Signing up for a free account takes just a few minutes, and Wise walks you through each step. In addition to entering personal information—your name, date of birth, address and phone number—you can register for an account using your Apple, Facebook or Google account. This login alternative isn’t available with most money transfer services.
Once you’ve registered for an account, Wise might need to verify your identity, typically by uploading a picture of your photo ID and proof of your address. This step usually takes two business days to complete. The need to verify your identity depends on where you’re sending money from and how much money you’re sending; Wise doesn’t verify your identity documents until you initiate your first transfer.
If you have a Wise account, you can sign up for a Wise debit card, which can be used in many, but not all countries. The card has a one-time fee of $9 USD. Each month, you can make two ATM withdrawals of up to $100 each month at no charge. After that, the fee is $1.50 USD per withdrawal. A 2% fee is charged on any withdrawal above $100.
The card also can be used to make online payments, and for Apple Pay and Google Pay transactions.
This free account lets you send, hold and receive money in a number of currencies.
Wise charges lower fees if you send large sums of money (over the equivalent of £100,000 per transaction in U.S. dollars) at one time or several times a month.
Through the Wise Assets program, you can invest money from your Wise account in the iShares World Equity Index Fund—its holdings include stock in Apple, Microsoft and Tesla.