Why do people use Wise

People use Wise mainly to move money across borders at low, transparent fees, and to send, receive, hold and spend several currencies from one account.

The platform is a multi-currency account managed from a phone or computer. It is not a bank, and personal customers can open an account for free with no monthly fee.

• International transfers: Money can be sent to bank accounts in more than 150 countries at the mid-market exchange rate, with fees shown upfront.
• Holding multiple currencies: One digital account can hold balances in over 40 currencies and convert between them at the mid-market rate.
• Spending abroad: The account's debit card works for online shopping and in-person payments overseas, converting funds automatically at low fees.
• Receiving foreign payments: Account holders get local bank details for major currencies such as USD, GBP and EUR, so salaries or client payments can arrive as they would for a local resident.
• Cash withdrawals: The card can be used to take out cash from ATMs while travelling.