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Wise Review 2024 – Pros & Cons

Baptiste Wicht | Updated: |

(Disclosure: Some of the links below may be affiliate links)

Wise (formerly TransferWise) is a British financial technology company. It provides many financial services but is primarily known for its affordable currency exchange services.

You can use Wise to send money to other people in many different currencies at excellent prices. You can also use your Wise card to pay abroad cheaply. You can also use it as a bank account and hold many currencies.

But how good is it? Should you use Wise? We must find out the advantages and disadvantages of Wise.

About Wise
Monthly fee 0 CHF
Users 15’000’000
Card Mastercard Debit
Currencies CHF and more than 20
Currency exchange fee 0.4%-0.8%
Top-up CHF Free with Swiss IBAN
Languages English, French, German, and Italian
Other features N/A
Depositor protection 0 CHF
Established 2011
Headquarters London, United Kingdom


Wise is a private company based in London, United Kingdom. They already launched in 2011, making it one of the earliest fintech companies. They started under TransferWise and changed their name to Wise in early 2021.

They started by offering good-priced money transfer services for conversions between currencies. But now, you can also hold different currencies in your account and receive money directly.

In 2019, they had more than 6 million customers. In 2021, more than 10 million customers used Wise. Wise customers hold more than 3 billion GBP in Wise. Their services are available in many countries, such as the US and most of Europe. The most impressive number is that people transfer more than 5 billion GBP monthly using Wise.

In July 2021, they went public on the stock market after a long-awaited IPO.



The main feature of Wise is its multi-currency account. This account used to be called Borderless, but it was renamed to a multi-currency account. Wise also has a Business bank account. However, I will focus on the personal bank account in this review.

The principal feature of this account is the ability to hold up to 56 different currencies. You can pay in these currencies and keep money in them. For instance, if you receive money in EUR, you can keep it and use it if you go shopping in France. This is great since it gives a lot of flexibility.

You can get local account numbers in 10 currencies. You will get a personal EUR IBAN or a USD routing and account number. Personal accounts are a great feature since people can send you money directly to these accounts in your name.

Unfortunately, you cannot get a local personal Swiss IBAN. I do not know any service providing a personal CH IBAN except for actual Swiss banks.

On the other hand, they have a CH IBAN that you can use to top up your account for free. Therefore, you can send money from your bank account to your Wise account for free!

Another great feature of Wise is the ability to send money to accounts in 80 countries!

When you send or spend money, the system is smart enough to use the money you already have in the proper currency. If you do not have it, it will be converted automatically.

Sending money is also very fast. Wise achieves this by having local bank accounts in many countries. So, when you send money from one country to another, it goes quickly through the different bank accounts from Wise. All these bank accounts allow them to cut intermediaries, which has the double effect of faster and cheaper transfers.

With your account, you can also get a Mastercard Debit card. This card is great if you want to travel with your account or get some cash. All the payments with this card will work the same way as sending money or paying online. It will first use your balance in that currency or convert it automatically for you.

As you would expect, you can use your Wise account to pay with Google Pay, Samsung Pay, and Apple Pay. So you can easily pay with your phone.

They even started a feature to have a virtual Visa card. Virtual cards mean you can have several (up to 3) cards that only live in your account. You can use it online or with Google Pay / Apple Pay. This is great for security. You can create a new card, pay online on a site you do not entirely trust (or are testing for the first time), and then delete or freeze the card. This is an excellent feature!

A virtual card is also a good way not to have a physical plastic card. Your card lives on your phone! And these virtual cards work just like the standard physical card from Wise.

Overall, Wise has plenty of interesting features. You should have all that you need with them. These features are great for replacing your local bank account or for going with your local bank account if Wise supports your local banking system.



The main advantage of Wise is that it is much cheaper than traditional banks.

So, we need to pay special attention to their pricing. I will take the fees in GBP. If you have another account, you will pay fees in your local currencies. These fees will be converted and rounded in your local currencies, so they are more or less the same in any country.

Having a Wise account is free. You can hold all currencies, get local IBAN or account numbers in many countries, and all that for free!

If you hold more than 15’000 EUR in your account, you will pay a 0.40% fee on your assets. So, it is not recommended to keep a lot of money in your Wise account.

Adding money to your account is free if you send a currency your account can hold. Otherwise, you will pay currency conversion fees. Receiving money in your account is also free, except for wire transfers in USD (they cost 7.50 USD).

If you want a Wise debit card, you must pay 5 GBP once. But there will be no yearly fee. Spending money with the card is free as long as you already have the money in the correct currency. Otherwise, you must pay currency conversion fees (keep reading for details).

You can even withdraw money with the card. You can make 2 ATM withdrawals monthly, up to a maximum of 200 GBP. If you make more withdrawals, you will pay 0.50 GBP per withdrawal. If you withdraw more than 200GBP, you will pay a 1.75% fee on the withdrawal amount. So, I recommend not withdrawing too much since this is expensive with Wise.

What costs money with Wise is a currency conversion. Unfortunately, they have a complicated pricing system. For each conversion, you will pay fixed and variable fees. The variable fee is a percentage of the amount. Only the variable fee will apply for conversions inside your account. But sending money, even without currency conversion, will cost you a fixed fee.

Unfortunately, they do not have a table for all the fixed and variable fees, and they seem to change pretty regularly. Fortunately, they offer a fee calculator.

Here are a few examples as of July 2021:

  • Sending 1000 EUR to someone in GBP: 0.50 + 4.08 = 4.58 EUR fee
  • Sending 2000 CHF to someone in USD: 1.09 + 8.56 = 9.65 CHF fee
  • Sending 10’000 USD to someone in INR: 6.28 + 52.69 = 58.97 USD fee

In general, you will pay between 0.40% and 0.80%, which is quite affordable. When you compare Swiss banks that charge between 1% and 2% even for popular currency pairs, you can save money with Wise.

However, there are some cases where the variable fee is significantly more expensive. For instance, converting from AED (United Arab Emirates Dirham) to USD would cost 3.46% in variable fees. This fee is very expensive. So, do not assume that everything is cheap with Wise.

Overall, Wise fees are fair. Wise is not free like some competitors, but they are low and very stable. Also, the base rate is extremely good at the interbank rate. So, they will have excellent currency conversions!

Is Wise safe?


If you will put any amount of money into financial services, it is essential to understand if your money is safe. We are principally interested in what would happen if Wise went bankrupt.

Before, it is essential to note that Wise has been profitable for four years. This is an excellent result for a relatively young company. It is important because many fintech companies, like Revolut, are not profitable. And their profit is growing quickly.

Wise is not a bank. Therefore, they cannot hold your money directly. They are required to deposit the money of their users in financial institutions. It also means that money is not insured with deposit protection. For instance, if a bank is bankrupt in Switzerland, you get protection for 100’00 CHF. You will not get this kind of protection with TransferWise.

However, Wise safeguards the funds of its users. It means that all the user deposits are in specific bank accounts, separate from the business bank accounts of Wise. And in bankruptcy, creditors would not have any claim to the money.

In each country, the money is held in different banks. Wise is diversifying over several banks. However, they also invest customers’ money in government bonds. From a risk point of view, this should not make too much of a difference for customers since governments are quite safe in most countries. However, this may take longer to get back the money in case of bankruptcy.

For instance, UK customers’ funds are deposited in cash in 6 different banks in 3 countries. And 52.68% (as of June 2021) is invested in government bonds in the UK and the US.

Overall, I believe that having money on Wise accounts is safe. There is some level of risk (there always is), but it is acceptable.

User reviews


Finally, we see what users are thinking of Wise.

We start with the reviews of Wise on TrustPilot. There are more than 120’000 reviews now, with an average score of 4.6. This score is excellent! 85% of the users rated Wise as Excellent (5 stars). And only 4% are rating it as Bad (1 star).

The positive reviews are mostly talking about:

  • Good execution speeds of the transfers
  • Good transparency of the transfer fees
  • Easy to use system
  • Good customer service

On the other hand, the negative reviews are complaining about:

  • Issues with deactivated accounts and having to verify accounts regularly
  • Some transfers have been slower than expected

Overall, the bad reviews are not very concerning. However, the account deactivations are a bit worrying. It is a well-known fact that TransferWise deactivates many accounts. If you violate the terms of use, they will deactivate the account and generally won’t share the reason with you. Normally, they should return the money to you as fast as possible. But it seems that returning the money takes longer than it should.

We can also look at the reviews of the App on Google Play. There are more than 125K reviews, with an average score of 4.4. Positive reviews are mostly about transfer speeds and exchange rates. Negative reviews are mostly complaining about recent changes to the app. There are also more reviews about account deactivations and transfers that take too long.

Finally, we look at the reviews of the App on Apple Store. There are only about 21K reviews here, with an average of 4.7, another excellent result. Again, the positive reviews are about good support, fast and cheap transfers, and an easy-to-use app. And most negative reviews are about account deactivations.

Overall, most users seem to be extremely happy with Wise. They are mostly happy about the quick and cheap transfers.

On the other hand, they seem to have an issue with account deactivations. Either they should make it more transparent or return the money faster. But in the current state, it is still worrying, even if it concerns only very few people.


We should quickly compare Wise with some alternatives.

Wise vs Neon

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Neon offers some similar services to Wise.

With Neon, you can pay for free in foreign currencies. This will be more expensive with Wise. However, Neon provides the Mastercard exchange rate, while Wise offers the interbank exchange rate. So, the difference will not be huge.

Also, transfers in another currency will be more expensive with Neon since Neon uses Wise and adds a small extra fee.

Neon is a Swiss bank regulated in Switzeralnd, while Wise is regulated in the UK.

Finally, Wise is a multi-currency account, while Neon only lets you hold one currency (Swiss Francs).

Overall, Neon is a great alternative to Wise for Switzerland. However, Wise is more interesting for Europe.

Wise vs Revolut

Wise and Revolut offer very similar services in Europe.

You will find them quite similar if you use them to pay abroad. However, the fees are slightly different. Revolut is free for the first 1250 CHF per month during the week. After that, the fees will vary. On the other hand, Wise always has fees. So, for small amounts during the week, Revolut will be cheaper, but Wise is more interesting for higher amounts.

Wise also supports more currencies and countries than Revolut.

Revolut is trying to be the new super-app in Europe. Therefore, it added many features to its app, which makes it quite bloated if you do not need any of these features. Wise, on the other hand, is quite focused on its core business.

If you want to learn more, read my detailed comparison of Revolut vs Wise.

Wise FAQ

Is Wise free?

Holding a Wise account is free, however many operations like converting currency are not free.

What exchange rate does Wise offer?

Wise uses the interbank exchange rate.

Who is Wise good for?

Wise is really nice if you want a foreign currency account to use abroad or online in foreign currencies.

Who is Wise not good for?

Wise is not great if you want to shop in Switzerland since they do not offer cashback. And since you do not get a personal CH IBAN, it is not going to work as a main account either.

Wise Summary


Wise offers an excellent debit card with very low fees for currency exchange.

Product Brand: Wise

Editor's Rating:

Wise Pros

Let's summarize the main advantages of Wise:

  • Excellent currency conversion rate
  • Can hold many different currencies in your account
  • Can pay abroad at affordable prices
  • Can transfer money to other accounts in other currencies at very fair prices
  • Can hold more than 50 currencies in your account
  • Can get local accounts in 10 different currencies
  • Can do operations on the website and mobile
  • No account management fees
  • Great transparency for the way they hold money
  • Can create up to 3 virtual Visa cards
  • Excellent customer reviews

Wise Cons

Let's summarize the main disadvantages of Wise:

  • Complicated pricing system
  • Some of the currency conversions can be expensive
  • Minimal free withdrawals
  • Expensive withdrawals after the free withdrawals
  • No personal local IBAN for Switzerland
  • A worrying amount of accounts are deactivated


Overall, I quite like Wise. They have an excellent reputation and allow you to transfer money in other currencies at excellent prices. Paying abroad with their card is also a great way to avoid high fees.

If you have to transfer money in different currencies regularly, Wise is the best account for that. When we compare it with Swiss bank accounts, the difference is enormous!

And if you travel frequently or live in many countries over time, a Wise account could be very helpful.

Since you have no personal CH IBAN, this is not a good candidate for your local Swiss bank. You will still need a good swiss bank account.

For spending abroad, there are other awesome alternatives. For instance, Neon will give you free payments abroad. But it will still beat your bank credit card by a long shot.

If you are wondering how this compares with Revolut, I have compared Wise vs Revolut.

The best financial services for your money!

Download this e-book and optimize your finances and save money by using the best financial services available in Switzerland!

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Photo of Baptiste Wicht

Baptiste Wicht started in 2017. He realized that he was falling into the trap of lifestyle inflation. He decided to cut his expenses and increase his income. This blog is relating his story and findings. Since 2019, he has been saving more than 50% of his income. He made it a goal to reach Financial Independence. You can send Mr. The Poor Swiss a message here.

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43 thoughts on “Wise Review 2024 – Pros & Cons”

  1. If you only want to convert between USD, EUR and CHF WiLLBe might be the better option. Only 0.1% fee. Of course you don’t have other currencies and cannot send to others or have their debit card. Above 2000 as always IBKR will be better to just convert.

    WiLLBe is also interesting due too their high interest rates for these currencies. Maybe worth a review

  2. Hi Baptiste,

    New to Switzerland and came across your site. Thanks for all the info it’s been helpful.

    I am getting paid in CHF here but want this money transferred to my U.S. account.

    If I would open a neon account here would sending CHF to my wise account incur fees. (Adding money to my wise account in other words)?

    You mentioned the transferring money abroad costing some fees in your Neon article but I was not sure if those apply in the same currency or not since wise is technically based in the UK.


    1. Hi Lu,

      You can send CHF money to wise from neon without fees since both neon and Wise have a CH IBAN. Then from wise, I guess you can transfer to your US account.

  3. Hi Baptiste, as always I am back on your blog for more information. Hoping to get some thoughts on a friend’s situation, seeing if we can optimize it a bit. Basically, swiss resident with bulk of money in a US bank.
    (1) monthly wire transfer from USD to CHF. Do you happen to know which bank has the least receiving fees and/or other hidden fees?
    (2) Regarding the wiring from USD to CHF, should they use Wise, the US bank or some other way? You mention in this blog that Wise is great for CHF to other currencies but I wasn’t sure if it was also best for USD to CHF.
    (3) They really like their US credit card for some extra expenses due to some good cashback in forms of air miles. While I am a little skeptical as I always think credit cards in foreign countries always had a bad surcharge, this person travels a lot so maybe their card is suited to abroad spending. I still have to check the details with them but I wonder if a Wise card would be better instead.

    1. Hi

      I would say it depends on the sums. But I would recommend transferring USD to IB, invest it in USD and then convert and transfer the CHF necessary. If not IB, then Wise would be good indeed. As for US credit cards, I don’t know them, but they probably also have surcharge. In this case, Wise card would be good or Neon as well. From what I know, they have better credit cards in the US than we do, at least for cashback.

      1. Thanks for your reply. I will look more into a Wise account for purchases. I think my friend already uses Wise for transfers, but they did notice substantial fees in their bank. Any thoughts on banks with not so bad receiving fees from an international transfer?

      2. I am thinking that most banks will have bad fees for receiving international transfers. Wise should have a Swiss account, so you should be able to send CHF to a Swiss account from Wise without fees.

  4. Hi Baptiste,

    I recently learned that wise offers a link to Interactive Brokers since early 2023.

    Is there cost (fee) saving potential by transferring your CHF funds to wise, exchange it to USD on wise and wire it from wise to IB

    CH-bank-account -> wise (exchange: CHF to USD) -> IB

    as compared to

    a CHF transfer from your CH-bank-account to IB to then exchange CHF to USD on IB?

    CH-bank-account -> IB (exchange: CHF to USD)?

    If so, what is the saving potential?

    Thanks for you thoughts in advance,

    1. Hi Leachim,

      Wise costs about 0.50% fee for currency conversion. IB costs a flat 2 USD.
      So, basically, any conversion below 400 CHF will be cheaper with Wise and anything higher will be cheaper with IB (and possibly very much cheaper.

      1. Hi Baptiste, thanks for the prompt reply. What about the exchange rate? Do both services use comparable exchange rates?

  5. Hi, Baptiste

    Do you know if we should declare our wise account when preparing our income taxes here in Switzerland, as we do for regular bank accounts ? I couldn’t find the answer anywhere online…


    1. Hi Felipe,

      My logic is to declare every account with money inside, like Wise and Revolut. However, if you have a tiny amount inside, I am not sure it’s worth the trouble. When I had money in P2P lending, I did not declare the tiny accounts.

  6. Hi,
    Very good insights, thanks for sharing all this.
    I opened a Wise account with Switzerland as a base country.
    Do you know if there is a way to have someone transfer money to my CHF account directly (make a payment in CHF)?
    I haven’t found that option. It looks like the account holder must be me only.

    1. Hi Vince,

      I am not entirely sure. Wise does not have a personal CH IBAN, but they have a personal CH IBAN which you can use to top up your account.
      I am unsure whether Wise checks that the incoming payment comes from an account in your name. You can try it out from another account.
      But in any case, it’s not meant for that since they don’t have personal CH IBAN account.

  7. I am American, Will be living and working part time in Germany next year. Will be paid for that work in Euro’s. Looking to avoid having to change money back and fourth and getting eaten alive by fee’s. If funds are deposited in Wise in Euro’s and I am only using them in Euro’s, would this be a good option?

    1. Hi,

      If you are going to receive EUR and spend in EUR, I would think that any bank account from Germany would do nicely. But yes, Wise should work well if you trust them with your salary.
      If you have to convert back to USD, then Wise will be a very good choice indeed.

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