Does Wise offer bank accounts

Wise does not offer bank accounts in the traditional sense, because it is not a bank, but it offers a multi-currency Wise Account that works much like one for holding, sending, receiving and spending money.

The account covers many everyday banking tasks, especially for people dealing in more than one currency.

• Holding balances: You can keep money in more than 40 currencies at once and convert between them.
• Local account details: For several major currencies you get local account numbers and routing codes, such as IBANs or sort codes, so others can pay you locally.
• Card spending: A linked debit card can be used to spend in over 150 countries.
• Transfers: Money can be sent to regular bank accounts around the world, with the fee shown upfront.

Any Wise overview should also cover where the account falls short of a bank.

• No credit products: Wise does not provide loans, mortgages, overdrafts or credit cards.
• No cash or cheques: Physical cash and paper checks cannot be paid into a Wise Account.
• Regulation: In most regions Wise holds an electronic money or payment institution licence rather than a banking licence. It does not lend out customer money and instead safeguards it with partner banks.

Wise runs three products: Wise Account, Wise Business and Wise Platform. If you need borrowing, cash deposits or cheque handling, a traditional bank account would still be needed alongside a Wise Account.