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Wise
International money transfer service and multi-currency account with competitive exchange rates.
About
Wise (formerly TransferWise) is a popular financial service for expats in Europe, offering international money transfers at real exchange rates with transparent, low fees. Their multi-currency account allows you to hold and manage money in 40+ currencies, with local bank details for receiving payments in major currencies including EUR, GBP, and others. While not a traditional bank, Wise is authorized by the National Bank of Belgium and complies with EU regulations to safeguard customer funds. It's an ideal solution for expats who need to manage money across borders without the high fees and hidden markups typically charged by traditional banks.
Features
- Multi-currency account with balances in 40+ currencies
- Local bank details for EUR and other major currencies
- International transfers at mid-market exchange rates
- Wise debit card for spending abroad with minimal fees
- Mobile app with real-time notifications and security features
- Two-factor authentication and dedicated anti-fraud team
- Operates in over 160 countries worldwide
Benefits
- Up to 8x cheaper than traditional banks for international transfers
- Transparent fee structure with no hidden charges
- Fast transfers (often same-day or instant)
- Excellent for freelancers working with international clients
- Easy online account setup without branch visits
- Real mid-market exchange rates without bank markups
- Free ATM withdrawals up to €200/month
- Regulatory safeguards for customer funds
Drawbacks
- Not a full-service bank (no loans, mortgages, or interest-earning accounts)
- Funds not protected under deposit guarantee schemes
- ATM withdrawal limits (€200/month free, then fees apply)
- No physical branches for face-to-face service
- Currency conversion costs can add up for frequent transfers
- No cash deposits or check processing
Frequently Asked Questions
Is Wise a bank?
No, Wise is not a traditional bank. It's a financial technology company authorized by the National Bank of Belgium that specializes in international money transfers and multi-currency accounts. While it offers many banking features, it doesn't provide loans, mortgages, or interest-earning savings accounts.
How are my funds protected with Wise?
Wise Europe SA complies with EU regulations to safeguard customer funds using cash deposits and low-risk liquid assets. While funds are not protected under the Belgian Deposit Guarantee Scheme like traditional bank deposits, they are held separately from Wise's own funds, ensuring they're protected if anything happens to the company.
What are the fees for using Wise?
Wise uses a transparent fee structure: account opening is free, currency conversion fees start from 0.47%, ATM withdrawals are free up to €200/month (then €0.50 + 1.75%), and the Multi-Currency Card has a one-time €7 fee. Receiving payments in EUR with local account details is free, while sending money internationally involves a small conversion fee plus a fixed fee that varies by currency.
Can I receive my salary into a Wise account?
Yes, you can receive your salary directly into your Wise account. Wise provides you with local bank details for various currencies (including EUR, GBP, USD, and others), which you can provide to your employer. This is particularly useful for expats working for companies in different countries or freelancers with international clients.
How does Wise compare to traditional banks for expats in Europe?
Wise offers significant advantages for expats in Europe compared to traditional banks: easier account setup without residency requirements, much lower fees for international transfers (up to 8x cheaper), real mid-market exchange rates, multi-currency management, and no monthly maintenance fees. However, traditional banks offer services Wise doesn't, such as loans, mortgages, and in-person support at branches.
What are the limitations of using Wise as my primary financial service in Europe?
The main limitations include: no physical branches for face-to-face service, inability to deposit cash or process checks, no interest earned on balances, no credit facilities (loans or overdrafts), ATM withdrawal limits (€200/month free), and funds not being covered by deposit guarantee schemes. For expats needing these services, Wise works best alongside a traditional bank account.
What are the key differences between Wise and traditional European banks?
For expats in Europe, Wise offers lower fees for international transfers, real mid-market exchange rates, multi-currency account flexibility, and faster transfers without branch visits. Traditional banks provide broader services like loans, mortgages, insured savings accounts (protected by deposit guarantee schemes), physical branches for in-person support, and more comprehensive regulatory protections. Wise excels in cost efficiency for cross-border transactions, while traditional banks offer a full range of financial services with stronger consumer protections.
Can I open a Wise account online without visiting a branch in Europe?
Yes, you can open a Wise account entirely online without visiting any branch. Wise operates as a digital-first service, allowing users to set up accounts quickly through its website or app. The process is straightforward, requiring only basic documentation such as proof of identity and address during verification. This makes Wise particularly convenient for expats and international travelers who want to manage multiple currencies without dealing with the bureaucracy of traditional European banks.
What documents are typically required to open a Wise account in Europe?
To open a Wise account in Europe, you typically need: 1) Proof of Identity (passport, national ID card, or photo driving license) and 2) Proof of Address (utility bills, bank statements, tax documents, or government-issued documents showing your address). If your identity document isn't issued by your country of residence, Wise may require proof of your right to live there, such as a residence permit or visa. For large transactions, additional documentation may be required to verify the source of funds. The verification process is completed by uploading high-quality images through the Wise app or website.
How does Wise's fee structure compare to other international payment services in Europe?
Wise offers the most transparent pricing with lower fees overall compared to competitors, especially for large transfers or frequent users needing competitive exchange rates. Unlike PayPal, which has high transfer fees and significant markups on currency conversion, Wise uses the mid-market rate with a small, transparent fee. Compared to Revolut, Wise is more cost-effective for international payments outside the SEPA area, particularly for users on standard plans. For expats or frequent travelers in Europe, Wise is generally the cheapest and most predictable option for international payments.
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