Just log plus500 legit check in and top up the account you’d like to use with a credit card, debit card, bank account, or SWIFT transfer. Tell us who you’re sending the money to, along with their local bank details. You can send money to yourself, someone else, or a business, depending on the country. Opening a Wise account to make payments, or adding a currency to your Wise account to hold and get paid in foreign currencies is easy. With just your laptop or smart device you can register, get verified, and access all the services you need to manage your money across currencies for less.
The card that’s always got the right currency
For a debit (ACH) transaction, you can send up to $15,000 per day. With a debit or credit card, the limit is $2,000 every 24 hours and $8,000 every seven days. For a local bank transfer, you’re able to transfer as much as $1 million.
Is Wise a free service?
- For the most up-to-date pricing and fee information, please read our Terms of Use for your region.
- Register with Wise online, or by downloading the handy Wise app.
- They are also regulated by the relevant authorities at a state level.
- You can add currencies to your main account, and also to any jars and groups you open.
Overall, money can be sent to more than 80 countries, which is fewer than some of Wise’s competitors. They both moved their money with their banks — which had expensive fees and bad exchange rates. So they put their heads together and invented a beautifully simple workaround.
The cheapest way to send 30,000 USD to EUR is by using money that’s in your Wise account and costs 82.33 USD. We use the mid-market exchange rate — the fairest rate — and always show your fees upfront. A lot of people these days are wondering Is Wise FDIC insured? The answer is Yes, but with conditions – only US customers with a SSN/EIN or a US business with an EIN will be covered. Additionally, these customers must opt to earn interest in their USD account with Wise.
If you meet these conditions, your deposits are also insured by the FDIC to the tune of $250,000. You’ll need to make sure your details are correct and up to date within Wise to send payments. Then, you’ll need to supply at least the name and email address of your recipient, or their bank details if you have them.
- And we run millions of checks each day to protect every transaction from fraud.
- Wise is growing popular largely thanks to its ease and speed of transfers, as well as its competitive fee structure.
- Next you’ll be asked to verify your identity by uploading an image of your ID documents, and a selfie².
- Wise lets you hold 40+ currencies safely, and switch between them on the go in the Wise app.
Also, Wise offers a debit card and a multi-currency account, neither of which is available from OFX. In most cases, Wise is regulated like a payments institution. This means that they can offer money transfer services and can move money between bank accounts. Wise is however itself not a bank – this is important to note. For that reason, they typically they cannot offer services such as savings, loans, etc. on their own.
And while international payments with old school banks can be slow and expensive, Wise transfers are fast, with no surprise fees and no hassle. The total cost of a transfer is the fee plus exchange rate. If your provider says there’s no fee, check their exchange rate against the one Wise offers. Wise does charge currency exchange fees, however, so it’s well worth looking out for any charges that apply should you wish to change your money around within the account. Whether you run your own business, work freelance, or regularly travel overseas, there’s a good chance you may have come across Wise before.
Track exchange rates
You can share them with friends and companies to get money from globally. Learn how to pay a bill in euros from the UK with Wise at a mid-market rate and save on unnecessary fees and foreign exchange conversions. There’s also the Wise digital card, which you can store virtually in mobile wallets like Apple Pay and Google Pay. Linked to your Wise account, this virtual card lets you spend in 150+ countries worldwide without having to carry a physical card with you – making it ideal for travellers. It’s also worth noting that Wise is up front about not being the cheapest option for money transfers. So if cost is an issue, Remitly might be a better choice.
You’ll need to open separate Wise business accounts for every different legal entity. You can also manage shared finances with friends and family with our Split Bill feature. Say goodbye to awkward conversations and complicated calculations for everything from restaurant bills and travel expenses to monthly rent. This feature has been designed to make splitting costs transparent and hassle-free. Simply open a currency account in one of the 40+ currencies available, and top up your account.
Never pay a hidden fee again
Within the US, Wise is regulated via FinCEN, the Financial Crimes Enforcement Network. It’s also a money transmitter under license through different regulators in applicable US states – Guam, Puerto Rico and the US Virgin Islands included. They are also regulated by the relevant authorities at a state level. Send money now, or schedule transfers whenever suits you for less. Account details will be different depending on the currency. You’ll have an IBAN for EUR, a sort code and account number for GBP, a routing and account number for USD, and so on.
Wise’s Features
These hidden charges are on top of the stated charge, which is sometimes advertised as ‘free’ or ‘0% commission’. Managing day-to-day expenses with a partner, family, or housemates is easy with ‘Spend with others’, our feature for shared finances and group spending. This means you lose less of your money in fees or hidden markups. Wise is a way to move your money around the world, as easily as possible, for as little as possible. We’re building a better, cheaper, fairer system for anyone who lives, travels, or does business across borders.
No, you can only have your own personal individual account. We don’t offer joint accounts in Wise, so each user should have their own. Read our essential review of Revolut Ultra vs Amex Platinum, comparing the two on features, travel perks, lifestyle benefits, fees and more. Most people have no idea how much they’ve paid to access their own money.
Where can you purchase a Travelex card in the US?
If you’re registered in the EU, the limit is two people in a group. Currently, no matter where you are registered you can only be part of two groups. It’s different from a joint account, it works as third-party account access that has one owner who controls the access and money along with one or more members who have limited access.
Wise’s Pricing
Existing Wise members will receive a convenient in-app payment request notification to settle their share. For friends and family not on Wise, a simple payment link is generated for them to pay you back from their preferred bank account. Transferring money from a Wise account to a bank account isn’t a smooth process. First, you must sign into your Wise account, choose the amount you want to send, enter the recipient’s banking information and select “bank transfer” as the payment method. Next, you must leave your Wise account, and complete the transfer by signing into your bank account and plugging in your Wise account information. Signing up for a free account takes just a few minutes, and Wise walks you through each step.