Does Wise require a bank account

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Accepted Answer

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

Whether a bank account matters depends on what you do with Wise. A short Wise overview helps here: the Wise Account works as a multi-currency account with bank-like features, yet each activity has its own requirement.

Sending money: You have to fund each transfer, and Wise accepts several payment methods. Debit and credit cards work in many regions, although paying from a local bank account usually costs less.
Receiving money: A traditional bank account is not needed. Wise gives you account details such as an IBAN or routing number, so payments land directly in your Wise Account.
Withdrawing money: To move your Wise balance out for everyday spending elsewhere, you will need to link an external bank account.

The person you pay does not need a Wise Account either. Wise can send the funds straight to the recipient's ordinary bank account, so only their bank details are required.

Before signing up, decide whether you mainly plan to send money, get paid from abroad or hold a balance, since that tells you if linking a bank account is necessary.