Wise

Wise is best known for international money transfers. It lets you hold, convert and send money across borders, gives you a debit card for spending in dozens of currencies, and provides account details you can use to receive payments from abroad as if you had a local bank account in that country. It is not a bank: money you hold with it is safeguarded rather than protected by the Financial Services Compensation Scheme (FSCS)¹.

The core offer is a multi-currency account. You can hold and exchange more than 40 currencies, send money to more than 140 countries in over 70 currencies, and get local account details for receiving payments¹. Wise says it uses the mid-market exchange rate, the rate you see on Google, with no markup added on top, and charges are shown upfront before you confirm a payment². On many popular routes, transfers arrive within one day, and sometimes within seconds³.

Wise is a big operation by any measure, though its own pages give differing figures: one states it helps 18.9 million customers move £36 billion every quarter, while another says over 12.8 million people move £30 billion every quarter⁴. This page explains what Wise offers, how its charges work, how to open and use an account, and what protection your money has.

What Wise offers: an account, transfers and a card

Wise sells three connected things: the multi-currency account, international transfers, and a debit card that draws on whatever currencies you hold.

The account is the hub. Once registered, you can hold balances in more than 40 currencies and convert between them in the app¹. There is no charge to register, and Wise describes its fees as low and transparent, shown before you confirm each transaction⁷. The account is for personal use: Wise's own terms state you may only use its services for personal purposes, not as a business account or for business purposes⁸. Business users are served separately under Wise's business products.

Transfers are what the company built its name on. You can send money from 32 currencies to 103 currencies, paying by bank transfer, direct debit, debit or credit card, Apple Pay or Google Pay⁹. Recipients abroad receive the money as a domestic payment in their own currency, without extra receiving fees on their side, according to Wise¹⁰. Speeds vary by route: on many popular routes money arrives within one day, the same day, or instantly³.

The card is a Mastercard debit card linked to your balances. You can spend online and in stores in over 40 currencies and 150 countries and territories, add it to Apple Pay, Google Pay or Samsung Pay, and there is also a virtual card that exists only in the app for online spending¹. Wise also markets the same underlying product as a travel money card for specific destinations, orderable from the UK¹³.

For a broader comparison of how accounts like this sit alongside traditional banking, see our guide to current accounts, and for moving money across borders, sending money in the UK and abroad.

Sending money abroad at the mid-market exchange rate

The exchange rate is where Wise differs most from banks. Wise states that it gives you "the real, mid-market exchange rate, with no hidden fees"³. Its pricing pages repeat the point: "We only use the mid-market rate, the one you can check on Google"⁹. The mid-market rate is the midpoint between the buy and sell prices of two currencies on the global markets, and it is the reference rate you see on currency converters and search engines.

Traditional providers often make money on international payments by applying a markup to this rate, so the rate you get is worse than the one on Google, and that difference is effectively a hidden charge. Wise's model is the opposite: it applies no markup and instead charges explicit fees, which it shows you before you confirm. The cost of a transfer depends on the route, the amount, the currencies and how you pay, and Wise's pricing page shows the current fee for any combination before you commit⁹.

Speed is part of the offer. On many popular routes Wise can send money within one day, and sometimes within seconds, though this depends on the destination country's banking system, how you pay and verification checks³. Paying by bank transfer is typically slower to set up than paying by card, because the money has to reach Wise first.

For large transfers, such as money for a property purchase abroad, Wise has a dedicated process and may ask for more information about where your money comes from, as required by anti-money-laundering rules⁴. It also notes that most banks have limits on how much you can send online in one go, and they may need you to visit a branch to pay in a large amount in person⁷.

How Wise's fees and charges work

Wise's charging structure has a few moving parts, and it is worth understanding each one before you use the account.

• Registration and the account: registering a Wise account is free¹.
• Conversion fees: when you convert one currency into another, Wise charges a fee. This is its main charge, and it varies by currency and amount. Wise says you can get lower prices with volume discounts when you make big conversions⁹.
• Transfer fees: sending money carries a fee that depends on the route, amount and payment method, shown upfront⁹.
• Wise-to-Wise payments: it is free to send or receive the same currency between contacts on Wise; only conversion fees apply if currencies differ⁹.
• Card fees: the debit card costs a low, one-time fee to order, and Wise's travel money card pages state there are no loading or subscription fees¹.
• Card replacement: Wise's terms state it will charge a fee for a replacement card⁸.
• Variable fees: Wise's terms allow it to charge a variable fee during periods of potential heightened volatility or unpredictability in the foreign exchange market, as determined by Wise⁸.

On payment methods, Wise says it is usually cheaper to pay by debit card than credit card, because of the higher processing costs involved¹⁰. Bank transfer, direct debit, Apple Pay and Google Pay are also accepted¹⁰.

Because fees change and depend on the specifics of each transfer, check the current figures for your own transaction on Wise's pricing page before sending. The fee is always displayed before you confirm, so there should be no surprise deductions.

The Wise card: spending and cash abroad

The Wise card is a Mastercard debit card that spends from your currency balances. When you spend in a currency you hold, the money comes straight from that balance. When you spend in a currency you do not hold, Wise automatically converts your money using a low fee at the mid-market rate². That is the main practical difference from a typical bank card abroad: there is no separate foreign transaction fee loaded on top of an exchange rate markup, just the conversion fee at the mid-market rate.

The card works with chip and PIN, contactless, and the digital wallets Apple Pay, Google Pay and Samsung Pay¹. A virtual card version exists only in the app and can be used for online spending at the mid-market rate¹². The physical card is available in the UK and more than 30 other countries¹².

On cash withdrawals, Wise states it will not charge you for certain withdrawals, but some additional charges may occur from independent ATM networks, so the ATM operator's own fee can still apply¹¹. The free allowance and any charges beyond it are set out on Wise's pricing page, which carries the current figures.

If the card is lost or stolen, the process is: freeze the card by logging into your Wise account, which stops any transactions from taking place; contact Wise by email or phone for a permanent block; confirm by email; then order a new card, confirming your name and mailing address¹⁶. A fee may apply for the replacement card under Wise's terms⁸.

Receiving money with UK, European and other account details

One of the most useful features of a Wise account is account details: local receiving details that let other people pay you as if you had a bank account in another country.

Wise gives account details for receiving money in 8 or more currencies, including a UK sort code and account number, and European and other international details². Wise's pricing page puts the wider figure at account details for 22 currencies, with Swift payments receivable in an additional 19 currencies⁹. The two pages describe slightly different packages of details, so check in the app which currencies are available for your account.

In practice this means a payer in the eurozone can send you euros with a domestic transfer rather than an international one, and a UK employer or customer can pay pounds to your UK details. Wise states recipients receive money as a domestic payment without additional receiving fees¹⁰. For receiving GBP by Swift, a fee applies, per Wise's pricing page⁹.

This feature is what makes the account popular with freelancers, people working abroad and anyone paid in a currency they do not bank in. It is also the reason the account is sometimes confused with a bank account: the details look like bank details, but legally the account is an e-money account, which matters for protection, as explained later in this page.

Interest and stocks: what Wise offers beyond payments

Beyond holding and moving money, Wise offers an Assets feature to customers based in the UK, which is an investment service including Stocks and Interest¹⁷. Balances in the Interest feature are held in segregated accounts separate from Wise's own funds¹⁷.

Interest is offered by a separate part of the Wise group rather than the core payments service². This means the parts of the service that hold investments or pay interest sit under a different legal arrangement from the e-money account, and the protections differ accordingly: investment business is covered by different rules from safeguarded e-money, and neither is the same as FSCS deposit protection.

If you are considering holding significant savings or investments, it is worth reading our guides to savings accounts, ISAs and investing to compare how these products work alongside what Wise offers.

Opening a Wise account and verifying your identity

Opening an account is done online or in the app, and registration is free¹. The process Wise describes is: register for a free account, get verified with your ID, then add money in the currencies you want².

Identity verification is part of opening and using an account, not an extra step Wise has invented. Wise states it will verify your ID to help keep your money safe⁷. For some currencies or larger transfers, Wise must confirm your identity, and usually only needs an identification document with a photo¹⁰. This is the same kind of check used by government online services, which normally involve photo ID like a passport or driving licence.

For large amounts, expect extra questions. Wise says that when you send a large amount, it may ask for more information about where your money comes from⁷. This is standard anti-money-laundering practice across the industry, and transfers can be paused until the checks are complete.

Account security features include two-factor authentication to protect your account, and Wise says it protects your details through strict standards and 2FA⁷.

Using Wise: the app, online account and support

Wise is primarily an app-based service, with mobile apps for iPhones, iPads and Android devices, available from the Apple App Store and Google Play, alongside a full online account accessible from a browser¹. Everything is managed in the app or online: converting currencies, sending transfers, freezing the card, and viewing balances.

Support is a distinguishing feature. Wise offers 24/7 help in 14 languages⁷. That is broader coverage than most banks offer, and it matters for international payments, where time zones often mean problems happen outside UK working hours.

On service quality, Wise's own pages report a Trustpilot score of 4.3 out of 5, though they cite different review counts: one page says over 250,000 reviews, another says 301,419 reviews². These are the provider's own figures, drawn from Trustpilot, and review scores are self-selected rather than an independent measure of service.

For an independent yardstick, the Financial Ombudsman Service publishes complaints data for firms. Its half-yearly data shows Wise had 1,220 total new complaints cases opened between 1 January and 30 June 2024¹⁸. That figure puts Wise among the more complained-about e-money firms in the data, which reflects its large customer base as much as anything else, but it is the official record if you want to check.

Scams, fraud checks and complaints

Because Wise moves money fast across borders, it is a common route for scammers as well as for legitimate payments. Wise runs fraud checks on transfers, and payments can be delayed or declined while checks are carried out. If a payment is stopped and you believe it was legitimate, contacting support with the details usually resolves it.

If you have sent money to a scammer, speed matters. The Financial Ombudsman Service sets out the immediate steps: contact your bank or payment services provider immediately, contact the police on 101, report the scam to Report Fraud, and keep records of all contact and correspondence between you and the scammer¹⁹. In Scotland, fraud and scam complaints are referred to Police Scotland rather than Report Fraud²⁰.

If you paid from your Wise account, contact Wise support immediately, as there may be a window to stop a payment that has not yet been paid out. Once the money has been converted and sent on, recovery becomes much harder, and Wise cannot simply reverse a completed transfer to a third party.

If you are unhappy with how Wise has handled a fraud, a scam or any other matter, complain to Wise first. If it does not resolve the complaint to your satisfaction, you can escalate it to the Financial Ombudsman Service, which handles complaints about e-money institutions as well as banks¹⁸. Our guide to scams and fraud covers how to spot the common types and what protections exist.

Wise is not a bank: how your money is safeguarded instead of FSCS

This is the most important section on the page for anyone holding a significant balance. Wise is not a bank, and the money in your Wise account is not a bank deposit: it is electronic money, held under safeguarding rules rather than deposit rules⁶. The practical difference is what happens if the firm fails, and it changes what protection your balance carries.

The consequence is that the e-money and payment services Wise provides are not covered by FSCS deposit protection⁶. FSCS protects deposits up to £120,000 per person, per authorised bank, building society or credit union²¹. That protection does not apply to money in a Wise account.

What you have instead is safeguarding. Wise states that, unlike a bank deposit, it does not use or lend out customer money, and it keeps customer funds separate from its own operational money⁶. The methods it lists are: cash held with regulated banks, secure liquid assets mainly in the form of short-term government bonds, and a comparable guarantee where applicable⁶. In Europe, Wise says customer money is held in its UK bank account at Barclays, and in the United States at Wells Fargo¹⁵.

The difference matters if Wise were to fail. MoneyHelper explains the position for virtual accounts generally: your money is kept safe at a different bank under e-money rules, but you would need to make a claim to the administrator if your provider failed²². Safeguarding is designed so that customer money is not part of the failed firm's assets, but the return of your money is not automatic in the way an FSCS payout is, and shortfalls could arise from administration costs.

For day-to-day use, the practical approach many people take is to keep only working balances in Wise and hold larger sums in an FSCS-protected bank account. How to weigh that up is covered in our guide to choosing the right bank account, and the wider rules are explained in consumer protection in UK financial services.