Pros and cons
Annual Percentage Yield (APY)
The Wise multi-currency account is a great option if you live abroad or travel frequently, because its foreign transaction and conversion fees are lower than what many companies charge. It’s also convenient if you work for a company that pays you in a different currency than you use, or if you send or receive money from people who live in other countries.
How Wise works
Wise, formerly TransferWise, has a multi-currency account for travelers and people who send or receive money in more than one currency.
If you’re American, you might think of the Wise multi-currency account as a hybrid checking/savings account. It has checking capabilities, such as using a debit card and receiving direct deposits. You can also create and name jars within the account to save for separate goals, such as “Emergency Fund” or “Trip to Italy.”
You may hold up to 54 currencies in one account, send money to 80 countries, and use your debit card in 200 countries.
Right now, you can only receive Australian dollars, British pounds, Canadian dollars, Euros, Hungarian forints, New Zealand dollars, Romanian leu (only for residents of the European Economic Area and Switzerland), Singapore dollars, Turkish Lira, and US dollars. When the money arrives in your account, you can convert it to any of the 54 currencies supported by Wise.
On the Wise website, see how much you’ll pay in fees to send money to another person. The total amount depends on the currencies and payment methods (for example, a direct deposit vs. wire transfer). You’ll also see the Wise fee, which includes both foreign transaction and conversion fees. Wise tells you when the money will arrive in the other account and lets you compare fees to other currency transfer services so you can see whether you’re getting the best deal.
Wise has 24/7 customer support. You can fill out a form and wait for answer, use live chat, or talk on the phone.
Your money is as safe with Wise as it would be with any traditional bank. You can read more about how Wise safeguards your account here.
Is Wise trustworthy?
The Better Business Bureau gives Wise (which is still lists as TransferWise) a B in trustworthiness. The BBB evaluates trustworthiness by looking at companies’ responses to customer complaints, honesty in advertising, and transparency about business practices.
Wise used to partner with MS Bank. In March 2021, MS Bank accused Wise of using clients’ accounts to illegally transfer money to other countries. Wise has denied these claims and said they are false.
How Wise compares
We’ve compared the Wise multi-currency account to two similar accounts with Commonwealth Bank and Payoneer.
Payoneer is intended only for business payments, while Wise and Commonwealth Bank have both personal and business accounts.
Wise supports significantly more currencies than Commonwealth or Payoneer, which gives you flexibility. Its only fee for incoming payments is a $7.50 charge if you receive a wire transfer for US dollars. Commonwealth charges fees for incoming payments, and Payoneer has various rules about what you’ll pay depending on who pays you, and how.