Does Wise need a bank account

Wise does not need a traditional bank account for you to hold or receive money, but you usually need a bank account or card to pay for transfers you send.

Whether a bank account is required depends on what you are doing with your account.

• Sending money: You have to pay for each transfer. In many regions a debit or credit card works, although paying from a local bank account is usually the lower cost choice.
• Receiving money: You get multi-currency account details, such as an IBAN or a routing number, so payments can arrive straight into your Wise Account without any traditional bank account.
• Withdrawing money: To move your balance out for everyday spending elsewhere, you will need to link an external bank account and withdraw to it.

The person you pay does not need an account either. When you send money through Wise, the funds can be deposited directly into the recipient's ordinary bank account, and all they need to share is their bank details.

Before signing up, decide whether you mainly plan to send money, get paid from abroad or hold a balance, since that tells you whether a linked bank account will matter for you.