Wise
Two Estonians tired of hidden FX fees built mid-market-rate transfers; now moving £100B+ a year.
Mid-market-rate FX; 16M+ customers.
- Who holds it
- An e-money institution holds your balance in a safeguarding account — E-money/payment licenses globally.
- The ledger
- The e-money institution’s own ledger.
- If it fails
- Safeguarded funds are returned in administration — ring-fenced, but access can be frozen and slow.
Derived from Wise’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · travel & digital nomads |
| HQ | London, UK |
| Founded | 2011 |
| Custody | Custodial |
| Regulation type | E-money institution |
| License detail | E-money/payment licenses globally |
| Card | Visa/MC · Debit |
| Yield | Interest on balances (region) |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Europe, North America, Asia, Oceania, Latin America, Africa, MENA |
| Countries | United Kingdom, United States, Australia, Singapore, Japan, Brazil, Canada, New Zealand, European Union, India, Philippines, Malaysia, UAE |
| Reported users | 19M customers (FY26) |
| Founders | Kristo Käärmann, Taavet Hinrikus |
| Funding | Public (WISE.L) |
| Services | fiat pay-in (bank rails) · fiat pay-out (bank rails) · own IBAN / account no. · multi-currency hold · virtual cards |
| FX markup | Mid-market rate + conversion fee, typically ~0.33–1.5%; free if you hold the currency (2026-04) · source ↗ |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @Wise ↗
Common questions about Wise
What is Wise?
Wise is a fiat neobank built for travel & digital nomads, headquartered in London, UK and founded in 2011. Your money is held custodially, so Wise or its partner bank holds the balance and you hold a claim on it. It is regulated as an e-money institution (E-money/payment licenses globally).
Does Wise have a card, and where can you use it?
It issues a Visa and Mastercard debit card. It is available in 13 countries, across all 7 world regions tracked here.
Does Wise require KYC?
Yes. Wise requires identity verification (KYC) to open an account, as a e-money institution.
What does Wise cost?
From the verified fields: FX abroad — Mid-market rate + conversion fee, typically ~0.33–1.5%; free if you hold the currency (as of 2026-04); yield Interest on balances (region). Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Wise before relying on them.
Early investors
Head-to-head
Wise vs Revolut · Wise vs N26 · Wise vs Global66 · Wise vs Niyo · Wise vs YouTrip
Peers
Chime · Monzo · Nubank · Banco Inter · PicPay · PagBank
Wise appears in
Neobanks authorised as e-money institutions (48) · Neobanks available in North America (126) · Neobanks available in Europe (144) · Neobanks available in Asia (132) · Neobanks available in Oceania (72) · Neobanks available in Latin America (113) · Neobanks available in Africa (92) · Neobanks available in MENA (85) · Neobanks for travel and digital nomads (10) · Neobanks that issue a Visa card (182) · Neobanks that issue a Mastercard (150) · Neobanks in United Kingdom (29)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.