What is Wise used for?

Wise is an international money transfer and multi-currency account service with debit cards for individuals, businesses and banks. It is a good fit for expats sending money home, freelancers receiving foreign payments and frequent international senders.

How much does Wise cost?

Paid plans for Wise start at £7 as a one-time payment, and there is no free plan.

No. Wise is proprietary (closed-source) software and can't be self-hosted. In the Finance & Accounting category, open-source options include Wallos, Hyperswitch and Lago.

What are some alternatives to Wise?

Wise competes with PayPal, Payoneer and Tipalti.

Wise: features, pricing and alternatives

About Wise

Wise is a financial technology company that provides international money transfers and multi-currency accounts. Individuals use it to send, receive and hold money in different currencies and to spend abroad with a debit card, and the vendor positions it as a way to cut the fees involved in moving money across borders.

The offering is split into three areas. The personal account covers sending and receiving money, large transfers and earning returns. Wise Business adds business cards, team finance management, accounting software connections and API integrations for freelancers, startups and small businesses. Wise Platform lets banks, financial institutions and enterprises plug into its network for sending, receiving, card issuing and multi-currency accounts.

The site cites coverage of more than 150 countries and 40 currencies, and says many transfers arrive within seconds. Wise is a hosted commercial service with fees that vary by route and amount, shown on its pricing page. It cannot be self-hosted.

Key features

International money transfers
Multi-currency account
Debit card for spending abroad
Business accounts and cards
Accounting software connections
Wise Platform APIs for banks and enterprises

Good fit for

→Expats sending money home
→Freelancers receiving foreign payments
→Frequent international senders

Tags: money-transfer; multi-currency; fintech; international-payments; debit-card; business-banking

Wise: questions and answers

What is Wise used for?: Wise is an international money transfer and multi-currency account service with debit cards for individuals, businesses and banks. It is a good fit for expats sending money home, freelancers receiving foreign payments and frequent international senders.
How much does Wise cost?: Paid plans for Wise start at £7 as a one-time payment, and there is no free plan.
Is Wise open source?: No. Wise is proprietary (closed-source) software and can't be self-hosted. In the Finance & Accounting category, open-source options include Wallos, Hyperswitch and Lago.
What are some alternatives to Wise?: Wise competes with PayPal, Payoneer and Tipalti.