What is Wise? Wise Review, Features

What is Wise? Wise Review, Features

Wise offers a cheap and fast way to send money abroad.

About Wise

  • Wise was launched in 2011 with a vision to make international money transfers cheap, fair and simple. Today, our multi-currency accounts help millions of people and businesses around the world manage their money.
  • Wise works with banks and companies like Monzo, Bolt and GoCardless to bring better international banking to their customers. People like Richard Branson and PayPal co-founder Max Levchin have invested in our vision.

Wise's Services

  • Secured by a major bank, your funds are held with established financial institutions so it is separate from our own accounts and cannot be accessed by our partners during the normal course of our business.
  • Regulated around the world, supervised by authorities around the world. This includes the FCA in the UK and FinCEN in the US.
  • Regular audits ensure that your funds are safe and that Wise is financially stable. As we are not a bank, your funds are not protected by the FSCS - instead, we protect them.
  • Ultra-secure transactions, using 2-factor authentication to protect your account and transactions. This means you – and only you – can access your money.
  • Data Protection is committed to keeping your personal data secure and we are transparent about how we collect, process and store it.
  • A dedicated anti-fraud team, working 24/7 to protect your account and funds from even the most sophisticated fraud.

FAQs about Wise

Q: What is a multi-currency card?

A: The Wise debit card lets you spend around the world with low conversion fees and zero transaction fees. It is currently available to multi-currency account holders resident in the UK, US, Australia, New Zealand, Singapore, Malaysia, Japan, Switzerland, and the European Economic Area.

Q: What happened to the Borderless Accounts?

A: The Wise Multi-Currency Account is the account you know and love. The only change is the name – we used to call it the Borderless Account.

Q: How is a Wise account different from a bank account?

A: Your Wise account is an electronic currency account.

Q: Can I hold multiple currencies in my Wise account?

A: You can top up your account in more than 19 currencies and hold more than 50 currencies. You can convert currencies between any of the currencies in your account - always using the real exchange rate. For this, we will charge a small conversion fee.

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