Company information
Wise Bank: Your Modern Banking Alternative
Wise, formerly known as TransferWise, has been revolutionizing banking since its inception in 2011. Initially renowned for offering cost-effective international bank transfers with favorable exchange rates, Wise has expanded its services to become a comprehensive digital banking solution.
While the multi-currency account might not boast all the bells and whistles of some other neo-banks, Wise’s reputation for providing affordable and dependable services is well-established. It’s an excellent choice if your finances predominantly involve less common currencies. What truly stands out is Wise’s transparency regarding fees – you can readily access the cost of any service on their website in advance. However, if you’re seeking an economical solution and your transaction needs are modest, you might find alternative providers more suited to your requirements.
It’s worth noting that Wise accounts cannot be used to fund certain trading activities, including transactions involving cryptocurrencies, forex, CFDs (contract for difference), and options. We found that when attempting to make a payment to a Bitcoin exchange, the system declined the transfer, indicating that this rule is indeed enforced. Nevertheless, based on our experience, you can fund your brokerage account using Wise, even if the broker offers options trading, for example.
Cards
Fees at a Glance
Account Opening and Maintenance Fee
- Account opening and maintenance are free.
- For EUR balances exceeding €15,000, an annual fee of 0.4% is charged.
Card Fees
- Ordering a Wise debit card costs £5/€8/$9.
ATM Fees
- The first two withdrawals from any ATM are free, up to £200/$100 per month. Beyond this limit, a 1.75% fee applies for UK/EU customers and 2% for US customers.
- For customers exceeding two monthly withdrawals, there is a fixed fee of £0.5 for UK/EU customers and $1.5 for US customers per withdrawal.
Transfer Fee
- The cost of transferring money in the same currency as your Wise account varies by currency. For example:
- EUR: €0.28
- GBP: £0.32
- USD: $0.93
Currency Exchange Fee
- Wise charges a currency exchange fee for international transfers, ranging from 0.35% to 2.00% of the exchanged amount, depending on the currency pair. For example:
- EUR to USD: 0.41%
- GBP to USD: 0.35%
- USD to EUR: 0.42%
- GBP to PLN: 0.42%
Top-Up Fee
- Wise levies a top-up fee based on the currency and method used. While some methods, like credit/debit card payments, incur variable fees, there are free options available for depositing many currencies (e.g., EUR or GBP). Unfortunately, depositing USD free of charge is not an option.
Wise offers a modern and cost-effective banking experience, with a wide range of currencies supported and exceptional customer service. However, be aware of its limitations, particularly regarding certain types of transfers and fees associated with specific currency top-up methods.
Pros
Widest Range of Currencies: Wise allows you to top-up and hold the most diverse range of currencies among all digital banks.
Outstanding Customer Service: Wise offers a remarkable customer service experience.
London Stock Exchange Listing: It is worth noting that Wise is listed on the London Stock Exchange.
Cons
Lacks a Banking License: Wise does not have a banking license, which means there’s no deposit guarantee or standing orders.
No Free USD Deposits: There is no free option for depositing USD into your Wise account.
Restrictions on Transfers: You cannot use Wise to make transfers to merchants that facilitate the trading of cryptocurrencies, forex, CFDs, and options.