Wise Multicurrency Account Review

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.

How Wise Multicurrency Account Works

The borderless multi-currency account 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 50 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 using 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 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. 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.

Open Wise Account

For some countries, you are able to get local currency bank details as show in the table below:

Key Features of Wise Multicurrency Account

Once your account is set up up, you can benefit from the following.

Get Wise Virtual Card

Wise offers you virtual cards 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.

Wise Debit Card

You can use Wise Visa and MasterCard debit cards anywhere at real exchange rates. 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.

Wise Travel Money Card

Wise Travel Money Card is suitable for frequent travelers. You are able to use the card to convert local currency into another currency during your travels. This means that you will be spending money like the locals. You can spend your funds in over 50 currencies.

TransferWise Supported Countries / Wise Supported Countries

Wise Multi Currency Account Fees (Transferwise Borderless 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.

You can spend Wise card in any currency, and its smart tech will auto-convert it with the lowest possible fee. Generally, you can expect the following fees when converting the following currencies.

• USD to EUR 0.45%
• USD to GBP 0.45%
• USD to CAD 0.53%
• USD to INR 0.60%
• USD to BRL 1.28%
• USD to MXN 0.61%
• EUR to GBP 0.41%
• EUR to INR 0.56%
• EUR to USD 0.41%
• GBP to AUD 0.35%
• GBP to EUR 0.35%
• GBP to USD 0.35%

Wise Account Limits

Transferwise limits apply when you are receiving money from someone else or form 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, formerly TransferWise Borderless, many people think this to be too good to be true. It is essential to know that Wise is regulated by the Financial Conduct Authority (FCA) in the UK, FinCEN in the US, ASIC in Australia and other regulators around the world. The account uses reputable banks to keep your money.

Wise Multicurrency Account

The following are Wise alternatives.

• N26
• Revolut
• Monese
• Payoneer

Final Thoughts on Wise Multi Currency Account Review

In conclusion, open a Wise multi currency account and enjoy borderless banking with fast and cheap charges by saying goodbye to account maintenance fee and high transfer fees also, you will be able to exchange currency in real exchange rates. You will also be able to get paid in different currencies. The beauty of the multi-currency account is that it does not have any hidden fees. Make an effort to open a Wise multi-currency account.

Discover More About Wise Virtual Bank Account

• Wise Business Account Review

Open Wise Multicurrency Account