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 50 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 Account
- 3 Key Features of Wise Multicurrency Account
- 4 TransferWise Supported Countries / Wise Supported Countries
- 5 Wise Multi Currency Account Fees (Transferwise Borderless Account Fees)
- 6 Wise Account Limits
- 7 Is Wise Multi-currency Safe?
- 8 Wise Multicurrency Account
- 9 Final Thoughts on Wise Multi Currency Account Review
- 10 Discover More About Wise Virtual Bank Account
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.
In the US, Wise debit cards cannot be issued to residents of Nevada or Hawaii.
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.
For some countries, you are able to get local currency bank details as show in the table below:
|British Pound||Get account number and sort code|
|Euro||Get SWIFT/BIC and IBAN details|
|US Dollar||Get routing number and account number|
|Australian Dollar||Get BSB code and account number|
|New Zealand Dollar||Get your own account number|
|Hungarian Forint||Get your account number|
|Romanian Leu||Get SWIFT/BIC and IBAN details|
|Singapore Dollar||Get your account number|
|Turkish||Get your TRY details. Bank name and IBAN|
|Canadian||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 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 launched the Wise card in Canada on November 30th to allow Canadian customers to spend and shop online in USD and foreign currencies with low fees without the exchange rate mark-ups that Canadian banks charge. The Wise card will be free for the next three weeks and will be CAD$10 afterwards. Get your Wise debit card in Canada now.
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
|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|
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.
|Order a Wise debit card||5 GBP|
|Replacement card||3 GBP|
|Spend in currencies in your account||Free|
|Convert a currency using your card||Calculate|
|First 2 ATM withdrawals up to £200 / month||Free|
|ATM withdrawals over £200 / month||1.75%|
|Over 2 ATM withdrawals / month||50p / withdrawal|
|Hold 50+ currency balances||Free|
|Hold more than €15,000 in EUR balance||0.40% annually|
|Wise Business Account fees (set up and verification)||16–30 GBP (or equivalent in local currency)|
|Receive money in EUR, GBP, AUD, NZD, RON, HUF & SGD||Free|
|Receive USD using ACH or bank debit||Free|
|Receive USD wire transfers||7.50 USD|
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.
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.
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.