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What is Wise?
Wise (formerly TransferWise) is a financial platform that lets you hold, convert, and spend money in multiple currencies at the real mid-market exchange rate. For travellers, it addresses one of the most persistent and least visible frictions of going abroad: the gap between the exchange rate you see quoted and the one you actually get.
When you spend on a standard high-street bank card overseas, your bank typically applies a markup to the exchange rate on top of any foreign transaction charge. The effect is invisible in the moment, because the transaction simply appears in your statement in your home currency, already converted. You never see the rate you were given.
Wise applies a transparent conversion charge and then uses the real mid-market rate, which is the rate you would find quoted on a currency data site. The charge is shown to you before you confirm, rather than folded into the rate.
What a Wise account includes
- Multi-currency account. Hold balances in a wide range of currencies at the same time, and convert between them in the app.
- Local account details. Account numbers in currencies including GBP, EUR, USD, and AUD, which are useful for receiving payments from abroad.
- Wise debit card. A physical and virtual card that works at ATMs and card terminals internationally. Spending in a foreign currency draws from your balance in that currency, or converts from another balance if that one is empty.
- International transfers. Send money to bank accounts in a large number of countries, often within hours rather than days.
Why it matters for travellers
Multi-country trips. Load your account before departure and convert to each destination currency in advance, at home, rather than at an airport desk at six in the morning. Our multi-country visa planning guide covers the paperwork side of the same trip.
Cruise and port spending. Rather than exchanging cash at the ship's bureau de change, use the card at a terminal or ATM in each port city. See our cruise visa guide for how port entries work.
Long trips and remote working. Wise supports receiving international payments, which is useful for freelancers and anyone being paid in more than one currency. Our digital nomad visas guide covers the permissions side.
A backup card. Even if Wise is not your primary account, holding it with a funded balance gives you a fallback if your main card is lost, blocked, or flagged by fraud detection while you are abroad. Carrying a second card from a different provider is one of the simplest pieces of travel insurance there is.
What it does not do
Wise is not a bank account in the traditional sense, and balances are not covered by deposit protection schemes in the way bank deposits are. Treat it as a spending and transfer tool rather than somewhere to keep savings.
Cash is still cash. Some destinations remain heavily cash-based, and a few operate closed currencies that cannot be obtained outside the country at all. Check what your destination actually uses before assuming a card will cover you.
Getting started
Sign up and verify your identity, which typically requires a photo of your passport or driving licence and a selfie. Most accounts are approved quickly. Order the physical card well before your trip, since delivery takes several days.
For a step-by-step guide to using it on the road, see our practical Wise travel guide. For how it compares with sticking with your existing bank, see Wise versus your bank.
For how to prepare your finances before any trip, see our travel money checklist.
Frequently asked questions
What is Wise used for?
Wise is a multi-currency account and card. Travellers use it to hold balances in several currencies, convert between them at the mid-market rate with a transparent conversion charge, and spend abroad without their home bank applying its own exchange margin.
Is Wise a bank?
No. Wise is a regulated money services provider rather than a bank, and customer funds are safeguarded rather than covered by deposit-guarantee schemes in the way bank deposits are. That distinction matters if you are deciding how much to hold in the account.
What is the mid-market rate?
The mid-market rate is the midpoint between the buy and sell prices for a currency pair, and it is the rate you see quoted on financial data sites. Many providers apply a margin to that rate. Wise converts at the mid-market rate and charges a separate, stated conversion charge instead.
Can I use Wise in any country?
Availability varies by country, both for opening an account and for which currencies you can hold. Card availability is narrower than account availability. Check the current country and currency list on Wise before assuming your destination is supported.
Do I still need cash when travelling with Wise?
Often, yes. Card acceptance varies a great deal by destination, and some markets, transport systems, and rural areas remain cash-first. Our travel money checklist covers how to think about the mix before you go.
How is Wise different from using my normal bank card abroad?
The main difference is where the currency conversion happens and what margin is applied to it. Our comparison of Wise versus your bank sets out how the two approaches differ in practice.
How long does it take to set up?
Account opening involves identity verification, which is not instant, and a physical card has to be posted to you. Both are reasons to set it up before a trip rather than in the departure lounge.
Can I receive money into a Wise account?
Yes. Wise provides account details in several currencies, which is one reason it is common among remote workers and long-term travellers. Our guide to digital nomad visas covers the wider picture for people working while travelling.
Does Wise help with visa applications?
Not directly. Some visa applications ask for evidence of funds, and requirements about which institutions are acceptable vary by country. Check the specific consulate's requirements rather than assuming any particular account will be accepted.
How do I actually use it once I am abroad?
The practical mechanics, including choosing which currency to pay in and when to convert, are covered in our guide to using Wise abroad.