Wise

E-money or payment institution · London, United Kingdom

Wise is a London-based e-money institution, not a bank, listed on Nasdaq and the London Stock Exchange. It runs multi-currency accounts for 19 million active customers, held USD 39 billion of customer funds and moved USD 243.5 billion across borders in the year to 31 March 2026. Business accounts hold 40 plus currencies with local account details in 22 currencies, priced at the mid-market rate plus a fee from 0.24%. Wise refuses businesses that trade or exchange cryptocurrency.

Legal name: Wise Group plc
Regulated by: FCA (UK electronic money institution 900507), National Bank of Belgium (Wise Europe SA, EEA passport), APRA and ASIC (Australia: ADI and AFSL 513764), MAS (Singapore: Major Payment Institution and CMS licence), FinCEN and US state regulators (money transmitter licences), FINTRAC (Canada MSB M15193392), Japan FSA / Kanto Local Finance Bureau, Reserve Bank of India, Central Bank of Brazil, Central Bank of the UAE, Bank Negara Malaysia, CFPB (US consumer enforcement, 2025 consent order)
Licence confirmed: yes, on a regulator's own list
Established: 2011
Website: wise.com

Scores, 0 to 10

8.5Lowest fees

No monthly fee, one-time GBP 50 setup, free domestic receipt, transfers from 0.24% and SWIFT receipt fees of GBP 2.16 to USD 6.11. · source

8.5Business cards (Visa, Mastercard)

Wise Business debit cards have no subscription fee, extra team cards cost a one-time GBP 3, spending is at the mid-market rate and ATM withdrawals above GBP 250 a month cost 2.69%. · source

8.0Fast digital onboarding

Fully online application; account details in 22 currencies are activated for a one-time GBP 50 fee with no monthly minimum. · source

8.0Foreign-owned & non-resident companies

Registration is online from most countries; Wise publishes the list of places it does not serve, such as Afghanistan, Belarus, Cuba, Iran, Myanmar, Russia, Syria and Venezuela. · source

7.5United Kingdom

FCA e-money institution 900507 offering GBP business accounts with local account details, but not a bank and no FSCS cover. · source

7.5Asia-Pacific (SG, HK, AU, JP, KR)

Holds a Singapore MPI and CMS licence, an Australian ADI licence and AFSL 513764, Japanese Type 1 and Type 2 funds transfer licences and a Hong Kong MSO licence. · source

7.5Cross-border payments, FX and multi-currency accounts

Mid-market rate with fees from 0.24%, 40 plus currencies, local account details in 22 currencies and direct payment-system connections including Brazil and Japan added in FY26. 40 plus currencies, multi-user access and Wise Platform APIs, but no cash pooling, hedging or credit. · source

7.5Customer satisfaction

Trustpilot 4.3 out of 5 from 299,565 reviews, 80% five-star and 9% one-star. · source

7.0Europe (EU, EEA, Switzerland)

Wise Europe SA holds a National Bank of Belgium payment institution authorisation passported across the EEA, with a registered branch in Spain. · source

7.0Online businesses: e-commerce and SaaS

Collection accounts in 22 currencies with free local receipt and 2% e-wallet top-up fee, but no card acquiring. Local account details in 22 currencies for a one-time GBP 50 fee with free local receipt in USD, EUR and GBP, but no credit or revenue-based financing. · source

6.0United States

Licensed money transmitter in US states with USD account details and FDIC pass-through up to USD 250,000 via partner banks, but a 2025 CFPB consent order over remittance disclosures. · source

6.0Best interest on business balances

Wise Interest places GBP, EUR and USD balances in government-backed funds for a 0.26% annual fee, with returns paid daily but capital at risk and no rate published on the pricing page. · source

6.0Financial strength & stability

Unrated but profitable and listed: profit before tax USD 660.4 million on USD 2.5 billion net revenue in FY26 and total assets USD 33.3 billion. · source

5.5Fintech companies that need a partner bank

Wise Platform supplies transfers and accounts to banks and businesses, but Wise offers no safeguarding accounts or agency banking for EMIs and refuses MSB clients. · source

5.0Canada

Registered with FINTRAC as an MSB (M15193392) and licensed by Revenu Quebec, with CAD account details but no Canadian bank licence. · source

5.0Latin America, Africa & South Asia

Licensed as a payment institution in Brazil, AD-II and payment aggregator in India, money transmitter in Mexico and remittance provider in the Philippines and Indonesia. · source

5.0Startups & VC-backed companies

Startups are onboarded as ordinary SMEs; there is no venture debt or startup programme, only the standard business account. · source

4.5Middle East & Gulf

Licensed by the Central Bank of the UAE for stored value facility, retail payment services (category 2) and exchange business (category 4). · source

2.0Trade, manufacturing & import-export

No letters of credit, guarantees or supply-chain finance; the product is payments and multi-currency holding only. · source

2.0On-ramp: buy crypto with fiat

Transfers to exchanges such as Coinbase or Binance are not allowed from Wise accounts as of September 2026, though Wise cards may still be spent on crypto platforms under its separate card use policy. · source

2.0Off-ramp: crypto to fiat in a business account

Wise rejects money from crypto platforms not licensed in the UK or EU and from P2P crypto sales, and says buying or selling crypto for a business is not supported, so exchange proceeds risk being returned. · source

1.0Crypto-friendly bank

Wise states it does not support businesses involved in the exchange or trading of cryptocurrencies and may close such accounts. · source

1.0High-risk verticals (iGaming, cannabis, adult, forex)

The UK acceptable use policy prohibits gambling, adult content, cannabis and CBD products, binary options, FX/CFD trading platforms and crypto exchanges. · source

1.0Crypto wallet and custody for a business

Wise's crypto policy, updated 2 September 2026, forbids sending money to crypto wallets and does not support businesses operating a crypto exchange or wallet; Wise holds no crypto itself. · source

1.0Accept crypto payments

Wise does not support buying, selling or trading crypto on personal or business accounts under its September 2026 policy, and it offers no crypto acceptance for merchants. · source

1.0Bitcoin

Bitcoin cannot be bought, held or sent through Wise; its September 2026 policy names bitcoin among the currencies users may not trade via their account. · source

1.0Ethereum

Wise's September 2026 policy names Ethereum among the virtual currencies its accounts cannot be used to buy, sell or trade. · source

1.0Stablecoins (USDC, USDT and others)

Wise offers no stablecoin balance or payout, and its policy bars sending or receiving funds on behalf of anyone trading virtual currencies. · source

Sources

Built on public information and the BankStore team's own aggregated experience; no confidential client or partner data. Bank Index and BankStore are not banks. This is information, not financial advice.