With a TransferWise Borderless Account, rebranded as Wise multi-currency account, you can deposit/save, send and receive money around the world cheaply. It is a free borderless virtual bank account. Moreover, Wise money transfer, formerly TransferWise 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.
What is a multi-currency account? Wise multi-currency account is the new name for what used to be called Transferwise Borderless account. What has changed is just the name. You can still hold, receive, send, and spend more than 50 currencies including EUR, GBP, USD, CAD, AUD, and JPY using a Wise multi-currency account. You can convert between them at the real exchange rate.
How Wise Multi-currency 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.
In the US, Wise debit cards cannot be issued to residents of Nevada or Hawaii.
How to Open Wise Multi-Currency Account
It is easy to open a Wise multi-currency 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.
For some countries, you are able to get local currency bank details as show in the table below:
|British Pound||Account number and sort code|
|Euro||SWIFT/BIC and IBAN details|
|U.S. Dollar||Routing (ABA) and account number|
|Australian Dollar||BSB Code and account number|
|New Zealand Dollar||Account number|
|Singapore Dollar||Account number|
TransferWise Supported Countries
|TransferWise Borderless Australia|
|TransferWise Borderless Bangladesh|
|TransferWise Borderless Brazil|
|TransferWise Borderless Bulgaria|
|TransferWise Borderless Canada|
|TransferWise Borderless Chile|
|TransferWise Borderless China|
|TransferWise Borderless Colombia|
|TransferWise Borderless Croatia|
|TransferWise Borderless Czech Republic|
|TransferWise Borderless Denmark|
|TransferWise Borderless Europe (Single European Payments Area)|
|TransferWise Borderless Georgia|
|TransferWise Borderless Hong Kong|
|TransferWise Borderless Hungary|
|TransferWise Borderless India|
|TransferWise Borderless Indonesia|
|TransferWise Borderless Israel|
|TransferWise Borderless Japan|
|TransferWise Borderless Kenya|
|TransferWise Borderless Malaysia|
|TransferWise Borderless Mexico|
|TransferWise Borderless Morocco|
|TransferWise Borderless Nepal|
|TransferWise Borderless New Zealand|
|TransferWise Borderless Nigeria|
|TransferWise Borderless Norway|
|TransferWise Borderless Pakistan|
|TransferWise Borderless Peru|
|TransferWise Borderless Philippines|
|TransferWise Borderless Poland|
|TransferWise Borderless Romania|
|TransferWise Borderless Russia|
|TransferWise Borderless Singapore|
|TransferWise Borderless South Africa|
|TransferWise Borderless South Korea|
|TransferWise Borderless Sri Lanka|
|TransferWise Borderless Sweden|
|TransferWise Borderless Switzerland|
|TransferWise Borderless Thailand|
|TransferWise Borderless Turkey|
|TransferWise Borderless Ukraine|
|TransferWise Borderless United Arab Emirates|
|TransferWise Borderless United Kingdom|
|TransferWise Borderless USA|
|TransferWise Borderless Vietnam|
TransferWise Borderless Account Fees
Wise borderless bank account has the lowest prices and the fastest means to send money across the world. Compared to traditional bank accounts, TransferWise is much cheaper. For people making many transfers, it is cheaper to use TransferWise. Of you accumulate the charges applied by other accounts such as PayPal; you will note that the fees are very high.
A research conducted by Consumer Intelligence showed that TransferWise Borderless Account is 12 times cheaper compared to a personal account in the US and Australia while it is 9 times cheaper in the UK. Charges for the account are transparent; hence, you don’t need to worry about spending money unknowingly. The account is however not free and you can expect the following charges.
- Sending or withdrawing money
- Topping up money in your account
- Converting currencies from one currency to another
Note that prices vary with the currency you are using. When using a debit card, you will be charged the following pries:
- 1 to 2.85 percent conversion fee while sending money to currencies that you do not have I your account
- MasterCard rates apply in case you are spending the currency that is not in your TransferWise
- A 2 percent withdrawal fee for the amount that exceeds $250 or £200 per month
For Wise business account, you need to pay a small one-time setup fee and then get verified. The fee can be anywhere between 16–30 GBP (or equivalent in local currency). Generally, the fee depends on where your business is registered. Some countries cost more for verification process. Verification process will start after you have paid the fee. You can only pay the fee using your credit or debit card or from your Wise balance. If it happens that your business cannot be verified, Wise will refund the fee back to you.
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.
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.