Wise USD Account Review [2024]
Wise customers can open a fully digital Wise account with a linked debit card which offers easy ways to hold, send, receive and spend dollars. Plus, as Wise accounts have great international features, you’ll also be able to hold a balance in 40+ other currencies, get paid from others in around 9 currencies, and send money to 70+ countries.
Read on for more about how the Wise USD account works, whether you want to hold dollars or another supported currency, including the fees, set up process, safety and more.
Wise USD account key points
- Wise accounts can be opened and managed with just a phone or laptop
- Hold and spend dollars alongside 40+ other currencies
- Add money in dollars or any of around 20 supported top up currencies
- Switch your dollars to foreign currencies for spending, with the mid-market exchange rate and low conversion fees from 0.43%
- Get a linked Wise debit card to spend globally, with low cost currency conversion
- Send money to 70+ countries, often instantly
- Get local bank details to receive payments to Wise in dollars or up to 8 other currencies
- No foreign transaction fees when spending overseas
Pros and cons of Wise USD account
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What is a Wise USD account?
If you’re in the US and looking for a digital account you can use to hold, receive, send and spend dollars, the Wise USD account can help. Wise USD accounts can also be opened by customers based in other countries, although some of the fees and features you get may vary slightly.
This guide focuses on opening a USD Wise account in the US, but you’ll be able to get all the local details for Wise USD accounts wherever you are, over on the Wise desktop site. Learn more about Wise accounts here: Wise Account Review.
Wise USD accounts can be used to hold and exchange dollars as well as 40+ other currencies, and come with a debit card for international payments. You can either add money to Wise yourself from your regular bank account or card, or give your local Wise USD bank details to anyone else who’s sending you money. Once you’ve got money in your account you can make fast – or even instant – payments to others in 70+ countries, and spend with your Wise card with no foreign transaction fees.
Wise isn’t a bank, it’s a financial technology company with a focus on making it cheaper, easier and faster to manage your money across different currencies. That means that while Wise doesn’t offer all the same services as a bank might, you will find some powerful international features such as currency exchange which uses the mid-market rate, and low conversion fees from 0.43%.
Can I open a Wise USD account in the US?
Yes. Wise operates in the US and in almost all other countries globally. You’ll be able to open a Wise USD account in the US with a local proof of address and ID document, or you can check out the details for opening a Wise USD account locally wherever you are, on the Wise desktop site.
How can I activate a USD account in Wise?
Open your Wise account online or by downloading the Wise app. All you’ll need is your normal ID document and a proof of address for verification purposes.
Here’s how to activate your Wise USD account:
- Download the Wise app, or open the Wise desktop site
- Register with your email address, or an Apple, Google or FaceBook account
- Follow the prompts to enter your personal details
- Upload your ID documents for verification
- Once your account is verified, tap Open in the app homepage
- Select Currency Balance and tap USD to open your USD account
- Top up your balance, complete any required security step, and start transacting
When is a Wise USD account needed?
Wise USD accounts are especially helpful for anyone who needs to hold, send, receive, spend and exchange both dollars and foreign currencies.
You can use your Wise USD account
- to receive money in dollars, or
- top up your account yourself from your regular bank account, and then
- spend with no foreign transaction fee when you travel or
- shop online in foreign currencies.
If you’re planning a vacation you can use Wise to set your spending budget in advance, by topping up in dollars and converting over to the currency or currencies you need before you travel. Or just let the Wise card automatically convert for you at the point of spending. In either case, you’ll get the mid-market exchange rate with no markup added, plus low fees from 0.43%, which can cut the costs compared to spending with your normal bank card overseas.
Business customers can also open a Wise business account to send and receive payments in dollars alongside other currencies, making it easier to connect with contractors, customers and suppliers based overseas. You can use local Wise bank account details to get paid through PSPs and marketplaces in up to 9 currencies, or simply add the details to your invoices to make it convenient for customers to pay in their preferred currency.
How does the Wise USD account compare?
Naturally, if you’re in the US you’ve got plenty of choice for USD accounts, including both accounts from a bank or credit union, and from digital providers. While US banks offer comprehensive products and services, they can come with relatively high fees for international spending and overseas payments. They’ll often also only support holding in USD, rather than having a selection of other currencies available. That can mean choosing a digital provider is cheaper if you need to transact in foreign currencies.
Let’s take a look at how the Wise USD account compares vs financial app Revolut and a more traditional US bank: Bank of America.
| Wise USD account | Revolut USD account | Bank of America | |
|---|---|---|---|
| Availability in the US | Available to personal and business customers | Available to personal and business customers | Available to personal and business customers |
| Global usage | Hold 40+ currencies Spend globally with linked debit card Free to spend from any currency you hold | Hold 25+ currencies Spend globally with linked debit card Free to spend from any currency you hold | Accounts hold USD only Spend globally with linked debit card |
| Conversion fees when exchanging dollars to foreign currencies | From 0.43% | All accounts offer some fee free conversion 0.5% fair usage fee once fee free conversion is exhausted | 3% foreign transaction fee when spending with a card Exchange rate markups may apply when sending money overseas |
| Exchange rate fees | No fees; mid-market exchange rate | Out of hours and exotic currency fees may apply | 3% foreign transaction fee when spending with a card Exchange rate markups may apply when sending money overseas |
| Other fees | 9 USD fee to get a card | Monthly fees may apply depending on the account you pick | 4.95+ USD monthly fee depending on the account you select |
| Linked Debit Card | Yes | Yes | Yes |
| Best Features | Supports 40+ currencies Local account details for 9 currencies to receive international payments | Supports 25+ currencies Budgeting and saving tools available | Good range of US banking services Branch network for face to face service |
Which provider and account is best for you will depend on your personal preferences and how you’ll want to transact. Picking a digital provider can be a good option as you’ll be able to manage all your transactions online or in an app, with no need to visit a branch in person. Fintech providers like Wise and Revolut are helpful if you’d like to hold multiple currencies in one account, and spend globally with a linked debit card. Other US digital banks with full banking licenses – like Bank of America – can also be a good pick if you’re looking for a range of services including overdrafts and loans which may not be available from fintech options.
Wise USD account fees
Here’s a look at the costs involved in opening and using a Wise USD account.
| Wise USD account | |
|---|---|
| Create account | No fee for personal customers, business customers pay a one time charge of 31 USD for full account features |
| Account monthly fee | No fee |
| Fee to receive payments in USD | No fee to receive payments by ACH with local USD bank details 4.14 USD fee to receive USD by wire |
| Fee to spend a currency you hold | No fee |
| Exchange rate | Mid market rate, low conversion fees from 0.43% |
| Send payments | Transparent fees from 0.43% |
| Fee to receive card | 9 USD for personal customers, business customers pay no fee for their first card |
| ATM fees | 2 withdrawals to the value of 100 USD/month free, then 2% + 1.5 USD per withdrawal |
| Virtual cards | No fee** |
*Information correct at time of writing, 6th June 2023
** Wise virtual cards are not yet available for US residents
Wise USD exchange rate
One of the most helpful features of the Wise account is that you can use it to hold not only dollars, but a broad selection of 40+ other currencies, too. Whenever you switch from one currency to another – to send a payment or spend on your card for example – you get the mid-market exchange rate with no markup, and a low conversion fee from 0.43%.
There’s no foreign transaction fee to pay when spending overseas with Wise – whereas with banks you’ll often find an extra charge of around 3% added for spending in a foreign currency when you travel or shop online with an international retailer. Overall, this can mean using Wise for your foreign currency transactions can work out cheaper compared to sticking with your bank.
How does the Wise USD account work?
Here’s how to create and use a Wise USD account with just your phone or a laptop:
- Account Creation: Download the Wise app or visit the Wise desktop site, register with a few personal details and add an image of your ID and proof of address documents – once your account has been verified you can start to transact
- Fund Transfers: Add dollars or any of around 20 supported currencies to your Wise account online or in the Wise app. You can pay by bank transfer, with a card, or with a mobile wallet like Apple Pay
- Sending and Receiving Payments: Send transfers to 70+ countries, in 40+ currencies. You can also receive payments to your Wise account in 9 currencies, including USD. There’s no fee to receive USD transfers to your account by ACH, and a low 4.14 USD fee to get paid by wire in USD
How to use the USD account abroad
Because you’ll be able to view and manage your Wise account with just your phone, you can easily keep an eye on your finances when you’re abroad. Use your linked Wise card to spend and make withdrawals, and get an account overview and instant transaction notifications in the Wise app. You’ll also be able to add money to your account, switch between currencies, and send easy, fast, local and international payments.
Related: How to use Wise card abroad
What is the eligibility for a Wise USD account?
This guide focuses on getting a Wise USD account in the US – but you can also open a Wise account to hold, send, spend and receive dollars from a broad selection of other countries too. To open a Wise account in the US or overseas you’ll need a proof of ID and address, and you’ll also need to be over 18. Check all the details for your location on the Wise desktop site.
Who is it good for?
You might want to open a Wise USD account for local and international spending. Wise USD accounts are good for:
- US customers who travel and want to spend with no foreign transaction fees overseas
- International customers looking for a way to receive and hold dollars
- Anyone who shops online with international retailers
- People who need to pay bills overseas, such as a mortgage on a vacation home
- Freelancers and contractors getting paid in dollars or foreign currencies
- Business owners who want to manage their money across currencies digitally
- Foreigners looking to open a bank account in the US
Is a Wise USD account safe to use?
Yes. Wise isn’t a bank, but it’s overseen in much the same way that banks are. In the US this means Wise is FinCEN registered, and holds its own license as a money transmitter in many states. Where Wise does not hold its own US license it offers services through its partner, Community Federal Savings Bank.
Plus, as a global company, Wise is also overseen and regulated by a range of other bodies overseas, which means Wise is safe to use in the US and when you’re away.
Availability
Wise USD accounts are available to customers in the US and most other countries globally, for customers with a valid proof of address and ID. If you’re not in the US, check out the Wise desktop site for details of account features and fees wherever you are, as they can vary slightly.
The Wise international debit card is issued on either the Visa or Mastercard network, and can be used in 170+ countries, wherever you see your card’s network logo.
Other available currencies
Wise accounts can hold, send, spend and exchange dollars alongside 40+ other currencies. You’ll also get local bank details to get paid in dollars and 8 other currencies. These include: British pounds, Euro, Australian dollar, New Zealand dollar, Singapore dollar, Romanian Leu, Canadian dollar, and Hungarian forint.
You can also check out Wise Euro account and Wise GBP account reviews.
Wise USD account limits
For US Wise customers with a Wise routing number starting in 026, the maximum amount you can receive into a personal account is 35 million USD a year. Business account holders can receive up to 50 million USD in their account balance over the course of the year.
These limits apply whenever you use your US Wise account information to receive a transfer – but they do not apply when you use the add money function to deposit USD funds to your Wise balance.
US Wise customers with a routing number starting with 084 do not have any limit on the amount of USD they can receive to their account.
It’s also helpful to know that limits apply on a per transaction, daily and monthly level on card spending. These limits are for account security, and can be viewed and adjusted in the Wise app.
Wise USD account alternatives
If you’re in the US you’ve got plenty of choice for USD accounts, including banks, credit unions and digital services like Wise and Revolut. There’s a lot of variation in the sorts of services and features you can get from different providers, and the fees you pay can vary a lot as well. That means it’s well worth comparing a few options, including both banks and fintech providers, to see which suits you best.
Conclusion: Wise USD Account details
Wise USD accounts are available to customers in the US and a broad selection of other countries globally. You’ll be able to hold and receive dollars, with 40+ other currencies also supported. That can make a Wise USD account particularly suited to anyone who travels a lot, or people who shop online and pay in foreign currencies. You can add money to your account in dollars, and manually or automatically convert to the currencies you need for spending, with the mid-market exchange rate, no foreign transaction fee, and low conversion costs from 0.43%.
FAQ – Wise USD account
How do I open a USD account with Wise?
Register for a Wise USD account online or through the Wise app using a local US proof of address and ID. Then all you need to do is tap to open a USD balance within the Wise app, to start spending, sending and receiving dollars easily.
What is the account limit for Wise in dollars?
Some Wise US customers have a holding limit on their account – however this is set at a pretty high 35 million USD per year for personal customers. Adjustable spending limits also apply when you use your Wise card.
How do I add dollars to Wise?
Open a Wise USD account, and simply log in and tap Add to top up in dollars from your bank account or with a card or mobile wallet. You can also get local USD account details, and give them to anyone who needs to send you money in dollars.
