Wise
Multi-currency account and card for sending, spending and holding money abroad.
Updated · AppBreakup editorial · Web, iOS, Android
Is Wise free?
Yes, free to use
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About Wise
Wise, formerly TransferWise, started as a cheaper way to send money internationally and now offers an account that holds and converts more than 40 currencies. Transfers and conversions use the mid-market exchange rate with a separate, upfront fee rather than a marked-up rate, which usually makes it cheaper than a traditional bank for cross-border payments. The Wise card spends in local currency around the world, and you can get local account details to receive salaries or payments in several currencies. Opening an account is free; you pay fees per transfer or conversion, and some features such as card withdrawals above a free allowance cost extra. In some countries balances can earn a variable return through Wise's interest or assets products. Customer money is held in safeguarded accounts. Business accounts add team cards and accounting integrations. It runs on the web and on iOS and Android.
Best for: Expats, freelancers and travellers who send, receive or spend money in several currencies.
Pros and cons
What works
- Mid-market exchange rate with fees shown upfront
- Holds and converts 40+ currencies in one account
- Local account details for receiving payments abroad
Why people leave
- Not a full bank in most countries, so no overdrafts or loans
- Per-transfer fees still apply, especially for small amounts
- Funds are safeguarded rather than covered by deposit insurance in many regions
Wise vs Monzo, Cash App and PayPal
From each app's listing and the prices verified on its own site. A dash means we haven't verified it yet.
Top Wise alternatives
See all 7- 1
Monzo68.8A full UK bank with FSCS protection, overdrafts and budgeting tools, for day-to-day banking at home.
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Cash App52.6For people in the US who mostly send money domestically, it offers free peer-to-peer payments.
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PayPal51.2Sends money abroad to anyone with an email address, and the balance can be spent at many online stores.
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Payoneer50.0Gives freelancers and online sellers receiving accounts in several currencies to get paid by foreign clients.
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Remitly40.9Better when the recipient needs cash pickup or a mobile wallet rather than a bank account.
Why people left Wise
In reviewers' own words, from reviews of the apps they moved to. These are their opinions, not ours.
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Reviews
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Wise: common questions
What is Wise?
Wise: Multi-currency account and card for sending, spending and holding money abroad. Best for expats, freelancers and travellers who send, receive or spend money in several currencies. Available for Web, iOS and Android.
Is Wise free?
Yes, Wise is free to use.
Is Wise open source?
No, Wise is not open source.
What platforms does Wise run on?
Wise is available for Web, iOS and Android.
What are the best alternatives to Wise?
The highest-ranked Wise alternatives right now are Monzo, Cash App and PayPal. See the full ranked list for pricing, platforms and verified facts.
Wise vs Monzo: what's the difference?
Wise is free to use; Monzo is free with paid plans. Both run on Web, iOS and Android.