spending on the go

Common Questions About Wise

Can I use Wise for cryptocurrency?

Wise does not directly support cryptocurrency transactions. However, you can use Wise to fund your accounts on crypto exchanges or receive fiat payments from crypto-related activities. For crypto-specific cards, check out Crypto.com.

What documents do I need for verification?

Wise requires government-issued ID (passport, driver's license, or national ID card) and proof of address (utility bill, bank statement, or government letter) dated within the last 3 months. The verification process typically takes a few minutes to a few hours.

Are there any transfer limits?

Yes, Wise has daily and monthly transfer limits that vary by country and verification level. Fully verified accounts typically have higher limits. You can check your specific limits in your account settings.

Can I cancel a transfer?

You can cancel a transfer before it's been processed, usually within the first few minutes. Once the money has been sent to the recipient's bank, cancellation is not possible. Wise will show you the cancellation window when you initiate a transfer.

Wise Mobile App Experience

The Wise mobile app provides a seamless experience for managing your international finances on the go. Available for both iOS and Android, the app offers full functionality of the web platform with added convenience.

Key Mobile Features

• Instant Transfers: Send money internationally with just a few taps
• Real-Time Notifications: Get instant alerts for all account activity and transfer updates
• Currency Converter: Built-in calculator shows exact costs before you send
• Card Management: Freeze/unfreeze your debit card, view transactions, and manage spending limits
• Biometric Security: Use Face ID or fingerprint authentication for quick, secure access
• Receipt Scanning: Automatically categorize expenses by scanning receipts
• Multi-Currency Balances: View and manage all your currency balances in one place
• Rate Alerts: Set notifications when exchange rates reach your target levels

The app has received excellent ratings on both app stores, with users praising its intuitive interface, fast performance, and comprehensive features. Whether you're travelling, working remotely, or managing business finances, the Wise app keeps you in control of your money wherever you are.

Customer Support & Resources

Wise provides comprehensive customer support through multiple channels:

• 24/7 Chat Support: Get instant help through the in-app chat feature
• Help Center: Extensive knowledge base with guides and FAQs
• Email Support: Detailed assistance for complex issues
• Phone Support: Available in select countries for urgent matters
• Community Forum: Connect with other users and share experiences
• Social Media: Active support on Twitter and Facebook

The help centre includes step-by-step guides for common tasks, troubleshooting tips, and detailed explanations of fees and features. Most users report quick response times and helpful support staff who can resolve issues efficiently.

How to Get Started with Wise

Setting up Wise takes just a few minutes. Here’s how:

• Click our referral link and sign up for a free Wise account.
• Verify your identity (KYC) to enable transfers and card ordering.
• Send your first qualifying transfer to activate your bonus and start saving on fees.

Once registered, you can also order a Wise debit card to spend worldwide at the real exchange rate.

Pros & Cons of Wise

Wise is one of the best solutions for international finance, but like any platform, it has pros and cons:

Advantages

• Real Exchange Rates: always uses mid-market rates with no hidden markups
• Transparent Fees: all costs shown upfront before you confirm transfers
• Global Reach: supports transfers to 80+ countries and 50+ currencies
• Speed: many transfers complete within minutes or hours
• Multi-Currency Account: hold and manage multiple currencies in one place
• Debit Card: spend globally at real exchange rates
• Business Features: comprehensive tools for international businesses
• Regulatory Compliance: fully licensed and regulated in major markets
• Mobile App: intuitive interface with full functionality on iOS and Android
• Customer Support: 24/7 assistance through multiple channels
• Security: bank-level encryption and two-factor authentication
• No Minimum Balance: no requirements to maintain account balances

Limitations

• No Interest: balances don't earn interest like traditional savings accounts
• ATM Fees: charges apply after free monthly allowance
• Limited Crypto: no direct cryptocurrency support or integration
• Card Fees: some international merchants may charge additional fees
• Transfer Limits: daily and monthly limits may restrict large transactions
• Currency Availability: not all currencies available in all countries
• Account Closure: Wise may close accounts for policy violations without prior notice

Despite these limitations, Wise remains one of the best options for international money management. The advantages far outweigh the drawbacks for most users, especially those who frequently deal with multiple currencies or make regular international transfers.

Wise vs Traditional Banks

Wise consistently outperforms traditional banks in cost, speed, and transparency:

• Cost: Wise typically costs 4-8x less than traditional bank transfers
• Speed: transfers often complete same-day vs 3-5 business days for banks
• Transparency: all fees shown upfront vs hidden charges in exchange rates
• Convenience: mobile app vs visiting bank branches or complex online systems
• Exchange Rates: real mid-market rate vs 3-5% markup by banks

For frequent international transfers or multi-currency needs, Wise offers significant savings and a better user experience than traditional banking. The platform's transparent fee structure means you always know exactly what you're paying, unlike banks that hide costs in poor exchange rates. Additionally, Wise's digital-first approach eliminates the need for branch visits, paperwork, and long processing times that plague traditional banks.

Real-World Savings Example

Consider sending $1,000 USD to EUR. A traditional bank might charge a $25 transfer fee plus a 3% exchange rate markup, costing you approximately $55 total. Wise would charge around $7-10 with the real exchange rate, saving you $45-48 on a single transfer. For regular international transactions, these savings add up quickly.

Using Wise with Cryptocurrency Platforms

While Wise doesn't directly support cryptocurrency, it's an excellent tool for managing fiat currency when working with crypto platforms. Many crypto investors use Wise to:

• Fund Exchange Accounts: Transfer money to crypto exchanges at lower costs than bank wires
• Receive Crypto Earnings: Convert crypto to fiat and receive payments in multiple currencies
• International Crypto Trading: Manage multi-currency balances for trading on global exchanges
• Crypto Business Operations: Pay international suppliers or receive payments from global clients

For crypto-specific payment cards, consider Crypto.com, which offers direct crypto-to-fiat conversion and spending. You can also explore our crypto cards comparison to find the best option for your needs.

Final Thoughts

In 2025, Wise remains one of the most reliable and cost-effective ways to move money internationally. Whether you’re sending money to family, receiving payments as a freelancer, or travelling abroad, Wise helps you save on fees and avoid unfair exchange markups. Join using our referral link today to unlock low-cost transfers and a smarter way to manage your global finances.

Frequently Asked Questions

How much does Wise cost compared to banks?

Wise typically costs 4–8 times less than traditional bank transfers. While banks often hide 3–5% in exchange rate markups, Wise uses the real mid-market rate and charges transparent fees of 0.35–2% depending on the payment method.

How fast are Wise transfers?

Most Wise transfers complete within minutes to hours, compared to 3–5 business days for traditional bank transfers. The exact speed depends on the currency corridor and payment method used.

Is my money safe with Wise?

Yes, Wise is regulated by financial authorities in each country where it operates. Customer funds are held in segregated accounts with top-tier banks and are protected by local regulations.

Can I use Wise for cryptocurrency transactions?

Wise doesn't directly support cryptocurrency purchases or sales. However, you can use Wise to fund your crypto exchange accounts with lower fees than traditional bank transfers, or to receive fiat payments after converting crypto to traditional currency.

What currencies can I hold in my Wise account?

Wise supports over 50 currencies in your multi-currency account, including USD, EUR, GBP, AUD, CAD, and many others. You can hold balances, convert between currencies at real exchange rates, and receive local account details for major currencies like USD, EUR, and GBP.