Wise (UK, LSE: WISE) built the bank alternative for international money: funds are converted at the mid-market rate and the fee is a transparent fixed charge, shown before you confirm.
What it does
- Send money to accounts in 160+ countries with the fee visible upfront
- Receive foreign currency payments with local account details (IBAN, ACH, BSB…)
- Spend abroad with a multi-currency debit card
- Pay international invoices to suppliers and freelancers
Products
The Wise account holds balances in dozens of currencies with local account details in several countries, an international debit card and instant conversion. For companies there is Wise Business (account, API and batch payments). The product runs on its own liquidity network instead of correspondent banking.
Public pricing
- Fixed fee per transfer, declared before confirmation (historically averaging below 1%)
- FX always at the mid-market rate, no markup
- In-balance conversions with a small published per-currency fee
Strengths
- Visible, predictable final cost — no hidden spread
- Speed: most transfers arrive in minutes/hours
- Local accounts in several currencies solve getting paid without a local bank
Points of attention
- Not a salary/local account everywhere (depends on residence)
- Limits and availability vary by currency and origin country
- Card issuance costs apply in some markets