What does Wise app do
The Wise app lets you send, receive and spend money internationally across multiple currencies, using the real mid-market exchange rate with fees shown upfront.
Its main features cover moving money abroad, holding balances and paying in other currencies:
- International transfers: You can send money to bank accounts in more than 140 countries. Wise says it does not add hidden markups to the exchange rate.
- Multi-currency account: The app lets you hold money in over 40 currencies and convert between them at the mid-market rate.
- Local account details: You can get receiving details in currencies such as USD, EUR and GBP to collect payments from clients or employers abroad.
- Debit card: A physical or digital Wise card lets you spend abroad, with currency converted automatically at the mid-market rate.
- Bill splitting: The app can share and settle costs with friends and family, including people who do not have a Wise account.
Anyone reading a Wise overview will see the same reasons for its popularity come up repeatedly:
- Transparency: The exact fee and the mid-market exchange rate are shown before you confirm a transaction.
- Lower costs: Wise routes payments through local bank networks, which avoids the high wire fees traditional transfers often carry.
- Cross-border users: It is widely used by freelancers, remote workers, expats, digital nomads and travelers who handle money in more than one country.
Availability of the app and some features differs by country, so check the Wise site for the region you live in before signing up.