Wise
Multi-currency account with mid-market FX. Best for cross-border transfers.
What Wise is
Wise (formerly TransferWise) is a multi-currency account and money-transfer service that converts currencies at the mid-market exchange rate with a transparent fee. Travelers use it to hold and spend multiple currencies, send money abroad cheaply, and pay overseas with a linked debit card without the hidden markups banks often add.
What it does for travelers
- ✓Multi-currency account that holds and converts dozens of currencies
- ✓Mid-market FX rate with a clearly stated, upfront fee
- ✓Linked debit card for spending and ATM withdrawals abroad
- ✓Local account details in several major currencies for receiving money
- ✓International transfers that are usually faster and cheaper than traditional banks
Good to know
- The app needs an internet connection to convert currency, make transfers, or check balances
- Identity verification is required to open an account, which can take time, so set it up before you travel
- The debit card is not available in every country, and free ATM withdrawals are typically capped before fees apply
- It is a money service, not a full bank in most regions, so balances may not carry the same deposit protections
Tips from the road
- Open the account and order the card well before departure, as card delivery and verification take days
- Hold a small balance in your destination currency in advance so you are not converting at a bad moment
- When a foreign terminal or ATM offers to charge you in your home currency, always decline and pay in local currency to avoid dynamic conversion markups
- Keep a backup card, since some merchants and machines abroad occasionally reject app-based cards
When to reach for it
Use Wise when you want to avoid bank FX markups on overseas spending or need to send money across borders at close to the real exchange rate.
Travelers use Wise in
Wise — frequently asked
Does Wise use the real exchange rate?
Wise converts at the mid-market rate and charges a separate, clearly shown fee, rather than building a markup into the rate the way many banks do.
Can I use the Wise card to withdraw cash abroad?
Yes, where the card is supported. Withdrawals are typically free up to a monthly limit, after which a small fee applies.
Do I need to verify my identity to use Wise?
Yes. Opening an account requires identity verification, so it is best to complete setup before you travel rather than mid-trip.