Wise (formerly TransferWise) is a UK-based foreign exchange financial technology company founded by Estonian businessmen Kristo Käärmann and Taavet Hinrikus in January 2011. Wise specializes in cross-border payment transfer. As of 2023, it offers three main products: Wise Account, Wise Business, and Wise Platform.

Wise is not a bank, as it states it does not lend out customer money to others. However, it offers accounts to customers to hold their money while sending, receiving, and spending. Customers may opt-in to earn interest on the account and gain FDIC insurance on up to $250,000 of their deposit, relying on Wise’s partnership with banks. Wise Business allows businesses to perform cross-border money transfers. Wise Platform is a platform allowing “banks and businesses to offer their customers fast, cheap and transparent ways to manage their money across borders”.

What are the advantages of online banking?

1: Your money is available anywhere:

With online banking, all you need is an internet connection and you can check your balance or make a payment. You’re not tied down to one geographical location, like with using a local bank branch.

2: Money transfers are easy:

You don’t need to recite account details over the phone or fill in paper forms to send money online. You can set up a new payment in moments, and save the details for future use.

3: Opening a new account is a breeze:

Many banks let you open an account online in just a few minutes. This beats queuing at the bank, filling in forms and handing over documents. You can get a new account up and running in just a few clicks, and get on with the rest of your day.

4: Other banking services are so much quicker:

With online banking, there’s no need to take time out of your day to visit an ATM to check your balance. Similarly, you don’t need to visit a branch to pay bills or wait for a statement to arrive in the mail. You can do it all in minutes, just by logging in on your laptop or mobile device.

Types Of Wise Accounts:

Personal Account

Free to open – apply online or in app, and upload your proof of ID
Hold and exchange 50+ currencies, send payments to 77 countries
Get local bank details for 10 currencies, to get paid fee free
All currency exchange uses the mid-market exchange rate
One time fee of 7 GBP for a Wise card
Hold your balance in cash, or choose Wise Assets to invest in stocks
Manage your money via the Wise app, with transaction notifications, and options to freeze and unfreeze your card
Wise is FCA regulated – your money is safeguarded by Wise and held in top tier banks
Takes Upto 30 minutes to get activated.

$50

Business Account

45 GBP fee to open – apply online or in app, using proof of ID and business documents
Hold and exchange 50+ currencies, send payments to 80+ countries
Get local bank details for 10 currencies, to get paid by clients, marketplaces and PSPs
All currency exchange uses the mid-market exchange rate
Order business debit cards and expense cards for your team, for 3 GBP each
Earn cash back on eligible business card spend
Hold balance in cash, or eligible businesses can choose Wise Assets to invest in stocks
Multi-user access to add team members and manage their permissions
Batch payments to up to 1,000 people at once
Xero and QuickBooks integrations
Manage your money via the Wise app, with transaction notifications, and options to freeze and unfreeze your card
Wise is FCA regulated – your money is safeguarded by Wise and held in top tier banks