The Real Mid-Market Rate for 50+ Currencies
Wise (formerly TransferWise) was founded in 2011 in London and listed on the London Stock Exchange in 2021 (WISE.L). With 16 million customers and $125B+ in annual transaction volume, Wise is the world's leading international money transfer service. It's known for using the real mid-market exchange rate (the rate you see on Google) with a transparent, low fee — no hidden markup. The Wise multi-currency account holds balances in 50+ currencies and includes local bank details in 10+ countries.
| 🏛️ Founded | 2011 |
| 📍 Headquarters | London, United Kingdom |
| 📈 Listed on | London Stock Exchange (WISE.L) — listed 2021 |
| 📜 Regulators | FCA (UK — e-money institution), FinCEN (USA — MSB), various EU national regulators |
| 💵 Min. Deposit | €0 |
| 💰 Stock/ETF Commission | N/A |
| 💱 FX / Spread | From 0.33% for major currencies; higher for exotic pairs |
| 😴 Inactivity Fee | None |
| 🏧 Withdrawal Fee | Free to bank accounts (some limits); ATM: 2 free withdrawals/month up to £200 |
| 🖥️ Platforms | Wise App (iOS/Android), Wise Web |
| 🎮 Demo Account | No |
| 🛡️ Investor Protection | FCA e-money licence: customer funds safeguarded (not FSCS). LSE-listed. |
| 👥 Clients | 16,000,000+ |
Wise's web and mobile app are extremely user-friendly. The core experience is sending money internationally or holding multiple currency balances. The app shows the exact fee and exchange rate before any transfer is confirmed. The Wise debit card (Mastercard) lets you spend in 170+ countries using the real exchange rate. Interest on GBP, EUR, and USD balances is available via regulated money market funds (shown as 'Interest').
Wise offers: multi-currency account in 50+ currencies; local bank details in GBP (UK), EUR (IBAN), USD (ACH), SGD, AUD, NZD, CAD, HUF, and RON; international transfers to 160+ countries; Wise debit card (Mastercard); Wise Business (multi-user, batch payments, API); and Wise Interest (up to ~5% on GBP/EUR/USD via regulated money market funds). No investing, no crypto, no loans.
Transfers: from 0.33% for major pairs (GBP→EUR, USD→EUR). Holding balances: free. Wise card: free to issue; 2 free ATM withdrawals (up to £200/month); 1.75% fee above limit. Currency conversion fee: from 0.33% to 2%+ depending on currency pair. Wise Interest: no fee (fund costs: ~0.28% AER). Wise Business: from £0/month. No inactivity fee. No account maintenance fee.
| Stocks & ETFs | N/A |
| Forex / Spread | From 0.33% for major currencies; higher for exotic pairs |
| Inactivity fee | None |
| Withdrawal fee | Free to bank accounts (some limits); ATM: 2 free withdrawals/month up to £200 |
| Min. deposit | €0 |
Wise is listed on the London Stock Exchange (WISE.L), is FCA-regulated as an e-money institution, and is FinCEN-registered in the USA. Customer funds are 'safeguarded' rather than bank deposits — held in ring-fenced accounts at major banks and government bonds, separate from Wise's own assets. This means funds are not covered by FSCS (not a bank) but are protected in the event of Wise insolvency. Wise has never experienced a major security breach and uses biometric authentication and multi-factor verification.
| Regulators | FCA (UK — e-money institution), FinCEN (USA — MSB), various EU national regulators |
| Investor Protection | FCA e-money licence: customer funds safeguarded (not FSCS). LSE-listed. |
| Publicly Listed | London Stock Exchange (WISE.L) — listed 2021 |
Available in 160+ countries for transfers. Wise account available in 40+ countries.
Wise is the best product for international money transfers and multi-currency banking. Its real exchange rate, transparent fees, and 50+ currency support make it unmatched for frequent international payments, expats, freelancers, and businesses with global operations. It is not an investing platform and does not compete with brokers for stocks or crypto.
* Wise is not a bank. Customer funds are safeguarded, not insured by FSCS. Currency exchange involves risk.