Wise Account review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Wise Account suits expats and travelers who move money across currencies and want local account details without paying anything each month. You can hold 40 currencies, receive money like a local, and the account draws 7.4 overall on VaultCue.
Key facts
- Best for
- People who need several currencies and no monthly fee.
- Monthly fee
- £0↗
- Licence type
- Payment institution↗
- Deposit protection
- FSCS up to GBP 85,000↗
- Currency conversion fee
- 0.24%↗
- Currencies
- 40↗
- Local account details
- IBAN, UK-sort-code, Us-ACH↗
- Free ATM withdrawals
- £250↗
- Transfer fee
- From 0.24%, varies by currency↗
- Legal entity
- Wise Europe SA↗
- Headquarters
- Belgium↗
- Founded
- 2011↗
- Support channels
- Email, Phone, Chat, Help-centre↗
- Audience
- Expats, Travelers
- Pricing model
- No monthly fee, Low FX fees
- Features
- Free ATM withdrawals
- Official website
- wise.com
Savings
Money transfer
Facts checked September 26, 2026, 7 sources
Apps and profiles
- Get the app
- App Store
Pros and cons
Pros
- Currency conversion at 0.24% with a 0% exchange rate margin, so nothing is added on top of the rate you are quoted.
- Balances earn a variable 3.29%, above the everyday account median of 3.25%, while access to money and gains stays instant.
- Holds 40 currencies, well clear of the everyday account median of 9, with local account details covering IBAN, UK sort code and US ACH.
- Cash withdrawals are free to £250 and support runs on email, phone and chat, so help is not limited to email.
- A monthly fee of £0 puts it level with AXI Card, XTB and Skrill, and it ranks 1 of 500 brands on that measure.
Cons
- It is a payment institution rather than a bank, so balances are safeguarded rather than banked, and the protection that applies is FSCS up to GBP 85,000.
- The rate is variable, so 3.29% can move with the base rate instead of being locked for a term.
- Cash withdrawals are free to £250 only, and free ATM withdrawals are a feature on 64.6% of everyday accounts, so heavy cash users should check a bank tariff first.
Who it suits
- Expats and travelers named in expats and travelers who hold balances in several currencies at once.
- People who need local account details, since those cover iban, uk sort code and us ach.
- Readers who want 40 currencies in a single account without a monthly charge.
Who should look elsewhere
- Readers who want a bank licence rather than a payment institution account.
- Anyone chasing a fixed return for a set period, because the rate is variable and the money is accessible on demand.
- Traders or wallet users who would rather sit with XTB or Skrill, where a multi-currency current account plays no part.
Rates and card terms
Money sitting in the account earns a variable rate of 3.29%, a little above the median headline rate of 3.25% across everyday accounts. The rate type is variable, so there is no term to serve and no penalty for taking money out early. A variable rate cuts both ways. The figure can climb with the base rate and fall with it, and nothing here locks it in place for a fixed stretch of time. Readers who want a known return over a known period should read that label as a warning rather than a footnote. Access is instant, and for an everyday account that matters more than the headline figure. Money and gains are available as soon as they are asked for, and personal transfers leave without delay up to a daily transfer limit. Interest you can actually reach is worth more than a higher number on a rate you cannot touch. So the trade-off in this section is simple. You are paid something for holding a balance, and you are never locked into holding it. Set that against a fixed-rate product, where the return is known but the money is committed for a term.
Fees and FX
The monthly fee is £0, which puts Wise Account level with AXI Card, XTB and Skrill on that measure, and the brand ranks 1 of 500 brands for a charge of nothing. Most everyday accounts sit at the median of €0, so the monthly price is not where this account stands out. Currency conversion is the cost that really matters, and it is set at 0.24% with a 0% margin on the exchange rate, so nothing is layered on top of the rate quoted. Wise Account ranks 137 of 312 brands on that figure. The everyday account median is 0.22%, with the upper quartile reaching 2% and the cheapest accounts sitting at 0%. Transfers carry their own charge on top, with fees running From 0.24%, varies by currency and varying by currency. The pattern is therefore easy to hold in your head: nothing to pay to keep the account, a conversion figure near the lower end of the market, and a per-transfer charge that depends on the currency pair involved. For someone moving money abroad each month, that combination is the reason this account earns a place on a shortlist.
The company behind it
The account is run by Wise Europe SA, which is headquartered in Belgium and has been trading since 2011. That is the legal entity named on the register rather than a trading name, which is worth checking before opening an account with a brand of this name. Regulators sit on both sides of the Channel. In the UK the firm is authorised by the Financial Conduct Authority under 900507, and in Belgium the register lists PSD_PI BE_NBB!0713629988 with the National Bank of Belgium. Two authorisations mean the firm answers to supervisors in the market where the balance is held. Support runs on email, phone and chat, which covers phone, chat, email and a help centre. Phone and the help centre are the two most common channels across the brands listed here, at 79.5% and 86.1%, so reaching a person is a normal part of using this kind of account rather than an exception. For a reader weighing the safety of the money, the practical question is which entity holds it and which supervisor stands behind it. Both are named above, and both sit in markets with familiar deposit protection rules, which keeps the account within a well understood regulatory framework.
How Wise Account compares
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Where Wise Account is available
- Available
- Everywhere except Afghanistan, Burundi, Belarus, Democratic Republic of the Congo, Central African Republic, Congo, Cuba, Eritrea, Iraq, Iran, North Korea, Libya, Myanmar, Russia, Sudan, Somalia, South Sudan, Syria, Chad, Venezuela, Yemen
- Licence in United Kingdom
- Financial Conduct Authority (900507), checked September 26, 2026
- Licence in Belgium
- BE_NBB (PSD_PI BE_NBB!0713629988), checked September 26, 2026, also valid in Austria, Belgium, Bulgaria, Cyprus, Czechia, Germany, Denmark, Estonia, Spain, Finland, France, Greece, Croatia, Hungary, Ireland, Iceland, Italy, Liechtenstein, Lithuania, Luxembourg, Latvia, Malta, Netherlands, Norway, Poland, Portugal, Romania, Sweden, Slovenia, Slovakia
Frequently asked questions
Does the Wise Account cost anything each month?+
The monthly fee is £0, so there is no standing charge to keep the account open. That matches AXI Card, XTB and Skrill, which also show a monthly fee of €0. On VaultCue, Wise Account ranks 1 of 500 brands on this measure, and the everyday account median is €0.
What does it cost to change currency?+
Currency conversion is charged at 0.24% and the exchange rate margin is 0%, so nothing is layered on top of the rate quoted. Wise Account ranks 137 of 312 brands on that fee, with the everyday account median at 0.22% and the upper quartile at 2%.
Is my money protected in the same way as a bank deposit?+
Not quite. The licence type is payment institution rather than a bank licence, so balances are safeguarded rather than held as a bank deposit, and the protection that applies is FSCS up to GBP 85,000. That figure is the ceiling to weigh against the balance you choose to keep in the account.
Which regulators authorise this account?+
Two appear. In the UK the firm is regulated by the Financial Conduct Authority under 900507, and in Belgium the register lists PSD_PI BE_NBB!0713629988 with the National Bank of Belgium. The entity behind the accounts is Wise Europe SA, based in Belgium and trading since 2011.
How much interest do I get on the balance?+
Balances earn a headline rate of 3.29% and the rate type is variable, so the figure moves with the base rate instead of being locked. The everyday account median is 3.25% and the upper quartile is 4.44%. Access to money and gains is instant, so nothing is tied up for a term.
How many currencies can I hold, and can I get local account details?+
You can hold 40 currencies, well above the everyday account median of 9. Local account details cover iban, uk sort code and us ach, so money can arrive like a local transfer instead of crossing borders. Wise Account ranks 24 of 379 brands on currency count.
Can I take out cash without a charge?+
Within the allowance, yes. Cash withdrawals are free up to £250, and free ATM withdrawals are a feature on 64.6% of everyday accounts, so cash is a normal part of this account. Transfers are priced separately with fees running From 0.24%, varies by currency, and payouts go to bank and card.
Sources
- euclid.eba.europa.eu/register/downloads/PSDMD/20260926/do... checked September 26, 2026
Backs: Headquarters, Legal entity, Licence type, Licences
“EntityCode=BE_NBB!0713629988; EntityType=PSD_PI; ENT_NAM=Wise Europe SA”
- en.wikipedia.org/wiki/Wise_(company) checked September 26, 2026
Backs: Founded
“it was founded by Kristo Kaarmann and Taavet Hinrikus in January 2011”
- wise.com/gb/interest checked September 26, 2026
Backs: Account kind, Headline rate, Rate type
“Invest in an interest-earning fund that holds secure government-guaranteed assets”
- wise.com/gb/pricing checked September 26, 2026
Backs: Free ATM withdrawals, Audience, Deposit protection, Features, Currency conversion fee, Exchange rate markup, Pricing model, Monthly fee, Payout methods, Transfer fee
“Withdrawing 250 GBP per month per account - Free; ATM fees over 250 GBP per month per account: 2.69% of amount over 250 GBP”
- wise.com/gb/pricing/hold-fees checked September 26, 2026
Backs: Currencies
“Hold 40+ currencies in your Wise Account for free.”
- wise.com/gb/receive-money checked September 26, 2026
Backs: Local account details, Support channels
“Domestic account details - Share these for someone to pay you in the same currency by bank transfer. Get your salary in USD from the US ... British pound: Domestic / International, United States...”
- wise.com/help/articles/3JsMu9TIiqgoJzR2ITHjWt/how-interes... checked September 26, 2026
Backs: Access terms
“You can send and spend your money any time - including your gains. Just like with a current account.”
Compiled from 7 source pages, checked September 26, 2026. We did not open an account.