Wise
UK e-money institution with a multi-currency account, debit card and transfers at the mid-market rate
Quick Overview
| Company | Wise Payments Limited |
|---|---|
| Category | Neobanks and Digital Banks |
| Headquarters | London, United Kingdom |
| Founded | Not stated |
| EU Presence | Yes - United Kingdom |
| Data Location | Not stated on the pages checked |
| Open Source | No |
| GDPR Compliant | Yes |
| Self-Hosting | No |
| Main Features | Multi-currency account, debit card, international transfers, receive money, Wise Assets returns, business account |
| Pricing | Pay per use, no subscription; sending from 0.24% fee depending on currency (checked 28 October 2026) |
| Best For | People who spend, send or receive money across currencies |
| Replaces | Chime, PayPal transfers, high-street FX |
Detailed Review
Wise Payments Limited states that it is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (firm reference 900507) for issuing electronic money. That makes Wise an e-money institution, not a bank, and investment services are provided by a separate Wise Assets entity.
Its pricing page says there are no subscriptions or plans: you pay for what you use, with exchange done at the mid-market rate.
Pricing Model
Opening an account is free. Sending money starts from 0.24% and varies by currency, and card ATM withdrawals are free up to a monthly limit (250 GBP per month on the UK page) and charged beyond it.
Spending Abroad
The debit card is aimed at spending and withdrawing worldwide. The UK page also promotes Wise Assets, with a 3.29% variable rate in GBP offered by Wise Assets UK.
Business
Wise Business is a separate product for companies, with team finances and accounting integrations, which overlaps with business banking.
Limitations to Consider
Wise is an e-money institution and not a bank, so it does not offer credit, mortgages or a current-account overdraft on the pages checked, and the Wise Assets returns are an investment product. The UK page was used; fees and limits differ by country.
Who Should Use Wise
Expats, travellers and freelancers who handle several currencies and want transparent per-use pricing.
Pros and Cons
Pros
- No subscription plans
- Mid-market exchange rate
- Multi-currency account and debit card
- FCA-authorised e-money firm
- Business version available
Cons
- Not a bank
- Fees and ATM limits vary by country
- Wise Assets is an investment, not a deposit
- Few lending products
Alternatives to Wise
Other European neobanks and digital banks worth comparing before you decide:
bunq
Netherlands · Dutch licensed bank with four personal plans, free to €18.99
Tomorrow
Germany · Sustainable German current account from €0 with Solaris as bank
Lunar
Denmark · Danish bank with a free account, Plus and Unlimited plans
N26
Germany · German mobile bank with Standard, Smart, Go and Metal plans
See all European neobanks and digital banks or compare them directly against Chime on our alternatives page.
Frequently Asked Questions
Wise states it is authorised by the FCA to issue electronic money, which makes it an e-money institution.
The pricing page says there are no subscriptions or plans.
Sending money starts from 0.24%, varying by currency.