Wise — fees, features, catches and safety
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Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying. Some links are referral links — we may earn a commission. You can check a firm’s details on the FCA Register.
Quick answer
Wise is a money app for holding, converting and sending money in many currencies at the mid-market rate plus a disclosed fee, from 0.24% for conversions and transfers, as of 4 October 2026. Opening an account is free and the debit card costs £7.
You can withdraw £250 a month from cash machines free; above that the fee is 2.69%. Wise isn’t a bank, so your money is safeguarded rather than FSCS protected.
Who it’s for
- People who send money abroad or get paid in other currencies
- Travellers who want to hold and spend several currencies
- Expats and people with costs in two countries
Who should avoid it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You want FSCS deposit protection on your balance
- You withdraw a lot of cash abroad — 2.69% above £250 a month
- You want an overdraft or credit
Key features
- Hold and convert dozens of currencies at the mid-market rate plus a fee
- Send money to 100+ currencies
- Account details to receive money in 22 currencies
- Debit card for spending in 200+ countries
- Wise Interest and Stocks (capital at risk)
- Wise Business for companies and freelancers
Eligibility
- Register for free online or in the app
- Identity verification is required
Fees
| Item | Fee |
|---|---|
| Opening an account | Free |
| Debit card | £7 |
| Converting or sending money | From 0.24%, varies by currency |
| Cash withdrawals | Free up to £250 a month, then 2.69% |
| Receiving GBP Swift payments | 2.16 GBP each |
| Wise Interest (GBP) | 3.29% variable after a 0.55% annual fee (capital at risk) |
Figures as of 4 October 2026, taken from the provider’s own website. Rates and fees can change.
The catch
Fees vary by currency, so check the exact price for each transfer. Wise Interest is an investment in a fund — capital is at risk and the rate (3.29% on GBP after a 0.55% annual fee, as of 23 September 2026 per Wise) changes.
Check Wise’s current fees.
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FAQs
Is Wise a bank?
No. Wise is an FCA-authorised electronic money institution.
Is my money safe with Wise?
Wise isn’t a bank. It’s authorised by the FCA as an electronic money institution (FRN 900507) and says it safeguards customer money with banks such as Barclays and JP Morgan Chase, so money in a Wise account isn’t covered by FSCS deposit protection. Wise says money invested through Wise Interest and Stocks is eligible for up to £85,000 FSCS investment protection.
How much does Wise charge to send money?
It varies by currency, from 0.24%, as of 4 October 2026. Wise shows the fee before you confirm.
What exchange rate does Wise use?
The mid-market rate, with the fee shown separately.
How much is the Wise card?
£7.
Are cash withdrawals free with Wise?
Up to £250 a month; then 2.69% of the amount over £250. ATM operators may charge too.
Can I earn interest with Wise?
Through Wise Interest, an investment in a low-risk fund. Capital is at risk and returns aren’t guaranteed.
Can I get paid in other currencies?
Yes, with account details in 22 currencies.
Does Wise have a business account?
Yes, Wise Business, with a one-off 50 GBP set-up fee.
Is the Wise link a referral link?
Yes — it’s a referral link, and we may earn a commission. It doesn’t affect what you pay.
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