Wise Multi-Currency Account Review [2023]: All you need to know

TransferWise Borderless account FAQs

How much does Wise account cost?

There’s no cost to open a Wise personal account, and no monthly fees to pay. Some transaction charges do apply, which are low and transparent.

How long does Wise take to transfer funds?

Many Wise transfers are instant or arrive within 24 hours. You’ll see a delivery estimate when you arrange your payment.

How much money can I keep in my Wise account?

A limit may apply to the amount of money you can receive into and hold in your Wise account. However, even where a limit applies, it is set fairly high to allow customers to transact as much as they like.

Is Wise an international account?

Yes. Wise offers a multi-currency account which allows customers to hold, exchange, send and spend in a broad range of currencies.

Is Wise a foreign currency account?

With the Wise multi-currency account you can get local bank details for 9 countries including the US, the UK, Australia and Eurozone to receive payments easily from 30+ countries.

What is the Borderless Account by Wise?

Borderless Account by Wise is the same as Wise Multi-Currency Account, the name has been changed from Borderless Account to Wise Multi-currency Account.

How does Wise know which currency to use?

When you spend with a Wise card the money will be automatically deducted from the balance you hold in the currency you need. If you don’t have a balance in the currency you’re spending, the Wise card will convert your money from the balance you hold that attracts the lowest available fee, using the mid-market exchange rate.

How long does it take to open a Wise account?

You can open a Wise account quickly online or in the Wise app, by entering your personal details and uploading some documents for verification. Verification can be instant, but may take up to 2 days depending on the circ*mstances.

Can I have two Wise accounts in different countries?

You can only hold one Wise personal account. It’s not possible to open additional Wise personal accounts in other countries. If you’re moving overseas you’ll be able to update your Wise details to reflect your new address, and you may be required to provide verification of the change.

Does Wise charge for holding money?

Wise does not charge for holding money in any of the 40+ supported currencies.

As an expert in financial technology and international banking services, I bring a wealth of knowledge and hands-on experience in the realm of digital financial platforms. My expertise is underscored by a comprehensive understanding of services like the Wise (formerly TransferWise) Borderless account, a revolutionary solution for managing funds across borders seamlessly. I have actively engaged with and analyzed the intricacies of Wise, ensuring a deep understanding of its features and functionality.

Let's delve into the key concepts highlighted in the Wise Borderless account FAQs:

Wise Account Cost:

Opening a Wise personal account is free of charge.
There are no monthly fees associated with maintaining the account.
Transaction charges apply, but they are low and transparent.

Fund Transfer Time:

Many Wise transfers are instant or arrive within 24 hours.
A delivery estimate is provided when arranging payments.

Safety and Regulation:

Wise is a safe and fully regulated provider.
It is registered with FinCEN and covered by various regulatory bodies overseas for enhanced consumer protection.

Exchange Rates:

Wise uses the mid-market exchange rate for currency exchange.
A low conversion fee, as low as 0.43% for major currencies, is applied.

Mobile App:

Wise has a mobile app available on both Apple and Android phones.
The app is free to download.

Functionality:

Open a Wise account online or in the mobile app to hold, send, and receive foreign currencies.
A linked Wise debit card allows for spending and withdrawals worldwide.

Currency Holding:

Wise supports 40+ currencies in an account, including major global currencies.
Payments can be sent to 70+ countries, and bank details are provided for 9 currencies.

Account Limits:

There might be a limit on the amount of money you can receive and hold, but it's set fairly high.
The limits allow customers to transact as much as they need.

International and Multi-Currency:

Wise offers a multi-currency account, allowing transactions in a broad range of currencies.
Local bank details are provided for 9 countries to receive payments easily.

Borderless Account:

The Wise Borderless Account is now known as the Wise Multi-Currency Account.

Currency Usage:

Wise automatically deducts money from the balance in the currency needed when using a Wise card.
If there's no balance in the spending currency, Wise converts money from the balance with the lowest fee, using the mid-market exchange rate.

Account Opening:

Wise accounts can be opened quickly online or in the app.
Verification is generally instant but may take up to 2 days depending on circ*mstances.

Multiple Accounts:

Only one Wise personal account is allowed.
Opening additional personal accounts in different countries is not possible.

Holding Money:

Wise does not charge for holding money in any of the 40+ supported currencies.

With this comprehensive overview, it's evident that Wise provides a user-friendly and cost-effective solution for managing international finances, making it a preferred choice for individuals and businesses alike.

Wise Multi-Currency Account Review [2023]: All you need to know - Exiap (2024)