Wise Review

Company background

Wise is a safeguarded e-money institution, founded in 2011, headquartered in the United Kingdom, operating under Wise plc. Wise is the benchmark for cross-border money: the lowest published FX markup we track and genuine local account details make it the account to hold foreign currency in. We rate it best for multi-currency and FX. At its core it is a 40-currency account you run entirely from your phone, bundling multi-currency balances, in-app savings and business accounts into one app.

Fees and pricing

On day-to-day costs, Wise charges no monthly account fee, and applies a 0.43% markup on foreign-currency spending.

• Monthly fee: no monthly account fee.
• FX markup: 0.43% on spending outside your currency.
• ATM withdrawals: free up to 200 GBP a month, then 1.75%.
• Savings: up to 3.39% AER on in-app balances.
• Welcome offer: fee-free transfer on your first send up to 500 GBP.

For everyday domestic use the running cost is effectively nil, so the figure that matters most is how often you spend or withdraw in another currency.

Regulation and safety

Wise operates as a safeguarded e-money institution, regulated by FCA, NBB and FinCEN. Customer funds are held in segregated safeguarding accounts (Safeguarded (FCA-authorised e-money)) rather than under a deposit-guarantee scheme. Safeguarding ring-fences your money from the firm's own funds, but there is no deposit-guarantee payout, so it suits spending and transfers more than parking large balances.

Platform experience

Wise is available across iOS, Android and Web. The mobile apps score 4.7/5 on the App Store and 4.6/5 on Google Play. Payments run on a Mastercard physical and virtual card, and it works with Apple Pay and Google Pay.

Pros and cons

On the plus side, mid-market exchange rate with a transparent, low FX fee, real local account details in 9+ currencies and holds and converts 40+ currencies in one balance. The main trade-offs are safeguarded e-money, not deposit-guarantee protected and no physical branch or overdraft. On balance it is a comfortable pick best for multi-currency and FX, provided its limitations line up with how you actually bank.