When to use Wise

Use Wise when you need to send, receive, hold or spend money across currencies, such as paying someone abroad, getting paid by foreign clients or spending while travelling.

Wise is an international money transfer service with a multi-currency account that you manage from a phone or computer. It is not a bank. Personal customers can open an account for free with no monthly fee. A Wise overview of its main uses shows where it fits.

• International transfers: Send money to bank accounts in more than 150 countries at the mid-market exchange rate, with fees shown upfront.
• Holding several currencies: Keep and manage balances in over 40 currencies in one account and convert between them at the mid-market rate.
• Spending abroad: Use the Wise card to pay online or in person in other countries, with funds converted automatically at low fees.
• Receiving foreign payments: Get local account details for major currencies such as USD, GBP and EUR to collect a salary or client payments the way a local resident would.
• Cash withdrawals: Take out cash from ATMs in other countries while travelling.

Fees, features and account details can vary depending on the country you send from or to, so check what is available for your location before setting up a particular feature.