Wise Multi-Currency Account Review: 54 Currencies Supported
Advantages and disadvantages
Annual percentage return (APY)
The Wise Multi-Currency Account is a great option if you live overseas or travel frequently, as its overseas transaction and conversion fees are lower than many companies charge. It’s also handy if you work for a company that pays you in a different currency than the one you use, or if you send or receive money from people who live in other countries.
How Wise works
Wise, formerly TransferWise, has a multi-currency account for travelers and people who send or receive money in multiple currencies.
If you are American, you might think of the Wise Multi-Currency Account as a hybrid checking / savings account. It has verification capabilities, such as using a debit card and receiving direct deposits. You can also create and name jars in the account to save for separate purposes, such as “Emergency Fund” or “Travel to Italy”.
You can hold up to 54 currencies in one account, send money to 80 countries, and use your debit card in 200 countries.
At present, you can only receive Australian Dollars, British Pounds, Canadian Dollars, Euros, Hungarian Forints, New Zealand Dollars, Romanian Leu (only for residents of the European Economic Area and Switzerland), Singapore dollars, Turkish Lira and US dollars. When the money arrives in your account, you can convert it to any of the 54 currencies Wise supports.
On the Wise site, see how much you will pay in fees to send money to another person. The total amount depends on currencies and payment methods (for example, direct deposit or wire transfer). You’ll also see the Wise Fee, which includes both the overseas transaction and conversion fees. Wise lets you know when the money is coming to the other account and lets you compare the fees with other currency transfer services so you can see if you’re getting the best deal.
Wise has 24/7 customer support. You can fill out a form and wait for a response, use live chat, or speak on the phone.
Your money is as safe with Wise as it is with any traditional bank. You can find out more about how Wise protects your account. here.
Is Wise trustworthy?
The Better Business Bureau gives Wise (which is still listed as TransferWise) a B in reliability. The BBB assesses reliability by examining companies’ responses to customer complaints, honesty in advertising, and transparency of business practices.
Wise used to partner with MS Bank. In March 2021, MS Bank accused Wise of using customer accounts to illegally transfer money to other countries. Wise denied these claims and said they were false.
How Wise Stacks Up
We compared the Wise multi-currency account to two similar accounts with Commonwealth Bank and Payoneer.
Payoneer is intended for business payments only, while Wise and Commonwealth Bank have both personal and business accounts.
Wise’s only fee for incoming payments is $ 7.50 if you receive a US dollar bank transfer. Commonwealth charges a fee for inbound payments, and Payoneer has various rules about what you will pay depending on who pays you and how.