Wise Review

Wise (formerly TransferWise) built its business around one specific problem: traditional banks and card networks apply a real, often hidden markup on foreign currency conversion. Wise's core pitch is the mid-market exchange rate with a transparent, disclosed fee instead — a structural difference from how most bank cards handle foreign spending.

For nomads specifically, the multi-currency account feature is the bigger draw than the conversion rate alone — holding balances in multiple currencies and getting local receiving account details (a UK sort code, a US routing number, a Eurozone IBAN) without opening a local bank account in each country. Directly per Wise's own current documentation: 5 currencies get true local-rail receiving details (AUD, EUR, GBP, HUF, SGD), with a further 12 receivable via SWIFT-style account details (CHF, CZK, CNY, ZAR, UGX, AED, ILS, DKK, JPY, NOK, SEK, PLN). The account can hold and convert a broader 24+ currencies overall — the "40+ currencies" figure in Wise's own marketing refers to the wider spend/send network, not the narrower local-receiving set specifically. A few real, specific caveats worth knowing: USD local details aren't available in every country, and Wise has paused issuing new PLN and RON account details for existing infrastructure reasons, affecting anyone trying to set those up fresh.

Where it's less strong: Wise isn't built as a full banking relationship — it doesn't offer things like credit products or the kind of relationship banking a traditional bank provides, and cash-heavy countries with limited digital payment infrastructure can be less convenient than a local account.

Best fit: nomads regularly moving between multiple currencies who want to minimize conversion costs and avoid holding dead balances in a single currency. See the full banking comparison for how it stacks up against Revolut and Payoneer.