With
MDE, you can have an address in Europe that lets people of any nationality open a Multi-Currency account with access to the world's main markets.
The main advantage of the
Wise Multi-Currency account is that it gives you
unique, personal local bank details in several countries, specifically the USA, the United Kingdom, the eurozone, Australia, New Zealand and Poland. This means you can use a Wise multi-currency account to pay like a local in several countries and currencies without the usual fees.
As part of your Wise multi-currency account, you can obtain the following bank details:
- A British account number, IBAN and sort code;
- A European IBAN with its own SWIFT/BIC details;
- An Australian account number and a BSB code;
- A New Zealand account number;
- A US account number, bank routing number, bank code and ACH/ABA routing numbers;
- A Canadian account number, transit number and institution number;
- A Romanian bank code and account number;
- A Singapore bank code and account number.
- A Hungarian bank code and account number;
- A Turkish IBAN.
You can then share these details with family, friends, businesses, clients and others, and they can pay directly into your Wise Multi-Currency account using your local bank details, as if you had a bank account in their own country.
The Wise multi-currency account is perfect for people who do business in several countries and want to receive payments, or travelers who want to spend from their account balance without foreign transaction charges.
You can spend money in 50 countries with a Wise debit card and hold money in up to 40 currencies in your Wise Multi-Currency account, converting between them instantly using Wise's fees and exchange rates. There are no fees to open or maintain a Wise multi-currency account or to get virtual bank accounts, but there is a small 0.2% fee to add money to your account using some payment methods.
You can deposit funds into your
Wise Multi-Currency account in several ways, by going to your
Wise Multi-Currency account and choosing to add a currency and how you want to pay. This includes funding via a debit or credit card, making a bank transfer from another account, or having someone else make a transfer to your account using your virtual bank details. Note that if you are funding the account or receiving money from elsewhere, it must be in the same currency as the bank details you provided, or Wise will reject the transaction.
You can use your
Wise Multi-Currency account to convert money between the currencies and balances you hold, or make a transfer to someone else's bank account, whether in the same country as you or internationally. You can also spend money from your Wise multi-currency account using your linked debit card.
Conversions between currencies in your Wise multi-currency account are instant. Sending money to someone else's bank account from your
Wise Multi-Currency account usually takes one to three business days.
We believe the virtual bank accounts provided by the
Wise Multi-Currency account are a unique service, and the debit card offers excellent value when you spend money abroad.
Pay like a local: Wise debit card
Once you sign up for a
Wise multi-currency account, you'll receive a free bright green travel card that works practically everywhere Visa is accepted.
While you can use the card to spend in your own country, it becomes essential as soon as you need to pay in a foreign currency, whether online or in person while abroad. By drawing on Wise's expertise in currency exchange, using the debit card lets you take advantage of low fees when spending in a foreign currency.
For example, while typical banks such as HSBC mark up the exchange rate by 2.75% for foreign-currency payments, Wise charges a comparatively low average of 0.35% for major currencies such as the euro, the US dollar or the Swiss franc. This figure is higher for less liquid currencies such as the Chilean peso or the Ugandan shilling, which comes in at around 2% of the transfer value.
Cash withdrawals with the Wise debit card are also priced quite reasonably. If you need to withdraw cash at an ATM, the first £200/$250 per month are free, after which you'll pay a fee of 2% of the amount withdrawn.
Every time you spend with your Wise debit card, you'll receive an automatic notification on your smartphone from the Wise app showing you how much foreign currency you spent and how much balance you have left in that currency. You'll also be able to change the PIN, freeze the card if you can no longer find it, set spending limits and review your past transactions. Keep in mind that you'll need to have a minimum balance of 20 GBP/EUR/USD or 30 NZD/SGD (or the equivalent in another currency) to request a Wise debit card.
Note that the Wise Visa card is a debit card, which means you'll only be able to spend what's already in your Wise Multi-Currency account and, therefore, it won't affect any credit rating you may have.
To be able to sign up with Wise, you need to have an address in Europe, although your nationality does not have to be European. You can take advantage of the address provided by
MDE to register with Wise, validate your account and receive your physical Mastercard card. In addition, by
signing up through this link, you'll save the commission on the transfer of your first 500EUR.
