Wise Multi-Currency Account Review [2023]

How to open a currency balance in Wise

You can open a currency balance in a supported currency, and instantly get local account details to receive payments to Wise in 9 major currencies including USD, EUR and GBP.

Here’s how to open a Wise GBP currency balance:

1. Log into your Wise account online or in the Wise app
2. Tap Open, and select GBP to open a GBP currency balance
3. You’ll be prompted to add funds to your account if it’s the first currency balance you’ve opened

Need a different currency? Just tap the currency you’re looking for, from the supported currencies listed in the Wise app. You’ll see your local account details instantly, and can use the ‘copy account details’ function to give them to anyone who needs to send you a foreign currency payment

How to add money to Wise account

You can add money to your Wise account, or if you already hold a balance in one currency and need another, you can convert to the currency you need, within your Wise account in just a few taps.

Here’s how to add money to a Wise account:

1. Open the Wise app or log into the Wise desktop site
2. Tap the currency balance you’d like to add money to
3. Click Add and enter the amount and currency to add
4. Select how you’d like to pay, and click Continue to payment
5. Depending on how you’d like to pay, you’ll be guided through the payment steps within the Wise app

You can pay to top up Wise in USD using your debit card, credit card, wire or ACH. Different payment methods have their own fees, so you’ll be able to pick the one that suits your needs from the options available.

How to receive payments into Wise account

You can receive a payment to Wise in any of 9 currencies, using local account details.

Here’s how to receive a payment to your Wise account:

1. Log into your Wise account online or in the Wise app
2. Tap Open, and select the currency balance you need to receive a payment to
3. Follow the prompts to confirm if you’re receiving a local or international payment
4. You’ll see your local account details, and can use the ‘copy account details’ function to give them to the sender

You can also request a payment from someone using a payment link. Simply tap the currency balance you want to receive a payment to, and then select More, followed by Request a payment. You’ll generate a payment link you can pass to the sender to make it easier for them to send you money.

How to use Wise Jars

Within your Wise account you can create one or more Jars, which are balances held separately to your main spending balance. This can be handy if you’re saving for a specific purchase or for a vacation for example.

Once you’ve opened your Wise Jar you won’t be able to accidentally spend the money using your Wise card, making budgeting easier. Then when you’re ready to access your Jar, just move the money back to your main Wise balance for use.

How to convert currency in Wise

You can convert currencies within your Wise account online and in the Wise app. You may want to convert a balance you hold to a different currency, for example if you’re heading off on a trip and want to set your travel money budget in advance. You can also convert currencies at the point of sending a payment, or automatically when spending with your Wise card if you don’t already have a balance in the currency you need.

Here’s how to convert currency in the Wise app:

1. Tap the currency balance you want to convert from
2. Select Convert and enter the amount to exchange, and the currency you want to convert to
3. You’ll be shown the exchange rate and fee, as well as how much you’ll get in the converted currency
4. Tap continue and follow the prompts to exchange 

If you’re spending or making a withdrawal with your Wise card and you don’t hold a balance - or enough of a balance - to cover the transaction in the required currency, the Wise card’s auto convert function will switch to the currency you need from the balance you hold which attracts the lowest possible fee. This means you’ll always pay in the local currency wherever you are, which avoids possible extra charges involved with dynamic currency conversion.

Wise auto conversion

Within your Wise account you can set up automatic conversions based on your preferred exchange rate. Simply choose the currency and amount you want to convert from and to, and enter the exchange rate you’re looking for. Wise will track the exchange rate, and automatically convert the amount you’ve selected, when your desired rate - or an even better rate - is achieved.

How to change default currency on Wise?

There’s no need to set or manage a default currency on Wise. If you have a balance in the currency you need for spending or making a payment the funds are deducted automatically from that balance. And whenever you spend in a currency you don’t hold in your account, Wise can automatically convert from the currency you hold which attracts the lowest possible fees.

Related: Wise debit card for travel

Can I use TransferWise as a bank account?

Wise is not a bank, but a Wise account offers many similar features to a bank account such as local account details to receive payments, debit cards to spend, and options to hold a balance in USD or a selection of other currencies. That means that a Wise account can be handy for day to day spending at home and abroad, but it’s good to know you won’t necessarily be able to access all the same services you can through a bank, such as check and cash deposits or loans.

Is Wise considered a foreign bank account?

The Wise account is a foreign currency account, which can be used to hold balances in 40+ currencies, and to receive payments in 9 currencies with local account details.

How to transfer money between Wise accounts

If you need to send a payment to someone else with a Wise account you can do that easily within the Wise app. You’ll be able to send a payment in USD or any of the 40+ supported Wise currencies, and it’s free to send a same currency transfer to another Wise account holder. If you need to convert currencies there’s a low fee to pay, and you can even send money using just the recipient’s email or phone number if you’d prefer.

Here’s how to transfer money between Wise accounts:

1. Log into your Wise account online or in the Wise app
2. Select Send Money
3. Enter the amount you want to send, or the amount and currency you want your recipient to get
4. Pick Wise Balance as the payment method 
5. Check everything over, enter the recipient’s information, and confirm your payment