What is Wise Bank?
Wise (formerly TransferWise) is a fintech platform specializing in low-cost international money transfers and multi-currency accounts for businesses and individuals. It offers real mid-market exchange rates, local banking details in multiple currencies, and transparent fees—making it ideal for freelancers, startups, and companies with global operations. Unlike traditional banks, Wise focuses on borderless transactions, supporting 50+ currencies and fast transfers to 170+ countries without hidden markups.
Who is Wise Bank most useful for?
Wise is most useful for frequent international transactors, including freelancers, expats, and small businesses needing low-cost, multi-currency accounts and real exchange rates. It caters to digital nomads and remote workers managing cross-border payments, as well as travelers seeking fee-free spending abroad. The platform also serves SMBs and startups with global operations, offering transparent pricing and fast transfers to 170+ countries.
FAQs on this Wise demo
How Wise compare to other fintech companies?
Wise excels in cross-border payments with transparent pricing and fast transfers, offering multi-currency accounts with real exchange rates—making it ideal for freelancers and small businesses. Compared to competitors like Revolut and Airwallex, Wise is more cost-effective but lacks advanced business tools and APIs. While it covers 70+ countries, alternatives like OFX and TerraPay serve broader or niche markets, respectively.
Is Wise a bank?
No, Wise is a Money Services Business, not a bank, but offers multi-currency accounts with features like holding balances, sending/receiving payments, and debit cards.
Can I use Wise as my primary account?
Yes, for day-to-day transactions (e.g., spending, transfers), but it lacks banking services like loans, cash deposits, or checks.
What currencies does Wise support?
With Wise, you can hold and convert 40+ currencies, with local bank details for 9+ currencies (USD, EUR, GBP, etc.) to receive international payments.
Can businesses use Wise?
Yes, with features like batch payments, Xero integration, and multi-currency business accounts - Wise is a great for both domestic and international businesses.
