Wise

Wise (formerly TransferWise) is a global financial technology company that provides multi-currency accounts, international money transfers, and business banking services with transparent fees and competitive exchange rates. Founded in 2011 in London by Taavet Hinrikus and Kristo Kaarmann, Wise has become one of the most trusted platforms for sending money internationally and managing finances across multiple currencies.

The core product that built Wise's reputation is its international money transfer service. By using the real mid-market exchange rate and charging a transparent, low percentage fee rather than hiding profit in the exchange rate spread, Wise typically saves customers significant amounts compared to traditional bank international wire transfers. The savings are especially notable for transfers between currencies where traditional banks apply large spreads.

The Wise Multi-Currency Account provides account details in multiple currencies including USD, EUR, GBP, CAD, AUD, NZD, SGD, and many others. Having account details in a foreign currency means receiving payments in that currency at no cost, just like a local bank account. This is particularly valuable for freelancers, remote workers, and international businesses that receive payments in currencies other than their home currency.

The Wise Business account provides all the multi-currency capabilities alongside features for business operations. Multiple team members can access the account with different permission levels, batch payment processing enables paying multiple vendors or employees in different currencies simultaneously, and Wise Business debit cards can be issued for team expenses.

Wise Platform is the API offering that enables financial institutions, fintechs, and businesses to embed Wise's international payment capabilities into their own products. The API provides programmatic access to money transfers, balance management, and exchange rate data, enabling banks and payment platforms to offer competitive international payments.

The Wise debit card is issued in partnership with Mastercard and allows spending in any currency at the real exchange rate, automatically converting from the account balance at the time of purchase. It is particularly popular among frequent travelers, digital nomads, and international business travelers who want to avoid currency conversion fees.