Wise Review 2026: Multicurrency Account

The financial tech company Wise, originally known as TransferWise, offers a multicurrency account for U.S. residents and ex-pats with a wide range of currency services, competitive exchange rates and a limited set of fees.

Features

This account works like a global bank account that can convert and hold balances in more than 45 currencies, and send to more than double that number of currencies. You can also get paid in some currencies and earn interest in three currencies: U.S. dollars, euros and British pounds. The account’s debit card works in more than 150 countries. The mobile apps are highly rated, and the website has a robust FAQ section. There’s also a 24/7 customer support phone line.

Costs

• Upfront and ongoing costs: There’s no monthly fee or minimum balance to open or earn interest, but the physical debit card costs $9 to get. Holding money in the account is free.

• For spending: The debit card has no foreign transaction fees as well as strong benefits for ATM withdrawals globally: The first $250 withdrawn in US dollars is free, though there’s a fee for withdrawing higher amounts. 

• For saving: U.S. balances — in the main account or in optional sub-accounts called “jars” — can earn interest at an above average rate that’s almost competitive with online banks’ high-yield savings accounts. 

• For exchanging money: Transfers and currency conversions have fees, starting at 0.23%, that vary based on currency and amount. 

How to use a multicurrency account

A multicurrency account is a big step up from a debit or credit card with no foreign transaction fees. If you have close relationships or work that requires international payments or banking overseas, this account might be a good fit. This is a rare type of banking account usually reserved for high net-worth individuals and business, but Wise and another tech firm, Revoult, are two exceptions. You don’t need high balances to access these firms’ accounts.

Wise’s account isn’t meant to replace a regular bank account since Wise lacks some traditional services. You can’t deposit cash or checks or use physical branches, so adding money requires transfers using an external bank account. In addition, there are some service restrictions: Residents in New York and Alaska cannot earn interest, and residents in Nevada cannot hold balances.

» Want more options? See NerdWallet’s list of the best banks for international travel or best ways to send money internationally