Wise Multicurrency Account, formerly TransferWise Borderless Bank Account, is a free multicurrency virtual bank account you can deposit/save, send and receive money around the world cheaply. You can open a non resident bank account with 10 national account details such as EU IBAN details, US bank details and UK bank account details. It offers both personal and business accounts.
Wise Multicurrency Account
- Your account can hold over 40 currencies including EUR, GBP, USD, CAD, AUD, and JPY and can convert between them at the real exchange rate.
- As a non resident account, it means you can be in the UK or Australia and be able to open an account with US bank details.
- You will get a Wise debit card and Wise virtual credit card, which you can use to spend money anywhere in the world.
- Wise money transfer is by far the cheapest means of transferring money between countries by avoiding bank fees. Wise multi-currency account gives you real exchange rates and has the lowest fees possible.
- Wise for eCommerce businesses allows you to withdraw funds from platforms such as Amazon, eBay, Stripe, etc.
- 1 How Wise Multicurrency Account Works
- 2 How to Open Wise Multicurrency Account
- 3 Wise Account Details
- 4 Key Features of Wise Multicurrency Account
- 5 What is a Wise Travel Card
- 6 Wise Multi Currency Account Fees
- 7 Wise Account Limits
- 8 Is Wise Multi-currency Safe?
- 9 Best Wise Alternatives
- 10 Final Thoughts on Wise Multi Currency Account Review
- 11 Discover More About Wise Virtual Bank Account
How Wise Multicurrency Account Works
Wise multi-currency account works like you have local accounts all over the world. Wise multi-currency account supports multi-currency by allowing you to transact in over 40 currencies. You can also convert currency from one currency to another using the real exchange rate at any time. Also, you can send money to a bank whenever you want to use Wise money transfer. Sending balances to a bank account comes with fixed charges and conversion fee. You can use Wise debit MasterCard and spend currency in your account while in any country around the world. You can get Wise card if you are a resident of these countries.
How to Open Wise Multicurrency Account
It is easy to open a Wise multicurrency account, formerly TransferWise Borderless account. All you need is an email address and a password. Once you have signed up for a Wise multi-currency account, follow these simple steps to activate your account. All you need to do is to log in to your account and then click o the balances tab that is located on the left-hand menu. Then click Add a balance. Then choose the desired currency and then click Open balance using the currency you have selected.
Currently, you can add money to your Wise account in the following currencies: AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HRK, HUF, JPY, NOK, NZD, PLN, RON, SEK, SGD, TRY and USD. You can open a multi-currency personal account and also a Wise Business account. While opening an account for a business, you will first need to have a registered business. With Wise Business Account, you can make mass payouts and pay recurring invoices for your suppliers, contractors, and international employees.
Wise Account Details
For some countries, you are able to get Wise local currency bank details as show in the table below:
|Get account number and sort code
|Get SWIFT/BIC and IBAN details
|Get routing number and account number
|Get BSB code and account number
|New Zealand Dollar
|Get your own account number
|Get your account number
|Get SWIFT/BIC and IBAN details
|Get your account number
|Get your TRY details. Bank name and IBAN
|Institution number, Transit number, and Account number
Wise for e-Commerce Businesses. Wise is now officially a member of the Amazon payment service provider program, which means that any business selling on Amazon can now use Wise to receive their sales earnings in multiple currencies. It is also possible to connect your Wise business account to eBay and Stripe.
Key Features of Wise Multicurrency Account
Once your account is set up, you can benefit from the following.
Wise Debit Card
You can use Wise Visa and MasterCard debit cards anywhere at real exchange rates. It’s a card you can spend in over 40 currencies in over 150 countries. When you open your Wise account, you will get 2 free ATM withdrawals for up to £200 every month. However, there is a conversion fee of between 0.35% and 1% when converting currencies.
You will also get Wise virtual card to use online and in stores. Wise virtual card is safer than the physical card as it becomes unusable after each purchase. You will also have the option of making contactless payments via Apple Pay or Google Pay. Wise virtual card limit is up to 3 virtual cards at a time. You are able to create a free virtual card if you have a personal or Wise business account except for customers in the US and Japan. In the US, Wise debit cards cannot be issued to residents of Nevada or Hawaii.
What is a Wise Travel Card
The Wise Travel Money Card is a convenient prepaid debit card designed for travelers. With this card, you can hold and spend multiple currencies, allowing you to avoid unfavorable exchange rates, excessive card fees, and the need to carry large amounts of cash. With competitive exchange rates that you see on Google and compatibility with Google Pay and Apple Pay, you can conveniently spend in over 150 countries using 53 different currencies
Wise Multi Currency Account Fees
It’s free to create a Wise multicurrency account, and there are no subscription fees or minimum balances. There are also no fees for holding bank account details in supported currencies. Wise account fees include the following.
|Registering with Wise
|Fee varies by currency, from 0.43%
|Spending with your card
|Free for 2 or less withdrawals
|ATM fees over 100 USD per month per account
|+ 1.50 USD (or equivalent) per withdrawal, 2%
|Account Funding transactions
|Getting the Wise debit card
|No subscription fees, 9 USD (or equivalent)
|Fee varies by currency, from 0.43%
|Holding money in your account
|Free (getting account details in 10 currencies)
|Receiving money (non-wire)
|Free (receive AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD)
|Receiving USD wire payments
|Fixed fee per payment, 4.14 USD (or equivalent)
Wise Account Limits
Transferwise limits apply when you are receiving money from someone else or from a USD bank account.
- Personal USD accounts have daily transaction limits of $250,000 and an annual limit of $1,000,000.
- Business accounts have daily limits of $3,000,000 while the annual limit is $5,000,000
Is Wise Multi-currency Safe?
Due to the low fees charged by Wise multi-currency account, many people think this is too good to be true. Wise multi-currency account is safe. It is a regulated and licensed financial technology company that operates in various countries. It holds licenses and approvals from reputable financial authorities, including the Financial Conduct Authority (FCA) in the UK, the National Bank of Belgium (NBB), the Financial Crimes Enforcement Network (FinCEN), ASIC in Australia and other regulators around the world.
Best Wise Alternatives
The following are Wise alternatives.
Final Thoughts on Wise Multi Currency Account Review
In conlusion, the Wise Multi-Currency Account is a valuable financial tool for individuals and businesses dealing with international transactions. With the ability to hold and manage over 40 currencies in over 150 countries, this account offers cost savings compared to traditional banks. You can benefit from competitive exchange rates, transparent fees, and integration with popular payment platforms.
The Wise Multi-Currency Account simplifies cross-border transactions, eliminates hidden fees, and provides a user-friendly experience. Most customers appreciate the security measures in place and the ease of setting up your account. While some limitations exist, such as restrictions on certain currencies or transfer amounts, the overall feedback and customer satisfaction shows the reliability and effectiveness of the Wise Multi-Currency Account.
Discover More About Wise Virtual Bank Account
is Wise a virtual bank?
No. Wise is not a bank in the traditional sense. It is a financial technology company that specializes in international money transfers and multi-currency accounts.
Can I have multiple Wise accounts?
Wise allows you to have one personal account, but multiple business accounts can be created for separate businesses or entities. You can either sign up with a separate email address for each business account or create additional business accounts from your existing Wise account.
What are Wise card countries?
You can get the Wise card in [these countries](https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country).
What's Multicurrency account?
A Wise multi-currency account is a type of account that allows you to hold and manage multiple currencies within a single Wise account.
Is Wise multicurrency account safe?
Wise multi-currency account is safe. It is a regulated and licensed financial technology company that operates in various countries. It holds licenses and approvals from reputable financial authorities, including the Financial Conduct Authority (FCA) in the UK, the National Bank of Belgium (NBB), and the Financial Crimes Enforcement Network (FinCEN).
How do I add money to my Wise account?
To add money to your Wise account, you have a few convenient options available. While cash deposits are not possible, you can fund your Wise account through bank transfers or card payments. If you have a USD balance in your Wise account, you can top it up using payment methods like Apple Pay.
Can I have a joint Wise account?
No, currently, Wise does not offer joint accounts. Each Wise account is tied to a single individual or business entity
Does Wise account have IBAN?
Wise provides IBAN for certain currencies. To access your IBAN number, simply log into your Wise account.