There are a number of regulators in the UK and if you’re finding things to be a bit confusing, you can check out our article on how the PRA and the FCA function in the UK. Wise is regulated as an Electronic Money institution (EMI) by the UK Financial Conduct Authority. But what does Wise actually do, and how can it benefit you personally? Below, I’ll take you through what you need to know about the platform before signing up, and I’ll answer some of the more burning questions new users ask online.
Seamlessly split bills and shared expenses
- You don’t have to link your bank account to Wise (unless you’re sending from Canada or the US).
- Everywhere we went – from basic Taco places (Taco El Pastor was great!) to the fanciest bars – the card worked seamlessly.
- You can send money that’s in your Wise account to a bank account outside of Wise whenever you like.
- Both owners and members can spend money and see all transactions in the group but the Owner legally owns all the money contributed to the group.
- They’ll be able to send you USD directly into your main account using those account details.
Here’s how to open a currency account in the Wise account, to get you started. Wise works really well for international money transfers and foreign exchange conversions. In fact, Wise moves more internationally than Western Union!
What’s the difference between the Wise account and the main account?
With Wise, you can hold money in 40+ currencies, and convert between them at the mid-market rate whenever you need. It’s free to sign up, and there are no monthly fees. The more people send money on Wise, the better it is for everyone. Backtesting And you can earn real money when you refer friends who become Wise users. When 3 of your friends make their first transfer of more than £200, we’ll pay you up to £75 as a referral bonus.
“The best money travel buddy! Wise makes finances easier to deal with instantly.”
- Wise is a way to move your money around the world, as easily as possible, for as little as possible.
- Just remember that although the card has the Visa logo on it, it’s really a debit card, so you do need to have money in your account before using it.
- Here’s how to open a currency account in the Wise account, to get you started.
- Every transfer you make is protected with HTTPS encryption and 2-step verification.
This means that when you buy holiday money or make an international payment, the bank adds a hidden fee by offering you a poor exchange rate. The great news is, keeping money in Wise via more than 50 different currency accounts is free. There’s costs incurred for some international transfers, and if you move money from an international currency into a physical bank account – but they are all clearly signposted.
All you have to do is share your USD account details with your US customer and your GBP account details with your UK customers — now they can send you money in those currencies. You can spend money in different currencies around the world with the Wise card and get low conversion fees — check this on our pricing page. For the most up-to-date pricing and fee information, please read our Terms of Use for your region. You can send money that’s in your Wise account to a bank account outside of Wise whenever you like.
Can I have multiple account details?
If you’re registered in the EU, the limit is two people in a group. Currently, no matter where you are registered you can only be part of two groups. If you have more questions, check out our smart Wise Help Centre or read some Wise reviews on Trustpilot to find out more.
Managing day-to-day expenses with a partner, family, or housemates is easy with ‘Spend with others’, our feature for shared finances and group spending. We believe your large transfer deserves dedicated support, too, and have an expert team on hand who are more than happy to assist or answer any questions. This means you lose less of your money in fees or hidden markups. Inside the rise of the $5 billion money-transfer fintech Wise, which has been profitable for years and is exploring an IPO. Taavet, who was the first employee at Skype, lived in London but got paid in euros. Kristo worked for Deloitte, also lived in London, and got paid in pounds.
Opening a Wise account to make payments, or adding a currency to your Wise account to hold and get paid in foreign currencies is easy. With just your laptop or smart device you can register, get verified, and access all the services you need to manage your money across currencies for less. It’s easy to open your Wise Account online or in the Wise app, to send money to 160+ countries with the mid-market exchange rate and low, transparent fees. Sending online payments isn’t the only thing you can do with Wise. You can also get paid using local transfers, hold 40+ currencies, and switch between them in just a few taps.
Over 60% of Wise transfers arrive instantly, with 90%+ getting where they need to be in 24 hours or less¹. Savings on this transfer, and eligible transfers for the rest of the month. We never used the card to directly withdraw any cash as there was really no need to do so. Everywhere we went – from basic Taco places (Taco El Pastor was great!) to the fanciest bars – the card worked seamlessly. Alternatively, Wise has an ‘auto convert’ feature that allows you to exchange balances on the go. Fees apply, of course, but they’re highly competitive.
We’ll charge a fixed fee and a conversion fee when you send to a different currency. Sending and receiving money between Wise Accounts in the same currency is free. Request and receive money directly with Wise, and get paid easily with account details in top currencies. To receive money, just share your unique account details with the sender. They’ll be able to deposit money into your account directly. And while international payments with old school banks can be slow and expensive, Wise transfers are fast, with no surprise fees and no hassle.
If you provide your recipient’s email address, we’ll also give your recipient a heads up to let them know your money is on the way. If you’re based in the US and add USD, EUR, AUD, NZD, GBP, HUF, RON, CAD, TRY and/or SGD you can also get details to get paid like a local in these currencies. Create your Wise account easily online or in the Wise app with just an email address, or your Google, Facebook or Apple account. We’ll convert to the right currency wherever you spend or withdraw cash, only ever at the mid-market rate. Yes, based on the fact that is well regulated in all its major jurisdictions, I believe Wise is secure and safe. Apart from being directly regulated, Wise works with banks that are regulated in their respective countries, which ensures that your odds of losing your money are low.
Traveling with the Wise debit card
If you’re using the Wise debit card, you’ll have a specific limit as to how much you can withdraw each month before incurring costs (which will vary depending on where you’re based). There’s also a handful of conversion, account funding and ATM fees to consider, too. Let’s say you’re a company with one customer in the UK and one in the US. You can open both USD and GBP account details in your Wise account to get paid in both currencies.
And you can easily divide expenses with both Wise users and those who haven’t yet joined. Existing Wise members will receive a convenient in-app payment request notification to settle their share. For friends and family not on Wise, a simple payment link is generated for them to pay you back from their preferred bank account. When you transfer with Wise, you can receive to local bank accounts — no need for a Wise account.