Wise: save and convert your money, worldwide
If your life touches more than one currency — you've moved abroad, you travel often, you're paid by overseas clients, or you just buy things from other countries — your bank is quietly taking a cut every time. Wise (formerly TransferWise) is the tool that stops most of that, by giving you the real exchange rate and a single account that holds and spends dozens of currencies.
The hidden cost banks don't show you
When a bank converts currency, it usually adds a markup of 3–5% to the exchange rate — hidden inside a "worse" rate than the one you see on Google — often on top of a flat fee. You rarely see it, but on bigger amounts it's real money: a 4% markup on £2,000 is about £80 gone. Wise charges a small, clearly-stated fee instead and uses the mid-market rate — the genuine one.
What you get with Wise
- A multi-currency account. Hold and manage 40+ currencies (GBP, EUR, USD, and more) in one place, and convert between them at the real rate whenever it suits you.
- Local account details. Get real account details in several currencies (a UK sort code & account number, a euro IBAN, US details and others) so you can receive money like a local — handy for salaries, pensions, or client payments from abroad.
- The Wise card. A debit card that spends in whatever currency you're in at the real rate, with low-cost ATM withdrawals — great for travel and life abroad.
- Fast, transparent transfers. Send money to bank accounts in 70+ countries; you see the fee and the exact amount that lands before you confirm.
Who Wise is best for
- Expats moving pensions, salary or savings between countries (see our guide to sending money from the UK to Spain).
- Frequent travellers who want to spend abroad without the airport-bureau and bank-card markups.
- Freelancers & remote workers paid by overseas clients in different currencies.
- Online shoppers & students abroad who regularly deal with foreign currencies.
How to get started
- Open a free Wise account and verify your ID (passport or driving licence).
- Add money from your bank by transfer or card.
- Convert or send at the real rate — you'll see the fee up front.
- Order the Wise card to spend and withdraw in any currency.
Open a Wise account (fee-free first transfer) →
Frequently asked questions
What is a Wise multi-currency account?
It's an account that lets you hold money in 40+ currencies at once, convert between them at the real exchange rate, and get local account details in several currencies so you can receive money like a local.
Is Wise cheaper than a bank?
For currency exchange, almost always. Wise uses the real mid-market rate with a small upfront fee, while banks typically hide a 3–5% markup in the rate. The larger the amount, the more you tend to save.
Can I spend abroad with the Wise card?
Yes. The Wise debit card spends in whatever currency you're in at the real rate, auto-converting from your balances, with low-cost ATM withdrawals — ideal for travel and living abroad.
Is Wise a bank, and is my money protected?
Wise is not a bank — it's an FCA-regulated Electronic Money Institution. Your money is safeguarded but not FSCS-protected. It's ideal for moving and spending money, not for holding large savings long-term.
I'm moving money between the UK and Spain — is Wise good for that?
Yes, it's one of the most popular uses. See our dedicated guide to sending money from the UK to Spain.