Wise
Wise is the go-to global bank account for digital nomads, offering real exchange rates, low fees, and multi-currency support.
What is Wise?
Wise (formerly TransferWise) is a fintech platform that has become the gold standard for international money management among digital nomads, remote workers, and freelancers. Founded in 2011, it now serves over 16 million customers worldwide.
Unlike traditional banks that profit from hidden exchange rate markups, Wise uses the real mid-market rate—the same rate you see on Google or Reuters. This transparency alone can save you hundreds or thousands of dollars annually if you regularly deal with multiple currencies.
Why Digital Nomads Love Wise
Hold Multiple Currencies
With a Wise account, you can hold balances in 50+ currencies simultaneously. This means you can:
- Keep earnings in the currency you receive them
- Convert only when rates are favorable
- Pay in local currencies without conversion fees
- Avoid losing money on double conversions
Local Bank Details
Wise provides you with local bank account details in major currencies. Your US clients can pay you via ACH as if you had an American bank account. European clients can send SEPA transfers. This eliminates expensive international wire fees for your clients and makes you easier to work with.
The Wise Debit Card
The Wise debit card is a game-changer for nomads. It automatically spends from your balance in the local currency when available, or converts at the mid-market rate when needed. No foreign transaction fees, no surprises.
Pricing Breakdown
| Service | Cost |
|---|---|
| Account Opening | Free |
| Monthly Fee | $0 |
| Debit Card | ~$9 one-time |
| ATM Withdrawals | Free up to $100-250/month, then 1.75% |
| Currency Conversion | 0.35% - 1% depending on currency |
| Receiving Money | Free (via local bank details) |
Who Should Use Wise?
Wise is ideal for:
- Freelancers receiving payments from international clients
- Remote workers paid in a currency different from where they live
- Digital nomads who need to manage money across multiple countries
- Anyone who regularly sends money internationally
Wise vs. Traditional Banks
| Feature | Wise | Traditional Bank |
|---|---|---|
| Exchange Rate | Mid-market (real rate) | 2-5% markup |
| International Transfer Fee | 0.35-1% | $25-50 + markup |
| Multi-currency Account | 50+ currencies | Usually 1-3 |
| Monthly Fees | $0 | $5-25 |
| Foreign ATM Fees | Free up to limit | $3-5 + 3% |
Getting Started
- Sign up at wise.com (takes 5 minutes)
- Verify your identity with a photo ID
- Add money via bank transfer or debit card
- Order your card for spending abroad
- Set up local account details for receiving payments
The Bottom Line
For digital nomads, Wise isn't just convenient—it's essential. The combination of real exchange rates, multi-currency accounts, and global debit card access solves most of the banking headaches that come with location-independent living.
If you're still using a traditional bank for international transactions, you're likely overpaying. Wise won't replace a home-country bank account entirely, but it should be your primary tool for anything involving foreign currencies.
Pros
- Real mid-market exchange rates with no markup
- Hold and convert 50+ currencies in one account
- Get local bank details in USD, EUR, GBP, and more
- Transparent fees shown upfront before transfers
- Debit card works in 150+ countries
Cons
- Not a full bank, so no loans or credit products
- Some countries have limited functionality
- Cash deposits not available in most regions
Category
Frequently Asked Questions
Is Wise safe to use for digital nomads?
How much does Wise cost?
Can I receive payments from clients through Wise?
How does Wise compare to PayPal for international payments?
Pricing
Free to open. Low fees per transfer.
Key Features
- Multi-currency Account
- Local Bank Details in 10+ Currencies
- Low-Fee International Transfers
- Debit Card for 150+ Countries
- Currency Conversion at Mid-Market Rate
- Business Account Option
Available Regions
Global (190+ countries)